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take a tip from canada
tahoe98
Posts: 11,388 ✭✭✭
i read that canada had problems getting people to use their dollar coins. they solved the problem,they stopped making the dollar bill,now the dollar coin circulates along with a two dollar coin. me thinks the u.s.
will have to do the same thing or build more storage buildings to stock the dollar coins. any comments?
tahoe98
will have to do the same thing or build more storage buildings to stock the dollar coins. any comments?
tahoe98
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
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Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
yeah!,....thats the ticket!
All The Way - And Then Some
I collect Modern Commemoratives
and anything Franklin.
<< <i>I doubt they will ever get rid of the paper, it is more convienant to use and carry. >>
It's also a convenient way to spread germs.
<< <i>They won't get rid of the paper dollar because John Kerry and Edward Kennedy will fight long and hard to protect their constituency, specifically Crane Paper Co. >>
And the inventor of the internet sells zinc to make pennies on which we all lose money and create global warming.
Go figure...
the right of the people to keep and bear arms shall not be infringed
Join the NRA and protect YOUR right to keep and bear arms
To protest against all hunting of game is a sign of softness of head, not soundness of heart. Theodore Roosevelt
[L]http://www.ourfallensoldier.com/ThompsonMichaelE_MemorialPage.html[L]
Congress will then pass legislation eliminating the $1 dollar bill.
By saying "the court has ruled it's the law of the land"
they are free of public condemnation.
It is known as passing the buck.
<< <i>the paper dollar won't be eliminated because .........well.........the dollar coin is too hard to tuck!
yeah!,....thats the ticket! >>
That's why the progressive strip clubs only sell $2 bills as change......
Just as Ted Stevens builds a bridge to nowhere... et. al. Every politician looks out for their own a$$ and keep money flowing into their states. Pork barrel politics played by nearly every politician.
As far as the paper maker losing business, they probably will but remember that there are still 2's, 5's, 10's, 20's, 50's, and 100's.
That is until a $2 coin comes up!
The name is LEE!
<< <i>i read that canada had problems getting people to use their dollar coins. they solved the problem,they stopped making the dollar bill,now the dollar coin circulates along with a two dollar coin. me thinks the u.s.
will have to do the same thing or build more storage buildings to stock the dollar coins. any comments?
tahoe98
The Bureau of Engraving and Printing says the "average life" of a $1 bill in circulation is 22 months before it is replaced due to wear. Approximately 45% of all U.S. currency produced today are one dollar bills.
Based on examples I've found in change the clad 1965 Quarter (now in it's 42nd year) looks like it could last 70 years before being worn to nothing. In that same 70 years there would be 38 "generations" of $1 bill printed.
It's time to dump the greenback!
<< <i>That tactic would work, but I doubt Americans would like the idea of eliminating the $1 note. >>
And the Canadians squalked at first to when their dollar bill was killed. After a couple months they adapted and everything was fine. The same thing happened in England, Australia, and a couple dozen other countries where the lowest denomination note was replaced with a coin. Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can?
<< <i>
<< <i>That tactic would work, but I doubt Americans would like the idea of eliminating the $1 note. >>
And the Canadians squalked at first to when their dollar bill was killed. After a couple months they adapted and everything was fine. The same thing happened in England, Australia, and a couple dozen other countries where the lowest denomination note was replaced with a coin. Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can? >>
We're not backward. We're just comfort oriented. We are comfortable with the paper Dollar. It is convenient to use, easy to store and accepted in most vending machines and all places of business. Add Big Business' clout (the rag-paper lobby) and politican's sense of self-interest and there's no reason to change.
<< <i>polititians and lobbiest, the scourge of the earth >>
Ya, especially those lobbiests who make sure that you or at least most of us don't have to pay sales tax on coins. Don't lump all lobbyists together.
-David
<< <i>IMHO, two things have to happen to make a dollar coin circulate affectivly in the US. First, the dollar bill has to be elliminated. Second, the cent has to be elliminated. Getting rid of the dollar bill causes a need for the dollar coin. Getting rid of the cent allows commerce to have a spot in the cash register for the dollar coin.
-David >>
Every cash register I've ever used had 5 coin slots - Cents, Nickels, Dimes, Quarters and usually keys or junk. No need to change anything. Eliminate the $ bill and use the big slot for $ coins.
April 7, 2000 GAO report on replacing $1 paper FRN's with $1 coins
<< <i>any comments? >>
Canada sucks. Does that count?
<< <i>Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can? >>
"Comformity is the hobgoblin of little minds."
<< <i>
<< <i>That tactic would work, but I doubt Americans would like the idea of eliminating the $1 note. >>
And the Canadians squalked at first to when their dollar bill was killed. After a couple months they adapted and everything was fine. The same thing happened in England, Australia, and a couple dozen other countries where the lowest denomination note was replaced with a coin. Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can? >>
Canada has just announced that they are going to eliminate the $5 bill and replace it with a
tri-metallic $5 coin featuring the rare Canadian Great White North Shark.
The coin will be nicknamed the "FIN."
;-)
TD
<< <i>Canada has just announced that they are going to eliminate the $5 bill and replace it with a >>
<< <i>tri-metallic $5 coin featuring the rare Canadian Great White North Shark. >>
<< <i>The coin will be nicknamed the "FIN." >>
I bet you got beat-up a lot in high school
3 "DAMMIT BOYS"
4 "YOU SUCKS"
Numerous POTD (But NONE officially recognized)
Seated Halves are my specialty !
Seated Half set by date/mm COMPLETE !
Seated Half set by WB# - 289 down / 31 to go !!!!!
(1) "Smoebody smack him" from CornCobWipe !
IN MEMORY OF THE CUOF
country does something first? Just because Germany
invaded Belgium, does that mean the we should invade
Belgium too?
Camelot
<< <i>Bear, we were the FIRST country to attempt a small size dollar coin. All the other countries copied it from US not the other way around. The difference was that the other countries watched when we tried it with the SBA and learned from our mistakes. They didn't make the mistake of making the coin the same color. They didn't make the mistake of not withdrawing the paper note. It took us 20 years to figure out the first mistake and change the color. We still haven't figured out the second one after 27 years. Apparently the rest of the world IS smarter than we are. We are backwards. >>
I agree with most of what you say, but remember that Canada did reduce the size of its circulating dollar coin in 1968, and that didn't fly because the paper dollar was still in circulation.
TD
<< <i>Bear, we were the FIRST country to attempt a small size dollar coin. . >>
Very true. It happened in 1849 and the coin was 13mm in diameter which made it smaller than the silver three cent piece.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>any comments? >>
Canada sucks. Does that count?
WS
<< <i>It’s not a matter of who is first, or if the US is best. It’s about common sense. Australia and New Zealand did away with cents and paper dollars long ago to SAVE MONEY. The problem is that the coin machine lobby and companies like Coca Cola would have to change out or buy a LOT of new machines to get a coin dollar to work. Their voices have over powered both political parties and have kept the paper dollar from being done away with. It is all crap, because the proof is in the fact that consumers did not stop buying because of the lack of one cent coins like what was threatened to happen here by consumer advocates and Coke is doing a great business down under, But like so many things, we will let a few lobbyist keep from what is best for the country and tax payer from occurring.
WS >>
Save the Greenback
From Wikipedia, the free encyclopedia
Save the Greenback is an organization of U.S. Bureau of Engraving and Printing employees and paper and ink suppliers opposed to phasing out the paper dollar. The group formed to counter the influence of the Coin Coalition.
Public opinion has tended to favor the dollar bill, although in 2000, the Government Accountability Office reported that a full implementation of the dollar coin could save $500 million a year[1]. 'Save the Greenback' successfully prevented a dollar bill phaseout with the help of legislators such as Mississippi Senator Trent Lott and Massachusetts Senator Ted Kennedy. Lott's constituency includes the powerful cotton industry, which produces fabrics used in the paper dollar; Kennedy's includes the Crane Paper Company which produces American banknote paper.
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid?
<< <i>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
? >>
Maybe we're the ones who are nuts.
Stop printing the dollar? Some politician's campaign contibutor would go out of business if that happened and we all know that can't happen.
They call me "Pack the Ripper"
<< <i>I simply can't believe people use the "everyone else is doing it" argument. >>
How about this argument then... a dollar today has the same purchasing power as a quarter did 30 years ago, and nobody thought a 25 cent bill was necessary back then.
<< <i>How about this argument then... a dollar today has the same purchasing power as a quarter did 30 years ago, and nobody thought a 25 cent bill was necessary back then. >>
I presume, then, that we should go ahead and abolish every coin *except* the dollar coin, correct? If, by your argument, they have so little value as to be useless.
At any rate, use whatever argument you like. But this "we need to be like Europe" is garbage.
<< <i>
<< <i>How about this argument then... a dollar today has the same purchasing power as a quarter did 30 years ago, and nobody thought a 25 cent bill was necessary back then. >>
I presume, then, that we should go ahead and abolish every coin *except* the dollar coin, correct? If, by your argument, they have so little value as to be useless.
At any rate, use whatever argument you like. But this "we need to be like Europe" is garbage. >>
Essentially this is exactly the case. We don't really need coins smaller than a dime
since there are no products or services that cost less than a dime. The dime and
quarter aren't compatible to make change so a nickel is required for now.
If we had larger coins then there would be more vending machines providing more
products.
Our money is simply wasting away to inflation.
Due to the 1/3 Sackie production law, Govt. storage vaults will be jammed with Dollar coins. When the total reaches 2-3 billion the Fed. will announce the elimination of the Greenback. They might even call it "temporary, to alleviate the overflow". But once its gone its not coming back.
<< <i>I presume, then, that we should go ahead and abolish every coin *except* the dollar coin, correct? If, by your argument, they have so little value as to be useless. >>
Well, no- my argument was based on the fact that a dollar today is worth only 1/4 the amount it was 30 years ago. Extended to other denominations, you'd have something like this:
1977 - 2007
1c = 4c
5c = 20c
10c = 40c
25c = $1
50c = $2
To make our circulating coinage comparable to what it was 30 years ago, the cent could be eliminated and a $1 and $2 coin introduced. That would be closer to what I was arguing.
<< <i>i read that canada had problems getting people to use their dollar coins. they solved the problem,they stopped making the dollar bill,now the dollar coin circulates along with a two dollar coin. me thinks the u.s. >>
Maybe, but the coins are too heavy. I'd rather we had $5 and $10 coins. It's easier to carry paper dollars, to be sure.
<< <i>But they do do all the currency ordering. They could just stop ordering Greenback and ship coins in their place. >>
Not without Congressional approval. That's like saying the Mint Director could just stop making quarters one day. In theory, maybe. But not in practice.
<< <i>
<< <i>But they do do all the currency ordering. They could just stop ordering Greenback and ship coins in their place. >>
Not without Congressional approval. That's like saying the Mint Director could just stop making quarters one day. In theory, maybe. But not in practice. >>
I don't believe this has ever been tested.
Consider that Congress mandated the issuance of the one dollar coin and
the banks don't issue them. Customers are not given an option. It is a very
small step for the FED to simply fullfill orders with a congressionally mandated
coin rather than the one dollar note.
This has never been tested but I don't believe there is any language in exist-
ing law which forbids it. Congress might step in if the FED acted however. It's
interesting that the FED is trying to gain total control of the BEP and mint at the
current time. It's possible that the obsolete currency system is part or much of
the reason. It's simply unimaginable that a company would make a coin at a loss
and issue it to compound the loss by use in commerce. Only a government could
issue coins that cost more than their face value.
<< <i>
<< <i>But they do do all the currency ordering. They could just stop ordering Greenback and ship coins in their place. >>
Not without Congressional approval. That's like saying the Mint Director could just stop making quarters one day. In theory, maybe. But not in practice. >>
The Fed is not controled by Congress the way the mint is. Plus it was Congress that made the 1/3 Sackie law that will produce the billions of coins.(Its all part of the plan)
<< <i>It's simply unimaginable that a company would make a coin at a loss >>
Come now, you of all people know that seignorage is a relatively modern concept. For a very long time, the Mint routinely made coins at a loss. The only difference was that the metal was precious, and in this case it isn't.
<< <i>Plus it was Congress that made the 1/3 Sackie law that will produce the billions of coins.(Its all part of the plan) >>
Do you really think our politicians have a "master plan?" It's all about pork barrel projects.
<< <i>[
Do you really think our politicians have a "master plan?" It's all about pork barrel projects. >>
It only takes a few. They then trade their support for everyone elses pork to advance their plan.
Sale prices will be rounded up or down to an even 5 cents.
Guess what direction it will go.
<< <i>If the cent is eliminated how would sales taxes be paid ?
Sale prices will be rounded up or down to an even 5 cents.
Guess what direction it will go. >>
Up or down depending on the total taxable amount.
Unless there's a rounding "conspiracy".