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Deep in the bowels of the US Mint in Philadelphia are coin presses which run constantly, producing millions of one-dollar coins, day after day, day in and day out. The mechanized beasts are more productive than the god Vulcan, sweating away in his forge beneath Mt. Aetna, and they certainly require less upkeep than the legendary Norse dwarves mining gold in the dark, dank recesses of the earth.The relentlessly efficient seven machines run nonstop, pouring out 1,800,000 presidential coins per diem, each coin costing 32 cents to produce, adding up to a total cost of $600,000 each day.It all started when the Congress in session in 2005, led by Delaware's Mike Castle, among others, got the golden idea of commemorating every dead president by imprinting the images of the deceased leaders on coins. Promoters of the cause thought the coins would instantly be put into circulation or snapped up by eager professional and amateur numismatists.But it has turned out that nobody wants the coins. Even the coins stamped with the visage of James K. Polk haven't seen much demand. Imagine that.So the coins have been put in storage at the Federal Reserve in Baltimore, which since has run out of storage capacity, its underground vaults stuffed with shelf after shelf of so many plastic money bags that even Ebenezer Scrooge wouldn't be able to count the monies. Now, 650,000 dollars are being allocated to build a new vault in Dallas, Texas. The cost to ship the billion or so coins? A cool $3,000,000. The full story, as related by Diane Sawyer of ABC News, can be found here.
They would be used if we ditched the paper dollar. Assuming our money is worth 5% what it was in the depression, a dollar bill today is the equivalent of a 5 cent bill in the 1930's.Of course there wasn't such a thing, then, so why today?
Quote from: MNHawk on August 24, 2011, 11:54:37 AMThey would be used if we ditched the paper dollar. Assuming our money is worth 5% what it was in the depression, a dollar bill today is the equivalent of a 5 cent bill in the 1930's.Of course there wasn't such a thing, then, so why today?They would be used if people wanted them. They don't, and I don't agree with forcing it.
So much for the phrase "I'd buy that for a dollar"!
They don't, and I don't agree with forcing it.