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Columnist Criticizes Efforts To Promote The Dollar Coin
12/01/2008
Richard Minter, a fellow at the Hudson Institute, recently wrote an opinion piece in The Atlanta Journal Constitution criticizing the initiative to eliminate the dollar bill in favor of the dollar coin. He claims lawmakers have embarked upon a misadventure with millions of taxpayer dollars.
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Editor's Insight: Vending operators should not let this argument dissuade them from promoting dollar coins. Regardless of how well the new coins take hold among consumers, vending operators can boost sales by paying out dollar coins in their machines. Consumers are more inclined to spend coins faster than paper bills. 12-01-08 by Elliot Maras
Reader Comments
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Posted by David in Maryland
Dollar Coin
I have converted all my bill changers to dispense the dollar coin , My largest single location I distribute 3500.00 in dollar coins weekly and recieve back through vending machines 250.00 (8%) a week. People (as well as myself) only save the coins as with all the other dollar coins produce over the years. Talk About History Repeating Itself.
(12/03/08 - 07:34 AM)
Posted by Alan Drazen
Dollar Coin
Elliot,
We are fighting a losing battle with the coin. the us public does not like to carry change. Look at what has happened with the explosion of change machines at banks supermarkets etc. People come home with change and leave it there. What we have been pushing as an industry only works if the consumers buy in. They have not and will not. We need to put our energy into finding other payment systems that acknowledge what the consumer wants. This fellow is correct and we need to recognize we made a mistake and move forward.
Alan Drazen
We are fighting a losing battle with the coin. the us public does not like to carry change. Look at what has happened with the explosion of change machines at banks supermarkets etc. People come home with change and leave it there. What we have been pushing as an industry only works if the consumers buy in. They have not and will not. We need to put our energy into finding other payment systems that acknowledge what the consumer wants. This fellow is correct and we need to recognize we made a mistake and move forward.
Alan Drazen
(12/02/08 - 10:16 AM)
Posted by Dave Gillespie in Creve Coeur,IL
Dollar Coin
While this guy may have some valid points, I feel that using the coins will be a great help to the industry. Also since everyone is so worried about being Green now a days think of all the paper and trees we would save.
Our neighbors to the north have eliminated the 1 and 2 dollar bill, lets get some figures from them on cost savings.
Our neighbors to the north have eliminated the 1 and 2 dollar bill, lets get some figures from them on cost savings.
(12/02/08 - 01:36 AM)