ol, wait a sec, whats all this dollar coin /end paper $1 talk ?

Coinflip

Ok if this

here

Is true then what is this ?
here
Does anyone not remember this? What is all this hubbub ? Propoganda ? Why don't we just eliminate the $1 and go to $5 so nobody will see inflation creeping up. What's in the big picture? Seems so horsehockey contradicting to me

TPRC

Wow! Retire old notes and replace them with those!

ricko

Political inaction due to special interests....Cheers, RickO

CaptHenway

<< <i>Ok if this

here

Is true then what is this ?
here
Does anyone not remember this? What is all this hubbub ? Propoganda ? Why don't we just eliminate the $1 and go to $5 so nobody will see inflation creeping up. What's in the big picture? Seems so horsehockey contradicting to me >>



The idea is that if the Treasury were to stop issuing one dollar notes then people would be forced to use the one dollar coins instead. We happen to have over a billion one dollar coins ready to use.

It worked in Canada, and in every other major western country that simply stopped issuing their smaller paper note.

The only thing stopping it here is the lobbyist for the bank note paper industry, which does not want to lose a large part of its market.

droopyd

The only way $1 coins will circulate is if $1 notes are retired. This has been demonstrated time and again in other countries. People will tend to use only one device with a certain value, whether that be the coin or the note.

SaorAlba

<< <i>
The only thing stopping it here is the lobbyist for the bank note paper industry, which does not want to lose a large part of its market. >>



Crane and Company is the paper manufacturer, based in Massachusetts and for a long time until Ted Kennedy was out of the political scene was one of his benefactors. Similarly Jarden Zinc has powerful supporters in the US Senate, so zinc cents are still being made.

It is all about the lobbyists.

dcarr

<< <i>... The only thing stopping it here is the lobbyist for the bank note paper industry, which does not want to lose a large part of its market. >>



That is not the "only" thing stopping it. In fact, it isn't even the main thing.

Metal dollars are issued by the Treasury Department (US Government).
Paper dollars are issued by the Federal Reserve (a banking cartel).

The two entities have different interests. The Federal Reserve Bank doesn't want the switch to happen. Such a change would have the effect of displacing circulating Federal Reserve promissory 'notes' with US Treasury coins. The Federal Reserve Bank would no longer be able to skim their 6% off the top of every one-dollar note printed.

A few years ago there was a bill in Congress to take the US Mint away from the Treasury Department and put it under the control of the Federal Reserve Bank. Had that legislation passed, the dollar bill would have probably been retired in short order. Fortunately that bill didn't go anywhere because it would have, at the stroke of a pen, turned over custodianship of the largest hoard of gold in history.

19Lyds

<< <i>

<< <i>Ok if this

here

Is true then what is this ?
here
Does anyone not remember this? What is all this hubbub ? Propoganda ? Why don't we just eliminate the $1 and go to $5 so nobody will see inflation creeping up. What's in the big picture? Seems so horsehockey contradicting to me >>



The idea is that if the Treasury were to stop issuing one dollar notes then people would be forced to use the one dollar coins instead. We happen to have over a billion one dollar coins ready to use.

It worked in Canada, and in every other major western country that simply stopped issuing their smaller paper note.

The only thing stopping it here is the lobbyist for the bank note paper industry, which does not want to lose a large part of its market. >>

I believe that using the term "force" or "forced" is what fuels the political machine that continues to waste our taxpayer dollars on the production of paper notes.

Nobody EVER "forces" me to accept change when I pay with $5, $10, or $20 bills. I "accept" the change for what it is. A medium of monetary exchange!

The folks who will be "forced" to use the coin are actually the merchants since these are the folks who deny the circulation of the dollar coins. They order the paper bills over the coins.

It is just that simple.

The reason for the simplicity is the costs incurred with having coin delivered, counted, and stored at the local establishments. However, IF the US Government were to "share" some of the seignorage of the dollar coins in the form of reduced shipping fee's (such as the current "Free Shipping" being offered at the US Mint Web Site) then perhaps merchants would would be more receptive of beginning to incorporate the use of dollar coins in their business?

Usually, folks don't care what they receive in change as long as it spends. In England, they regularly use 1 pound and 2 pound coins and the shoppers just do not bat an eye.

The real problem is that of merchants have a "choice" on what they use for change, from a business standpoint, they'll choose the cheapest method for themselves. In this case, its a stack of 1,000 one dollar bills over a bag of 1,000 coins.

The government simply needs to stop producing the one dollar bill and the one dollar coin will slide into the economy as if it were meant to be.

ebaybuyer

according to Leslie Page, "forcing" the American public to use a dollar coin (that they clearly do not want) is the same as "giving them the opportunity to use them" the same government that prints paper money is employing guards to secure millions of dolalrs worth of unwanted dollar coins. not to mention paying utilities and such on a building to house those same millions of dollar coins.

dcarr

<< <i>according to Leslie Page, "forcing" the American public to use a dollar coin (that they clearly do not want) is the same as "giving them the opportunity to use them" the same government that prints paper money is employing guards to secure millions of dolalrs worth of unwanted dollar coins. not to mention paying utilities and such on a building to house those same millions of dollar coins. >>



Forcing the American public to use Fedreal Reserve Notes is unconstitutional - but they do it anyway.

And it also costs money to guard paper money.

beaman004

This has been a political discussion as long as I can remember. The US needs to catch up with the rest of the world on this. It'd save millions of dollars a year in printing costs.

northcoin

<< <i>The only way $1 coins will circulate is if $1 notes are retired. This has been demonstrated time and again in other countries. People will tend to use only one device with a certain value, whether that be the coin or the note. >>



If you think the demise of the one dollar bill is bad, throw in the five dollar bill while you are at it. I Just came back from a return visit to Japan. It was a real pain to get 500 yen coins instead of the 500 yen paper bills of the past. 500 yen by the way is $5.00. The smallest paper bill in circulation that I was given in change was 1000 yen, a ten dollar equivalent bill. Apart from the inconvenience of overloading your pockets with heavy change, when it comes time to exchange back your left over foreign money to US dollars, it is impossible to convert coins.

beaman004

I was in Japan last week and I like the 500 yen coins, for small purchases throughout the day its a lot easier for me to reach into my pocket and pull out 1 coin than pull out my wallet to find 1 bill.

CaptHenway

<< <i>

<< <i>according to Leslie Page, "forcing" the American public to use a dollar coin (that they clearly do not want) is the same as "giving them the opportunity to use them" the same government that prints paper money is employing guards to secure millions of dolalrs worth of unwanted dollar coins. not to mention paying utilities and such on a building to house those same millions of dollar coins. >>




And it also costs money to guard paper money. >>



Don't confuse them with the facts!

northcoin

<< <i>I was in Japan last week and I like the 500 yen coins, for small purchases throughout the day its a lot easier for me to reach into my pocket and pull out 1 coin than pull out my wallet to find 1 bill. >>



Interesting point. Guess I am just tainted by having lived in Japan back when 500 Yen was worth $15.00 and was then used for "big purchases."

sumnom

Your pocket wouldn't be overburdened with coin if you used the coins in everyday transactions. I think American are used to paying in paper and getting change in coin, not paying in coin.

Of course, these days, it seems most people use plastic.

northcoin

<< <i>Your pocket wouldn't be overburdened with coin if you used the coins in everyday transactions. I think American are used to paying in paper and getting change in coin, not paying in coin.

Of course, these days, it seems most people use plastic. >>



Ah ha! The ultimate solution: Plastic Coins. Maybe the Casino Chip lobby will out power the paper lobby.

LochNESS

Well I've been proven wrong once again. Thought this debate had been exhausted (on the forum, anyway) but a couple of fresh ideas managed to eek out.

Plastic coins? Nah, that'll never happen … unless history repeats itself …





<< <i>The only way $1 coins will circulate is if $1 notes are retired >>


Agreed, and the $1 note won't retire until inflation makes it so $5 notes surpass in usage/popularity.

I don't think this will happen for at least another 10-15 years, which is a shame because it really WOULD save our annual budget a $#*t ton of money annually.