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December 16, 2005

New Dollar Coins

Looks like the US Mint is going to follow on the success of the state quarters programs with dollar coins depicting past presidents. This is good, but the "success" of the Susie B and Sacagawea gives one's pause. Here is what is needed IMO for a successful dollar coin:

  1. It needs to be distinctive. The Susie B was too much like a quarter. The gold color of the Sacagawea dollar was good in this sense.
  2. You have to discontinue the dollar bill. This is what the Canadians did when they introduced the loonie. Still having the bills doomed the Sacagawea.
  3. It needs to be small. I remember a trip to Ireland before they switched to the Euro where the punt coin, their dollar analog, was the largest of the coins, and there was no bill for it. My pockets were obnoxously heavy and jangly.

So my suggestion for the coin is this. The Presidents idea is great, that will build interest and teach history. It should be gold, only a little bit bigger than a nickel, and either have cornered sides (nine or so) or be significantly thicker than other coins, so it can easily be distinguished by feel.

Posted by at December 16, 2005 09:46 AM

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Comments

Personally, I liked the $1 coins. But then, I'm a fan of coin money. I'd use a $5 coin if they made one.

Mostly, this is because I've lost a lot of money to unemptied pockets in the laundry.

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