News Re: Dollar Coins, YAY, Nixon, BOO!
posted by November 21 at 13:45 PM
onBad news, Annie: Looks like mining interests are behind the reappearance of the dollar coin. From Matthew Yglesias:
Coverage of the new coins tends to start with a lot of talk about the Mint doing, thinking, or hoping this or that as if the US Mint is for some reason being run by people who don’t understand coins and don’t understand that the $1 coin is doomed as long as the $1 bill lives. Deeper in, though, you learn that “The coins were authorized by the 2005 Presidential Coin Act, which requires the minting of dollar coins commemorating the service of former United States presidents in the order in which they served.”In other words, it wasn’t the mint’s idea at all — it came from congress. But why would congress pass a law like that? Well, I have some familiarity with this topic and my understanding is that, in essence, the idea was being pushed by mining interests hoping to sell the government some more of their metal. They hired some lobbyists, the North Dakota delegation and Ben Nighthorse Campbell put up an ultimately successful fight to secure the long-term future of the Sacagewa Dollar, and ta-da! your presidential commemorative coins will be here shortly. Similarly, it’s the zinc (or something) lobby that keeps the penny in existence. Only in America.
Via Unfogged, who really, really hates coins.
Comments
I love coins. I remember how useful they were when I'd go out drinking in Vancouver BC in my 20's. You'd take a 20 or two (bills), and just shove the change in your pocket. When you ran out of coins, it was time to go home.
That said, Canadian dollar coins ($1 and $2) have distinctive edges - octagonal, weigh and feel different from quarters (even if drunk you knew what they were), and are cool to flip.
Well, that explains it, I suppose.
Do you know that we're running perilously short on silver and copper, and that's why we switched coin alloys to zinc and (whatever the hell we use in place of silver)?
I wonder how the finity of materials will factor into the value of money as time progresses over decades... if governments don't just force us into using e-money as a standard.
OK so your point it what? That evil mining companies occasionally have a good idea?
I hate nickels. I really really really hate nickels. too big to have such little value...20 (!) makes $1...no thanks.
I miss the real silver Eisenhower dollar coins. Now those were cool to flip.
Interestingly, few people seem to note that Nixon was our last Liberal president.
Fucked up, no?
Think I'm making this up? Examine the facts:
Clinton: Ended welfare. Not Liberal. Period.
Carter: Honest, but didn't do a damn thing. Also doubled military aid to Indonesia during its genocide of the East Timorese
Nixon: FOUNDED the EPA. Tied Social Security to inflation. Implemented the first national affirmative action program. Lowered the Speed Limit to 55. Funded Indonesia BEFORE the genocide of the East Timorese.
{puts on tin foil hat}... {whispers}...i think this is just their attempt to get reagan's face on SOMETHING that has monetary value. president must have been dead two years to be minted? rules out clinton. rules reagan and nixon in. {removes tinfoil hat...}
Seignorage! How many times do I have to mention seignorage? The mining companies might make money, but it doesn't matter because the US Mint makes money too! The more collectors horde these things, the more the Mint makes. This is a good thing for numismatists, the mint, and the mining interests.
I'm glad to see someone stick up for Nixon, one of the most effective and interesting leaders we've ever had. He deserves his own coin as much as anyone.
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