Earlier this week, the U.S. Mint announced plans to roll out new $1 coins, featuring each deceased president, at a rate of four per year. Mint officials hope this will a.) reacquaint Americans with some of our lesser-known presidents and b.) get people to use those doggone coins.
But it was one of those end-of-the-story factoids in this Reuters article that got me thinking.
According to U.S. Mint Director Edmund Moy, the U.S. vending machine industry stands to save $1 billion if consumers ditch their flimsy paper bills for $1 coins. The switch would eliminate maintenance on bill acceptance slots.
This was one of those moments that made me realize just how interconnected the business world is, and just how rarely I stop to think about that. What other examples of interconnectedness can you think of?
Related Stories: | Topics:Management, teamwork, The United States Mint, Reuters Group plc, Edmund Moy, United States |
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Recent Comments | 10 Total
November 23, 2006 at 8:05am by Dennis Crow
Noteworthy on the 44th anniversary of JFK's death.
November 23, 2006 at 9:42am by Ron Borg
So now the U.S. Mint is in the business of increasing the profits of certain industries? Call me a pragmatic but in the words of Jerry Seinfeld... "I don't think so"
Now bring up the FDA and it's ties to big pharma and I'm all ears.
November 23, 2006 at 12:52pm by Darcy McGee
Welcome to the 20th century, Amerika.
Most countries figured out a long time ago that one dollar bills were rather silly.
November 23, 2006 at 12:58pm by Mockingbird
well heck, if there is anything else I can do to help vending machine companies to save money...
it will only affect how much money they keep.
I will not see any benefit from it.
except maybe I'll have to hunt for change because the machine will not take my dollar bill.
my bills fit nicely into my wallet.
why would I want to carry coins?
I hate having a heavy jingling pocket.
it's either paper or plastic in my world.
-fin-
November 25, 2006 at 3:38am by roger fulton
I'm not going to do the marketing research for them, that's what their staffs are paid for. However, it's about time. I would add, the larger the coin, the better, and the plainer the more collectitible.
Roger Fulton
Yuma, Az
November 26, 2006 at 12:25pm by Alex H.
See, given this, the obvious choice would be to give a discount to patrons who use dollar coins in vending machines. But I don't think you could legally do that. The legal option--getting rid of bill readers in favor of coin only--would eat into sales too much to be viable.
November 26, 2006 at 11:25pm by mike
I'm amazed the US still has $1 notes
compare it to the major nations around the world & you'll find in this regard the US is way behind
& I can't think of a good reason why
November 27, 2006 at 11:04am by Kyle G
I believe it may be past time to eliminate the penny. I have read reports that time spent counting them, as well as producing and distrubiting them cost a lot of money.
November 27, 2006 at 12:02pm by Steve Simons
I'd rather them accept credit cards. That'd make my life easier as I'm basically cashless.
November 28, 2006 at 9:37am by Durwin
I still use SBAnthony and Sacajawea dollars - I think the mint can make any dollar coin that they want effective - they just have to withdraw the penny and the dollar bill. The dollar bill (worth a quarter of not so long ago) should have gone long ago - maybe even promote the $2 - and the penny is all but worthless. Getting rid of the dollar bill encourages use of the dollar coin; getting rid of the penny opens up a bin in the coin drawer.
Having said all that, I use relatively little cash - only for parking meters and the like - and use a credit card like cash. I pay in full at the end of every month so I get the convenience and float of the credit card with none of the outrageous interest rates (I was just notified by one of my cards at a major NY bank that the interest rate is now 32%). Total electronic is the right direction - (but then the feds can watch everything that we do). No free lunch...