Well, if they are still messing around coining one cent zinc trinkets, then printing one dollar bills is no problem at all. The seignorage is rather respectable yet. I like one dollar bills, but for my morning coffee, I always use the new golden presidential dollars.
How about the goverment shoring up the dollar so that the $1.00 bills are worth something again?
Eliminate the dollar bill and the dollar coin will become extremely popular with the american public. It may take a few months for them to get used to it but they will use them.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
No, but "perhaps" Congress and the mint (and collectors) will quit trying to force an unwanted coin down the throats of an unwilling pubic. I doubt it, though. Cheers, Jim.
The gov't does a lot of things unwanted by the public. What makes this different?
<< <i>There would be public outcry. My wife keeps saying she hates carrying the dollar coins. >>
Wasn't one of the complaints about the SBA dollar that they were too similar to quarters, and that people confused the two? If that's the case, where's the public outcry about having to carry quarters?
Two dollar coins weigh less than three quarters. Yeah- they're real heavy.
<< <i>I, as a bartender/server would absolutely hate to carry around $40 in coins.
-D >>
So you are saying you carry 40 one dollar bills? >>
Yes. I carry 40 one dollar bills on occasion, while working a shift greater than eight hours with ~$1400 in sales and a large section it's nearly impossible to switch coins for bills in the SAFE. There is one register in the restaraunt I work and only one person is allowed in at any given time.(Excluding management) This is the standard for thousands of restaraunts across the United States and it seems to be apparent not many are aware . Often times when I cash out I have > 50 one dollar bills. Company policy dictates that Iam unable to turn in more than 20 at any given time.
<< <i>Is there a reason the server couldn't stop by the register and swap them out for bills if they got too many? It's not like it would take more than about 30 seconds to do so. >>
Yes, the reason is, more often than not the only active register in a restaraunt is behind the bar and only the bartender is allowed access. If the bartender had to consistantly open and close the drawer to make change for servers and people unable to carry their own bank it would most definately cause problems. After swapping out hundreds of dollars in coins for dollar bills the drawer would also be completely full of change. When servers "get you your change" it's usually out of one of their own pockets rather than walking to a register, punching in an amount, and then grabbing change from the register.
<< <i>Sure you couldn't cash it in for 2 $20s - Right. >>
I'm not so sure you understand the situation of swapping money in restaraunts. The rest of my post illustrates the situation fairly well I think. Perhaps if you had worked in hospitality you would further comprehend my qualm.
Hopefully this post provides some clarity to why it would be a pain in the neck to have so many coins from a serving standpoint .
-D
"It is the mark of an educated mind to be able to entertain a thought without accepting it."
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
<< <i>Ok- I get it. Leaving tips inconveniences servers. I'll stop doing it right away. >>
Absolutely not the point I was getting at . Besides, if you left more $5, $10, and $20 tips servers wouldn't have to worry about a pocket full of heavy change. At least I'd wager I'm worth a paper bill tip . Haw haw.
So after all, maybe I won't be the one with the sagging pants from dollar coins .
-D
"It is the mark of an educated mind to be able to entertain a thought without accepting it."
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
<< <i>Besides, if you left more $5, $10, and $20 tips servers wouldn't have to worry about a pocket full of heavy change. At least I'd wager I'm worth a paper bill tip . >>
If you know any servers that were around in 1975, could you ask them how they managed dealing with quarters back then? That's what today's dollar is now worth- I don't remember anybody complaining that they were too heavy to carry and that we needed a 25 cent bill instead.
1. Can anyone point to an instance in which Ted Kenney stopped a proposal to end the dollar bill? Simply citing the fact that Kennedy is a senator from Massachusetts and that Crane is also in Massachusetts is not really enough to show that Kennedy is keeping the dollar bill in circulation.
2. Is there something special about Kennedy that would move him to keep industry in his state in a way that other congressmen wouldn't? Congressmen try to keep business in their states on a routine basis so there would be nothing odd or even sinister about an effort to keep dollar bill production going in Massachusetts.
<< <i> Banks won't pass them out so nobody will make provisions to use them. Coins can't circulate if banks don't issue them. This is the source for all the coins and notes. >>
I was in the bank the other day and the teller, who had a tray full of dollar coins in front of her, gave me my change in $1 bills. I asked why she didn't just automatically give me the coins instead of the bills and she told me that they were not allowed to give them out unless asked. Of course, I gave her a lecture on how they were meant to be circulated and how they won't unless they're given out by the banks. I know I was speaking to deaf ears.
<< <i>50% of all US currency is $1 bills. There is just one supplier of paper to the BEP - Crane. Crane is located in Ted Kennedy's state. That's why - jobs. >>
Nope - that is the smokescreen story. The real story as to why the paper dollar isn't discontinuued in favor of a coin is this: In the USA, the paper dollar and the metallic dollar are issued by two different (competing) entities. The metallic dollar is issued by the government-owned US Treasury (US Mint). The paper dollar is issed by the corporate-owned Federal Reserve. The Federal Reserve doesn't want the dollar coin to succeed. They receive great benefits (and profits) from being the sole supplier of all paper currency and digital currency in circulation. Constitutionally, this priviledge should be reserved exclusively for the US Goverment, but Woodrow Wilson and F.D. Roosevelt let it slip into the hands of international bankers. Last year, there was a bill in Congress to turn over complete control of the US Mint to the Federal Reserve. That bill did not go forward, but if it had passed, we would have seen the paper dollar withdrawn in short order in favor of the dollar coin. Additionally, since the US Mint is the official custodian of the Nation's entire gold reserves, at the stroke of a pen that bill would have turned over to corpoate interests the largest gold reserves in history. PS: I use the dollar coin everywhere I go. I've spent over 30 at once before. >>
dcarr has answered the Kennedy question; also the $1 bill verses $1 coin question.
<< <i>I, as a bartender/server would absolutely hate to carry around $40 in coins.
-D >>
So you are saying you carry 40 one dollar bills? >>
Yes. I carry 40 one dollar bills on occasion, while working a shift greater than eight hours with ~$1400 in sales and a large section it's nearly impossible to switch coins for bills in the SAFE. There is one register in the restaraunt I work and only one person is allowed in at any given time.(Excluding management) This is the standard for thousands of restaraunts across the United States and it seems to be apparent not many are aware . Often times when I cash out I have > 50 one dollar bills. Company policy dictates that Iam unable to turn in more than 20 at any given time.
<< <i>Is there a reason the server couldn't stop by the register and swap them out for bills if they got too many? It's not like it would take more than about 30 seconds to do so. >>
Yes, the reason is, more often than not the only active register in a restaraunt is behind the bar and only the bartender is allowed access. If the bartender had to consistantly open and close the drawer to make change for servers and people unable to carry their own bank it would most definately cause problems. After swapping out hundreds of dollars in coins for dollar bills the drawer would also be completely full of change. When servers "get you your change" it's usually out of one of their own pockets rather than walking to a register, punching in an amount, and then grabbing change from the register.
<< <i>Sure you couldn't cash it in for 2 $20s - Right. >>
I'm not so sure you understand the situation of swapping money in restaraunts. The rest of my post illustrates the situation fairly well I think. Perhaps if you had worked in hospitality you would further comprehend my qualm.
Hopefully this post provides some clarity to why it would be a pain in the neck to have so many coins from a serving standpoint .
-D >>
Actually, I do not see any difference with what you are saying regarding dollar coins than there are for quarters. I'm sorry if this all appears inconvenient but changes have to be made if any change is to occur. Sure we'd all like it to be how it was 40 years ago where $5.00 could cover you for a week but it just isn't that way anymore.
As for your company's policies, thats their business and they will have to adapt. Limiting you to $20 at a time seems a little rediculous though since they all end up at the bank anyway.
As for carrying 40 one dollar coins, perhaps the inconvenience over a two or three hour period outweights not having any money to carry? They really are not that difficult to manage or carry. It's not like its the old BIG dollar coins.
Sorry, but the paper buck really needs to go bye bye right along with the two dollar bill. This would free the government to produce one and two dollar coins.
Unfortunately, the folks that "really" control the government are also the one that authorize the printing of the paper money and it appears that they are at odds with the US Mint over which denominations are "controlled" by who!
But I'll tell ya, the next congressman that emails me about what he's doing to save me money is gonna get an earful!
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.
The simplest explanation is that Canada, Great Britain, the EU and others have made the decision to use long-lasting metal coins for $/€/£ 1 instead of paper or polyester currency. Each as had to deal with emotional debates similar to the one in the US on retaining or replacing the paper $1.00 note.
One aspect that has made it easier for other countries is that they periodically recall all currency and replace it with new designs and denominations. The old currency eventually has no monetary value although collectors might still pay a premium for it. These currency reforms are also convenient times to introduce metal £ coins and retire paper equivalents.
In the end, the experiences of other countries suggest that there would be little economic impact of eliminating the paper dollar aside from savings in printing and overhead related to paper currency.
<<The simplest explanation is that Canada, Great Britain, the EU and others have made the decision to long-lasting metal coins for $/€/£ 1 instead of paper or polyester currency. Each as had to deal with emotional debates similar to the one in the US on retaining or replacing the paper $1.00 note.>> Actually Canada, Great Britain and the EU have progressed from 1 unit coins to two unit coins. I remember the folks in Canada and Britain fussing over the change to 1 unit coins and hoarding old ratty bills. Their governments seem to have a force of will that ours does not.
<< <i>Here in the UK the lowest paper denomination is the 5 pound note, equivalent to a 10 dollar bill. >>
Are there lots of people walking around with their pants down around their ankles, weighted down by pocketsful of those heavy 1 pound coins you guys are forced to use?
It's because of a failure of leadership in this regard. It would not be popular to end the dollar bill even though $700 million would be saved by taxpayers. As you know, the dollar bill is printed at the BEP in Ft Worth, Texas and we all know who is from Texas and who is in charge. Quite of few jobs there but the fallacy with this argument is they could be producing $2.00 bills instead.
The statement that nobody wants a bunch of $1.00 coins in their pocket makes no sense to me. The $1.00 coin replaces four quarters and with a two dollar and five dollar bill, you would never need more than one or two in your pocket!
Satisfaction lies in the effort, not in the attainment. Full effort is full victory. -Gandhi
<< <i>The statement that nobody wants a bunch of $1.00 coins in their pocket makes no sense to me. The $1.00 coin replaces four quarters and with a two dollar and five dollar bill, you would never need more than one or two in your pocket! >>
Don't be silly. Do you think logic has any place in this discussion?
The real story as to why the paper dollar isn't discontinuued in favor of a coin is this:
In the USA, the paper dollar and the metallic dollar are issued by two different (competing) entities. The metallic dollar is issued by the government-owned US Treasury (US Mint). The paper dollar is issed by the corporate-owned Federal Reserve. The Federal Reserve doesn't want the dollar coin to succeed. They receive great benefits (and profits) from being the sole supplier of all paper currency and digital currency in circulation. Constitutionally, this priviledge should be reserved exclusively for the US Goverment, but Woodrow Wilson and F.D. Roosevelt let it slip into the hands of international bankers.
Last year, there was a bill in Congress to turn over complete control of the US Mint to the Federal Reserve. That bill did not go forward, but if it had passed, we would have seen the paper dollar withdrawn in short order in favor of the dollar coin. Additionally, since the US Mint is the official custodian of the Nation's entire gold reserves, at the stroke of a pen that bill would have turned over to corpoate interests the largest gold reserves in history. . >>
It's logical but I'm not sure how much truth is in this.
Certainly Congress is in charge of the monetary system and the FED wouldn't be messing with the penny were it not necessary. The entire currency system is in a shambles and wholly obsolete. How can this possibly benefit the FED? It seems more that these things originate in Congress rather than the FED.
This is much more the result of a moribound status quo than a greedy FED.
Easy answer to your question, coins are too heavy for the average person to carry, just think if you and your family were on vacation, your daughter had $200, son $200, wifey and you had $1k a piece, I guess you would need a 5 gallon bucket. All jokes aside somewhere the paper dollar was made for the purpose of being easy for people to carry in a wallet and or money clip. Also people with disabliltys had troubles counting coins at different places to went too. So paper money was the answer.
All answers to above thread is just a opinion and or theory, I will not be held responsible for giving vital information to be used to harm pets. Yaha
Well it looks like the FEDERAL RESERVE has done such a lousy job of distribution that the U.S. mint is taking it upon themselves to ensure Americans can get the coins that are minted for commerce.
<< <i>Here in the UK the lowest paper denomination is the 5 pound note, equivalent to a 10 dollar bill. >>
Are there lots of people walking around with their pants down around their ankles, weighted down by pocketsful of those heavy 1 pound coins you guys are forced to use? >>
Nah, unless they are going for the 'gangster' look anyway! Usually you end up spending them by the time you get 4 or 5 of 'em.
If they got rid of the $1 bill then granny will have more change in her purse to buy $85 worth of groceries as you stand there in line just behind her wanting to kick her in the ankles repeatedly.
<< <i>All jokes aside somewhere the paper dollar was made for the purpose of being easy for people to carry in a wallet and or money clip. Also people with disabliltys had troubles counting coins at different places to went too. So paper money was the answer. >>
If that's so, why didn't people insist on 25 cent bills in 1975? A dollar today has about the same purchasing power as a quarter did at that time. If dollar coins are a hardship today, quarters must have been back then, right? So why didn't we hear all the b*tching and moaning about quarters being too heavy to carry around that we hear today about dollar coins?
<< <i>Nah, unless they are going for the 'gangster' look anyway! Usually you end up spending them by the time you get 4 or 5 of 'em. >>
What? Spend them? Are you crazy? This is America- we don't spend coins here. We just carry them around and then dump them in a jar at the end of the day. Or in the case of pennies, we just throw them away.
<<Here in the UK the lowest paper denomination is the 5 pound note, equivalent to a 10 dollar bill.>>
Consider Pre World War I England. The lowest paper denomination was again the 5 pound note then worth about $24.33 1914 US dollars or I calculate $522.60 in May 2008 purchasing power. We don't even have serious high power money like that anymore in any denomination, let alone the lowest.
I am surprised that Congress or whoever didn't come up with smarter plan. I figure, that if you discontinue the paper dollar and replace it with the coin and continue to print more paper two dollar bills you can make everyone happy. The coin is there for the reasons it is needed. The two dollar bill keeps the paper makers happy, and the general public, once use to both will see a perfect combination. Some people worried that with a dollar coin, they would have a pocket full of dollars as change. But, if stores used the two dollar bill, they would give out fewer coins then if there was no two dollar bill. For example, change for a five dollar bill would be 2 -2 $ bills and a dollar coin. Only one coin instead of five weighing down your pocket. Makes perfect sense to me!
The pocket full of dollars argument doesn't make any sense to me. How often do you have ten or twenty one dollar bills? I usually don't have more than three or four at any one time. I think Americans don't understand the concept of using coins to purchase things.
<< <i>The pocket full of dollars argument doesn't make any sense to me. How often do you have ten or twenty one dollar bills? I usually don't have more than three or four at any one time. I think Americans don't understand the concept of using coins to purchase things. >>
That's about it in a nutshell.
People are simply out of the habit of spending coins because coins have almost no value. A candy bar can take a pocketfull so they are just in the habit of tendering green and putting the change in their pocket and it accumulates in jars when they get home.
People have simply forgotten the convenience of coins. Since they are believed to be a nuisance and no one will take the steps necessary to get them to circulate they are resisted.
I'd love to see the coins in circulation but until they are I don't want them either. I don't need to get arrested when I offer one to some teenager who's never seen one before.
Until the banks issue these they simply can't circulate. Until provis- ions are made to accept them in commerce the banks will resist any attempt to get them to issue the coins.
<< <i>Consider Pre World War I England. The lowest paper denomination was again the 5 pound note then worth about $24.33 1914 US dollars or I calculate $522.60 in May 2008 purchasing power. We don't even have serious high power money like that anymore in any denomination, let alone the lowest. >>
Have you seen the Visa ads on tv showing how outdated cash is, and how much easier things will be when everybody uses plastic? One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it.
<< <i>One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it. >>
Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>50% of all US currency is $1 bills. There is just one supplier of paper to the BEP - Crane. Crane is located in Ted Kennedy's state.
That's why - jobs. >>
kranky, that's freaky. Before I opened this thread that's exactly what crossed my mine...it's Teddy's fault. Just like the continuous minting of JFK halves for no apparent use.
<< <i>Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa. >>
That's definitely one reason.
Now, what benefits might accrue from a monetary system that allows for tracking (and keeping records of) who spends how much for what, and who might the beneficiary of such a system be?
I spent 7 Ikes today to buy lunch. I had them in my pocket, did not have my pants fall to my ankles and actually did have the physical strength and stamina to carry them around in my pocket [imagine what great shape I must be in to accomplish such a feat of derring do].
The argument that people do not use dollar coins since they are too heavy to carry around is hogwash. If the dollar bill were eliminated (and the $5.00 bill) and if the mint made $1.00, $2.00 and $5.00 coins, people would carry them and use them in daily commerce, regardless of what VISA ads are on the telly.
BTW, I am amazed to see replies which blame Ted Kennedy for the continued printing of $1.00 bills (and the waste of tax payer dollars that goes with same). Somehow this just does not seem right. Isn't everything that goes wrong on earth Bush's fault? Hearing that it is someone else's fault is just strange.
<< <i>you can't neatly tuck a dollar COIN into a strippers g-string... >>
Sure you can. Just be sure to put them in the freezer for awhile.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it.
Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa. >>
I think society would go to electronic only before they get rid of just the $1 bill. It's greatly going that way already. I've posted before that I pay 99.999% of the time with an ATM card. With the exception of buying a soda at work I literally have zer0 use for coins or currency - everything from groceries to gas to a birthday card is paid with an ATM card, everything, and no money goes to Visa or MC.....
My wife uses cash and I argue she spends more using cash not the other way around. With cash, however, I argue you'll spend the change on a pack of gum or candy bar when normally you would not buy that pack of gum if you did not have the change jingling in your pockets.
When I shop I buy exactly what I need. Someone please tell me how using plastic somehow brainwashes me into buying more stuff.
Comments
How about the goverment shoring up the dollar so that the $1.00 bills are worth something again?
I say just do it. If it save the government 30Billion over 10 years, why not.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The gov't does a lot of things unwanted by the public. What makes this different?
<< <i>There would be public outcry. My wife keeps saying she hates carrying the dollar coins. >>
Wasn't one of the complaints about the SBA dollar that they were too similar to quarters, and that people confused the two? If that's the case, where's the public outcry about having to carry quarters?
Two dollar coins weigh less than three quarters. Yeah- they're real heavy.
<< <i>I, as a bartender/server would absolutely hate to carry around $40 in coins.
-D >>
Sure you couldn't cash it in for 2 $20s - Right.
a nickel size 10 cent coin; copper plated zink.
<< <i>
<< <i>I, as a bartender/server would absolutely hate to carry around $40 in coins.
-D >>
So you are saying you carry 40 one dollar bills?
Yes. I carry 40 one dollar bills on occasion, while working a shift greater than eight hours with ~$1400 in sales and a large section it's nearly impossible to switch coins for bills in the SAFE. There is one register in the restaraunt I work and only one person is allowed in at any given time.(Excluding management) This is the standard for thousands of restaraunts across the United States and it seems to be apparent not many are aware
<< <i>Is there a reason the server couldn't stop by the register and swap them out for bills if they got too many? It's not like it would take more than about 30 seconds to do so. >>
Yes, the reason is, more often than not the only active register in a restaraunt is behind the bar and only the bartender is allowed access. If the bartender had to consistantly open and close the drawer to make change for servers and people unable to carry their own bank it would most definately cause problems. After swapping out hundreds of dollars in coins for dollar bills the drawer would also be completely full of change. When servers "get you your change" it's usually out of one of their own pockets rather than walking to a register, punching in an amount, and then grabbing change from the register.
<< <i>Sure you couldn't cash it in for 2 $20s - Right. >>
I'm not so sure you understand the situation of swapping money in restaraunts. The rest of my post illustrates the situation fairly well I think. Perhaps if you had worked in hospitality you would further comprehend my qualm.
Hopefully this post provides some clarity to why it would be a pain in the neck to have so many coins from a serving standpoint
-D
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
-Horace
<< <i>Ok- I get it. Leaving tips inconveniences servers. I'll stop doing it right away.
Absolutely not the point I was getting at
So after all, maybe I won't be the one with the sagging pants from dollar coins
-D
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
-Horace
-D
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
-Horace
<< <i>Besides, if you left more $5, $10, and $20 tips servers wouldn't have to worry about a pocket full of heavy change. At least I'd wager I'm worth a paper bill tip
If you know any servers that were around in 1975, could you ask them how they managed dealing with quarters back then? That's what today's dollar is now worth- I don't remember anybody complaining that they were too heavy to carry and that we needed a 25 cent bill instead.
1. Can anyone point to an instance in which Ted Kenney stopped a proposal to end the dollar bill? Simply citing the fact that Kennedy is a senator from Massachusetts and that Crane is also in Massachusetts is not really enough to show that Kennedy is keeping the dollar bill in circulation.
2. Is there something special about Kennedy that would move him to keep industry in his state in a way that other congressmen wouldn't? Congressmen try to keep business in their states on a routine basis so there would be nothing odd or even sinister about an effort to keep dollar bill production going in Massachusetts.
<< <i> Banks won't pass them out so nobody will make provisions to use them.
Coins can't circulate if banks don't issue them. This is the source for all the
coins and notes. >>
I was in the bank the other day and the teller, who had a tray full of dollar coins in front of her, gave me my change in $1 bills. I asked why she didn't just automatically give me the coins instead of the bills and she told me that they were not allowed to give them out unless asked. Of course, I gave her a lecture on how they were meant to be circulated and how they won't unless they're given out by the banks. I know I was speaking to deaf ears.
<< <i>
<< <i>50% of all US currency is $1 bills. There is just one supplier of paper to the BEP - Crane. Crane is located in Ted Kennedy's state. That's why - jobs. >>
Nope - that is the smokescreen story. The real story as to why the paper dollar isn't discontinuued in favor of a coin is this: In the USA, the paper dollar and the metallic dollar are issued by two different (competing) entities. The metallic dollar is issued by the government-owned US Treasury (US Mint). The paper dollar is issed by the corporate-owned Federal Reserve. The Federal Reserve doesn't want the dollar coin to succeed. They receive great benefits (and profits) from being the sole supplier of all paper currency and digital currency in circulation. Constitutionally, this priviledge should be reserved exclusively for the US Goverment, but Woodrow Wilson and F.D. Roosevelt let it slip into the hands of international bankers. Last year, there was a bill in Congress to turn over complete control of the US Mint to the Federal Reserve. That bill did not go forward, but if it had passed, we would have seen the paper dollar withdrawn in short order in favor of the dollar coin. Additionally, since the US Mint is the official custodian of the Nation's entire gold reserves, at the stroke of a pen that bill would have turned over to corpoate interests the largest gold reserves in history. PS: I use the dollar coin everywhere I go. I've spent over 30 at once before. >>
dcarr has answered the Kennedy question; also the $1 bill verses $1 coin question.
There would be NO savings by eliminating the $1 bill and having only a $1 coin.
The reason is...
The $2 bill will have greater demand and they will have to print as many $2 bills as they now print $1 bills.
So, I was opposed to eliminating the $1 bill, but if vending machines, etc can accept a $2 bill, then I'm fine with removing the $1 bill.
<< <i>
<< <i>
<< <i>I, as a bartender/server would absolutely hate to carry around $40 in coins.
-D >>
So you are saying you carry 40 one dollar bills?
Yes. I carry 40 one dollar bills on occasion, while working a shift greater than eight hours with ~$1400 in sales and a large section it's nearly impossible to switch coins for bills in the SAFE. There is one register in the restaraunt I work and only one person is allowed in at any given time.(Excluding management) This is the standard for thousands of restaraunts across the United States and it seems to be apparent not many are aware
<< <i>Is there a reason the server couldn't stop by the register and swap them out for bills if they got too many? It's not like it would take more than about 30 seconds to do so. >>
Yes, the reason is, more often than not the only active register in a restaraunt is behind the bar and only the bartender is allowed access. If the bartender had to consistantly open and close the drawer to make change for servers and people unable to carry their own bank it would most definately cause problems. After swapping out hundreds of dollars in coins for dollar bills the drawer would also be completely full of change. When servers "get you your change" it's usually out of one of their own pockets rather than walking to a register, punching in an amount, and then grabbing change from the register.
<< <i>Sure you couldn't cash it in for 2 $20s - Right. >>
I'm not so sure you understand the situation of swapping money in restaraunts. The rest of my post illustrates the situation fairly well I think. Perhaps if you had worked in hospitality you would further comprehend my qualm.
Hopefully this post provides some clarity to why it would be a pain in the neck to have so many coins from a serving standpoint
-D >>
Actually, I do not see any difference with what you are saying regarding dollar coins than there are for quarters. I'm sorry if this all appears inconvenient but changes have to be made if any change is to occur. Sure we'd all like it to be how it was 40 years ago where $5.00 could cover you for a week but it just isn't that way anymore.
As for your company's policies, thats their business and they will have to adapt. Limiting you to $20 at a time seems a little rediculous though since they all end up at the bank anyway.
As for carrying 40 one dollar coins, perhaps the inconvenience over a two or three hour period outweights not having any money to carry? They really are not that difficult to manage or carry. It's not like its the old BIG dollar coins.
Sorry, but the paper buck really needs to go bye bye right along with the two dollar bill. This would free the government to produce one and two dollar coins.
Unfortunately, the folks that "really" control the government are also the one that authorize the printing of the paper money and it appears that they are at odds with the US Mint over which denominations are "controlled" by who!
But I'll tell ya, the next congressman that emails me about what he's doing to save me money is gonna get an earful!
The name is LEE!
One aspect that has made it easier for other countries is that they periodically recall all currency and replace it with new designs and denominations. The old currency eventually has no monetary value although collectors might still pay a premium for it. These currency reforms are also convenient times to introduce metal £ coins and retire paper equivalents.
In the end, the experiences of other countries suggest that there would be little economic impact of eliminating the paper dollar aside from savings in printing and overhead related to paper currency.
Actually Canada, Great Britain and the EU have progressed from 1 unit coins to two unit coins.
I remember the folks in Canada and Britain fussing over the change to 1 unit coins and hoarding old ratty bills. Their governments seem to have a force of will that ours does not.
<< <i>Here in the UK the lowest paper denomination is the 5 pound note, equivalent to a 10 dollar bill. >>
Are there lots of people walking around with their pants down around their ankles, weighted down by pocketsful of those heavy 1 pound coins you guys are forced to use?
The statement that nobody wants a bunch of $1.00 coins in their pocket makes no sense to me. The $1.00 coin replaces four quarters and with a two dollar and five dollar bill, you would never need more than one or two in your pocket!
<< <i>The statement that nobody wants a bunch of $1.00 coins in their pocket makes no sense to me. The $1.00 coin replaces four quarters and with a two dollar and five dollar bill, you would never need more than one or two in your pocket! >>
Don't be silly. Do you think logic has any place in this discussion?
Whoever is careless with the truth in small matters cannot be trusted with important matters.
<< <i>
Nope - that is the smokescreen story.
The real story as to why the paper dollar isn't discontinuued in favor of a coin is this:
In the USA, the paper dollar and the metallic dollar are issued by two different (competing) entities. The metallic dollar is issued by the government-owned US Treasury (US Mint). The paper dollar is issed by the corporate-owned Federal Reserve. The Federal Reserve doesn't want the dollar coin to succeed. They receive great benefits (and profits) from being the sole supplier of all paper currency and digital currency in circulation. Constitutionally, this priviledge should be reserved exclusively for the US Goverment, but Woodrow Wilson and F.D. Roosevelt let it slip into the hands of international bankers.
Last year, there was a bill in Congress to turn over complete control of the US Mint to the Federal Reserve. That bill did not go forward, but if it had passed, we would have seen the paper dollar withdrawn in short order in favor of the dollar coin. Additionally, since the US Mint is the official custodian of the Nation's entire gold reserves, at the stroke of a pen that bill would have turned over to corpoate interests the largest gold reserves in history.
. >>
It's logical but I'm not sure how much truth is in this.
Certainly Congress is in charge of the monetary system and the FED wouldn't
be messing with the penny were it not necessary. The entire currency system
is in a shambles and wholly obsolete. How can this possibly benefit the FED? It
seems more that these things originate in Congress rather than the FED.
This is much more the result of a moribound status quo than a greedy FED.
All answers to above thread is just a opinion and or theory, I will not be held responsible for giving vital information to be used to harm pets. Yaha
See it here !
``https://ebay.us/m/KxolR5
<< <i>If your not given the choice of a paper dollar or coins the coins do work. >>
Absolutely. Without paper available, you start using dollar coins as if they're quarters. No big deal.
<< <i>
<< <i>Here in the UK the lowest paper denomination is the 5 pound note, equivalent to a 10 dollar bill. >>
Are there lots of people walking around with their pants down around their ankles, weighted down by pocketsful of those heavy 1 pound coins you guys are forced to use?
Nah, unless they are going for the 'gangster' look anyway! Usually you end up spending them by the time you get 4 or 5 of 'em.
I was a Monkey
<< <i>All jokes aside somewhere the paper dollar was made for the purpose of being easy for people to carry in a wallet and or money clip. Also people with disabliltys had troubles counting coins at different places to went too. So paper money was the answer. >>
If that's so, why didn't people insist on 25 cent bills in 1975? A dollar today has about the same purchasing power as a quarter did at that time. If dollar coins are a hardship today, quarters must have been back then, right? So why didn't we hear all the b*tching and moaning about quarters being too heavy to carry around that we hear today about dollar coins?
<< <i>Nah, unless they are going for the 'gangster' look anyway! Usually you end up spending them by the time you get 4 or 5 of 'em. >>
What? Spend them? Are you crazy? This is America- we don't spend coins here. We just carry them around and then dump them in a jar at the end of the day. Or in the case of pennies, we just throw them away.
Formerly known as deadmunny
Positive transactions with: dcarr, slantycouch, dontippet, Gerard, Scrapman1077, USMC_6115, rah1959
Consider Pre World War I England. The lowest paper denomination was again the 5 pound note then worth about $24.33 1914 US dollars or I calculate $522.60 in May 2008 purchasing power. We don't even have serious high power money like that anymore in any denomination, let alone the lowest.
figure, that if you discontinue the paper dollar and replace it with the
coin and continue to print more paper two dollar bills you can make everyone
happy. The coin is there for the reasons it is needed. The two dollar bill
keeps the paper makers happy, and the general public, once use to both will
see a perfect combination. Some people worried that with a dollar coin,
they would have a pocket full of dollars as change. But, if stores used the
two dollar bill, they would give out fewer coins then if there was no two
dollar bill. For example, change for a five dollar bill would be 2 -2 $
bills and a dollar coin. Only one coin instead of five weighing down your
pocket. Makes perfect sense to me!
<< <i>The pocket full of dollars argument doesn't make any sense to me. How often do you have ten or twenty one dollar bills? I usually don't have more than three or four at any one time. I think Americans don't understand the concept of using coins to purchase things. >>
That's about it in a nutshell.
People are simply out of the habit of spending coins because coins
have almost no value. A candy bar can take a pocketfull so they are
just in the habit of tendering green and putting the change in their
pocket and it accumulates in jars when they get home.
People have simply forgotten the convenience of coins. Since they are
believed to be a nuisance and no one will take the steps necessary to
get them to circulate they are resisted.
I'd love to see the coins in circulation but until they are I don't want
them either. I don't need to get arrested when I offer one to some
teenager who's never seen one before.
Until the banks issue these they simply can't circulate. Until provis-
ions are made to accept them in commerce the banks will resist any
attempt to get them to issue the coins.
<< <i>Consider Pre World War I England. The lowest paper denomination was again the 5 pound note then worth about $24.33 1914 US dollars or I calculate $522.60 in May 2008 purchasing power. We don't even have serious high power money like that anymore in any denomination, let alone the lowest. >>
Have you seen the Visa ads on tv showing how outdated cash is, and how much easier things will be when everybody uses plastic? One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it.
Gardnerville, NV
=========================
Our Website -->Innovation, Native & Presidential Dollar Errors, Lincoln Cents and more
Check it out --> Our eBay Auctions
<< <i>
<< <i>One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it. >>
Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>50% of all US currency is $1 bills. There is just one supplier of paper to the BEP - Crane. Crane is located in Ted Kennedy's state.
That's why - jobs. >>
kranky, that's freaky. Before I opened this thread that's exactly what crossed my mine...it's Teddy's fault. Just like the continuous minting of JFK halves for no apparent use.
Ren
<< <i>Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa. >>
That's definitely one reason.
Now, what benefits might accrue from a monetary system that allows for tracking (and keeping records of) who spends how much for what, and who might the beneficiary of such a system be?
<< <i>Why don`t they just quit making the dollar bill? >>
...'cause........."WE AIN'T UP TO OUR EARS YET IN COIN DOLLARS"......that's why.......
The argument that people do not use dollar coins since they are too heavy to carry around is hogwash. If the dollar bill were eliminated (and the $5.00 bill) and if the mint made $1.00, $2.00 and $5.00 coins, people would carry them and use them in daily commerce, regardless of what VISA ads are on the telly.
BTW, I am amazed to see replies which blame Ted Kennedy for the continued printing of $1.00 bills (and the waste of tax payer dollars that goes with same). Somehow this just does not seem right. Isn't everything that goes wrong on earth Bush's fault? Hearing that it is someone else's fault is just strange.
<< <i>you can't neatly tuck a dollar COIN into a strippers g-string... >>
Maybe not but you can tuck one in much more fun and interesting places.
<< <i>you can't neatly tuck a dollar COIN into a strippers g-string... >>
Sure you can. Just be sure to put them in the freezer for awhile.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>One might want to ask who benefits from allowing our coin/paper money system to grow so cumbersome that people find themselves steered into using electronic cash almost without thinking about it.
Well, I understand why Visa runs those ads. They know that people, on average, spend more when using plastic than when using cash. That's more money for Visa. >>
I think society would go to electronic only before they get rid of just the $1 bill. It's greatly going that way already. I've posted before that I pay 99.999% of the time with an ATM card. With the exception of buying a soda at work I literally have zer0 use for coins or currency - everything from groceries to gas to a birthday card is paid with an ATM card, everything, and no money goes to Visa or MC.....
My wife uses cash and I argue she spends more using cash not the other way around. With cash, however, I argue you'll spend the change on a pack of gum or candy bar when normally you would not buy that pack of gum if you did not have the change jingling in your pockets.
When I shop I buy exactly what I need. Someone please tell me how using plastic somehow brainwashes me into buying more stuff.
>>>My Collection