Proposal: Dollar coin to replace dollar bill goes mainstream
renman95
Posts: 7,037 ✭✭✭✭✭
Replacing $1 bill with coin could save $5.6 billion.
The idea may get some traction now considering the economic black hole this country is in.
"Paper and ink producers and some small retailers oppose it."
The idea may get some traction now considering the economic black hole this country is in.
"Paper and ink producers and some small retailers oppose it."
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Comments
<< <i>This, like the elimination of the penny, will happen. It's just a matter of how soon. >>
Hell, we're still fighting the Civil War, we don't tend to get over things too quickly in this country.
60 years into this hobby and I'm still working on my Lincoln set!
I'm not saying it won't happen but I'd be very surprised if it happens any time soon.
The name is LEE!
<< <i>Reading the comments section of the article has been most entertaining. Amazing how many people have no clue. >>
no clue?
I'm not sure what you mean?
The dollar bill is the most common denomination bill that is used on the street. Eliminating it is a rediculous idea. Only small minded officials would come up with such an idea. If they want to really do something that may make waves, would be to eliminate the $5. dollar & $20.dollar bill. Today most purchases are done by credit card, but on the street, not necessarily Main Street, drugs are bought in 5 & 10 dollar denominations & the increase weight of volume would make it extremly difficult for both drug dealer and drug addict to bank their receipts. They also wouldn't need to replace them with coin.
<< <i>
<< <i>Reading the comments section of the article has been most entertaining. Amazing how many people have no clue. >>
no clue?
I'm not sure what you mean?
...i think he's referencing the comments at the end of the article.
Yes I can see it happen.
"Seu cabra da peste,
"Sou Mangueira......."
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
British fakes
Hensarling would eliminate the Susan B. Anthony $1 coin, whose size and color is often mistaken for the quarter, and get rid of the $1 bill in four years — or earlier if $600 million in $1 coins are circulating.
When did the sba go back into production?
My Odds&Ends eBay Stuff to fuel my coin habit (No Coins)
<< <i>Did anyone read this part of the article, near the bottom?
Hensarling would eliminate the Susan B. Anthony $1 coin, whose size and color is often mistaken for the quarter, and get rid of the $1 bill in four years — or earlier if $600 million in $1 coins are circulating.
When did the sba go back into production? >>
...i don't think they did but they have millions stored in the federal reserve vaults.
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
If we made a stand-alone dollar coin the dollar would become change. Don't they realize the psychological importance of this?!
It would have a huge positive effect on the economy.
Getting rid of the Cent and Nickel would have an additional economic benefit. Psychologically, the Dime would become the Cent.
In other words, people would spend more without noticing it.
There must be a paper on this already...
I specialize in Errors, Minting, Counterfeit Detection & Grading.
Computer-aided grading, counterfeit detection, recognition and imaging.
<< <i>I cannot believe some people.
If we made a stand-alone dollar coin the dollar would become change. Don't they realize the psychological importance of this?!
It would have a huge positive effect on the economy.
Getting rid of the Cent and Nickel would have an additional economic benefit. Psychologically, the Dime would become the Cent.
In other words, people would spend more without noticing it.
There must be a paper on this already... >>
I'm thinking that "psychologically", folks would think that they are paying more than what they should since most do not understand the "rounding" priniciple and would automatically assume that each individual item is rounded up to the nearest $0.10.
I'm of the opinion that talk of eliminating the cent and nickel should be saved for "additional" changes to the monetary system after the dollar bill is eliminated. The concept here is to "save" money, not fuel arguments about how much it is going to cost the consumer.
Most people do not rationally analyze proposed changes. They simply hear the worst then make a decision based upon "what they heard".
The name is LEE!
<< <i>I cannot believe some people.
If we made a stand-alone dollar coin the dollar would become change. Don't they realize the psychological importance of this?!
It would have a huge positive effect on the economy.
Getting rid of the Cent and Nickel would have an additional economic benefit. Psychologically, the Dime would become the Cent.
In other words, people would spend more without noticing it.
There must be a paper on this already... >>
Wait...what?
I'm trying to follow your reasoning here. Are you saying that having people spend more money without noticing they are spending more money is a positive thing for the economy?
How exactly does that work, and do you have a newsletter I can subscribe to?
<< <i>A $20 coin would be cool. >>
Finally a voice of reason. Per your request !
Here is a dollar coin that just returned from PCGS with a RIM CUD@ 1:00 O'Clock. ( There are actually 2 with another at 3 O'Clock)
The grade is XF40 and note the doubling in the 1.
The $20 Coin graded MS 64
<< <i>Moving to a coin could save $5.6 billion over 30 years, >>
WOW!! That's substantial!!! Especially when the debt is currently at 15 trillion dollars!
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i>his will be the change TSA agents can't wait to get in our pants for. >>
Now I know who holds up the line by not following instructions to remove metal objects.....
2. restrict banks from redeeming dollar coins in any amount over 20 dollars.
They could get millions of these distributed, into circulation, and give a little 'stimulus money' back to us at the same time.
<< <i>People hate and won't use the dollar coins so the answer is to force them to use it. Sad. >>
Exactly. Forcing people to carry around dollar coins, which will jingle and fall out of pockets, doesn't seem all that enjoyable to me. All that this will do is give further incentive for people to use their credit/debit card, resulting in added profits for the banks. So, expect it to happen.
<< <i>Ive said this before....a two phase program, 1. offer your tax refund in direct ship one dollar coins plus an additional one or two percent premium, that is, they pay us to take them.
2. restrict banks from redeeming dollar coins in any amount over 20 dollars.
They could get millions of these distributed, into circulation, and give a little 'stimulus money' back to us at the same time. >>
I don't know. That kind of seems like further government manipulation. Do we really want more of that?
1c and 5c - gone
paper $1 and $2 - gone
10c - keep
25c - keep
50c - change to a golden composition about the size of a nickel
golden dollar - keep
$2 coin - about the size of the current half dollar, bimetellic nickel-golden
$5-$100 paper - keep.
problem solved for 50 years until the dime and quarter are inflated away, then we eliminate and add $5 and $10 coins.
<< <i>Here's the monetary system we need:
1c and 5c - gone
paper $1 and $2 - gone
10c - keep
25c - keep
50c - change to a golden composition about the size of a nickel
golden dollar - keep
$2 coin - about the size of the current half dollar, bimetellic nickel-golden
$5-$100 paper - keep.
problem solved for 50 years until the dime and quarter are inflated away, then we eliminate and add $5 and $10 coins. >>
Nobody really uses the deuce anymore, so very few people would miss them anyway.
Start off slowly by eliminating the cent and the dollar bill but keep the nickel for the time being.
Pick a design for the $1 coin and stick to it.
As it stands now there are a couple of dozen different design dollar coins in circulation.
Nobody likes the venerable half dollar anymore, so I don't know if changing the composition and size would matter - it would certainly have the vending machine industry up in arms though.
A bi-metallic $2 coin along the lines of a Canadian "toonie" should be introduced at the same time the dollar bill is eliminated.
Higher denomination bills ($200, $500, $1000) will sooner or later come in handy.
<< <i>Here's the monetary system we need:
1c and 5c - gone... >>
Funny, I had this conversation with someone not too long ago who was all up in arms that if the 1c went away and every transaction was rounded to the nearest 5c mark, she would be getting ripped off left and right since there is no way to "check up" on the merchant
I tried to explain to her that 1c coins are useless anyhow, but she wasn't interested...
I like all of the comments about people "rebelling" if the $1 note were to go away. Too funny - what will people do, stop spending money? Just stop making the $1 note and start providing more $1 coins. There are enough notes in circulation now to last a few years anyhow - thus we have a built in transition timeline...
Eric
<< <i>A $20 coin would be cool. >>
Canada has one and it's silver.
People are stupid and creatures of habit. But that doesn't mean I should pay for their reluctance to change.
I'm fine with people insisting on continuing to use $1 bills...I just think they should pay for it. They can have 99 for every 100 they are owed.
-Keith
<< <i>> People hate and won't use the dollar coins so the answer is to force them to use it. Sad.
People are stupid and creatures of habit. But that doesn't mean I should pay for their reluctance to change.
I'm fine with people insisting on continuing to use $1 bills...I just think they should pay for it. They can have 99 for every 100 they are owed.
-Keith >>
Taking your argument forward a step or two...let's eliminate paper currency all together. We'll just all walk around with our pockets all a jingle. The wallet will be just for pictures of the grandkids and credit cards. Better yet, let's really save some money. Let's make all the coins half the size and out of recycled aluminum. Many citizens have already been using "air bucks" for years, and it seems to have worked out well for them, perhaps that is the route to go.
Everybody adapted pretty quick to cell phone holders on their belts, and before that you hardly ever saw anything on a belt.
Every time I get a roll of half dollars I dump them in my truck's center console cup holder and use 'em for a week or two of coffee, parking fees, etc. Same thing at work.
<< <i>There seems to be a lot of concern about pockets. Don't most of you have a cup or bowl or dashboard pocket where you keep change?
Everybody adapted pretty quick to cell phone holders on their belts, and before that you hardly ever saw anything on a belt.
Every time I get a roll of half dollars I dump them in my truck's center console cup holder and use 'em for a week or two of coffee, parking fees, etc. Same thing at work. >>
So much for weight.
The name is LEE!
...well since you've put things in perspective...................
<< <i>Who gets the $5.6 billion in savings? >>
It comes OFF of the National Debt which is the money the US Government owes to the Federal Reserve Bank.
The name is LEE!