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View Full Version : Fed disputes cost-saving claims of switching to $1 coin



WhatsUpDoc1958
12-13-2013, 09:47 PM
Actually, the Federal Reserve prefers dollars made out of 100% pure electrons.

And these dollars are environmentally friendly as well, since they are made out of 100% recycled electrons.

My impression is that Federal Reserve doesn't like that other currency made out of electrons called BitCoin, because crooks don't like competition.

Fed disputes cost-saving claims of switching to $1 coin (http://www.latimes.com/business/la-fi-dollar-coin-20131214,0,5639432.story)



An analysis by Fed staffers on replacing the $1 bill with a coin finds the move would cost the government $1.2 billion over 30 years.


http://www.trbimg.com/img-52ab9c4b/turbine/la-14090641-h1160355-jpg-20131213/600 (http://www.latimes.com/business/la-fi-dollar-coin-20131214,0,5639432.story)

Atlas Shrugged
12-13-2013, 10:14 PM
Why would the fed want to replace their money with a coin issued by the Treasury.

Of course they don't want a dollar coin.

Chump Change
12-13-2013, 10:26 PM
Don't we have $1.2B in coins we are paying to store in vaults?

Screw the Fed

Chump Change
12-13-2013, 10:29 PM
I look at the Fed this way...

For every dollar bill they "loan" us...we owe them something for it.

If I started with $1 and I owed them a penny for it...where would the penny come from?

Sure I could produce coinage...but they have no obligation to accept it.

There is NO WAY to pay them their penny back on any dollar they loan us...

Screw the Fed

AnotherDave
12-15-2013, 10:08 AM
Yeah, their Susies and Sacagaweas were sooo popular!

everything1
12-15-2013, 12:51 PM
Morgan dollars were shunned at one point. If the dollar coin had a little bit of silver in it maybe it would have circulated. It's just common sense, if you hand someone a pile of crap, they'll throw it right back at you. They'll run the cost analysis on this until the dollar bill is as worthless as the penny. Meanwhile all you have to do is look to other countries for how currency is done/handled meaningfully, and with lower costs.

Chump Change
12-15-2013, 01:10 PM
If we want some real savings...pull the $1, $2 and $5 notes. Just stop buying them from the Federal Reserve.

Re-release the $1 coin, issue a new $2 coin and a new $5 coin into circulation. The jingling in our pockets would reflect some real value and a new habit is formed. Most will just go along with the project.

Basic math...real basic...
Each $1 coin costs <20 to produce and there is No Interest owed when it is released from the Treasure. Coins last for decades in circulation.
Net Profit per $1 coin is >80 Net Profit per $2 coin is > $1.80 Net Profit per $5 coin is > $4.80 depending on actual minting costs...

Each $1 note costs <4 to produce and there is Interest owed when it is released from the Federal Reserve. Notes last about 5 years in circulation
Net Loss per $1 note is <4 PLUS the Interest based upon the rate at the time of purchase from the Federal Reserve.

Each coin would realize, for us, as Taxpaying Owners of our country, a Net Profit while each note is a Net Loss

As We the People no longer run our own country...guess which way this will move forward?

AnotherDave
12-15-2013, 02:08 PM
If we want some real savings...pull the $1, $2 and $5 notes. Just stop buying them from the Federal Reserve.

Re-release the $1 coin, issue a new $2 coin and a new $5 coin into circulation. The jingling in our pockets would reflect some real value and a new habit is formed. Most will just go along with the project.

Basic math...real basic...
Each $1 coin costs <20 to produce and there is No Interest owed when it is released from the Treasure. Coins last for decades in circulation.
Net Profit per $1 coin is >80 Net Profit per $2 coin is > $1.80 Net Profit per $5 coin is > $4.80 depending on actual minting costs...

Each $1 note costs <4 to produce and there is Interest owed when it is released from the Federal Reserve. Notes last about 5 years in circulation
Net Loss per $1 note is <4 PLUS the Interest based upon the rate at the time of purchase from the Federal Reserve.

Each coin would realize, for us, as Taxpaying Owners of our country, a Net Profit while each note is a Net Loss

As We the People no longer run our own country...guess which way this will move forward?

Since when did sandwich tokens jingle? Give one good reason for using ANY of that private corporation's currency.

Time to pick something different.

.

Chump Change
12-15-2013, 02:18 PM
Since when did sandwich tokens jingle? Give one good reason for using ANY of that private corporation's currency.

Time to pick something different.

Dave...you obviously don't understand...at all.

The Treasury is You and Me...they are NOT a private corporation

Coinage comes from the Treasury. Paper fiat that comes from the Federal Reserve is different than coinage that comes from the Treasury

You of all people, I would think, should know this distinction

Unless you believe Bitcoin is the end all do all...foolish thought but greed does make us blind

AnotherDave
12-15-2013, 08:20 PM
Dave...you obviously don't understand...at all.

The Treasury is You and Me...they are NOT a private corporation

Coinage comes from the Treasury. Paper fiat that comes from the Federal Reserve is different than coinage that comes from the Treasury

You of all people, I would think, should know this distinction

Unless you believe Bitcoin is the end all do all...foolish thought but greed does make us blind

The last lawful coinage from the treasury was struck back in the sixties, unless you count pennies which stopped in the eighties, and Eagles which can be measured in lawful dollars.

Shylo
12-16-2013, 11:01 AM
Here in Canada.. we have the $1 and $2 coin... I like 'em...

I'm not sure I would want a $5 coin though it would be too much coins IMO.

Understandably there was an intital "cost" of conversion.. but from all reports the savings have been quite considerable.

I love the states.. I know right now that there is some economic disparities.. I only wonder how much less of a burdern it would be on the common individual if the government decided to act and work as efficient as a private enterprise.

Center Pin
12-16-2013, 02:09 PM
Lets rewind and look what a pocket full of coins was worth 100 years ago.

Source: http://www.usinflationcalculator.com/

Coin - today's equivalent
penny = $0.24
nickel = $1.18
dime = $2.36
quarter = $5.90
half dollar = $11.80
dollar = $23.59

So if we wanted equivalent coin value to what great grand dad had, we could kill the penny, nickle and quarter and make a $1, $2, & $5 coin.

Scarey isn't it!

A thousand dollar bill would be nice too, purchasing large items in cash the stacks are getting too big.

AnotherDave
12-16-2013, 05:06 PM
Lets rewind and look what a pocket full of coins was worth 100 years ago.

Source: http://www.usinflationcalculator.com/

Coin - today's equivalent
penny = $0.24
nickel = $1.18
dime = $2.36
quarter = $5.90
half dollar = $11.80
dollar = $23.59

So if we wanted equivalent coin value to what great grand dad had, we could kill the penny, nickle and quarter and make a $1, $2, & $5 coin.

Scarey isn't it!

A thousand dollar bill would be nice too, purchasing large items in cash the stacks are getting too big.

THAT was the stuff that used to jingle. Think about it, a lawful 100 dollar bill was worth 2359 of today's FRN, and you could redeem it in SILVER!

GoldSilverbvg
12-16-2013, 08:44 PM
Lets rewind and look what a pocket full of coins was worth 100 years ago.

Source: http://www.usinflationcalculator.com/

Coin - today's equivalent
penny = $0.24
nickel = $1.18
dime = $2.36
quarter = $5.90
half dollar = $11.80
dollar = $23.59

So if we wanted equivalent coin value to what great grand dad had, we could kill the penny, nickle and quarter and make a $1, $2, & $5 coin.

Scarey isn't it!

A thousand dollar bill would be nice too, purchasing large items in cash the stacks are getting too big.

So copper and silver have apparantly not kept up with inflation over tgis time period because current melt values are less than this :( .

Do you think these metals will keep up with inflation or outpace it in the next 100 years? I sure hope so.

Thanks for the insightful analysis into the purchasing powe our great grandparents had.

Chump Change
12-16-2013, 08:51 PM
The last lawful coinage from the treasury was struck back in the sixties, unless you count pennies which stopped in the eighties, and Eagles which can be measured in lawful dollars.

From your myopic point of view...you are worthless for discussions towards anything regarding this subject.
Stuck in stupid is not where you're at...you're simply stuck in 1964

BTW:
A silver eagle outweighs your interpretation of the value of 1 dollar of real money

Thanks for helping with the subject...go check your bitcoins...someone may have stolen them

goldsol
12-18-2013, 03:04 AM
THAT was the stuff that used to jingle. Think about it, a lawful 100 dollar bill was worth 2359 of today's FRN, and you could redeem it in SILVER!

Better yet... a lawful 100 dollar bill was worth 6150 of today's FRN, and you could redeem it in GOLD!

(@$1230 and $20 face value)

AnotherDave
12-18-2013, 12:23 PM
Better yet... a lawful 100 dollar bill was worth 6150 of today's FRN, and you could redeem it in GOLD!

(@$1230 and $20 face value)

...depending on whether you had a gold or a silver certificate. "Back in the day" a lawful U.S. Dollar was defined in law as 371 & 4/16ths grains of pure silver. And it still is! 1 Stat. 246 has never been repealed. The proportion of silver to gold was also set by that legislation at 15 to 1. I'll leave it to someone else to document gold's role as lawful money. That certificate was a receipt that showed that you were owed one dollar-weight of silver, held by the Treasury.

What has changed since 1792. The definition of "U.S. Dollar"? No. The amount of silver in 371 & 4/16ths grains? No. The definition of dollar? Yes! Someone out there, can you find the definition in law of a Federal Reserve "dollar"? I don't think there is one! How convenient for manipulation!

Back to the topic, what would a "$1 coin" be, except a token of undefined value? That will save money how?

Chump Change
12-18-2013, 12:36 PM
Back to the topic, what would a "$1 coin" be, except a token of undefined value? That will save money how?

Unless you mined them...then you paid some undefined valuated pieces of paper for your Bitcoins...did you not?

And your Bitcoins have a defined value that is based upon a currency with an undefined value...:confused:

I hope you're having fun;)

The subject matter is seigniorage...not about what is money