Thursday, February 15, 2007

Dollar Coins Make Debut Today

The new dollar coin makes it debut today, from the NY Times:

The American dollar is now one of the smallest-value banknotes remaining in circulation in the world. Thirteen European nations use one- and two-euro coins, worth $1.32 and $2.64 respectively, and the smallest bill there is five euros, or $6.60.

Japan circulates a 500-yen coin, worth $4.14, with the smallest bill worth 1,000 yen, or $8.28. Most other Western nations have similar value levels for their largest coins and smallest bills. The most widely used coin in the United States, of course, is just 25 cents.

Paradoxically, Sacagawea coins are popular in countries like Ecuador that use American currency.

Dollar coins cost about 20 cents each to make, but last for up to 30 years; bills cost only about 4 cents each, but must be replaced every 18 to 22 months.

Maybe it work this time, the Fed has ordered 300 million dollar coins to be minted.

3 Comments:

At 2/15/2007 5:07 PM, Anonymous d.c.stimac said...

Vending machine owners are upset that the new coin will fit in some newer vending machines but not in any older version vending machines. Also the new coin needs to be watched as one drops his coins in a vending machine. The vending machine may confuse the dollar coin to be worth only a quarter.

 
At 2/15/2007 5:14 PM, Anonymous d.c.stimac said...

The Fed want the coin released in time for Presidents Day.

 
At 2/15/2007 5:22 PM, Anonymous d.c.stimac said...

Joe Menna, an artist at the Philadelphia Mint, has the job of my dreams. Drawing all day.

 

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