The following statement about the new Presidential dollar coins was issued February 13, 2007 by Jeff C. Garrett, President of the Professional Numismatists Guild (www.PNGdealers.com), a non-profit organization of the country’s top rare coin and paper money experts. He also is President of Mid-American Rare Coin Galleries of Lexington, Kentucky.
“As collectors and dealers, our organization is delighted about the exciting new designs for a U.S. coin denomination that was first struck in 1794. We would like to see the Presidential dollars in circulation everywhere, but the Treasury Department is still printing more than 15 million one-dollar bills every day, so there’s no compelling reason for the public to use the dollar coins in commerce. In other countries their one-dollar, one-Euro and one-pound coins are commonly used as pocket change because paper money of the same denomination no longer is printed.
“If the new one-dollar coins are going to win, then one-dollar bills will have to lose. We don’t advocate elimination of any current denomination, but, frankly, to make the new Presidential dollar coins successful the Treasury Department will have to stop production of one-dollar bills.
“The Treasury Department reports it prints an average of 35 million pieces of paper money every day, and one-dollar bills are 45 percent of that huge total. It will be difficult for people to change their pocket change habits with more than 15 million one-dollar bills still being printed each day.
“Canada, Australia and England simultaneously eliminated production of one-dollar and one-pound denomination paper money when they introduced into circulation coins of the same denominations. There is no one-Euro denomination bank note. Instead, they conveniently use one- and two-Euro denomination coins, and the smallest paper money is the five-Euro bank note.”