Claeys: One nation, under paper $1 bills
By Jesse Claeys Journal staff writer | Posted: Friday, July 25, 2008
Cyndi Ketelsen stands behind the bar at Marty's Tap, at the ready to fulfill customer requests for snacks, beverages and, um, $1 U.S. gold coins.
"People think they are arcade tokens or something," she said on a slow Thursday afternoon.
The owner of Marty's isn't intentionally supporting the U.S. Mint's push to move Americans away from the paper dollar bill and into using dollar coins. It's just that the pool table an amusement company provided the bar more than five years ago was of a variety that only accepts $1 gold coins.
"I tell them they need to buy a dollar coin and most of them ask me how much they cost," Ketelsen said of customers unfamiliar with the bar's only pool table. "They don't want to take those coins with them when they leave. They always ask for their paper dollar back."
Such is the uphill battle facing the U.S. Mint. It seems Americans, unlike residents in most of the world's industrialized countries, do not like the thought of switching from paper to metal.
Why should we, you ask? Well, money.
According to the Government Accountability Office, if the U.S. made the switch to $1 coins, it would save taxpayers about $522 million a year in production expenses. This is due to the fact that the dollar bill, which costs about 4 cents to produce, has a life expectancy of 21 months. On the flip side, the $1 coin costs about 20 cents to produce and lasts 30 years or more.
Previous attempts have ended in failure. An unenthusiastic reception met the Susan B. Anthony $1 coin in 1979. The recent Sacagawea $1 coin was as hard to pronounce as it was to get used to spending. The folks at the U.S. Mint remain resilient.
The Presidential $1 Coin Act of 2005 directed the U.S. Mint to produce a series of $1 coins, each adorned with portraits of past presidents. The edict also called for assurances that there would be "robust" circulation of the new coins.
The first of these coin dollars was released into circulation on Feb. 15, 2007, featuring a portrait of George Washington, minus the Mona Lisa smile. The plan is for four presidents to be introduced each year.
As of last month, 1.18 billion new $1 coins have been minted. The John Quincy Adams coin started landing in cash registers in May. Good luck finding one around here, if you're not playing pool at Marty's.
"No, none in here," was the resounding response from Sioux City store clerks when asked if they had any gold $1 coins in their drawers. Clerks at gas stations, super markets and bars all said they'd received them as payment before, but those incidents are few and far between.
It turns out America is one of the few countries clinging to a paper product with such a low purchasing power.
For the 27 countries comprising the European Union (Ireland, France, Spain, etc.), the smallest denomination paper bill is a five spot, valued at $7.82 when exchanged for dollars. In Japan, the wimpiest of the foldable money is the 1,000 yen, worth about $9.29. Canadians swapped their paper dollar for coins in 1987. Mexicans now carry their lightest bill, a 20-peso, and know it is worth double up north.
Anyway you look at it, the dollar just ain't what it used to be. At Floyd Food & Fuel (try saying that five times fast), a dollar doesn't go very far. About all you can get for a buck is two packs of Wrigley's gum (35 cents each), a 12-ounce can of pop (90 cents) or a little over one-fourth of a gallon of gasoline. Maybe the dollar goes a little further at dollar stores?
By my estimation about 80 percent of the products in the various Dollar General stores in Sioux City cost well over a dollar. Among the items that can still be purchased with a buck include one roll of paper towels, a can of cat food and a VHS copy of "Lean, Strong and Healthy with Susan Powder."
Maybe now is the time the dollar bill became like a quarter, dime, nickel or penny, a piece of metal we pile into jars at the end of the night and cash-in when times of need roll around.
Dollar dancing brides would probably love it. Plus, a person must be able to get a bigger bang for five bucks.
"People think they are arcade tokens or something," she said on a slow Thursday afternoon.
The owner of Marty's isn't intentionally supporting the U.S. Mint's push to move Americans away from the paper dollar bill and into using dollar coins. It's just that the pool table an amusement company provided the bar more than five years ago was of a variety that only accepts $1 gold coins.
"I tell them they need to buy a dollar coin and most of them ask me how much they cost," Ketelsen said of customers unfamiliar with the bar's only pool table. "They don't want to take those coins with them when they leave. They always ask for their paper dollar back."
Such is the uphill battle facing the U.S. Mint. It seems Americans, unlike residents in most of the world's industrialized countries, do not like the thought of switching from paper to metal.
Why should we, you ask? Well, money.
According to the Government Accountability Office, if the U.S. made the switch to $1 coins, it would save taxpayers about $522 million a year in production expenses. This is due to the fact that the dollar bill, which costs about 4 cents to produce, has a life expectancy of 21 months. On the flip side, the $1 coin costs about 20 cents to produce and lasts 30 years or more.
Previous attempts have ended in failure. An unenthusiastic reception met the Susan B. Anthony $1 coin in 1979. The recent Sacagawea $1 coin was as hard to pronounce as it was to get used to spending. The folks at the U.S. Mint remain resilient.
The Presidential $1 Coin Act of 2005 directed the U.S. Mint to produce a series of $1 coins, each adorned with portraits of past presidents. The edict also called for assurances that there would be "robust" circulation of the new coins.
The first of these coin dollars was released into circulation on Feb. 15, 2007, featuring a portrait of George Washington, minus the Mona Lisa smile. The plan is for four presidents to be introduced each year.
As of last month, 1.18 billion new $1 coins have been minted. The John Quincy Adams coin started landing in cash registers in May. Good luck finding one around here, if you're not playing pool at Marty's.
"No, none in here," was the resounding response from Sioux City store clerks when asked if they had any gold $1 coins in their drawers. Clerks at gas stations, super markets and bars all said they'd received them as payment before, but those incidents are few and far between.
It turns out America is one of the few countries clinging to a paper product with such a low purchasing power.
For the 27 countries comprising the European Union (Ireland, France, Spain, etc.), the smallest denomination paper bill is a five spot, valued at $7.82 when exchanged for dollars. In Japan, the wimpiest of the foldable money is the 1,000 yen, worth about $9.29. Canadians swapped their paper dollar for coins in 1987. Mexicans now carry their lightest bill, a 20-peso, and know it is worth double up north.
Anyway you look at it, the dollar just ain't what it used to be. At Floyd Food & Fuel (try saying that five times fast), a dollar doesn't go very far. About all you can get for a buck is two packs of Wrigley's gum (35 cents each), a 12-ounce can of pop (90 cents) or a little over one-fourth of a gallon of gasoline. Maybe the dollar goes a little further at dollar stores?
By my estimation about 80 percent of the products in the various Dollar General stores in Sioux City cost well over a dollar. Among the items that can still be purchased with a buck include one roll of paper towels, a can of cat food and a VHS copy of "Lean, Strong and Healthy with Susan Powder."
Maybe now is the time the dollar bill became like a quarter, dime, nickel or penny, a piece of metal we pile into jars at the end of the night and cash-in when times of need roll around.
Dollar dancing brides would probably love it. Plus, a person must be able to get a bigger bang for five bucks.
Story Comments
Read More and Post Comments 0 comment(s)
Please note: The following are comments from readers. In no way do they represent the views of The Sioux City Journal or Lee Enterprises. We will not edit or alter your comments, but we do reserve the right to not post or to remove comments that violate our code of conduct. No comment may contain potentially libelous statements; obscene, explicit or racist language; personal attacks, insults or threats. Terms of Service
