Written by Carlos T Mock, MD   

March 24, 2011
From Barcelona, Spain

The first proof that our coinage is obsolete is that use of the Kennedy half-dollar, Susan B. Anthony and Sacagawea dollars is not as widespread as that of other coins in general circulation; most Americans use quarters, dimes, nickels, and pennies only. In 1982 the US mint had to change the composition of the copper penny. Due to an increase in copper prices, the penny was costing 1.7 cents to mint so the mint changed its composition from copper 95% and tin 5% to a core: made of zinc 97.5% and a plating made of copper 2.5%.

The lack of use of the dollar and fifty cents coins costs an average of 500 million dollars/year to the US mint. Coins last in circulation for an average of thirty years, but bills only last an average of six months. The fact that Americans refuse to use these coins, means that the US must print more one dollar bills than necessary.

Any person that has a wish to reduce our deficit should take a look at this obsolete coinage system and might come up with the following solutions:

The reason the Kennedy half dollar is not used is because it is too big. Reduce its volume by one half, and not only will it be cheaper to mint, but it will easier to carry in our pockets. The second solution to our problem is that we need to eliminate the one, two, and five dollar bills from circulation. For God’s sake, a pack of cigarettes costs more that five dollars these days—isn’t it time we printed a five dollar coin?

To encourage the use of these new coins and to make them easy to
identify and use, we would keep them between the size of a current nickel and a current quarter but so as we don’t confuse their value and to be clearly identified by the public I propose the use of alloys. Just like the Euro and Mexican coins, the one 1 and 2 and 5 dollar coins would be two-toned. The "gold" would be an alloy made of 75% copper, 20% zinc and 5% nickel. The "silver" alloy would be 75% cupronickel and 25% nickel. The 25, and 50-cent coins would be made from a proprietary alloy known as "Nordic gold, made of 89% copper, 5% aluminum, 5% zinc and 1% tin.

We could either have a competition by the public to create the new coins, or we could have the mint use its artists.

I believe that it is long overdue to return President Eisenhower to the one dollar coin. I think Reagan could be a candidate for the five dollar coin, and perhaps Truman for the two dollar coin.

If we force this changes on the American public, the treasury would save 3 to 5 billion/year EVERY year, depending on how quickly the change is made. The changeover period during which the former currencies' notes and coins were exchanged for those of the new currency lasted about two months in the case of the Euro. In our case the official date on which the national currencies ceased to be legal tender would vary from State to State.

Not only we would not lose one job from this proposal, but we would create jobs, because we would have to adapt all of our machines to the new coinage. After firing teachers, policemen, firemen, and public employees to balance our budgets, I think this simple solution should be considered before we implant more pain on our American citizens.

Dr. Mock has published four books with Floricanto Press, Berklety, CA. His articles have appeared on publications like The Chicago Tribune and several gay and lesbian newspapers. He was inducted in The Chicago GLBT Hall of Fame in 2007. He can be reached at: www.carlostmock.com