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Bedrock of the Community
United States
17884 Posts |
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2. The U.S. Mint does NOT make $1 notes. The Bureau of Engraving and Printing does, and they are two completely separate entities in the Treasury Department. Therein lies the problem with getting rid of the dollar bill and going exclusively to the coin. It would decrease the BEP output by over 50%, which would pretty much stall the process on printing all our other money because of the pending layoffs. They have to be able to pay for the process somehow. That's the argument that is usually made, but since they DO make a two dollar note, and since people would rather use paper than coins, the number of twos would greatly increase, reducing or even eliminating the layoffs. It would also reduce the number of coins needed. Because people are right it would take a lot more coins than what they have struck so far to replace the dollar note if they didn't increase the production of twos. And the increase of twos would make it so no one would ever have to accept more than one dollar coin in change. |
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Moderator
 United States
188952 Posts |
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My suggestion... Produce and circulate $2 notes in mass, and get rid of the $1 note. At the same time, round all transactions to the nearest dime, and get rid of the cent and nickel. Step up production of dimes by 50% and create a $5 coin to circulate that's twice as thick as the $1 coin. Everybody's problems are solved...all the BEP workers and the Mint workers still have jobs and can still print and mint as much paper and coinage as they had been. Well said!  I will add that I never have more than four One Dollar Federal Reserve Notes on me at any time; therefore, I would not have more than four Dollar coins on me. If the Two Dollar Federal Reserve Notes sees the logical increase in production, I would expect to only have one Dollar coin on me at any time and two Two Dollar Federal Reserve Notes. |
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Pillar of the Community
United States
623 Posts |
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My suggestion to the Treasury Department would be to produce a well needed $200 note and bring back the $500 note. Disagree 100%. Who wants to carry around that kind of cash? And...why should you when you can safely put the purchase on a credit/debit card? |
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Moderator
United States
188952 Posts |
I can think of at least three people I personally know that carry around that kind of cash. I am not saying it is right, just that there are plenty of people that have that kind of money and refuse to use electronic transactions.
Personally, I am with you on this; a debit/credit card is much safer and more convenient.
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Pillar of the Community
United States
623 Posts |
Oh of course there will be people who carry around large sums of cash but I feel confident saying they're the exception. Even if the BEP were to make larger notes I bet stores would start saying they're not going to accept them.
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Valued Member
 United States
286 Posts |
well all of the reserve notes will be obsolete once china nails us to the wall and forces the treasury to print money :D
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Moderator
United States
188952 Posts |
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Even if the BEP were to make larger notes I bet stores would start saying they're not going to accept them. I agree. Late last year, I bought my friend something (during the busy Christmastime; I was closer to the store that had what he needed) and he paid me back with a $100 FRN. I tried to spend it at three different places with no success! I ended up taking it to my credit union. So yes, I have problems with a $100 FRN. I cannot see how a $200 or $500 FRN would be any easier to spend.  |
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Valued Member
United States
286 Posts |
the fred meyer/kroger up here accepts 100s
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Moderator
United States
188952 Posts |
Good to know! I probably would have had better luck if I tried a grocery store. It is very easy to spend $100 there. |
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Pillar of the Community
Canada
3692 Posts |
You can't use more than one dollar coin at a time? What kind of crap is that? What's even the purpose of these coins if they can't be used?
Conclusion: what would it take to make public service announcements saying that these coins are legal tender, dear public, if you're patriotic, then pump them into circulation? A no-brainer, so that proves that people are still making a buck off a federal reserve notes.
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Moderator
United States
188952 Posts |
Quote:
You can't use more than one dollar coin at a time? What kind of crap is that? What's even the purpose of these coins if they can't be used? Not sure what you meant by this. I cannot see where anyone said you were not allowed to spend more than one at a time, just that you do not need to have a pocket full of them. Quote:
Conclusion: what would it take to make public service announcements saying that these coins are legal tender, dear public, if you're patriotic, then pump them into circulation? A no-brainer, so that proves that people are still making a buck off a federal reserve notes. They will not circulate well until the One Dollar FRN is terminated. No number of PSA's will ever change this. Given two choices, people will always go with the more familiar. |
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Bedrock of the Community
United States
17884 Posts |
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what would it take to make public service announcements saying that these coins are legal tender, dear public, if you're patriotic, then pump them into circulation? They did that. They've spent over 100 million dollars so far on PSA's pushing the small dollars. They spent $60 million back when the first President dollar was being released. About two years ago they spent $20 million in just four test market cities promoting the dollars to "see what works". Increase in use in those cities was negligible. Advertising an promotion is not going to do it. What will do it is when businesses go to the bank to get change for their registers and are told we have a shortage on ones so we can't provide them but we have plenty of twos and dollar coins. if that's all they can get they will use them. They may grumble, and their customers may grumble at first, but they will adapt and then when the "shortage" becomes permanent life wil go on an the coins will be used. |
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Moderator
United States
188952 Posts |
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Bedrock of the Community
United States
19963 Posts |
Worth $25 IMO, no premium....although eaglefoot makes an interesting point. I'm with Maineman, get rid of the stupid $1 notes and the coins will circulate and save our tax money.
Commonsense with our tax money must start TODAY! I've had enough with the government waste and spending...it MUST end. Get rid of the $1 note, the cent and the nickel, we lose money on every one of them. If people want to complain about rounding to a dime, let them use a credit or debt card to get their exact amounts. Personally, I could care less if I get rounded to the tune of probably $20 a year. It'd be made up by saving the wasted tax revenue on making coins that cost more than face to produce.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Moderator
United States
188952 Posts |
Quote:
If people want to complain about rounding to a dime, let them use a credit or debt card to get their exact amounts. Exactly. I believe almost every business will end up rounding down for cash purchases. The amount lost for rounding down is insignificant compared to the fees they pay on electronic transactions. There is already more than one place I frequent that already does this. |
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Posted 02/15/2011 12:21 pm
