New $1 Coin Coming

Looks like the U.S. Mint is producing a new $1 coin. This has failure written all over it, just like the last two $1 coins they put out.

Author Douglas Mudd points out that no country has successfully introduced a $1 coin alongside paper currency of the same amount. One of them has to go. Also, most countries that have $1 coin have a $2 coin, too. No one wants to carry around 10 pounds of change in their pockets, and having the $2 coin helps with that.

This new coin is going to be updated with a new President's face every 3 months. Interesting, but it could lead to confusion.

Don't get me wrong, I like the idea of a $1 coin. It's more durable, harder to counterfeit than paper, and should be less expensive in the long run.

I guess we'll see what happens.