Dollar coin update

[soapy]

This is an update on new facts about the dollar coin taken from the Wall Street Journal April 4,5 weekend edition. The US treasury is currently sitting on 1.36 billion new dollar coins and have made 1.5 billion since 2000. Only 240 million were put into service last year. Americans have soundly rejected the dollar coin adoption. Most other countries actually prefer the coin over paper in smaller denominations. It costs .21 cents to make a dollar coin and about a nickel to make a dollar bill. The coin will last 30 years. The dollar bill longevity has increased from 18 months in 2000 to 6 years in 2014. This has helped shrink the cost savings to the Treasury from an estimated 522 million per year to only 146 million per year if the dollar coin is adopted over the dollar bill. The dollar coin has stopped being minted and likely will not be adopted over the bill for a very long time.

 

[I.B. Washincars]

The dollar bill longevity has increased from 18 months in 2000 to 6 years in 2014.

I wonder how they arrived at that, and what they attribute the longevity to?

Don't you know PC has already seen this and is just busting a gut wishing he could post here and insult those of us that are using them.

 

[cantbreak80]

I wonder how they arrived at that, and what they attribute the longevity to?

The same way they arrive at 5.5% unemployment?

I continue to do my duty by putting about about 3,500 $1 coins per month into general circulation. I can't speak to the remaining 239,955,000 reported by WSJ.

 

[I.B. Washincars]

I just thought of something. That dollar bill that costs 5¢ will have to be replaced 4 more times during it's 30 yr. run. That brings it's cost to 25¢ + whatever it costs to retrieve and destroy the worn out ones. Frankly, I feel that 6 yrs. is total BS. I would bet that a $1 bill's average span is much less.

 

[Randy]

I got couple of answers http://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm they say 5.9 years, which I think is BS. Now this web http://www.creditloan.com/infographics/the-lifespan-of-a-dollar-bill/ says 22 months, which I can believe.

 

[I.B. Washincars]

What gets me, is that the federal reserve site shows ESTIMATED life span. Shouldn't they know EXACTLY, by the history of the notes they destroy. I'm guessing that they just pull a number out of their a$$, depending on the discussion at the time.

 

[soapy]

I personally like the dollar coin and would love to see it adopted and the dollar bill sent away. The only thing I can think of that would make bills last longer would be because of the increased use of credit cards. People are wearing out the plastic before bills.

 

[mjwalsh]

An extremely long list of more truthful considerations

I got couple of answers http://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm they say 5.9 years, which I think is BS. Now this web http://www.creditloan.com/infographics/the-lifespan-of-a-dollar-bill/ says 22 months, which I can believe.

Maybe it is just me ... but I still think that the facts gathered during this study still hold true: https://www.msu.edu/~alocilja/undergrad/BE230/dollar_vs_coin.pdf

When I read about the dollar coin being 88.5% copper & copper's anti harmful bacteria attributes, I can't help but to think about copper's beneficial effects. Especially, when I notice a large percentage of people coughing-spitting & suffering from all sorts of preventable surface transmitted communicable diseases.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html