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Why Switch To Dollar Coinage Reform ?

Contributed by: DR. SEAN REIF D.C. on 12/1/2007

Dollar coins have been minted intermittently since 1794. In 2005, Pubic Law 109-145 instructed the Director of the Mint to produce the U.S. Presidential coin series begun in 2007. It takes 12 cents to make a Dollar coin that will last 20- 25 years with continuous circulation. Where as, the Dollar bill cost 3.5 cents to last 18 months. Collectors will always hold a demand for the numismatic coin.

We may not be given Golden Dollars as change in the stores or restaurants yet. That may be because everyday people are collecting the Dollars from their tills. It is seen as a form of patriotism; holding in their possession a symbol of national pride. My Grandfather Joe Krahl got me started with Eisenhower Dollars every time I came to visit, and I maintain those early coins of my collection in a safety deposit box. They contain sentimental as well as numismatic value. They make pretty good poker chips as well.

The kids of today love using the new coin. They don't see much value in a fist full of "Ones." With the success of the Statehood Quarters, the U.S. has shown its interest in this new Golden Age of Coinage. History teachers love the examples of interesting coin facts. Some Las Vegas slot machines use the $1 coins with the same electrometric signature (SBA, Sac, Presidents.) Ecuador uses our coinage as their own, and it has been embraced by their economy to be seen as an early popularity success.

We must get over this "I only use paper" dis-ease. The Presidential Dollars are durable, long-lasting and maintain its yellowish 'golden' effect. Inscriptions on the edge add to the making of an attractive coin.

As of December 2007, all government agencies and any business receiving money from the Federal government must be able to be a part of the Dollar coin system. This is a "reform" motivated by an attitude of basic monetary change in "hand to hand" transactions of commerce. The citizens are ultimately responsible for removing barriers to circulation. Did you realize that $10 and $50 coins and medallions are already being minted as legal tender?

Banks will be able to receive and dispense rolls of 25 and vending machines will all be $1 Dollar friendly. I have never had a problem with any bank employee going to the vault for the "newest" rolls of Presidents. I tell them I use them in my business transactions, and I do. To see the joy in some people's face when I pay with a $25 roll is 'priceless.'

Ones own money trips a lot of emotions whether earning, saving, or spending. The Golden Dollar coin brings confidence of having "Spending Power" in our pockets. So, go to the bank; that is where they keep the money.


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CONTRIBUTOR INFORMATION

DR. SEAN REIF D.C.

THORNTON , CO

DR. SEAN REIF D.C. has posted 980 stories and 1129 comments since joining on 9/14/2005. DR. SEAN REIF D.C. 's average story rating is 3.08.
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