Posted on 04/27/2005 12:51:38 PM PDT by JesseHousman
NEW YORK (CNN/Money) -After two bellyflops, Congress is considering a dollar coin again. This time it might actually work. Like lemmings rushing into the fjords, Congress cannot seem to resist a leap into the dollar-coin money pit. Despite two wildly unsuccessful attempts to introduce a dollar coin, legislators are trying again. This time, however, lemmings might fly. On Wednesday, the House of Representatives passed a bill to create a new $1 coin, which would accompany the current Sacagawea piece. The measure enjoyed enormous bipartisan support, passing by a vote of 422 to 6.
(Excerpt) Read more at money.cnn.com ...
You can still get 50 cent pieces and $1 coins (non Anthony/sacagawea) from banks. It's fun to spend those. People get all confused.
Back when I worked at a mcdonalds, I used to keep $2 worth of small change in my pockets. Old coinage would be in the tills all the time, and once you got used to handling money, you could feel what coins were not normal. Set those aside, and do a swap. Management allowed it, and even did it themselves when they had the time.
Ended up with a few silver quarters, a 1903 indian head penny, a steel dime, various WW2 era coins, a few from the 30's. But, the best was when this guy came to drivethrough, and offered to pay with a 1920 peace dollar that was in mint condition. Needless to say, I paid for his big mac meal myself, and pocketed the coin.
How about this poor guy?
Man arrested, cuffed after using $2 bills
http://www.freerepublic.com/focus/f-news/1379476/posts
Good timing...2018, about when Social Security goes broke...
I would like $1, $5 and $10 coins!
The NOW gang liked to Anthony coin. They believe she was a lesbian.
Nobody knew what Sackyjoewayah looked like so the goobermint commissioned an artist to come up with a concept of what she "might" have looked like.
No way our PC goobermint would go along with putting the likenesses of Lewis and Clark on a coin.
I believe her likeness included a papoose. Wonder whose that was?
Maybe the Clinton coin should have a hole in it.
sO YOU'RE A pRESIDENT?
The left would sooner have a dollar coin with "big 'gay' al" than Ronald Reagan.
They want a leftist icon.
(FDR has been exposed as a mediocre president at best lately so he is out, Kennedy is too much of an anti-tax and womanizer to work for them. That leaves Jimmy "the wuss" Carter, and Bill "carpet stain" clinton.)
The Treasury estimates that it has earned about $5 billion in seignorage profits from the quarters so far.Ergo: the goal will not be to replace the paper dollar with a cheap metal one. The goal is to, practically speaking, move billions into the Treasury without taxation or inflation.
Bad money drives out good. The gov't just realized that by injecting cheaply-made ($0.05 each) yet relatively good fiat money (hereby declared value $1.00), people will spend relatively bad (coin is better) paper money to obtain and hoard it.
Comprehend it - it's freaking brilliant:
Billions of dollars CASH go into the fed's coffers in return for coins which get hoarded.
Because it's a mostly obligatory transfer of cash from citizens to feds, it's basically a tax - but with no tax increase.
Because the billions of minted-for-dirt-cheap coin dollars are exchanged for paper dollars and then hoarded by recipients, the feds effectively print billions of $$$ - without inflation.
No-tax no-inflation hot-off-the-cheap-press dollars printed and spent by the billions by the gov't. Twisted. Friggin' brilliant. And probably a future chapter for Extraordinary Popular Delusions and the Madness of Crowds.
Cool...let's replace the income from SS privitization accounts with money made on Presidential coins...then let's do baseball players (non steroid users of course) and the football players...(I didn't read the article...but I always do normally)
This is in the Constitution:
"The Congress shall have Power [...] To coin Money"
No mention of a private institution like Fed. Sorry.
That would be great! lol
Beautifully stated.
(I've learned to use exact change with those suckers.)
Oh, what about the guy in Baltimore paying with $2 bills at a Best Buy? You're lucky, at least they didn't call the
cops and USSS on you.
Maybe I am an economic newbie but doesn't the failure to spend money HURT the economy? Or does the hoarding of coins count as money spent... they don't collect interest... what is the real deal on this ?
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