 Tuesday, November 21, 2006 ( 7:35 AM ) Andy Another Slot in the Coin Drawer If you used duct tape and a small piece of cardboard to make a dollar coin slot in those currency drawers, you may want to reinforce that tape. Beginning Feb. 15, 2007 the U.S. Mint will be issuing a new dollar coin. Coins representing deceased presidents will be issued in the order in which they were in office at a rate of four per year. George Washington, John Adams, Thomas Jefferson and James Madison will be issued in 2007. The last on the schedule is currently Richard Nixon scheduled for 2016. It is estimated that the government can save $500 Million per year if we switched from dollar bills to coins. But there is resistance to a switch. The Susan B. Anthony coin was confused with a quarter because of its color and size. The Sacagawea coin was gold colored to differentiate it. The new dollar coins will be similar to the Sacagawea in size and color. The presidents will be on the obverse and the Statue of Liberty will be on the reverse. The Federal Reserve indicates that banks are not ordering a lot of these coins. There was a huge marketing initiative for the launch, but demand slowed. There are currently 200 million coins at the Fed which is a 3.5 year supply. # |
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