| Author |
 Replies: 57 / Views: 5,646 |
|
|
|
|
Pillar of the Community
United States
2295 Posts |
The NN issue of 3-13-12 has an article by David L. Ganz, on page 1, stating it is the fifth time in 22 years the GAO has made the suggestion of replacing the dollar bill.
And they state it be in their seventh year, when they would make a profit.
|
|
Pillar of the Community
 United States
1796 Posts |
Quote:
I feel that 30 years is a serious low-ball estimate as well. 30+ years *is* a really low-ball estimate. How many 1964 nickels does one find in their change on a daily basis? Or "worse": When roll hunting?Answer: TOO MANY! Those blasted ~50 year old coins are ubiquitous! :-) The point is, over a more reasonable estimate of lifespan it's going to save not just a lot of money, but an awful lot of money. |
|
Pillar of the Community
United States
1796 Posts |
Quote:
The NN issue of 3-13-12 has an article by David L. Ganz, on page 1, stating it is the fifth time in 22 years the GAO has made the suggestion of replacing the dollar bill. It's the 7th time the recommendation has been made, but there have been 5 investigative reports to specifically analyze the cost savings. The latest suggestion I mentioned in the OP wasn't an analysis, it was a recommendation in a larger report about the consolidation of duplicate programs that cited earlier analysis. |
|
Moderator
 United States
188440 Posts |
Quote:
30+ years *is* a really low-ball estimate. How many 1964 nickels does one find in their change on a daily basis? Or "worse": When roll hunting? I was not going to go there, but I knew someone would.  |
|
Rest in Peace
United States
9104 Posts |
Quote:
For example, coins are a lot easier for cashiers to count than dollar bills, in my opinion. Modern coin counters can count 250 coins a second,and they can be weighed even faster. Quote:
However a transition would likely force banks to expand and reinforce vaults to handle the additional weight of coins, such expansions are not trivial. That's another silly "what if" argument. $10,000 in coins weighs 2800#. Modern elevators have that capacity. A bank is only going to carry what it needs, same as with any other coin. |
|
Bedrock of the Community
United States
17884 Posts |
Quote:
And once people realize they aren't worth anything over face value in such worn condition, there will be a surge of them for a short period of time. Then why did people hold large quantities of Barr notes for over 30 years? I bet there are still large hoards of them out there. |
|
Moderator
United States
188440 Posts |
Quote:
That's another silly "what if" argument. $10,000 in coins weighs 2800#. Modern elevators have that capacity. A bank is only going to carry what it needs, same as with any other coin. I agree. Even if it were a real concern, consider the space freed up from no longer having to store cents and nickels.  |
|
New Member
United States
37 Posts |
Quote:
30+ years *is* a really low-ball estimate. How many 1964 nickels does one find in their change on a daily basis? Or "worse": When roll hunting? I don't think that is inconsistent with the GAO estimate of an average lifespan of 30 years. Technically, they assumed a median life of 34 years with a 2% attrition rate ( http://www.gao.gov/assets/320/316331.pdf, Table 3: Assumptions, Values, Sources, and Rationales Used in the Model) This implies, that if you start with a batch of 1000 coins, 30 years from now approximately 545 will still remain. (1000*(1-0.02)^30) |
|
New Member
United States
37 Posts |
Quote:
Modern coin counters can count 250 coins a second,and they can be weighed even faster. In my personal opinion, this is a very good argument for switching to coins. Counting dollar bills is a lot harder than coins. Imagine a crowded shopping line, if dollar coins make the transactions run faster people can use the time saved waiting in line on other things. By the way this is also the main reason why the penny has to go. Most people value their time more than a penny. |
|
Pillar of the Community
United States
1903 Posts |
I don't get the whole...my time is worth more than a penny. Just think if you were to pick up a penny once a second....that would be .60 a minute....60 mins in an hour equals 36 dollars an hour...who here wouldn't work for that? Even if you only found a penny here and there...the time spent is still cumulative....so basically picking up a cent is a job that pays $36 dollars an hour. Even double the time it takes to two seconds and it is still $18 an hour.....heck....let's be really lethargic and take 4 seconds...that's $9 an hour....still above minimum wage...and just for picking up a penny!
I have even talked to people to lazy to pick up a nickel...that is at minimum $45 an hour! And for those of you who feel like bending over for a dime isn't worth it...well....do the math.....$90 an hour MINIMUM! Seems to me we Americans are just to arrogant to be seen picking up coins....seems to "peasantly" lol
Edited by unholyroller
03/13/2012 9:20 pm
|
|
Pillar of the Community
United States
1796 Posts |
Yes, that's acquiring a penny. :-)
Sorting out pennies in change costs you more than a fraction of the change you're sorting to give out, as it's not a straight "pick up penny, hand over penny."
It's "get final price, get out bills, find larger coins, grope around in pocket, sort out lint and other detritus, sort out other coins, apologize to cashier for taking so long, put penny down on counter, realize you need an extra penny, grope around in pocket, sort out lint and other detritus, sort out other coins, apologize to cashier for taking so long again, put penny down on counter, finish transaction."
It's a different animal. :-)
|
|
Pillar of the Community
United States
1903 Posts |
That is why companies make these.....lol   |
|
Bedrock of the Community
United States
17884 Posts |
Quote:
.let's be really lethargic and take 4 seconds...that's $9 an hour....still above minimum wage...and just for picking up a penny! Well due to stiffness from a back injury that's about how long it takes, and I earn more than that. (I do still pick up cents though.) |
|
Rest in Peace
United States
9104 Posts |
Quote:
Just think if you were to pick up a penny once a second....that would be .60 a minute....60 mins in an hour equals 36 dollars an hour...who here wouldn't work for that? Been to the chiropractor lately? |
|
Pillar of the Community
United States
2295 Posts |
Plus if you bent down more often to pick up coins, you'd be in better shape!  Quote:
Been to the chiropractor lately? If people took care of themselves as they should, it wouldn't be an issue. There are exceptions of injuries from accidents, but that isn't the norm. |
|
|
Replies: 57 / Views: 5,646 |
|
First Page
Previous Page
Posted 03/06/2012 10:00 pm
