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The E-Sylum: Volume 10, Number 30, July 29, 2007, Article 37 HUDSON INSTITUTE WRITER SEES LITTLE HOPE FOR DOLLAR COIN Dick Johnson writes: "A fellow of the Hudson Institute, Richard Miniter, in an editorial in a Buffalo newspaper this week relates that Americans are too intrenched with using the dollar bill that the use of a dollar coin circulating widely has little chance. "He sites, of course, the failure of the Sacagawea dollar coin between 1998 and 2001 when the Treasury department spent $67 million in promoting it. The public just did not accept it. "He also sites an interesting point. Americans tend to toss coins aside and not return them to circulation immediately. "This may sound innocuous until you consider that the money in your piggy bank doesn't accrue interest. Some argue that switching to coins could allow Uncle Sam tofindan extra $8 billion while avoiding around $400 million worth of interest. When the government borrows money, it pays 5 percent interest. So wouldn't it be better to just create money [read coins] without that interest expense? Well, not really. "He gives three reasons why the taxpayer always gets it in the end. In this case it is the cost of striking dollar coins, promoting them and lost interest." To read this editorial in the Buffalo News: Full Story Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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