Bank refuses to order dollar coins

[mjwalsh]

I called the US Mint yesterday to find out what they are saying. The website does not offer to sell anything but single rolls of golden dollars (at a significant mark up) I was told that they are working on a new plan to sell dollar coins for circulation. Most interestingly, the rep also told me that banks will no longer be able to get the coins. We will only be able to buy them from the Mint. I don't know if she was referring only to unmixed, all golden dollars or all dollar coins.

I guess we have to wait and see but I don't have a good feeling about this whole thing. Leave it up to the government to solve a simple problem the wrong way.

David

David & others,

Most people see money just as a medium of exchange that makes it so bartering is not the only option.

As such it is also an "instrument of trust". When it costs the government 18 cents to make the dollar coin --- that means they have over 500% markup. Of course --- it is not that simple --- that is where the "TRUST" comes into the picture. To force the banks to charge even more beyond the over 500% whether because of shipping or whatever handling in the process is simply WRONG.

For over 50 years, we have never let the norm be for using our changers at our coin op laundry & later car n dog wash --- resulting in a charge or not available in the proper most useful coinage --- it was because of that same "TRUST" mindset.

For the Mint & Banks to refuse to properly stock the dollar coins &/or up charge for them the norm regardless of account status --- is simply a betrayal of the "TRUST". Some of the "TRUST" & "leap of faith" that I am referring to is when we allowed not requiring the relationship to gold that was mandatory at one time in history.

It clearly should not be up to the Federal Reserve to decide that the dollar coin should not be properly available --- the norm! It creates an atmosphere where smaller coin op facilities like ours to feel forced to have 50-100+ credit card swipes at one location that are not a good fit for them or the people they serve. 95% of all coin laundries are coin operated that will be handicapped without the dollar coin --- don't just think about the 10s of billions of dollars as part of economy but individual livelhoods & jobs. Not just service jobs but also worthwhile manufacturing jobs.

Everything electronic even for smallest of transactions ... hmmm .... even the potential cell phone less hardware based approach .... think again .... based on the growing numbers of Identity theft & the illusion of being able to control merchant fee costs among other concerns such as "at their mercy" software & firmware update costs.

mike walsh king koin of bismarck

 

[mjwalsh]

These bills need our support in order to stop the unhealthy charade!

Thought some of you might find this interesting. Yesterday I was informed that BB&T would no longer order or stock the $1 coins. ]

Micah & others,

http://planetlaundry.com/forum/showthread.php?t=8834

mike walsh king koin of bismarck