The savings will be less than peanuts compared with the amount of money that the Federal Government throws away on everything else. In the mean time we will be stuck with carrying around a bunch of stupid coins that will get heavy in your pocket once you get past $5. The presidential and Sacagawea Dollars are made of "crumb-dumb medal" that looks like hell once it gets any wear and tarnish on it.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
<< <i>In the mean time we will be stuck with carrying around a bunch of stupid coins that will get heavy in your pocket once you get past $5. >>
If you're every carrying more than $5 in your pocket, you're doing something wrong. That would only happen if you keep buying things with $5+ notes and keep accumulating more change. If you actually pull out that change to use when required, you won't have more than $5 in change at any given time. If you have 4 x $1 in change in your pocket, plus notes in your wallet, and the bill comes to $17.55, throw down $10 + $5 + three $1 coins. Get back 45 cents and now there's only $1.45 in your pocket. Easy.
<< <i>Where is the logic??? >>
Coins last an infinitely longer time than banknotes. Especially low denomination banknotes. Think of it as recycling.
I hope this sucker passes but the reality is that it won't.
The ONLY way a Dollar Coin will be used in the general commercial environment is if the Treasury Department simply notifies the Federal Reserve Bank that the country will no longer use the Federal Reserve Note and ONLY dollar coins will be used. The Treasury has the power to do this yet they continually drop the ball citing that "the public doesn't want a dollar coin". This simply is NOT true. Commercial Establishments are the one's that aren't ordering dollar coins to give out as change and why should they? It costs them more money to order the heavier coins.
What needs to happen is:
1. The Federal Reserve One Dollar Note needs to be abolished. 2. Dollar coin production needs to be ramped up. 3. The Federal Government MUST subsidize the shipping and handling requirements for the bulkier coins to encourage merchants to order them either through their banks or the coin carriers such as Brinks, Loomis, Garda, etc.
Subsidizing the shipping costs can be rolled into the savings realized from the "production cost vs value" (seigniorage) and the US Mint has done this EXACT thing back in 2007 - 2009 before enterprising folks started gaming the system. You could order up to 1,000 dollar coins and you got FREE shipping! Putting it on a charge card that gives cash back rewards is what sunk the program.
But think about it. It costs the Mint .26 cents to produce a coin which gets sold to the public for $1.00. Better yet, the coins produced by the US Mint are not subject to the Federal Reserve Bank meaning, the money isn't borrowed from the bank, its produced BY the Government and actually represents a debt free form of currency. Congress does not have to "approve" legislation increasing the National Debt (the amount we borrow from the Federal Reserve Bank). The government simply produces the coins at a 350% Profit margin! The savings could be exponential is $2 and $5 coins were produced!
As for all the jokers that spout off about all the weight they'd have to carry? What can I say other than "Trade the coins in for a bill like you normally do!"
Man walks down the street and finds $45.75 in quarters on the ground. Does he put them all in his pocket? Absolutely! After all, he has to get them to the bank to exchange for 2 twenties and a five!
Look, the entire industrialized World has eliminated the paper dollar yet you don't hear them whining about it! And NONE of them have bad backs because they aren't stupid enough to walk around with a bunch of change!
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
someone should inform both of these idiots that the taxpayers are already paying to store billions of dollar coins that no one wants. im going to introduce a bill that makes it illegal for anyone to be stupid enough to want more dollar coins. there are more sensible ways to curb government waste, lets trim the fat, fire everyone that doesn't do anything, that alone should pay down the deficit in a few years time
regardless of how many posts I have, I don't consider myself an "expert" at anything
Comments
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
The greatest good for the greatest number of lobbyist defines government today.
If the SBA and Sac didn't sweep the nation, nothing will
<< <i>Think of how many cash register drawers will need to be upgraded with a new $1 coin bucket.
If the SBA and Sac didn't sweep the nation, nothing will
Just put em where the dollar bills used to go...LOL!
<< <i>
<< <i>Think of how many cash register drawers will need to be upgraded with a new $1 coin bucket.
If the SBA and Sac didn't sweep the nation, nothing will
Just put em where the dollar bills used to go...LOL!
For every problem, there is a solution!
<< <i>
<< <i>
<< <i>Think of how many cash register drawers will need to be upgraded with a new $1 coin bucket.
If the SBA and Sac didn't sweep the nation, nothing will
Just put em where the dollar bills used to go...LOL!
For every problem, there is a solution! >>
Or the cent!
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>I really don't see how anyone thinks this is such a great idea. I'd rather keep dollars in my wallet where they belong. >>
I agree with you. The whole reason paper money was created was to lighten the load of carrying coins.
Further, I dont believe that it cost more money to mint a $1 coin vs printing a $1 bill.
Same for any denomination.
Where is the logic???
<< <i>In the mean time we will be stuck with carrying around a bunch of stupid coins that will get heavy in your pocket once you get past $5. >>
If you're every carrying more than $5 in your pocket, you're doing something wrong. That would only happen if you keep buying things with $5+ notes and keep accumulating more change. If you actually pull out that change to use when required, you won't have more than $5 in change at any given time. If you have 4 x $1 in change in your pocket, plus notes in your wallet, and the bill comes to $17.55, throw down $10 + $5 + three $1 coins. Get back 45 cents and now there's only $1.45 in your pocket. Easy.
<< <i>Where is the logic??? >>
Coins last an infinitely longer time than banknotes. Especially low denomination banknotes. Think of it as recycling.
<< <i>I have not seen this posted yet.... not sure if it will actually make it through congress though...Cheers, RickO
Text >>
Well Dip me Blast White!
I hope this sucker passes but the reality is that it won't.
The ONLY way a Dollar Coin will be used in the general commercial environment is if the Treasury Department simply notifies the Federal Reserve Bank that the country will no longer use the Federal Reserve Note and ONLY dollar coins will be used. The Treasury has the power to do this yet they continually drop the ball citing that "the public doesn't want a dollar coin". This simply is NOT true. Commercial Establishments are the one's that aren't ordering dollar coins to give out as change and why should they? It costs them more money to order the heavier coins.
What needs to happen is:
1. The Federal Reserve One Dollar Note needs to be abolished.
2. Dollar coin production needs to be ramped up.
3. The Federal Government MUST subsidize the shipping and handling requirements for the bulkier coins to encourage merchants to order them either through their banks or the coin carriers such as Brinks, Loomis, Garda, etc.
Subsidizing the shipping costs can be rolled into the savings realized from the "production cost vs value" (seigniorage) and the US Mint has done this EXACT thing back in 2007 - 2009 before enterprising folks started gaming the system. You could order up to 1,000 dollar coins and you got FREE shipping! Putting it on a charge card that gives cash back rewards is what sunk the program.
But think about it. It costs the Mint .26 cents to produce a coin which gets sold to the public for $1.00. Better yet, the coins produced by the US Mint are not subject to the Federal Reserve Bank meaning, the money isn't borrowed from the bank, its produced BY the Government and actually represents a debt free form of currency. Congress does not have to "approve" legislation increasing the National Debt (the amount we borrow from the Federal Reserve Bank). The government simply produces the coins at a 350% Profit margin!
The savings could be exponential is $2 and $5 coins were produced!
As for all the jokers that spout off about all the weight they'd have to carry? What can I say other than "Trade the coins in for a bill like you normally do!"
Man walks down the street and finds $45.75 in quarters on the ground. Does he put them all in his pocket? Absolutely! After all, he has to get them to the bank to exchange for 2 twenties and a five!
Look, the entire industrialized World has eliminated the paper dollar yet you don't hear them whining about it! And NONE of them have bad backs because they aren't stupid enough to walk around with a bunch of change!
The name is LEE!
To make it even better, eliminate the cent from circulation at the same time, solving the cash register drawer problem at the same time.
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
Whose wallet has more than three one dollar bills in it? The rest are fives', twenties, maybe hundreds.
Lose the paper $1 bills and carry a couple of coins instead. It's easy.
Lance.