new dollar coin coming?

The US Mint has a new idea for the dollar coin: add the faces of US presidents. Research shows that changing the $1 coin won’t increase its everyday use, just collector interest, because people don’t want to have a pocket full of change. Another article on the subject had a survey and last time I checked, 71% preferred dollar bills, compared to a measly 13% who preferred the $1 coins while the last 16% said it didn’t matter either way. The survey appears to corroborate the theory that people don’t want a dollar coin.

In spite of the dismal predictions for the coin’s success, a house panel okayed the change to the dollar coins. Michael Castle (R-Del), the bill’s sponsor believes it will be educational for children and adults. In addition, he predicts the bill to make the government an extra $5 million. The bill also calls for gold bullion coins picturing the first ladies. The two presidents who remarried while in office they would have two first lady coins and the single presidents would have the Statue of Liberty on their corresponding first lady coin. The coins would cost $250 a piece, making them out of reach for most casual collectors.

Here’s some commentary on the change.