Surprised this hasn't been posted about before, but anothe thread just jogged my memory of it. http://www.zerohedge.com/news/no-more-dead-presidents-mint-stops-coin-production
sheep lead to the slaughter into a new form of currency as a medium of exchange because 0s and 1s is all that counts these days .....
Are these the same coins which people abused in 2007-2009 by buying from the mint using their credit cards and racking up reward points and then depositing the coins back into banks? :lol:
Abused? How is that abuse? It's just doing the smart thing given a situation. I've done things very similar myself
I would've done the same myself...but AFAIK it was a loophole in their system that's since been closed so it was technically abuse
So 60% of them were made for a few cents and sold to the public for a dollar. Awww, poor Federal Reserve.
i see this as another step towards a cashless society as is the "swipe and go" facility ... swipe and go alright ...... don't say we werent told .... or pay with your iphone ... its another step towards paying by microchip ....
The problem is that the coins were never forced into circulation. If they stopped making dollar bills and started shredding them as they were received back, forcing people/retailers to use the $1 coins they could have been a success and actually cut costs. Instead they made millions of these things and have them sitting around in bank vaults incurring storage fees. The whole program was poorly executed.
^ This. A $1 coin and a $1 bill cost roughly the same to produce, but where the coin will remain in circulation for 20-40 years the $1 bank note only lasts for 18 months. If the coin lasts for, say, 40 years, the $1 note will have to be replaced 26 times over that period, meaning that in practice a $1 bill is 26x more expensive to use than a $1 coin. And they think they're saving money by killing off the $1 coins. Oh, and get rid of the dammed penny already!
