John Kilopascal adequately explained the slow appearance of the US dollar
coin. He wrote in USMA 16943:
>The same coins struck on the main production floor at the Philadelphia and
>Denver Mints, and shipped to the Federal Reserve on February 1, 2001, for
>distribution in commerce, will be sold to customers in 25-coin rolls for
>$35.50 and in 2,000-coin bags for $2,190.00. These coins bear either the
>Philadelphia mint mark ('P') or the Denver mint mark ('D') and there is no
>order limit. The Golden Dollar rolls will be shipped by Priority Mail, and
>the bags will be shipped by registered mail through the United States
>Postal Service.
If I were asked to pay $35.50 for 25 dollar coins I would reply "No way".
Further light on the matter was shed by Carlton who wrote in USMA 16943:
>The stealth method would be to stop making new $1 bills and, as the old ones
>are returned to banks as worn-out (lifetime averages 18 months), coins are
>shipped out instead.
>
>But a real problem is with the unions representing the employees at the
>Bureau of Engraving and Printing. The $1 bill is a huge proportion of their
>volume, which means it's a huge proportion of their employment. Remember
>that Congress doesn't like unhappy constituents, and listens to the whiners
I hope I may be pardoned an off-topic remark. I have just thought of
National Missile Defense.
Joseph B.Reid
17 Glebe Road West
Toronto M5P 1C8 TEL. 416-486-6071
