a public challenge to those who want to force dollar coins on everyone else.

ebaybuyer · February 9, 2012 5:10AM

feb 9 2012 in my wallet i have two one dollar bills, one is a series 2003A and the other a 2006 that is an average of 7.5 years old for the two, i ask anyone that seeks honest truth, to open thier wallet and average the age of thier $1 bills. i believe by doing this, an accurate account of the average "lifespan" for the $1 bill will emerge. obviously this challenge involves personal integrity, so refrain from skewing your data by salting your wallet with silver certificates or brand new notes.

erickso1 · February 9, 2012 5:12AM

The problem here is referred to as surviorship bias.

Hard to do a census on the bills that didn't make it and are no longer around.

Res · February 9, 2012 5:13AM

i don't think the series is an accurate gauge. I've read in multiple places that the average life span of a buck is less than 2 years.

commoncents05 · February 9, 2012 5:14AM

Just because a note is Series 2006 does not mean it was actually produced in 2006.

-Paul

kevinstang · February 9, 2012 5:16AM

You know the series date on the dollar bills carried over from year to year right? The 2006's were if I'm not mistaken were printed well into 2009 if not 2010, before the series 2009 with Geitner's signature finally apppeared. And for the record I have 2 $1 bills in my wallet- both 2009.

Pokermandude · February 9, 2012 5:17AM

<< The problem here is referred to as surviorship bias.

Hard to do a census on the bills that didn't make it and are no longer around.

>>

Winner.

To be honest, there are very few good arguments for keeping low denomination dollar bills. Mostly it boils down to "we hate change!" (pun intended). But there are plenty of good reason for getting rid of it so dollar coins would actually be used.

ebaybuyer · February 9, 2012 5:19AM

i dont understand your point. my point is this: if the average life of a $1 bill is less than two years, there shouldnt be many of them in circulation that are over two years old. i believe it is safe to assume that if a note is a series 2006, it would not have been printed along side series 2009 notes. so each new series would have ended the old series or is there an argument against that ?

erickso1 · February 9, 2012 5:24AM

<< i dont understand your point. my point is this: if the average life of a $1 lbill is less than two years, there shouldnt be many of them in circulation that are over two years old. >>

Sure there could. For instance you could probably go to the bank and get a strap of brand spanking new $1's that were part of series 2003. The assumption you are making is that all bills are instantly introduced into circulation at time of printing, therefore any bills in your wallet have been in circulation since issuance.

ebaybuyer · February 9, 2012 5:25AM

Hard to do a census on the bills that didn't make it and are no longer around ....actually, it is very easy to do a census on the bills that arent around... the notes that are no longer around wont be in our wallets.

AUandAG · February 9, 2012 5:26AM

The date of printing and the date release into circulation can be very different. Not a reliable gauge.

The BEP would be the best source of this information.

bob

mrpotatoheadd · February 9, 2012 5:27AM

<< i ask anyone that seeks honest truth, to open thier wallet and average the age of thier $1 bills. >>

Although this will give you the average age of $1 bills in circulation, it will not help in determining how long $1 bills last as you are not averaging in the ages of the bills destroyed.

ModernCoin · February 9, 2012 5:28AM

Four 2006's
One 2009

ebaybuyer · February 9, 2012 5:29AM

so your argument is that because the $1 bills only last on average of two years... the banks have a stockpile of notes that are nearly 8 years old ?

nibanny · February 9, 2012 5:31AM

It may not be reliable but sure it could be interesting anyway.

Two 2009's and one 2006's

erickso1 · February 9, 2012 5:33AM

<< so your argument is that because the $1 bills only last on average of two years... the banks have a stockpile of notes that are nearly 8 years old ? >>

I'm not arguing how long dollar bills last. I'm just pointing out that your strategy for obtaining the average life span of dollar bills in circulation is flawed.

mrpotatoheadd · February 9, 2012 5:35AM

<< i believe by doing this, an accurate account of the average "lifespan" for the $1 bill will emerge. >>

No, it won't. In order to get an accurate account, you have to include the ages of the bills that have been withdrawn and destroyed. How do you propose to do that?

AngryTurtle · February 9, 2012 5:37AM

I think it is highly likely that the BEP knows exactly how long a bill lasts.

One bill: Series 2003A!

ebaybuyer · February 9, 2012 5:40AM

if something is only supposed to last for two years, my question is... then why are there so many still around ? i understand that the series date isnt the actual date of printing, but it reasonable to assume that once the series 2003 notes were printed, most of the series 2001 notes were nearly a year old.

pmac · February 9, 2012 5:41AM

<< The date of printing and the date release into circulation can be very different. Not a reliable gauge.

The BEP would be the best source of this information.

bob >>

And have little to do with the date of the series.

ModCrewman · February 9, 2012 5:42AM

<< It may not be reliable but sure it could be interesting anyway.

Two 2009's and one 2006's >>

DITTO...on census.

ebaybuyer · February 9, 2012 5:45AM

No, it won't. In order to get an accurate account, you have to include the ages of the bills that have been withdrawn and destroyed. How do you propose to do that

this challenge has NOTHING to do with notes that were destroyed, this pertains to what is currently in a wallet. notes would have been lost/destroyed/burned whatever, there isnt much silver in change either but that doesnt mean it was all destroyed,

secondrepublic · February 9, 2012 5:46AM

five banknotes in my pocket:

One series 2009
Three series 2006
One series 2001

bestmr · February 9, 2012 5:47AM

2003 and 2009. I agree with replacing the dollar bill with a coin. I visit my sister in Canada on a semi regular basis and prefer a dollar coin. I don't feel weighed down or anything like that. The government over spends on almost EVERYTHING. It would be nice to see them save money for once.

mrpotatoheadd · February 9, 2012 5:49AM

<< this challenge has NOTHING to do with notes that were destroyed, this pertains to what is currently in a wallet. >>

Might want to edit your first post, then. This is what you said there:

<< i ask anyone that seeks honest truth, to open thier wallet and average the age of thier $1 bills. i believe by doing this, an accurate account of the average "lifespan" for the $1 bill will emerge. >>

Again, without including the ages of the notes destroyed, you cannot get an accurate average of the lifespan of a $1 bill.

yellowkid · February 9, 2012 5:51AM

The paper dollar, like the cent, are dinosaurs, time to go!!

dcarr · February 9, 2012 5:51AM

At this moment I do not have a single one-dollar bill in my wallet.
But I have about 20 President Dollar coins in my carry bag.

ebaybuyer · February 9, 2012 5:52AM

to all those that favor replacing the dollar bill i commend you, keep spending those dollar coins, maybe someday, you will have emptied out the warehouses full of them that the rest of us dont want in our pockets.

edix2001 · February 9, 2012 5:56AM

I have 3 2006 singles, but they were printed from 2007-2010. Wikipedia lists dollar bills as lasting an average of 4.7 years: http://en.wikipedia.org/wiki/Federal_Reserve_Note

GoldClause · February 9, 2012 5:58AM

<< so your argument is that because the $1 bills only last on average of two years... the banks have a stockpile of notes that are nearly 8 years old ? >>

You aren't listening to the explanation people are giving you.

Series 2003A $1's were printed until May 2007, Series 2006 were printed until Aug of 2010. Series 2009 notes were first printed in Feb 2010.

Just because you have a series 2003 note in your wallet, doesn't mean it's 8 years old.

Go here for more info: http://www.uspapermoney.info/serials/f2009_s.html

Lifespan info per the Federal Reserve: http://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm

pmac · February 9, 2012 5:59AM

<< At this moment I do not have a single one-dollar bill in my wallet.
But I have about 20 President Dollar coins in my carry bag. >>

What, no Sacs!

The only way the coins will go into circulation is by stopping issuance of the $1 bill. In spite of what many of think, our brethren up north got it right!

ebaybuyer · February 9, 2012 6:00AM

potatohead, common sense tells me that if the dollar bills lasted forever, we wouldnt need to make more every few years. that same common sense tells me that if the average life is 2 years, then a five year old note wouldnt be common. notes destroyed this year would be proportional to the notes destroyed last year, and probably every year back 20 years, if anything the older notes would have had a disproportionately larger number destroyed because they would have been so worn out, after all, they only last about two years, so to get away from the how do we count the notes that arent here anymore, im guessing we can gount them as gone because they ARENT HERE ANYMORE

19Lyds · February 9, 2012 6:03AM

<< The problem here is referred to as surviorship bias.

Hard to do a census on the bills that didn't make it and are no longer around.

>>

The real problem is a lack of understanding of what the series numbers really mean as the 2003A could have been printed at anytime upto the 2006. The Series Year has absolutely nothing to do with the age of the note. It represents that date that the design was last changed.

The converse to this would be all Kennedy Half Dollars would be dated 1964 up until the design changed in 1991.

The other problem is that folks simply cannot get their heads around exactly how much money is wasted EVERY Year replacing worn out rag bucks. I know that I personally would welcome an annual salary of 186 million per year!

The bottom line is that everybodies bottom line is different. Most cannot "SEE" the savings over what they "PERCEIVE" as an inconvenience. In short, they're just whining because they can since the amount of money wasted does not immediately affect their bottom line. And since it doesn't affect them then it seems silly to make them do it.

GoldClause · February 9, 2012 6:03AM

<< potatohead, common sense tells me that if the dollar bills lasted forever, we wouldnt need to make more every few years. that same common sense tells me that if the average life is 2 years, then a five year old note wouldnt be common. notes destroyed this year would be proportional to the notes destroyed last year, and probably every year back 20 years, if anything the older notes would have had a disproportionately larger number destroyed because they would have been so worn out, after all, they only last about two years, so to get away from the how do we count the notes that arent here anymore, im guessing we can gount them as gone because they ARENT HERE ANYMORE >>

Are you even reading the information people have researched here for you? Your replies seem to indicate that you aren't.

All your questions have been answered. You shouldn't be confused anymore.

Pokermandude · February 9, 2012 6:04AM

<< that same common sense tells me that if the average life is 2 years, then a five year old note wouldnt be common >>

Google "bell curve"

ebaybuyer · February 9, 2012 6:07AM

Series 2003A $1's were printed until May 2007, Series 2006 were printed until Aug of 2010. Series 2009 notes were first printed in Feb 2010.

goldclause, yours is the only explanation. so series 2006 and 2009 notes were both printed in 2010 ?

GolfguyinTX · February 9, 2012 6:07AM

I don't really care about the paper vs coinage debate, what I do care about ic being forced into a digital monetary system.

pmac · February 9, 2012 6:08AM

<< I don't really care about the paper vs coinage debate, what I do care about ic being forced into a digital monetary system. >>

?

mrpotatoheadd · February 9, 2012 6:09AM

<< im guessing we can gount them as gone because they ARENT HERE ANYMORE >>

If you don't understand that you need to know both the ages and quantities of notes destroyed in order to determine the average lifespan of a $1 bill, I don't know what to say.

edix2001 · February 9, 2012 6:09AM

<< 

<< potatohead, common sense tells me that if the dollar bills lasted forever, we wouldnt need to make more every few years. that same common sense tells me that if the average life is 2 years, then a five year old note wouldnt be common. notes destroyed this year would be proportional to the notes destroyed last year, and probably every year back 20 years, if anything the older notes would have had a disproportionately larger number destroyed because they would have been so worn out, after all, they only last about two years, so to get away from the how do we count the notes that arent here anymore, im guessing we can gount them as gone because they ARENT HERE ANYMORE >>

Are you even reading the information people have researched here for you? Your replies seem to indicate that you aren't.

All your questions have been answered. You shouldn't be confused anymore. >>

This is true. Someone just happened to mention a 2 year lifespan and he latched right on to that, but I showed wikipedia claiming 4.7 years lifespan. And it's an average, so it's a bell curve. Many notes survive past 4.7 years, but eventually there is an attrition of those as well. (For instance, do that poll again in 5 years and it will all be amped back up again datewise.) Also, on wikipedia it claims 7,000 tons of worn out currency are shredded every year. Hell-O!

GoldClause · February 9, 2012 6:11AM

<< Series 2003A $1's were printed until May 2007, Series 2006 were printed until Aug of 2010. Series 2009 notes were first printed in Feb 2010.

goldclause, yours is the only explanation. so series 2006 and 2009 notes were both printed in 2010 ? >>

Yes. And keep in mind, when the notes were printed has NOTHING to do with when they were shipped to the Fed and placed in circulation, although it's reasonable to assume that most are shipped within a few weeks or months. That's not always the case though. Series 2009 $100's have been printed since Feb 2010 and NONE have been shipped yet due to quality control problems.

edix2001 · February 9, 2012 6:11AM

<< so series 2006 and 2009 notes were both printed in 2010 ? >>

This is correct. http://www.uspapermoney.info/serials/

PQueue · February 9, 2012 6:12AM

A series does not change until either the Treasurer of the United States or the Secretary of the Treasury changes.

CaptHenway · February 9, 2012 6:13AM

<< i dont understand your point. my point is this: if the average life of a $1 bill is less than two years, there shouldnt be many of them in circulation that are over two years old. i believe it is safe to assume that if a note is a series 2006, it would not have been printed along side series 2009 notes. so each new series would have ended the old series or is there an argument against that ? >>

The point is, they were producing Series 2006 notes in 2006 and 2007 and 2008 and part of 2009 until they changed over to Series 2009 notes. So, a Series 2006 note is not necessarily 6 years old.

ebaybuyer · February 9, 2012 6:14AM

well, then i have my explanation, i will admit, i now know more about the "series" printings than i thought i did.... ill just stick to old coins..

Danny9995 · February 9, 2012 6:16AM

<< No, it won't. In order to get an accurate account, you have to include the ages of the bills that have been withdrawn and destroyed. How do you propose to do that

this challenge has NOTHING to do with notes that were destroyed, this pertains to what is currently in a wallet. notes would have been lost/destroyed/burned whatever, there isnt much silver in change either but that doesnt mean it was all destroyed, >>

Average just means Average. Say that 100 notes are printed tdao. There combined lifespan will be 200 years total. That come out to 2 years average. Now say 80 of them are destroyed after 6 months ( 40 years total life -- 80 * 1/2 year ). That means the other 20 will have 160 years total circulation life. The way you are doing it, you are only taking into account the ones that for whatever reason had a longer than average lifespan. Many $1 bills do last long at all, that brings the average lifespan for all down. The way you are doing it, you are ignoring all the bills that were destroyed in the first year or first months.

ebaybuyer · February 9, 2012 6:16AM

i understood that part henway, i didnt realize that the BEP was still printing series 2006 notes wthile they were also printing series 2009 notes ... i was under the erroneous impression that when printing of a new series IE the 2009, that the 2006 series was stopped

GoldClause · February 9, 2012 6:17AM

<< 

<< i dont understand your point. my point is this: if the average life of a $1 bill is less than two years, there shouldnt be many of them in circulation that are over two years old. i believe it is safe to assume that if a note is a series 2006, it would not have been printed along side series 2009 notes. so each new series would have ended the old series or is there an argument against that ? >>

The point is, they were producing Series 2006 notes in 2006 and 2007 and 2008 and part of 2009 until they changed over to Series 2009 notes. So, a Series 2006 note is not necessarily 6 years old. >>

See info above, 2006 notes were printed until Aug 2010. Series 2009 was first printed in Feb 2010. They overlap.

Danny9995 · February 9, 2012 6:18AM

I have seen thousands of people whining about the proposal to eliminate $1 bills in favor of $1 coins. Big Deal. If you hate $1 coins, you never have to have more than 4 at any 1 time. We are in real trouble when the gov't has to start doing things that actually hurt. Talk about spoiled.

edix2001 · February 9, 2012 6:25AM

<< Also, on wikipedia it claims 7,000 tons of worn out currency are shredded every year. >>

That's about 6 1/3 billion bills a year shredded. Add that to the bottom line.

JustMe2 · February 9, 2012 6:50AM

Zero in my wallet today, yesterday, last week, etc. Just credit cards...

Musky1011 · February 9, 2012 6:52AM

2006
2009

a public challenge to those who want to force dollar coins on everyone else.

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