EDITORIAL – Gov’t tries to coin new dollar

The United States Treasury Department will take another stab at circulating a dollar coin on… The United States Treasury Department will take another stab at circulating a dollar coin on Thursday. Past attempts have been less than successful, resulting in vaults full of unwanted dollar coins. So why, you might wonder, is the Treasury trying this again, and what leads them to think that the dollar coin might work out better this time around?

Odds are against the dollar coin already, as the Associated Press reported that three-fourths of Americans are not interested in giving up their greenbacks. These new dollar coins will be gold-colored, like their unsuccessful 2000 predecessor dollar coin featuring Sacagawea. This time around, the Treasury Department is taking a cue from the hugely successful state quarter campaign, and the new dollar coins will sport a different president (in order, starting with George Washington) and will come out every three months.

The Treasury Department is banking on enthusiasts being drawn to the dollar coin for its collectible appeal at first, and then, hopefully, they will be integrated into people’s wallets.

To many – 75 percent of Americans polled by the AP – the dollar bill is just fine. Why mess with a good thing? It’s light and thin and easy to carry. However, dollar bills are costing the government hundreds of millions of dollars every year in printing expenses, according to the AP, and using a sturdier, durable coin would be more cost-effective.

But how will the Treasury get people to actually use them?

There are no plans right now to completely do away with the dollar bill. However, Americans are creatures of habit, and until the government does away with the dollar bill, the coin probably won’t catch on. There’s also the argument made by many men that their wallets won’t accommodate the introduction of a dollar coin and that it would probably, like the rest of their coins, be left at home.

The only way to ensure a transition to the dollar coin is to show people how useful they can be. Parking meters, laundry machines and vending machines would have to be compatible with dollar coins. The government would have to make it both easy and rewarding to use the coins. We’re also worried that making the coins more novel than common – by showcasing a new president every few months – might only hurt the circulation potential of the coin.

We’re not optimistic about the dollar coin’s reception by the public. Nations are fiercely proud of their currency, and it just doesn’t seem likely that the coin will win out over its paper counterpart. Maybe the answer is to scrap money all together and just do everything electronically.

But then, how would we tip at strip clubs?