Will the $1 coin ever replace the bill?
CoinHusker
Posts: 5,033 ✭✭✭
Just wondering if anyone thinks the $1 coin will ever replace the bill? I understand that the Federal government would save a lot of money annually (something like $500,000,000.00) if the bill was phased out and permently replaced by the coin. But will it ever happen? Is it the idea of a coin that turns people off, or is it the size, weight, design, or just the familiarity with the bill? I would think that if people knew 1/2 billion dollars a year could be saved it might change a few minds about the switch-over.
Collecting coins, medals and currency featuring "The Sower"
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K S
50 cent peices never caught on, I don't think a dollar coin will.
Anyway, we are moving more to a "cashless" culture.
When we are planning for posterity, we ought to remember that virtue is not hereditary.
Thomas Paine
<< <i>1/2 billion dollars a year >>
Thats about the budget of New York City in a week. So it isn`t enough to make more then a hiccup. But in Canada they got rid of the $1 bill in 1987 and switched over to $1 and $2 coins instead. They got use to it and we would too. People would complain if they paid a $2.51 bill and only get 49 cents back on a $5 bill because they don`t like a pair ugly Sacs in there pocket. People probably will complain by the switch then will get tired of complaining and accept it if something like this happens.
<< <i>50 cent peices never caught on, I don't think a dollar coin will. >>
Most older people would beg to differ with you on this. Half dollars were at one time a strong part of the cash economy in the US. It was when vending machines were built to accept up to quarters when the half dollar lost its steam, then its decline was further increased by the modern generation's idea that anything larger than a quarter was "bulky" and "too heavy."
In actuality this country needs to get off its uncreative and wasteful duff and mint a $1, $2 and $5 coin and leave the paper to the higher denominations that warrant it. We need to catch up to the rest of the world. The EEC uses a coin worth around $2.50(US) and people use it every day and don't whine about it like Americans whine about not having their way outdated $1 bills.
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
I just returned from Canada and they have a 1 and 2 dollar coin. Both circulate easily and I didn't find them weighting me down even when I had 4 or 5 in my pocket. As most of us save our change everyday, throwing 1 and 2 dollar coins into the old plastic mug would add up much, much faster than quarters. Speaking of halves, just where do they all go? I haven't seen a Kennedy in circ in years. My solution would be to cut back, not eliminate , printing paper dollars and "force" folks to start using the gold dollar. Again, where are all these going?
but yes Canada has great system and when I am up there I like the $1 and $2 coins
<< <i>
In actuality this country needs to get off its uncreative and wasteful duff and mint a $1, $2 and $5 coin and leave the paper to the higher denominations that warrant it. >>
Well said!
> Thats about the budget of New York City in a week. So it isn`t enough to make more then a hiccup.
That's thinking like a politician.
-KHayse
Could have been just my inexperience handling $1 and $2 coins but it always seemed I ended up with more coins at the end of the day than when I started.
As for the $1/2billion in savings, until they clean up the pork in the budget there are plenty of other useless projects to cut before uproot the monetary system, but that's for another thread at another time.
I can think of a dozen reasons not to have high capacity magazines, but it's the reasons I haven't thought about that I need them.
When they re-started the Sac, a law mandating new vending machines take dollar coins would have helped. No retrofit charges, but in 5 years I'd think half of all machine would be accepting dollars. In time, those that didn't would be at a disadvantage.
It will never happen.
Great transactions with oih82w8, JasonGaming, Moose1913.
I think a Bi-metallic coin about the size of a half dollar would do the trick....or maybe not.
Tyler
<< <i>50 cent peices never caught on, I don't think a dollar coin will. >>
Oh, the innocence of youth.
Prior to the disappearance of US silver coins, the 50¢ coin represented considerable purchasing power and were certainly in circulation.
And no, the dollar coin will never succeed till the paper version is stopped. This subject has been brought up many times.
Got quoins?
One other stumbling block would have to be the coin-op industry. They will have to support the changes quickly for the new coins to take hold. From there, it would only be a short amount of time. I, for one, and tired of trying to find five quarters for the Pepsi machine when it keeps spitting my GW note back at me.
We are due for a change in our change and I'd fully support it. I WANT my substitute for "shin plasters."
I hate it when you see my post before I can edit the spelling.
Always looking for nice type coins
my local dealer
<< <i>Get rid of the dollar bill. Dollar coins will come into circulation right away. Why is this so hard. Canada did it. The UK did it. In my trips to both places, it was really nice not to have to deal with paper for the little purchases. You don't have to deal with bills that are crumpled and falling apart, with trying to get them into your wallet, with trying to get them into a vending machine. >>
Canada, UK, Ireland, France, Belgium, Switzerland, Greece, Italy, Turkey, and over a dozen other countries I've been to. The US is the ONLY country I know of in the major economic market that doesn't have a coin for the base unit of currency INSTEAD of a note. It's the only country I know of that tries to circulate both, which is just plain retarded.
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
haven't had a chance. The banks refuse to issue the coin so no one really
knows if the coin could succeed or not. Some people would complain about
the coin but it could simply be exchanged for a bill in those cases. With the coins
actually circulating even those who don't like them might find that they really are
more convenient.
The costs of the bill are much higher than just the huge costs of printing and dis-
tributing them. The costs also include many billions of dollars of lost sales for
vending machines and the costs of counting the mountains of bills which rapidly
become tattered and worn in circulation.
Unfortunately they proved to be too small, and when the government finally got it right with respect to size, the Civil War came along and drove all of the gold out of circulation.
Americans just don't want to use a dollar coin. The only way to force them to use it would be to do away with the paper dollar.
So far as saving governemnt money, that's a load of cr*p. If the money were saved Congress would just find a new way to waste it.
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I love Ike dollars and all other dollar series !!!
I also love Major Circulation Strike Type Sets, clad Washingtons ('65 to '98) and key date coins !!!!!
If ignorance is bliss, shouldn't we have more happy people ??
<< <i>It's already happened for me. I collect gold dollars, and I can honestly say that they have replaced a large number of my paper dollars....... >>
<< <i>If they get rid of the one dollar bill, where am I going to put the dancers tip? lol >>
Same place but you'll use $2 notes instead. Come on after all this time those girls deserve a raise don't they?