Wednesday, November 19, 2008

New Dollar Coin And A Boycott And What's To Come

The new Presidential $1 coins are in circulation. They have a picture of a President on one side and the Statue of Liberty on the other side.

Interesting twist on this is that there are "edge-incused inscriptions" which include the year of minting or issuance, "E Pluribus Unum," "In God We Trust" and the mint mark.

The edge is where we normally find ridges to the coins which were originally placed on coins to prevent people from scraping off pieces of precious metal. The US dollar coin, half dollar coin, quarter and dime were originally made of gold and silver. Some people would file the edges off of the coins and get shavings of the precious metals. Ridges were put on coins to make it obvious if money was "being shaved" and to act as a deterrent. Now, since coins are not made of silver or gold, there really is no need for ridges. So now the mint is printing inscriptions on that part of the coin.

People are boycotting the coins now because "E Pluribus Unum" and "In God We Trust" have been relegated to the side of the coin and those phrases aren't an obvious feature of the money anymore. Some believe that this is in preparation for it to be dropped all together, especially if we will not be used to seeing it anymore.

Have you noticed how many changes there have been to our coinage in the past 10 years? You almost can't even recognize what coins are what anymore. Money used to be so familiar - so stable - and now every time you look at it there is some sort of change. It is all starting to look like play money or those promotional coins that used to be given out by gas stations. I had 3 different $5 dollar bills in my wallet last week. The mint will claim that it's because they have to make it more difficult for counterfeiters to copy, and also to get collectors to spend more money at the mint, but I think so many different currency designs are made to disconnect us from our money and to make us indifferent to any new designs, and to get us used to changes in our currency.

The State quarters were the start of a whole assortment of quarter designs. Here is the release schedule for the presidential dollar coins.

I will be refusing any change given to me in presidential coins and instead ask for dollar bills. I don't like the fact that "E Pluribus Unum" and "In God We Trust" are being erased from either face of our coinage and being relegated to a less prominent position.

By the way - here is a website that has a design for the global currency and the single global currency association. They even have a timetable for the introduction of a global currency.... and you thought I was crazy.... Hah!

"A global economy requires a global currency" - Paul Volcker, Former U.S. Federal Reserve Chair

(H/T Patti L.)