Dollar coin vs. bill

AgMe · November 21, 2005 6:04AM

While having a discussion today about the merits of having a (US) dollar coin vs. a dollar bill, I had a thought: "If we move to a dollar coin & remove the dollar bill from circulation, what professions would be affected?"

(ehm, think strippers)

What would be the new tipping standard? 2-dollar bills? Would clubs have to issue script? Would these new wooden nickels (make up your own joke) become collectable?

Thoughts?

~g

jpkinla · November 21, 2005 6:11AM

I am not sure I understand.....Strippers won't strip if we do away with dollar bills? What.....are they going to insist on Morgan Dollars?

ziggy29 · November 21, 2005 6:12AM

<< I am not sure I understand.....Strippers won't strip if we do away with dollar bills? What.....are they going to insist on Morgan Dollars?

>>

It's hard to stick a Sac or a Susie into a g-string.

itsnotjustme · November 21, 2005 6:12AM

Coins might be cold... or slip through.

Jcarney · November 21, 2005 6:14AM

<< It's hard to stick a Sac or a Susie into a g-string. >>

No, it's not.

AgMe · November 21, 2005 6:38AM

The idea of telling a "dancer": "is that a roll of dollars or are you happy to see me" is kind of frightening!

LOL

~g

CarlWohlforth · November 21, 2005 6:45AM

To me it makes a lot of sense to stop making the $1 bill. Make more $2 bills and $1 coins. You can tip your dancer $2 half as often.

I can't think of anybody this move would hurt. It would help everybody in that the gov't would save money because printing $1 bills costs more than minting $1 coins (because coins last way longer).

AgMe · November 21, 2005 6:46AM

<< To me it makes a lot of sense to stop making the $1 bill. Make more $2 bills and $1 coins. You can tip your dancer $2 half as often.

I can't think of anybody this move would hurt. It would help everybody in that the gov't would save money because printing $1 bills costs more than minting $1 coins (because coins last way longer). >>

That's the problem though, if the $2 bill becomes the std, then they'll want to make a $2 coin...

~g

CarlWohlforth · November 21, 2005 6:51AM

A $2 coin is fine. I was in England and really had to remember that coins can have real value. A 5 pound coin is serious money! Here we are used to thinking change is not worth much. It doesn't have to be that way.

I advocate getting rid of the $1 bill and printing more $2 bills as a step that might actually be accepted in the US. Minting a $1 coin while continuing to print $1 bills doesn't work because people like their $1 bills. It is a step worth taking because it would save us taxpayers money.

itsnotjustme · November 21, 2005 7:02AM

I agree with Carl.

Unfortunately, the company that makes that nice green paper our notes are printed on despises the idea of having fewer notes printed.

carl · November 21, 2005 10:30AM

Almost every where lately there are machines that take a $1 bill but haven't seen one yet that takes the little baby dollar coins. Wow, would there have to be a massive vending machine recall if no more $1's.

JDelage · November 21, 2005 10:42AM

What about getting rid of the cent? This is useless. They're not even worth the hassle of bringing them to the bank...

cullenbryant · November 21, 2005 10:43AM

i guess the clothing industry would be one of the first affected.
pantaloons with big pockets on them would be back.
guess we would all look like we were from the era of the coins
we collect

JDelage · November 21, 2005 10:55AM

<< i guess the clothing industry would be one of the first affected.
pantaloons with big pockets on them would be back.
guess we would all look like we were from the era of the coins
we collect >>

Bigger pockets in the front, but smaller wallet pockets.

CarlWohlforth · November 21, 2005 11:02AM

I guess the US Dollar fiber makers would suffer!

Vending machine makers complain every time there is a change to our dollar coin. They are, at this present time, probably worrying more about schools banning Coke machines! The stamp machines at the Post Office are the most likely source for dollar coins people currently have. They can put in a twenty and get a bunch of Sacagaweas back.

Abaco24 · November 21, 2005 11:35AM

Coins might get stuck in the "slots"

Jdurg · November 21, 2005 1:12PM

<< What about getting rid of the cent? This is useless. They're not even worth the hassle of bringing them to the bank... >>

In order to get rid of the cent, you'd have to get rid of ALL sales taxes and gas taxes and any other tax that doesn't result in a final price in multiples of five cents. Otherwise, you'd have to increase all the taxes just to make sure that cents wouldn't have to be used.

flaminio · November 21, 2005 1:23PM

<< Almost every where lately there are machines that take a $1 bill but haven't seen one yet that takes the little baby dollar coins. Wow, would there have to be a massive vending machine recall if no more $1's. >>

Most vending machines are capable of accepting dollar coins. Problem is, many vending machine operators turn that functionality off for some reason. There's a little switch inside that's labeled "dollar coin accept" -- flip it and dollar coins will work.

The vending machines at my workplace accept dollar coins and two-dollar bills. Nifty.

cladking · November 21, 2005 1:35PM

<< [. >>

Most vending machines are capable of accepting dollar coins. Problem is, many vending machine operators turn that functionality off for some reason. There's a little switch inside that's labeled "dollar coin accept" -- flip it and dollar coins will work.

The vending machines at my workplace accept dollar coins and two-dollar bills. Nifty. >>

Perhaps they fear that if a dollar coin isn't in general circulation that a high percentage
of what they get will be fakes and slugs.

robertpr · November 21, 2005 1:38PM

Problem is, many vending machine operators turn that functionality off for some reason.

Try taking a roll of coins of any denomination to a bank to cash them in. Most banks will no longer accept them, some still do. Dollar bills are more liquid.

"If we move to a dollar coin & remove the dollar bill from circulation, what professions would be affected?"

Have you ever been stuck behind the old lady that wants to dig through her purse to find exact change? Imagine if our change was really worth something. Since people would have their change out anyway, I estimate an eight percent increase in the number of consumers looking for exact change*. For one thing, with change circulating people would use Coinstar™ less, and they would be hurt. This extra holdup in checkout lines would cost retailers dearly, and possibly force some retailers to hire more checkout staff, thus reducing their earnings by increasing their labor to sales ratios. The net effect to the U.S. economy would be an estimated loss of 1.2 billion dollars annually*.

*The above numbers are completely made up and though they could wind up being factual, odds are that they are not.

dorancoins · November 21, 2005 1:41PM

Dollar Coin - because dollar bills are a needless redundancy (and a royal pain in the butt to work in a machine!)

JDelage · November 21, 2005 2:41PM

<< In order to get rid of the cent, you'd have to get rid of ALL sales taxes and gas taxes and any other tax that doesn't result in a final price in multiples of five cents. Otherwise, you'd have to increase all the taxes just to make sure that cents wouldn't have to be used. >>

Easily resolved: round things to the nearest 0.05.

sellsatan · November 21, 2005 6:42PM

I use Sac and SBA dollars frequently. There are vending machines where I work that take them, and I must point out that I have never run into a vending machine that didn't take them. Every pay day at the bank I get $20 to $30 in small dollars specifically for work snacks/soda. I take a few with me every day. I've had these machines refuse dollar bills from me repeatedly (VERY frustrating), but they have never, not even once, refused a small dollar.

stev32k · November 21, 2005 8:10PM

I just spent a month in Canada where they have 1 and 2 dollar coins. Like others have said they are most convenient for vending machines. The only draw back is when you use a $20 and get a handful of $1 coins in change.

LanLord · November 21, 2005 8:58PM

HEY!

This got derailed. Can we get back to the strippers?

CarlWohlforth · November 21, 2005 11:23PM

<In order to get rid of the cent, you'd have to get rid of ALL sales taxes and gas taxes and any other tax that doesn't result in a final price in multiples of five cents. Otherwise, you'd have to increase all the taxes just to make sure that cents wouldn't have to be used.>

That is either not a problem or is already a problem. Around here sales tax is %8.25 which makes for some messy numbers. Stores would just round off to the nearest number so costs would average out to be the same as now.

Conder101 · November 21, 2005 11:29PM

How long have strippers been getting dollar bills? Don't you think it's about time they got a raise? Dollar coins and give the strippers a two dollar bill.

<< Unfortunately, the company that makes that nice green paper our notes are printed on despises the idea of having fewer notes printed. >>

They haven't figured out yet that the number of notes printed won't decline as much as they have been thinking because of the massive increase in the production of twos that will take place.

carl · November 21, 2005 11:50PM

Way, way back when I was a kid there were things in Missouri called Mills used for paying taxes. Imagine a tax less than a cent. There were .001 and .005 miles. People thought that would spread throughout the country because how else could you pay .052 for a loaf of bread. Guess that was outdated by our government that figured out to just raise the taxes a LITTLE more. As to carrying more of those little dollars, no way. I'm to irritated as it is with the people at stores looking through pockets, change purses, etc for money. Don't know why this discussion even comes up because I'm a firm believer in the future of plastic. Debit or Credit cards is the future. No more cash of any kind. I don't like the holes that change makes in my pockets, machines that take the coins and gives you nothing, people that think your giving them some wierd thing called a half dollar, etc. Someday soon a kid will say "Hey Dad, what was that stuff they talked about in school called cash or money or something like that".

flaminio · November 21, 2005 11:56PM

<< In order to get rid of the cent, you'd have to get rid of ALL sales taxes and gas taxes and any other tax that doesn't result in a final price in multiples of five cents. Otherwise, you'd have to increase all the taxes just to make sure that cents wouldn't have to be used. >>

That's the most ridiculous thing I've ever read. If the one cent coin were eliminated, you would just round all totals to the nearest nickel. That's the way other countries that have eliminated their minor coinage do it.

robertpr · November 22, 2005 8:35AM

In order to get rid of the cent, you'd have to get rid of ALL sales taxes and gas taxes and any other tax that doesn't result in a final price in multiples of five cents. Otherwise, you'd have to increase all the taxes just to make sure that cents wouldn't have to be used.

Is that why gas isn't charged to the tenth of a cent anymore? Oh wait, it is.

flaminio · November 22, 2005 8:56AM

<< I just spent a month in Canada where they have 1 and 2 dollar coins. Like others have said they are most convenient for vending machines. The only draw back is when you use a $20 and get a handful of $1 coins in change. >>

Would you prefer a bucketful of quarters instead? I once had to pay $2 at a parking lot machine. I tried two Sackies -- no dice. The machine kicked them back. I had to stick a fiver in, and the machine rewarded me with 12 quarters in change. Gee, thanks, I really enjoyed walking around the city with all that metal in my pocket.

Dollar coin vs. bill

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