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Replies: 18 / Views: 3,843 |
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Pillar of the Community
Canada
1118 Posts |
Oh wow, simple answer to a question I had for a while. Thanks Foxwoods Man. I am heading out the door (down to Maine with $20 dollars in Kennedy's) and hope to read more on this later.
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Pillar of the Community
 United States
1949 Posts |
I understand the idea in general but just simply have an aversion to dollar coins... every time I go to NYC I end up with dollar coins as change from the subway, and every time I end up with a stack of $1 coins that goes into my change jar that I eventually cash in...
I think the real issue with the $1 coin is that the $1 denomination is such an important and intrinsic denomination, but there are many people who simply do not carry change on their person... I know when I'm working, my pockets are filled already with car keys, work keys, more work keys, wallet, cell phone, certain tools, ect and I am in and out of my pockets all day... Any change that I happen to have in my pockets seems disappear by end of the day unless I throw it into my console...
So, in a very roundabout way, I think a $2 coin would be more practical, because the $2 denomination is a less important and necessary denomination for daily use...
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Pillar of the Community
United States
1748 Posts |
We nearly have a paper-based fractional currency system now, just like after the civil war. People are used to it and the government will have to drive the change if it wants it. All we need are 10c, 50c, $1 and $2 coins. Round to nearest 10c on cash transactions and slowly retire the 25c in favor of a 50c coin. This would also give businesses room for a $5 coin. We just need some gutsy leaders in Congress to push it...lol...good luck on that.
Edited by DoubleEagle20 11/15/2014 10:07 am
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Pillar of the Community
 708 Posts |
Sorry DoubleEagle20, but I would still prefer a 20 cent coin, just as I'd support a 2 cent coin today, and as long as we still have pennies. Yes, I could live without the 20 cent coin, but would prefer not to. And just for the record, as I said, I hate carrying four or more pennies, and I am not going to just put all of my pennies in a jar, or throw them away. I still use them as needed. They are still worth something, and a 2 cent coin would help save the U.S. Mint money, as long as the penny lives. Although the Mint STILL would NOT come out ahead, in penny, 2 cent, and nickel prodution, even if they added a 2 cent coin, but they would be losing out less on minting less pennies so, why not mint less dimes, and some fifths, in a case where the Mint likely WOULD come out ahead?
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Pillar of the Community
United States
998 Posts |
The Canadians and the UK have proven that the elimination of smaller bills and coins works well. It takes action and initiative to do it, but that is unlikely in the USA. While I don't see it happening, I think the USA would quickly adapt to the dollar coin and a $2 coin if the paper bills of the same value were eliminated. Sure, there is going to be grumbling and accusations that it is a Democrat or Republic plot to cause mayhem (depending on who initiates it...) but it would save money in the long run.
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Moderator
 United States
188952 Posts |
Ideally, we would have nothing smaller (in value) than the dime. If this means replacing the quarter with a double-dime, so be it.
The more immediate action is eliminating the cent and one dollar note.
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Forum Dad
 United States
24167 Posts |
The people that make your jeans won't have anyone to sell their scraps to.....
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Pillar of the Community
United States
1512 Posts |
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Bedrock of the Community
United States
17884 Posts |
Quote: The people that make your jeans won't have anyone to sell their scraps to..... Why? They use the same scraps for making the paper for the 2, 5, 10, 20, 50 and 100 dollar notes. And if they stop making dollar notes, they will wind up making more 2 dollar notes. So Crane paper and their employees won't get hurt much.
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Bedrock of the Community
United States
20753 Posts |
A Dollar Coin? I wonder why no one has tried this before?  And why not a Half Dollar coin too? Myself, I'd like to see coins for all denominations. Why not? Why stop at a Dollar coin? What about a $5, $10, $15, etc. coin all the way up to $1,000.00 We don't have a $1,000 bill so why not a $1,000 coin? You go to a car dealer and place 25 of those on a table for a new car. Easier than 20,000 One Dollar Bills. And while we are at it, why not bring back the $0.20 coin? And I'd love to see the reinstatement of the 2 and 3 Cent coins as well. I've always been wondering why we never had a 4 Cent coin. We had 1, 2, 3 and 5 cent coins. What happened to the 4 cent coins? I think our main problem with a Dollar Coin is it's size. It should be larger than other coins, not the same as one of the other ones. Say about 3" in diameter.  And Blue or Red. This all comes up so often I've always wondered if and when things like this will become real.
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Bedrock of the Community
Australia
21788 Posts |
How about plastic coins?  Just imagine: a whole pocketful of $10 plastic eagles?  , even with a StGaudens design! Or would you prefer a pocketful of gold eagles?  I suspect what we will eventually end up with though, will be eagles made from aluminum or manganese bronze. Both of these alloys are good for coins with a nice gold color, both when freshly minted, and in a heavily circulated condition. They could be of an almost piedfort thickness, to give them a nice tactile feel of (false?) value. I would like to see some really nice neo classical American designs for $5 and $10 yellow base metal coins. Plastic banknotes have been widely accepted in other countries for up to 20 years. We all use plastic debit and / or credit.
Edited by sel_69l 11/19/2014 5:16 pm
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Pillar of the Community
United States
4901 Posts |
Just carl: Great....now you have planted another seed in the mind of the thread creator....it WILL be taken as a serious plan. 
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Pillar of the Community
United States
1817 Posts |
Foxwoods Man: Please God no! Although I was rather taken with the OP's planned series of dog themed $2.00 coins... One must needs levity on this heavy duty board, methinlks...
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Pillar of the Community
United States
4901 Posts |
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Pillar of the Community
Canada
2519 Posts |
I find that the US has a similar condition of small denomination paper money replaced by coin to Indonesia before 2010.
Both the paper Rp 1000 (printed starting 1968, and is smallest paper money denomination, as of 1999 or 2000 I think, I wasn't old enough to remember what was circulating, but the smaller denominations were not withdrawn until 30 November 2006, still exchangeable for new money until 29 November 2016 even though inflation meant that they were worthless) and the thick and heavy nickel-and-brass bimetallic coins were circulating (the largest circulating coin denomination from 1993 to date). It was the heaviest one by far for its time, and just shy of being the heaviest for all circulating Rupiah coins (heaviest coin was minted only in 1973, this one was minted starting from 1993).
My mom has a person she often buys groceries from in the wet market. When I was really young, she sometimes changed paper bills with those coins (the coins for me to have, but I've mostly lost them, if not I'll have a lot of money now, saving that, 1000, 2000, 3000...), and the man once said to her, "Most of the time, nobody wants these for their change!"
The bimetallic coins were unpopular and they were not minted after 2000. So for the next 10 years only the paper bills were issued. In 2010, they introduced a smaller and lighter nickel-plated steel coin, weighing just a little more than half the of the original bimetallic coin. They were not widely used. You see one occasionally in your change but more often you get the may-not-be-old-but-smelly bills (yes, they do get worn very quickly, one issued at the beginning of the year might be badly torn by the end of the year).
The government stopped printing the bills in 2012. It was then that the coins began getting common. But even today, there are still a lot of the Rp 1000 bills circulating, as the government is not withdrawing them (at least not yet, in a few years they will be withdrawn and become "expired money" too, you can't exchange it for new money anymore).
So in conclusion here for the coins to be widely accepted you have to stop making more paper money of the same denomination. Especially if the denomination is considered large for a coin but small for paper money.
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Replies: 18 / Views: 3,843 |
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