do you feel we can ever really use a dollar coin?
shanks82
Posts: 121
Does the U.S really need a dollar coin? I mean what good is one?
0
Comments
<< <i>Only if they get rid of the dollar bill. They are much cheaper to produce than bills in the long run. >>
Agree. They are apparently pretty popular in Colombia, where they use our money.
<< <i>Does the U.S really need a dollar coin? I mean what good is one? >>
In the long run, they're cheaper than dollar bills. Anything that causes our government to spend less money is a good thing, in my opinion.
The $ coin will last a whole lot longer than the paper version.Thus it will be cheaper in the long run.This has been discussed here many times in the past.Until the Government stops making the paper $,it will never take hold.
Registry 1909-1958 Proof Lincolns
However, this being about politics the dollar bill will not go away until Teddy Kennedy is out of the senate. Why you ask? The only place that makes paper for us currency is in his district, i.e. Massachusetts. The paper $1 is about 60% of the bills made (thus the huge potential savings).
The company in his district would lose a lot of jobs and he will block any serious effort to get rid of the $1 bill. To quote the late Tip O'Neill, all politics are local.
Let me say I am on the record for getting rid of the one dollar bill.
<< <i>The company in his district would lose a lot of jobs and he will block any serious effort to get rid of the $1 bill. >>
Of course this actually isn't true because the BEP would wind up greatly increasing the production of $2 notes and the paper production level would not actually change that much. Down 10% maybe. But the workers don't realize this because they are not used to thinking about the $2 bill because they never see them. But stop producing ones and the banks will start ordering twos rather than stick their customers with a bunch of dollar coins. That is another mistake a lot of people make. They think you would have to replace the entire production of dollar bills with dollar coins. Actually 80 to 90% of the dollar bill production would be absorbed in $2 bill production and 10% would go to coins. And you wouldn't have the pockets full of dollar coins either because any time your change back was over two dollars, you'd get a two dollar bill instead of two coins.
wolf
Liberty: Parent of Science & Industry
<< <i>Size is the problem we encountered with the SBA though >>
It's not the size, it's what you do with it.
David
Check out a Vanguard Roth IRA.
Check out a Vanguard Roth IRA.
The only problem with it is that it makes so much sense to do it, that the government will probably never do it!
Steve
Ebay
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
I like these coins and I love doing my part to circulate them....
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
There is no space in a change drawer at a store for $ coins, just like there was no place or room for the $2 bill when they tried that again.
I am personally used to having a wide variety of coin available and not using much paper money unless we're going out doin some serious shopping.
<< <i>There is no space in a change drawer at a store for $ coins, just like there was no place or room for the $2 bill when they tried that again. >>
Well there is some truth to this, Cash registers used to have six slots in them and today many just have four. Only businesses that handle a lot of cash tend to still have the six slot registers like grocery stores. This illustrates how Canadian are smarter than we are. They use the same equipment we do and they ARE able to find room in theirs for both one and two dollar coins.
<< <i>There is no space in a change drawer at a store for $ coins, just like there was no place or room for the $2 bill when they tried that again. >>
If you eliminate both the rag-buck and the cent, you get a four slot change drawer that looks like this:
Coins: 5c, 10c, 25c, $1
Bills: $2, $5, $10, $20
1. they get rid of paper dollars
and
2. Don't make them a statement for political correctness.
Put Liberty back on the dollar coin...
<< <i>you cant get rid of the cent. that wont happen for a long long long long time. >>
Why not? Other countries have done so, with great success. Even the US has experience in eliminating its smallest denomination coin, back in 1857. Didn't kill us then. Why not eliminate the zinc lint that has become the cent? Do it in 2009 -- have some big 100th/200th anniversary celebration, and then cease.
In Minneapolis this week we've had are biggest 3 day snow fall this winter so with that and the cold I jumped at the chance when someone from the neighborhood wanted to shovel out the front and back and driveway for 12 bucks, trouble was other then scattred change lying around the house all I had was two one dollar bills so my wife and I scrounged around the house looking for change and I ended up paying the guy with 2 dollars in loose change of nickles, dimes & quarters, 2 - 1 dollar bills but the other 8 dollars were 4 Ikes, 2 gold dollars and 2 s.b.a's. When I handed the guy this strange looking assortment of coins he had 2 comments, the first was asking me if he could use the s.b.a's on the local bus and I said it was legal but I wouldn't advise it because if the driver flushes those s.b.a's without looking closely at them he'll think they are quarters. And then he asked me if the Ikes were canadian money [and people wonder why Ikes never circulated
Les
if our Uncle would pretend to be fiscally responsible for a short period and to lead instead of pander to special interest's, we'd be using $1 and $5 coins, or perhaps another of a different denomination. the public might not like it, but tough. it makes sense.
al h.
<< <i>if our Uncle would pretend to be fiscally responsible for a short period and to lead instead of pander to special interest's, we'd be using $1 and $5 coins, or perhaps another of a different denomination. the public might not like it, but tough. it makes sense. >>
The public would whine for about three months, and then get on with it. Never underestimate the American short attention span. You wouldn't want to do it in an election year, but any other would be inconsequential for our elected officials.
Yeah the cent is useless and bothersome now..the nickel could carry the load with everything's price rounded to the closest multiple. Then Lincoln could go on the new $5 coin fitting with the bill.
<< <i>You wouldn't want to do it in an election year, but any other would be inconsequential for our elected officials. >>
Problem is it is ALWAYS an election year! Congressmen get re-elected every two years as do 1/3 of the Senators (Senate term of office is six years and elections are staggered so 1/3 are up every two years.) So they are always either getting ready to run or actually running and they don't want anything controverial in either case.
<< <i>If you eliminate both the rag-buck and the cent, you get a four slot change drawer that looks like this:
Coins: 5c, 10c, 25c, $1
Bills: $2, $5, $10, $20 >>
Looks like Flamingo is smart enough to be a Canadian. One thing though, Canadian still have cents but they dont have $2 bills so they put a divider in the first bill slot and have
Coins: 1c, 5c, 10c, 25c
Bills: loonies & Twonies, $5, $10, $20