>Metro’s using $1 coins in fare machines

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I didn’t see this announced anywhere else, but over on the WMATA youtube channel there’s a video starring Metro’s Chief Financial Officer, Carol Kissal, and Ed Moy, the Director of the US Mint announcing that Metro fare vending machines will be accepting $1 coins as well as giving them as change.  So instead of getting 12 quarters back as change from a $7 purchase on a $10 bill, you’ll get three coins.  I thought WMATA had been accepting $1 coins for a long time, but giving them out is new as of December.

WMATA and the Mint tout the convenience for riders as well as the savings to the Government.  According to the video, the $1 coins last for decades and are 100% recyclable.  Mr. Moy put the savings from using $1 coins as “billions” of dollars.  He also said that Boston and New York were giving $1 coins as change in their transit systems.

I’ve always been a fan of dollar coins.  I get them at the bank and use them for parking meters and vending machines.  Now I’ll have another source for them (though I don’t do many cash transactions at fare machines).

So what’s next for American currency?  Go completely Euro-style, get a $2 coin, and eliminate the $1 bill entirely?  Retain both the bill and the coin for years longer?  Eliminate the penny?

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About perkinsms

I'm an engineer and father interested in transit, parking and economics.
This entry was posted in economics, government, inflation, NYT, transit, WMATA. Bookmark the permalink.

2 Responses to >Metro’s using $1 coins in fare machines

  1. Mark says:

    >” the Mint tout the convenience for riders as well as the savings to the Government. “If the Mint actually cared about efficiencies or government savings, they would eliminate (at least very least) the penny.When we eliminated the half-penny, it had a purchasing power of ~12 (2008) cents.

  2. Michael says:

    >It’s long established that I’m an advocate of getting rid of the penny. There’s a small but powerful lobby for keeping it, though. My solution is to keep minting them, but the US Mint should start charging the Federal Reserve Bank and member banks its cost for production. That way banks could have the option of obtaining pennies, even if they cost $120 or so for 10,000 of them. I think businesses would figure out how to make their prices work out to even nickels then. Banks might even offer a premium on pennies to get some back from hoarders. If the bank can either buy them through the reserve system for a 20% markup, or by offering free coin counting or a 10% markup, they’d probably be able to meet their needs from customers at least for a little while.And people who still wanted pennies could get them at cost, eliminating any waste of government money on making pennies.

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