By JIM SCHUH
of The Gazette
The federal government has been introducing gold-colored dollar coins the past few months. You may have seen one or two, but probably not many more. That may be because people are hoarding them instead of using them for everyday commerce.
After the Susan B. Anthony dollar flopped (the one that looked too much like a quarter), the Feds did something unusual to entice the American public into accepting the new $1 coins. They made them fatter and colored them gold. Then instead of routing them through banks, Treasury officials bypassed the financial community and put them into circulation via Wal-Mart. Banks weren't happy that to get some of the new coins, they had to send their vice-presidents to Wal-Mart to buy some. At first, Wal-Mart limited sales to 10 per customer, and then when they ran short, you could buy just five. That meant lots of trips to the discount store for bank VPs before the coins finally arrived at their doors. So far, the Treasury has stamped out more than a half-billion.
I like the new coins, even though they're not real gold and tarnish quickly. Sure, they're heavier than dollar bills, and carrying 10 of them around in your pocket probably will make you list to one side. But the coins are supposed to be cheaper to circulate in the long run because they won't wear out like dollar bills. Besides, paper currency carries more germs, and turns limp and a funny green color after going through just one wash-and-wear cycle.
Other countries are far ahead of the U.S. with their money. For instance, our northern neighbors long ago decided to use colors to differentiate between their currency denominations. Some bills are green, others are blue, red or brown. Doing that here might help clerks who have trouble making change, unless they're colorblind.
The $1 coin is a definite move forward. And while we're at it, why not produce a $2 coin, too. Hardly anyone uses a $2 bill - many people have never seen one. Most others who have consider them bad luck. Today, most everything costs more than a dollar anyway.
New Zealand has both $1 and $2 coins. Their smallest bill is $5. And the Kiwis don't have any of those useless pennies in their currency system. The 5-cent piece is the smallest. So stores there can't fool you with silly sales prices like $19.99.
Let's face it - is there really a need for pennies anymore? They just don't have any purchasing power. Parking meters eat them, but don't respond. In fact, about half the people in this country won't even stoop to pick up a penny if they see one on the pavement.
New Zealanders are logical when it comes to the size progression of their coins - which run from the smallest (5-cents) to the largest ($2). In the United States, we're backwards - the nickel is larger than the dime, and the new $1 coin is smaller than a 50-cent piece.
Another thing New Zealanders have done is to print their $5, $10 and $20 bills on plastic. So does Australia. The bills come on a special vinyl with a hologram, and with a little see-through window in them. They say the plastic currency will last much longer than paper. (By the way, Kiwis tell me that even though it's plastic, you can't stretch their dollar any better than we can ours.)
Money and currencies are emotional issues, and it's hard to get people to accept changes. Congress has tried several times without success. It's almost a miracle that Americans didn't revolt when the Treasury re-designed the present currency to help thwart counterfeiters. The fronts of the new bills show likenesses of famous Americans slightly off-center. That's an accurate description of a few of our recent public luminaries. Perhaps the Treasury has noticed that too, and will keep them in mind for future currency issues. (Have you seen the photocopied Clinton $3 bill?)
Even though the Gallup Poll says 53 percent of Americans prefer a paper dollar over a coin, I'm making it my role to spread the $1 coin wherever I can. I stopped at the bank a few weeks ago to get a handful of the new coins, and the teller told me I was the first to ask for them. She had to find some. This past weekend, I even had a restaurant clerk buy one from me.
I realize some clerks are unhappy when I hand them the new $1 coin, and complain they don't have space for them in their cash register trays. But I'm ready to defend myself against others who might accuse me of trying to pass off casino, laundry or parking ramp tokens or foreign coins.
It seems some people perceive paper dollars to have more value than coins of identical worth. But in time, they'll get used to the $1 coin. For now, I just enjoy being a contrarian.
You may reach Jim Schuh at the Gazette, or by e-mail at jpschuh@excite.com.