The first in a series of presidential dollar coins will hit the streets today with the familiar visage of George Washington. History and opinion polls suggest that Americans will be reluctant to abandon the dollar bill in favor of a coin, but we encourage our friends and neighbors to give it a try.
Previous dollar coins languish unspent in vaults and dresser drawers around the country. Remember the Sacagawea and Susan B. Anthony bucks? Perhaps the third time is the charm.
Mint workers in Denver and Philadelphia have been busy making the first coins. Coming off the success of the state quarter program, the mint is hoping the presidential dollars will boost the coins’ acceptance in everyday commerce – and with a new generation of coin collectors.
There’s no question that replacing paper greenbacks with dollar coins would be a fiscally prudent move. The coins last many years longer, and the U.S. Treasury would save hundreds of millions each year in paper and printing. And coins won’t jam vending machines the way paper dollars can.
As it turns out, however, people are picky about the shape of the money in their pocket. An AP-Ipsos poll showed that three-fourths of Americans prefer the dollar bill to a dollar coin. And they’re almost as adamant about eliminating the penny, which costs more to make than the coin is worth. Seventy-one percent of those polled were against it. Kill-the-penny bills introduced in Congress in recent years provoked fervent objections and were abandoned by weak-kneed lawmakers.
Realizing it might be just as difficult to get rid of paper dollars, no one is threatening such a thing, at least not yet.
Mint officials will roll out the new dollar coin today in New York. They’re sending George Washington look-alikes to greet people in New York’s Grand Central Terminal. It’s being called a low-key approach. Indeed, guys in wigs and knee breeches probably will draw barely a glance from harried commuters. The Washington coin will be among four presidential dollars released this year. Next out of the gate will be John Adams, Thomas Jefferson and James Madison. They’ll be released in order of service, with the last planned for 2016 – the Gerald Ford dollar. While it’s easy to see Franklin D. Roosevelt on a coin, a series featuring past presidents is probably the only shot that Richard Nixon has.
Opening orders by the Fed for 300 million of the dollars is an early sign of encouragement. But the next decade will provide the evidence of whether Americans are really willing to embrace dollar coins.
