Coin dollars a bust

It looks like Congressman Pocketchange went to the well one too many times.

After at least four previous failed introductions, the coin dollar is back. And it’s just as popular as ever.

“I don’t want the stupid thing,” said Ed Mullen of Warwick, who wrote a letter to the editor of the Providence Journal when he recently received a coin dollar as change

Long story short – they are a flop. But Mike Castle is dogged in his determinatiuon to put a happy face on the boondoggle. So “plan B” is to pushing these things on stupid people.

“As these coins are collected and taken out of circulation, the Mint needs to produce more, thus creating revenue for the government through seigniorage,” Castle said. “Therefore, I am encouraged that the presidential dollar coins will be more popular than previous dollar coins.”

But because the dollar coins are being mass distributed, some who engage in numismatics say they’re not considered serious collectibles.

“So many were made,” Podrat said. “Their value is as money.”