My Most Recent Haircut -- I Should've Paid in Presidential Dollars

I recently got my hair cut. That would not be of any particular note, except that it affords me the opportunity to talk at length with folks that I don't see daily (or even weekly). The subject of coin collecting came up, and I mentioned that I was doing some work on a Presidential Dollar page as well as writing about the new designs on the America the Beautiful Quarter series.

"I wish the government would stop making all those changes on coins. They're just throwing our money away on nonsense."

I didn't say anything. I just sat there and listened. The diatribe went on for some time, with several folks joining in.

I finally asked who was the fifteenth President of the United States. Responses varied. I listened and nodded, and I asked when the fifteenth President served. Again, responses varied.

I informed the barber that the fifteenth President was James Buchanan. I told the folks who were listening that Buchanan served for four years (1857 - 1861). I was immediately told that wasn't true because Presidents are elected in even-numbered years. I replied that Presidential elections are in even-numbered years, but that the President takes office the following year . . . an odd-numbered year.

I continued with a brief description of the Buchanan Presidency, and told them that Buchanan was featured on a recent Presidential Dollar.

Folks listened, all the while looking at me like I was a pencil-necked geek. (I am, but I generally don't let the way people look at me bother me a great deal.) Then the man who was next in line to head to a barber's chair told me that there was some interesting trivia there, but the dollar coins were still a waste of money.

I pointed out the relative length of circulation between a dollar coin and a dollar bill, along with the costs of producing them.

"You mean that over the long-term it costs less to use the coin than the bill?"

I assured the man that it was indeed the case. I asked why we never heard about those kinds of things during elections, if we are in such bad shape economically. There was no response.

"And what do you think about seigniorage?"

"I think we ought to make 'em take the signs down right after the election. That shouldn't be the city's responsibility!"

I pointed out that "seigniorage" has nothing to do with political campaign signs. Collectors pay fairly significant sums of money to the US Mint to acquire high quality coins directly from the Mint...making collectible coins a profit center.

I got a general, "I didn't know that," from the folks who were listening in.

"So the coins are educational, save money in the long run, and make money in the short run collectibles market. I also almost never have a vending machine reject a coin that it is designed to accept. Have you ever stuck a dollar bill into a machine more than three times before it was accepted?"

A couple of the guys still stared at me when I walked out the door. I'm not sure that I've created any new numismatists, but I've put some ideas into some people's heads.