Coin Coalition
Encyclopedia
The Coin Coalition is an organization supporting the elimination of pennies
and dollar bills from U.S. currency. It is funded by vending machine
companies, video arcade owners, and the soft drink industry, who all have an interest in eliminating maintenance costs associated with dollar bill validators. The National Bulk Vendors Association
supports the Coalition.
According to Randy Chilton, manufacturers converted machines to accept the dollar coin at great expense, but the unwillingness of the U.S. government to phase out the dollar bill prevented the coin from becoming popular. Although copper miners and other interest groups backed the Coin Coalition on this issue, they were unable to match the influence of Save the Greenback
, a rival organization supporting continued dollar bill production.
In 1995, Thomas M. Davis
, introducing the Save the Greenback Act
, warned that customers' pockets would be weighted down with heavy coins. However, a 1997 Wall Street Journal article disputed this notion by noting, "This argument ignores the vast number of quarters now required for parking meters, vending machines, buses and many other staples of life. For a lot of transactions, an attractive $1 coin would be a great convenience. And although we would all be walking around with a few $1 coins, they would be replacing several quarters".
In advocating abolition of the penny, the Coin Coalition cites three penny-related costs that are passed on to consumers:
James C. Benfield, a partner with Bracy Williams and Company (Washington, D.C.
), led the Coalition from 1987 until his death in 2002. He testified in committee hearings on the United States $1 Coin Act of 1997
.
Cent (United States coin)
The United States one-cent coin, commonly known as a penny, is a unit of currency equaling one one-hundredth of a United States dollar. The cent's symbol is ¢. Its obverse has featured the profile of President Abraham Lincoln since 1909, the centennial of his birth. From 1959 to 2008, the reverse...
and dollar bills from U.S. currency. It is funded by vending machine
Vending machine
A vending machine is a machine which dispenses items such as snacks, beverages, alcohol, cigarettes, lottery tickets, consumer products and even gold and gems to customers automatically, after the customer inserts currency or credit into the machine....
companies, video arcade owners, and the soft drink industry, who all have an interest in eliminating maintenance costs associated with dollar bill validators. The National Bulk Vendors Association
National Bulk Vendors Association
The National Bulk Vendors Association is a nonprofit trade association of bulk vendors, founded in 1950. The NBVA lobbies for legislation that will help bulk vendors; for instance, NBVA worked through the Coin Coalition to support the United States dollar coin....
supports the Coalition.
According to Randy Chilton, manufacturers converted machines to accept the dollar coin at great expense, but the unwillingness of the U.S. government to phase out the dollar bill prevented the coin from becoming popular. Although copper miners and other interest groups backed the Coin Coalition on this issue, they were unable to match the influence of Save the Greenback
Save the Greenback
Save the Greenback is an organization of U.S. Bureau of Engraving and Printing employees and paper and ink suppliers opposed to phasing out the paper dollar...
, a rival organization supporting continued dollar bill production.
In 1995, Thomas M. Davis
Thomas M. Davis
Thomas Milburn "Tom" Davis III was a Republican member of the United States House of Representatives, representing Virginia's 11th congressional district in Northern Virginia. Davis was considering a run for the U.S. Senate seat being vacated by five-term incumbent and fellow Republican John...
, introducing the Save the Greenback Act
Save the Greenback Act
The Save the Greenback Act was legislation proposed, but not passed, in the United States Congress in 1995 and 1997 forbidding the phase-out of the United States one-dollar bill....
, warned that customers' pockets would be weighted down with heavy coins. However, a 1997 Wall Street Journal article disputed this notion by noting, "This argument ignores the vast number of quarters now required for parking meters, vending machines, buses and many other staples of life. For a lot of transactions, an attractive $1 coin would be a great convenience. And although we would all be walking around with a few $1 coins, they would be replacing several quarters".
In advocating abolition of the penny, the Coin Coalition cites three penny-related costs that are passed on to consumers:
- Wrapping charges (Stores pay about 60 cents for each roll of 50 pennies),
- Lost store productivity from penny users slowing the checkout line, and
- Lost wages paid to clerks counting pennies in the register on each shift.
James C. Benfield, a partner with Bracy Williams and Company (Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
), led the Coalition from 1987 until his death in 2002. He testified in committee hearings on the United States $1 Coin Act of 1997
United States $1 Coin Act of 1997
The United States $1 Coin Act of 1997 was legislation passed by the United States Congress providing for a redesigned gold colored coin with a distinctive new rim. A major purpose of the Act was to allow for the replacement of the Susan B. Anthony dollar. The stockpiles of that coin had been...
.