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U.S.: nobody wants dollar coins

BBC Mundo / Tuesday, August 10, 2010

The U.S. government has piled up $ 1,100 million in dollar coins in secret vaults around the country. If you could pile all these coins would cover a distance seven times higher than that between the Earth and the International Space Station.

The other thing is that the U.S. government was running out and storage sites, however, still occurs.

Worse: since the program began minting, the U.S. government has spent U.S. $ 30 million just to promote the coins, but without much success.

The explanation lies in a law, passed in 2007, which authorized a new series of $ 1 coins to commemorate U.S. presidents missing.

So, as printed in millions of pieces of eight grams of an alloy of bronze and manganese, are the faces of presidents that nobody remembers, as Franklin Pierce, and inefficient executives like James Buchanan, whose incompetence, say the historians, led to country into civil war.

Popular resistance
Congress passed the law despite evidence that Americans have never liked them a dollar coin.

In commercial transactions it is involved currency of yore have a situation "tricky", as identified by the Mint. The buyer is concerned that the cashier will not accept cash and are afraid that the buyer does not receive at your back.

It has also identified a vicious circle: the retailers do not hold these currencies because they see that consumers are willing to use it, while consumers do not use coins because retailers do not keep.

And the vicious circle is enlarged because carriers of money and banks are unwilling to deal with the currency until its use is not widespread.

For banks, the dollar coins are the concern of collectors, but as collectors call when they do.

The law
The enacted law requires the Mint to issue four new faces presidential year, even when you know that most of the currencies of the previous year are stored.

Since the program began minting, the U.S. government has spent U.S. $ 30 million just to promote the coins, but without much éxito.La Federal Reserve, the U.S. central bank, has warned the Congress about the increasing cost of storage, but declined to give figures to the BBC.

Just another act of Congress could halt the storage of coins, whether by stopping its production or disposal of dollar bills. All this is too distant, given the radical atmosphere that exists in that legislative body.

Saving
The U.S. is the only G8 country whose basic monetary unit, the dollar, circulated on paper.

U.S. officials and experts in numismatics note that Australia, Britain, Canada and Japan made similar coins in denominations, but only after removing the bills.

According to the BBC corersponsal United States, Daniel Nasaw, as a coin can last four decades, while a ticket only lasts a few years, replacing the dollar bill for a coin could save the United States U.S. $ 500millones U.S. $ 700 million per year.

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