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The GAO recommends for the 7th time to switch to $1 coins...

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Pillar of the Community
United States
1392 Posts
 Posted 02/28/2012  10:19 am Show Profile Bookmark this topic Add SteveCaruso to your friends list Get a Link to this Message

Published *today*:

http://www.washingtonpost.com/blogs...eR_blog.html

That makes seven recommendations over the past 22 years to make the switch because of serious cost savings involved.

Seven!

Washington will not listen...

-Steve (GSNA R-2306)
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United States
9104 Posts
 Posted 02/28/2012  3:21 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Washington is only interested in spending money we don't have, not saving money.
Pillar of the Community
United States
3904 Posts
 Posted 02/28/2012  3:31 pm  Show Profile Bookmark this reply Add CaptainFwiffo to your friends list Get a Link to this Reply
It's time we stop blaming Washington for just doing what they're told. This is a democracy - blame the voters. Voters talk a big game about the budget, but they balk at any change that makes any impact on their lives in any way.
Valued Member
United States
295 Posts
 Posted 02/28/2012  4:59 pm  Show Profile Bookmark this reply Add everything to your friends list Get a Link to this Reply
Keep emailing your senators. Dollar coin alliance. It helps.
http://dollarcoinalliance.org/get-involved/

Still we like to kill trees and fill up our landfills, they say the used up shredded dollar bills fills 900 dump trucks every year.
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United States
21618 Posts
 Posted 02/28/2012  6:04 pm  Show Profile Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
How many e-mails have you sent your representatives?
Jbuck! ... Coin Collector since 1978 ... Learn more about my current avatar and my previous one.

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Canada
3230 Posts
 Posted 02/28/2012  9:41 pm  Show Profile Check Libertad's eCrater Listings Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
You can't blame voters if they're not given the option. I would elect myself as president and people would vote for me if they only knew my policies. It's the same with the bipartisan system - they only bring up non-issues and get elected anyways. You're not given much choice at all in a democracy, otherwise you would have 30+ candidates and equal coverage for each of them. People in general are apathetic or ignorant with regards to politics - myself included.
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Edited by Libertad
02/28/2012 9:45 pm
Pillar of the Community
United States
1628 Posts
 Posted 02/28/2012  10:56 pm  Show Profile Bookmark this reply Add unholyroller to your friends list Get a Link to this Reply
Trees have nothing to do with our bills....they are made of cotton! Please do your homework before you get on your "stump" that is from a tree you thought was cut down to make bills...lol
Valued Member
United States
284 Posts
 Posted 02/28/2012  11:01 pm  Show Profile Bookmark this reply Add DM1975 to your friends list Get a Link to this Reply
Libertad, we do not live in a true democracy, we are a democratic republic. Having 30 different candidates in 30 different parties with all equal time is part of how the Nazi party came into power. With that many candidates the popular vote would get watered down so much that a party could aid with less than 20% of the votes. It gives to large of room for error. Other than that I agree with what Biggfredd said, they want to spend our money and not save us any. All politicians are in it for the money and that is our fundamental flaw I think. No more honorable men run, or ar allowed to run for the big office any longer.
Pillar of the Community
United States
9053 Posts
 Posted 02/29/2012  11:47 am  Show Profile Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:

That makes seven recommendations over the past 22 years to make the switch because of serious cost savings involved.

Seven!

And there were several more in the twenty years before that.

In the article it said that they addressed 115 of the 145 recommendations proposed last year. OK they addressed them. How many were actually adopted? "Addressing" them or looking at them or studying them doesn't mean much. Implementing them means something.
Edited by Conder101
02/29/2012 11:51 am
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21618 Posts
 Posted 02/29/2012  12:14 pm  Show Profile Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Let's shift the discussion away from politics and back the the original subject.
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New Member
United States
37 Posts
 Posted 02/29/2012  12:20 pm  Show Profile Bookmark this reply Add gotom to your friends list Get a Link to this Reply
I finally read the GAO report, yes I am a geek for these things. The GAO does excellent work, and this one is no exception. However the case they give is by no means a slam dunk.

Yes converting to coins will save the government money, but not until after 10 years. The first four years will see increased spending as in teased coin production will be needed to replace the bill. Also the savings will not be due to lower production costs, but only from increased seigniorage (it takes 1.5 coined to replace 1 bill).

Finally the report does not attempt to quantify the cost to society a change would cause. They might be small but could be enormous.

I'm not against replacing the dollar bill, it may be in the long run a lot better. But it is not a simple decision.
Valued Member
United States
284 Posts
 Posted 02/29/2012  12:26 pm  Show Profile Bookmark this reply Add DM1975 to your friends list Get a Link to this Reply
I personally would love to see dollar coins completely replace the dollar bills. Paper $2, $5, $10, $20, and $100 bills are fine but the dollar should be a coin in my opinion. Shifting ANYTHING out of the hands of the Federal Reserve is a good move in my opinion.
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21618 Posts
 Posted 02/29/2012  1:02 pm  Show Profile Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Shifting ANYTHING out of the hands of the Federal Reserve is a good move in my opinion.
How? They still order and distribute the coins.
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Pillar of the Community
United States
2277 Posts
 Posted 02/29/2012  1:14 pm  Show Profile Bookmark this reply Add wquinn to your friends list Get a Link to this Reply

Quote:
Yes converting to coins will save the government money, but not until after 10 years.


It would not take 10 years though. The Mint could easily make a billion dollar coins each year. They made 940,870,000, in 2007, so I bet they could do more, if demand requested it.

Plus for 2010, they printed 1,856,000,000, $1 notes and 95% of notes printed are to replace existing ones. So really they only need to print 92,800,000 $1 notes for increased demand. A very small # for the US Mint to handle each year.
http://www.moneyfactory.gov/uscurre...figures.html


Quote:
During Fiscal Year (FY) 2011, the Bureau of Engraving and Printing delivered approximately 5.8 billion notes at an average cost of 9.1 cents per note.


And I bet that 9.1 cents includes the cost of the $100 note, which is more expensive to make than the dollar note. I think I read somewhere that it is about 6 cents for the dollar note. I just couldn't find it.

And the dollar coin costs 18 cents to make.

Since the dollar coin costs triple what a dollar note costs, in about 3 years, there would be a profit.

It could easily happen next year. The US Mint already has the machines in place for it to happen. We just need the government to make the decision.
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 Posted 02/29/2012  1:55 pm  Show Profile Bookmark this reply Add DVCollector to your friends list Get a Link to this Reply

Quote:
The US Mint already has the machines in place for it to happen.
Right--let's stop the $1 coin experiment--and put it into actual practice; retire the $1 note already! It's about time to heed the well-reasoned pragmatism of the GAO's (7) reports. I have not done all the calculations, but I can only guess that since coins don't wear out too quickly, it wouldn't take many years to get the coins up to the needs of commerce. And don't make the coin "collectible"--but utilitarian, so people "get" they're meant to be used.

At the risk of sounding like a monetary heretic , the USA should review the currency approaches done by its neighbors regarding downsizing coins and eliminating the 1/100 unit (ie our cent). This is really a no-brainer--imo.
Edited by DVCollector
02/29/2012 2:37 pm
Valued Member
United States
284 Posts
 Posted 02/29/2012  2:25 pm  Show Profile Bookmark this reply Add DM1975 to your friends list Get a Link to this Reply

Quote:
How? They still order and distribute the coins.


Because the coins are minted for face value unlike the dollar bills which carry a collateral of debt in order to be printed.
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