On Sun, 6 May 2007 14:05:13 -0700, "Iagos Fool"
>Yesterday I went to the local Cinco de Mayo festival which in addition to
>the requisite brightly colored dancing folks included your standard array of
>state fair rides.
>At the fair portion of the event, I saw two dollar coin transactions. In
>one, a gentleman gave the game attendant a $20 bill and received a number of
>mixed dollar coins as change. Contrary to popular perception, the
>transaction went off without a hitch. Even the Susan B Anthony dollar in
>the mix was not mistaken for a quarter. A few minutes later I observed two
>attendants exchanging some amount of cash (about $100) for a bag of dollar
>coins. This tells me that either the fair folks were stocking dollar coins
>and using them as change, or (more likely) were receiving the coins in
>notable numbers from their customers. Euther option is a positive sign for
>the maligned little coins.
>I neither spent nor received dollar coins myself, though. I bought tickets
>rather than paying for my rides & games with cash.and my bank had no dollar
>coins the last time I went. I still don't understand how a bank can justify
>letting itself run out of dollar coins. If your customers want them in such
>quantities that you run out and they still ask for more, why the heck
>wouldn't they order enough coin from the fed to meet the demand? It's basic
Very interesting story! I wonder at this, though: could it be the
recent (Latin American) immigrants who can show the way to sensible
dollar coin use in the US?
Let's keep in mind that many LatAm countries have long had high valued
coins; and Ecuador, where the US$ is the national currency, uses a lot
of dollar coins (that might explain where some of ours have got to!).
When immigrants come _here_, they're already used to the things,
having used them on a daily basis back at home. Immigrants from other
countries will already have similar experience with their own large
Banks justify themselves running out of dollar coins by simple
business sense. Apart from immigrants, most Americans don't use the
things; and apparently apart from immigrant businesses, most American
businesses don't use them either. Why stock a coin denomination (that
costs the branch money to get it) when it can't reasonably get rid of
Of course, this doesn't _excuse_ the bank. But, if even two or three
major banks in a region got together and decided to use dollar coins
in stead of dollar bills, they'd soon deplete the incomming supply. As
it stands, the Mint isn't producing enough of the things to actually
ensure the needed amount for daily commerce.
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