The Dollar Coin Campaign January 18, 2016 11:36
There are over ONE BILLION uncirculated Presidential Dollar Coins sitting in vaults at Federal Reserve Banks around the country.
These coins outlast paper bills by decades, and cost less, ultimately. By some estimates, if we were to replace the dollar bill with the dollar coin, the U.S. would save over $5 Billion over thirty years. (Information sources vary greatly.)
By having dollar coins in your purse or pocket, you have the opportunity for a discussion.
Spending dollar coins in locally-owned businesses offers a tangible way of gauging real support of those independent businesses. If independent businesses commit to stocking their registers with (previously uncirculated) dollar coins, we have a better opportunity to get those coins into circulation, too.
By spending dollar coins, we are circulating money that will ultimately save our country money in the long run. This makes sense, right?
Make a point of asking your bank or credit union to supply uncirculated dollar coins. In most cases, financial institutions only supply previously circulated coins. If they do not have the uncirculated rolls of dollar coins in their vault, ask if they would order them for you. They place orders with the Federal Reserve regularly, just as any business must order inventory.
If your financial institution claims that they do not have room in their vault to store the coins, you can order them directly from the US Mint website. Unfortunately, the Mint charges more than $1 apiece, in addition to shipping charges. (At this time, we have no reply to our inquiry regarding the upcharge on the dollar coins.)
You can also draw up a petition or a sort of contract with the bank. Have people sign it and commit to picking up dollar coins when the bank receives the money. Tell them you'll move your money to another institution if they don't honor the request of their customers. If a hundred people sign the petition, they might take it more seriously!
Here is a somewhat helpful article on how to ask your bank for mint-state Dollar Coins, from About.com - Coins. "The Fed isn't required to honor requests for mint-state (what they call "new") coins, but they say they do when inventory levels allow. The Fed always sends out "mixed" (used) coinage first." When inventory levels allow? It seems like inventory levels are just fine, what with the one billion uncirculated dollar coins sitting in vaults.
Other useful and interesting links:
Read the NPR: Planet Money article (December 2011) White House Kills Dollar Coin Program here.
Read the NPR: Planet Money article (April 2012) here: Should We Kill the Dollar Bill? here.
Read a ABC News article (October 2011) here, abcnews.go.com.