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V14 2011 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 14, Number 28, July 10, 2011, Article 15

THE PAPER DOLLAR VS COIN DEBATE

Peter Gaspar writes:

coins1 I too heard the NPR story about the huge number of dollar coins requiring storage because they do not circulate. I was disheartened by the shallowness of all the participants. Someone was quoted as saying that the dollar coin program was intended to save the government money. But the source of the saving was not mentioned - the long life of a dollar coin compared with that of a dollar banknote.

As most numismatists know, the reason that saving has not been realized is the insistence on continuing to print those dollar bills. Opposition from the BEP plate printers has contributed to this foolish policy of continuing to print dollar bills. Certainly if you ask the public they will say that they want to continue using dollar bills rather than coins. Most people resist change. I was in the UK in the early 80s when the 'round pound' was introduced. Many people protested and swore they would never switch to the pound coins. But since the Bank of England stopped the printing of one pound notes, the public had little choice but to accept the coins, and they did so rapidly. Within two years there was no mention of missing the pound note.

The same thing would happen here if the Treasury Department stopped printing dollar notes. It is obvious that this is their intention. Why else is the dollar bill the only American banknote that has not been redesigned?

I was too disgusted with the moronic nature of the NPR story, but I hope that someone with a stronger stomach does write them. They wasted an opportunity.

To read the earlier E-Sylum article, see: NATIONAL PUBLIC RADIO HIGHLIGHT'S AMERICA'S DOLLAR COIN PROBLEM (www.coinbooks.org/esylum_v14n27a11.html)

Wayne Homren, Editor

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