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Why the US keeps minting coins people hate and won't use

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posted on Aug, 10 2010 @ 09:42 AM
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In hidden vaults across the country, the US government is building a stockpile of $1 coins. The hoard has topped $1.1bn - imagine a stack of coins reaching almost seven times higher than the International Space Station - and the piles have grown so large the US Federal Reserve is running out of storage space.



www.bbc.co.uk...




posted on Aug, 10 2010 @ 11:28 AM
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It'd probably help if the US owned the Federal Reserve.

Maybe this is to stop people from saying "the Federal Reserve is neither Federal nor a Reserve" so now we can just say that the "Federal Reserve isn't Federal" which doesn't sound as catchy and easy to remember.



posted on Aug, 10 2010 @ 01:44 PM
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reply to post by Zaxxon
 


Never seen em nor even have I heard of them, unlike the other dollar coin "Sacagawea dollar", they made a big deal of that one but still never made it big in circulation.




posted on Aug, 10 2010 @ 01:51 PM
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The only place I ever see these dollar coins in any quantity is given as change for subway or trains in New York and used in the various terminal shops.

If you work as a waiter in one of the CT towns where New Yorkers go to be obnoxious for vacation you'll get a lot of them left as tips.

Then they try to create a collectible reason to use or keep them. But whenever something is intentionally made "collectible" it never is genuinely collectible. Few things are worth less than "limited edition" garbage. B...b..b...but it's limited edition?
Reach into my pocket and pull out all 50 state quarters. Woo-hoo. Limited like mo-fo. Nobody cares.



posted on Aug, 10 2010 @ 02:13 PM
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Just remember, anything printed by the Fed is a debit to the citizen and a credit to the Fed (and banks by extension), which is my theory of why the Fed won't slow down printing (and minting) to allow deflation.

[edit on 10-8-2010 by Zaxxon]




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