Americans stand firm in their decision to not transition to using $1 coins in daily commerce. The U.S. Government was unable to convince the American people that dollar coins would represent more convenience and ultimately save the Unites States 5.5 billion over the next 30 years. More can be read on the Government’s 2011 report here.
In an earlier blog we posted last July, there is an estimated 1.4 billion coins already stored in warehouses. Something had to be done regarding this failing program and now was the time. Signed legislation will now halt further production of both Sacagawea and Presidential Dollars, with an exception for small quantities available only to collectors. No statements have been made as to which varieties will be made available to collectors going forward.
Dollar Coins Failed…Again
Historically, dollar programs have never really flourished in the United States. Our Government has made several attempts including Morgans, Peace Dollars, Eisenhowers and Susan B. Anthonys. Let this be another expensive lesson learned for our country. Dollar bills are preferred in daily commerce over coins. Could it be that people’s confidence in their current way of doing things is just not all that easy to alter? Or did the Government not do a good enough job of transitioning the coins into our daily use? Regardless the answer, the decision has come down to end the dollar coin push for now.