You've got to be kidding me...

[Krensky]

Technically the US central bank is not part of the government. It's actually a consortium of private banks. It purchases coins from the US Mint and bills from the Bureau of Engraving and Printing and then distributes it to US banks.

In numismatics there's something called seigniorage. It's the difference between face value and the cost of producing and distributing it. The Fed buys coins at face value and the US Mint books the seigniorage as revenue. However, the Fed buys bills at cost and books the seigniorage as profit for its members.

[Orthos]

zylphryx wrote:

Orthos wrote:

I tend to prefer using my debit card to pay for things, but when I must use money I prefer cash over coins by a wide margin. Cash I can keep in my wallet. Coins, not - they tend to get piled in a jar or something until I can turn them in at a CoinStar or something for cash or store credit.

Yes, but think about how much more your jar of coins would be worth!! ;)

Meh. Still prefer the ease of portability and use of cash.

If we were talking going all-digital with money, you might have my attention better. But that has its own sets of pros and cons.

[Krensky]

Krensky wrote:

Technically the US central bank is not part of the government. It's actually a consortium of private banks. It purchases coins from the US Mint and bills from the Bureau of Engraving and Printing and then distributes it to US banks.

In numismatics there's something called seigniorage. It's the difference between face value and the cost of producing and distributing it. The Fed buys coins at face value and the US Mint books the seigniorage as revenue. However, the Fed buys bills at cost and books the seigniorage as profit for its members.

I realize I wasn't quite clear. The Fed is made up mostly of representative of it's member banks, but not entirely and their profits from it are a statutory 6% with the rest being given to the US Treasury.

It's screwy, but not explicitly backwards.

[Ambrosia Slaad]

Following the money (no pun intended), I think it's likely some business group(s) may also be lobbying Congress against a greater push for dollar coins... maybe some vending machine lobby? Or a stripper lobby ;) (skimpy costumes probably don't hold many coins)?

I also run into a small-but-noticeable number of clerks who can barely make change when the register tells them the amount; a new $1 coin that looks & feels too much like a quarter may lead to short tills, especially with no exclusive coin tray compartment for them.

[BigNorseWolf]

Now that we too have monopoly money, the only thing we can lord over the canadians is that they don't even bring their guns to the mall

[Calex]

Vancouver just got a Bitcoin ATM. So much for real money.