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The E-Sylum:  Volume 10, Number 30, July 29, 2007, Article 37

HUDSON INSTITUTE WRITER SEES LITTLE HOPE FOR DOLLAR COIN

Dick Johnson writes: "A fellow of the Hudson Institute, Richard
Miniter, in an editorial in a Buffalo newspaper this week relates
that Americans are too intrenched with using the dollar bill that
the use of a dollar coin circulating widely has little chance.

"He sites, of course, the failure of the Sacagawea dollar coin
between 1998 and 2001 when the Treasury department spent $67
million in promoting it. The public just did not accept it.

"He also sites an interesting point. Americans tend to toss coins
aside and not return them to circulation immediately. "This may
sound innocuous until you consider that the money in your piggy bank
doesn’t accrue interest. Some argue that switching to coins could
allow Uncle Sam to “find” an extra $8 billion while avoiding around
$400 million worth of interest. When the government borrows money,
it pays 5 percent interest. So wouldn’t it be better to just create
money [read coins] without that interest expense? Well, not really.

"He gives three reasons why the taxpayer always gets it in the end.
In this case it is the cost of striking dollar coins, promoting
them and lost interest."

To read this editorial in the Buffalo News:
Full Story

  Wayne Homren, Editor

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