Please understand what NOT using U.S. Mint dollar coins is doing. These coins are an important way to pay for our purchases.
Why should we pay everywhere we can with these coins instead of with a credit card? Say I have $10.00 in dollar coins in my pocket. I go to a lunch spot and pay the bill for my lunch with these coins. The restaurant owner then uses these coins to pay his bill at the local laundromat. The laundromat owner then uses them to pay his barber. The barber then uses them to pay for his groceries. After an unlimited number of payments by various parties, they will STILL remain $10.00 in coins, which have fulfilled their payment purpose to everyone who used them for such, and the banks who issue credit cards have profited NOTHING from every coin payment transaction made along the way.
But if I go to that same restaurant and pay my $10.00 lunch bill with a credit card instead of the coins, then credit card transaction and bank fees for my payment transaction (charged to the seller i.e. the restaurant owner) at a rate of 3% results in 30 cents of the transaction being deducted from the owner’s net deposit. Furthermore, additional 30 cent fees for each further payment transaction will be charged to the laundromat owner, the barber and so forth who never used those coins either (since I never used them in the first place at the restaurant). Therefore, after 33 transactions, the initial $10.00 will be reduced down to only TEN CENTS, with the remaining $9.90 becoming the property of the various credit card banks along the way, all thanks to all the 3% credit card transaction and fee amounts that these banks have charged along the way for us using their credit cards.
Small businesses need your help, and this is one way to help ourselves too. Withdraw a certain amount of dollar coins out of your bank or credit union account and use them instead of credit cards to the extent that you can, to pay for all or part of your purchases.
When this is put into perspective, imagine what each retailer is paying on a monthly basis in fees (at 3% per transaction) through their credit-card processing machines. If they have, for example, $50,000 in monthly sales and 90% of those sales are by credit cards, then they are paying $1500.00 in processing and transaction fees in ONE Month. That’s $18,000 in a year! This amount comes out of their income every month. That money saved would go a LONG way towards helping that small business owner provide for his family!
Help small businesses in your area. Use the U.S. Mint dollar coins instead of credit cards to pay for all or part of your purchases!