Banking 101

MICHAELDIXON · September 22, 2003 2:13AM

I went to the small branch bank this morning. While there, I started talking with the two tellers. They had the informational board about the new $20 bill, so I asked if they had any - "yet." Of course they didn't since they aren't being released until next month.
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The conversation turned to the dollar bill and dollar coins. I made the comment that one day the $1 bill will be done away with in favor of the dollar coin, since it's not cost effective for the government to print the bill versus the coin. This is where the conversation went downhill!
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Teller #1 said: "Bring me all your dollar bills which you find aren't cost effective and give them to me!"
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Teller #2 said: "I wouldn't want that! Can you imagine having to carry all those coins in your pockets?"
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I replied: "You would only have to actually carry 4 of the dollar coins in your pocket. When you received the 5th, you could exchange it for a $5 bill."
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Teller #2 replied: "But what if you had a $50 bill and your purchase was only one dollar? The bill has been around forever, but the coin has only been around for a few years! So, it will never happen!"
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These were not young women. One was pushing sixty and the other was in her fifties. Both had no knowledge of coins or currency.
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So, I learned something today: Just keep my mouth shut!

geb209 · September 22, 2003 2:21AM

I think there is some amount of truth to what they said about carrying the coins around. I certainly don't want to have to carry around 4 dollar coins in addition to the coins that I already carry around. I can't stand carrying any coins. Maybe inflation will drown out all coins and nothing will cost less than a dollar. That way, no need for coins.

mgoodm3 · September 22, 2003 2:29AM

Very few people a comfortable with any change to their lives. Loosing the $1 bill won't come about unless the issue is forced upon people.

ccrdragon · September 22, 2003 3:34AM

My only question about going to coins is how to pay the girls at the strip clubs - I don't think the coin would stay in the g-string as well as the paper currency!!!

:;

jeffnpcb · September 22, 2003 3:59AM

Cecil, if you are only giving the girls a dollar, please don't invite me to the club you visit!! "THE DAWG POUND"

I threw a few people over the edge with some worn SBA's and a SAC or two. Cashiers just look dumb-founded, and then you have to explain to them to just look at the *$(^%$@##@ thing!

The best thing the Treasury could do is announce and do away with the 1 dollar bill. I don't know how they handle the Euros, but their managing quite well. Is the country so numb that they couldn't figure out what actual money is regardless of how it is handled, coin or currency?

SportsModerator · September 22, 2003 4:01AM

ccrdragon

But the coins will be more fun to use at those clubs if you keep them in the freezer overnight

a2labmom · September 22, 2003 4:10AM

geb209 · September 22, 2003 4:55AM

<< <i>The best thing the Treasury could do is announce and do away with the 1 dollar bill. I don't know how they handle the Euros, but their managing quite well. Is the country so numb that they couldn't figure out what actual money is regardless of how it is handled, coin or currency? >>

Not at all. Look, I, as well as most of the rest of the country, don't want to lug around the extra weight. Do you? If so, why don't you load up w/ Sacas now. Shoot, you might could be the first to go entirely to Sacas -- kinda a trial run for the rest of the country. I'd carry enough of them so you could do away with 5$, $10, and $20. Who knows, you might could go entirely paperless. Go for it!!!!

Let's be realistic here, doing away with the $1 bill ain't gonna happen.

ClausUrch · September 22, 2003 4:58AM

They weigh as much as a quarter. Would 4 to 6 extra "quarters' in your pocker really rip the bottom from it???

Outhaul · September 22, 2003 5:08AM

I lived in the UK when they did away with the one-pound note. The coins were released by the ton and the notes were lost through attrition. At first the people were pissed, but gradually, the coin was accepted as there was no alternative and the gov't didn't cave to the whiners. It was no big fat hairy deal.

Problem is over here is that no gov't official has the sack to stand up and say this is how it's going to be and just let it run its course. In the interest of saving the taxpayer some dough, just do it. It isn't like you're doing away with the dollar altogether. Just make certain there is a plan in place to upgrade vending machine, toll booths, etc. so people can use them.

When you guys didn't want the SBA over here, they showed up by the truckload at all the military bases in Europe. And guess what...we used them, and it didn't hurt one bit.

Sometimes some of my fellow countrymen really get to me...You guys want a little cheese with your WHINE WHINE WHINE!

OK...Flamesuit on!

Cheers,

Bob

airplanenut · September 22, 2003 7:20AM

Maybe it's like ebay... at first, we all hated their new design... now, I can't remember the old one...

Jeremy

Deadhorse · September 22, 2003 7:52AM

Ah, bank tellers. Just last week as I was making a deposit I asked for some empty dime rollers. I got this pained expression from her as she had to walk all of five feet to a drawer and grab a bundle for me.

She told me I didn't need to roll them up, I could just use the coin star machine for all my extra change. I said no thanks, these were for the old silver dimes.

She gave me a totally blank stare and said if they were the same size the coin star machine could count them up for me and I could just give her the ticket as a deposit.

I was astounded! The same size?? I asked her if she was aware that coins used to be made of silver and she said says, "were they worth more?" "How much was a dime worth then and when did we begin using the modern coins?"

I had to push my jaw up from around my ankles to even try to respond. I tried to explain that a dime was a dime, one tenth of a dollar, same as today, etc.

Again, just a blank stare from this Einstein of the banking world. I decided I would test her just one more time and requested a few half dollar rollers as well.

"Oh", she said with a big smile, "they don't make those anymore, I don't even know if it's legal to use them."

I just grabbed my deposit slip and the rollers and told her to have a nice day and backed away from her window as quickly as possible.

Sadly, she'll probably be in charge of mortgages in a few more years.

AmericanSilverEagleCoins · September 22, 2003 8:04AM

I went to Taco Bell for lunch today and my mean was $3+. I only had a $10. Since it was the lunch rush the cashier was out of $5. If there were no $1 bills and only coins I would have had to lug around 6 SACs. Ugh. If a few more places ran out of $5 I could have been hauling an entire roll of SACs by the end of the day

To me, just because the cost of making coins is less expensive does not mean that it is better. I think the convenience makes bills the better option.

dizzlecc · September 22, 2003 8:44AM

The next step is to use one plastic card to pay for everything and have no use for coin or paper money.

I think if they would have made the dollar coin in wild colors the younger generation would have accepted them better. A fake gold color that is the size of a quarter didn't work.

nwcs · September 22, 2003 8:50AM

Actually, they'd have to release a 2 and 5 dollar coin as well. It'd be more on par with the vending machine culture of Europe that I've experienced. You don't use bills all that much unless it is for things that cost more than around $5 (in general, except when I was in Turkey and they were desperate for everything)

CAlcazar · September 22, 2003 9:09AM

Your example as to what it would be like can be found north of the border. I have been known on occation to carry around 3-4 loonies and 2-3 twoonies. Amazing as it may seem I have not had to reinforce my pockets and incredibly I am able to walk normally without my body being slightly tilted as a result of the excessive weight

While everyone should have the right to their opinion on things, if (and I emphasize IF, to those who this doesn't apply I apologize) this is a fair representation of why Americans haven't embraced the Sac as currency then maybe you guys should get some reinforced pockets and get out to the gym to do some squats to strengthen those legs for that "heavy" change

I have visited the US on a few occations but I have yet to see how bills can really be more convienient, perhaps it is simply easier to operate with what your used to I suppose. Personally though, I think those dollar bills are one of the most annoying things to deal with when I go there. I hate pulling out my wallet to pay for anything under $5 when I'm used to just reaching into my other pocket. Gimmie some loonies and twoonies any day over a couple of Washington's

<< <i>I went to Taco Bell for lunch today and my mean was $3+. I only had a $10. Since it was the lunch rush the cashier was out of $5. If there were no $1 bills and only coins I would have had to lug around 6 SACs. Ugh. If a few more places ran out of $5 I could have been hauling an entire roll of SACs by the end of the day

To me, just because the cost of making coins is less expensive does not mean that it is better. I think the convenience makes bills the better option. >>

jdimmick · September 22, 2003 9:18AM

I love getting the SAC$ and SBA $ from the postal vending machines and spending them around and leaving few as tip, but I have to admit, I dont like carrying a bunch of change in my pocket!

Skipper53 · September 22, 2003 9:31AM

Let's face it,Gang. The majority of the US population isn't interested in coins.
To them, coins are a nuisance.

It's funny that the ones who would like the government to be more efficient
are dead set against anything that would make our monetary system better.

I understand the reluctance for change but change for the better is a GOOD thing !

JoyofCollecting · September 22, 2003 11:28AM

Carry four Sac dollars in your pocket for one month....jeans, dockers suit slacks etc. Don't spend them...just carry them around so you can get a feel for it.

Be diligent. Really try it and then report back to the forum members how things went. I'd like to hear the unbiased results from at least three members.

Yes, I also whine about having to flush the toilet twice since the government mandated that more efficient product.

Conder101 · September 23, 2003 3:53AM

<< <i> replied: "You would only have to actually carry 4 of the dollar coins in your pocket. When you received the 5th, you could exchange it for a $5 bill." >>

Why carry four? Ever hear of a two dollar bill? (And if they stopped printing ones you would find that the tellers would have a much larger supply of twos.)

<< <i>Teller #2 replied: "But what if you had a $50 bill and your purchase was only one dollar? >>

2 Twenties, a Five and 2 Twos. Five notes and no coins at all. Under todays system 2 twenties, a Five and 4 Ones. Seven notes.

Under todays system when I need change for a five out of the machine in the hospital cafeteria I get 20 quarters. Almost 120 grams of metal, about 4 ounces. With the dollar coins I would get 4 dollar coins and 4 quarters. Fifty four grams or less than two ounces. (If I spend a dollar then in the vending machines then I wind up with either 16 quarters, 90.7 grams or 4 dollar coins 32.4 grams. Only one third the weight if they ued dollar coins) I'd actually wind up carrying LESS coins if they dropped the dollar bill.

As a general rule though, people who work in banks know little or nothing about the coins or currency that they work with every day. This included the higher up people too, not just the tellers.

Outhaul · September 23, 2003 4:34AM

Conder,

A VERY good point!

Banking 101

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