Thursday, March 08, 2007

In God We Trust - All others must pay cash!

Three weeks ago the US Mint released a new $1 Coin. The George Washington Dollar. They plan to issue four of these coins each year, each with a different former President featured on the coin. I wrote a Blog about the issuance of this coin titled “Dollars and Sense”. (February Archives).

During the past week I have been bombarded with emails from friends concerning this coin. Some of the coins coming from the Philadelphia Mint were missing the words “In God We Trust” on them.

The fact that these words are missing from the coin does not upset me. However, judging from my emails, it does obviously does bother many of the people that I know.

The US Mint says that it neither does not know why this happened nor will they state how many of these coins have "accidentally" gone into circulation. They are very ambiguous in their comments about these mis-minted coins.

I honestly believe that the omission of the words “In God we Trust” was done intentionally. Hey, I’m a cynic! The coins were not selling at the rate that the government and the Mint projected. What better way to draw interest to the coins and increase sales of these coins.

These flawed coins are now selling for $40 to $60 apiece on EBAY. Not bad for a one dollar investment. People will now start to buy rolls at $40 each, hoping to get the misprinted coins.

As I had stated in my previous post, these coins are being minted for collectors. A one dollar coin is not needed and basically worthless and useless in today's economy. If they retool the vending machines, you may be able to use them to buy a can of soda, a bottle of water or a packet of potato chips.

The Beach Bum



Blogger That Canadian Guy said...

you said that a $1 coin is not needed in todays economy. I would beg to differ. Where i live, Canada, we have always had a $1 coin and in fact, in the year 1996, it think, we started circulating a $2 coin as well. Coins last longer that bills, a coin will last for a few decades, where a bill will only last a few years. They are very handy indeed.

Fri Mar 09, 12:24:00 AM  
Blogger The Beach Bum said...

Canadian coin are as worthless as American coins.

Sat Mar 10, 04:47:00 PM  
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