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 Replies: 177 / Views: 13,892 |
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Moderator
 United States
188952 Posts |
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The main issue I see is with logistics. Not an issue. Stop shipping cents (and possibly nickels), start shipping dollar coins. Quote:
We built entire warehouses for the excess dollar coins. I do not think this is true. I think the mintage was reduced to avoid overrunning the storage they had. I will have to research this, or someone else will have to verify it. Quote:
I can vouch from experience that most customers would be more willing to take 4 quarters instead of $1 coins. Which is completely illogical and ignorant. The four quarters weigh more... and there are four of them!  No problem, just mint more quarters, and maybe it will be easier to fill my ATB holes each year.  Quote:
...and in the Bible belt, it's a common belief that the "Godless Dollars" were made deliberately as an experiment by the Mint to test the public's acceptance of a totalitarian, Atheist regime. I live in the bible belt, I can say it is not that common. |
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Pillar of the Community
United Kingdom
837 Posts |
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This is so well known in my area that when you try to spend $2 notes, you get "knowing looks" from the cashier.   I would love to come visit your town ! Quote:The four quarters weigh more... and there are four of them! , funny enough this reminds me of the weight of our pound coins and how getting a few in change can be an issue, if a widely circulating dollar coin becomes reality the weight of the coin should be looked into seriously ! One other thing , I think what is also needed is an exciting or should that be ,at least a vaguely exciting dollar coin possibly with a different shape and alloy color that is instantly recognizable then if its forced upon the public it just might be slightly more palatable .. |
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Pillar of the Community
United States
2272 Posts |
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The main issue I see is with logistics. We built entire warehouses for the excess dollar coins. Unless the government starts shipping out boxes of coins instead of the notes everyone is ordering, the coins are going to sit in place until the entire stock of circulating $1 notes is unusable. Once the government commits to the dollar coin, vending companies will rapidly change over their machines to accept them. No one ever has to get more than a single dollar coin in change as long as the $2 bill is avaialable. My guess is the dollar coin will be so useful that the two dollar bill still won't circulate very much. People will simply prefer two coins to the bill. The dollar bill spreads germs and often won't work in vending machines. The coin is cleaner (with or without IGWT) and will always work in a machine. I would expect coin velocity to increase if all these changes are made since more people will use coins if they actually had some value and you didn't need to count pennies. Time don't fly, it bounds and leaps.
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Valued Member
United States
156 Posts |
Pull out your wallet or whatever you carry your bills in.
I carry a money clip.
I currently have $118 in cash. 18 of which are 1 dollar bills.
That would really be bad if those were all now coins. No way would I carry around 18 coins in my pocket. I empty my pockets out into change jars every day.
Dollar coins would go the same route. They would not circulate. People would dump them into change jars just like their spare change everyday and sit there until they made a trip to the bank to cash them in.
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Pillar of the Community
United States
2272 Posts |
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Dollar coins would go the same route. They would not circulate. People would dump them into change jars just like their spare change everyday and sit there until they made a trip to the bank to cash them in. I don't like dollar bills because they make my wallet too thick. I never have more than four. I'm sure you're right that everyone wouldn't be spending dollar coins but more people would and they would be more likely to spend another coin if they're already reaching for a dollar. Coins are great for yard sales, farmer's markets, and flea markets. Having your offer in your hand increases the chance that it will be accepted. These venues would do a little better business. Venders would do much more business. Most transactions involving cash would go a little faster. People wouldn't lose money everytime anyone decides to spend pennies. A smoother currency system would necessarily improve the economy and save the taxpayer money. If you don't like having 18 dollar coins then spend them or dump them in your change bucket. All changes will result in changes in the way individuals do things. That's why a beneficial change in the currency system will benefit the vast majority of individuals. Even those who use credit cards won't stand in line as long while the clerk makes change for customers in front. Time don't fly, it bounds and leaps.
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Valued Member
United States
156 Posts |
Well its not just dollars. When I was in the Navy, and we would pull into some port, I would come back to the boat with my pockets full of change. Some of those coins were worth several dollars each in exchange rate, but they would just be dumped into my rack each night.
Americans look at coins as pocket change, ie, not to be carried around for very long.
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Pillar of the Community
Canada
2805 Posts |
I hear some people talking about making the dollar coin more "distinctive". Remember that the Canadian loonie is made to the exact same size as the SBA for easier vending machine acceptance - the difference is the golden colour and the 11-sided shape (11 sides is not very angular). The American dollar coin now has a distinctive golden colour too and a distinctive edge (plain and lettered, unlike any other American coin). So there is no major difference between the two coins that makes the loonie somehow better than the American dollar, and I've heard of some people coming across American dollars in loonie rolls. Further redesigning of the dollar coin won't fix a thing. |
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Valued Member
United States
446 Posts |
American dollars in loonie rolls? I can understand American nickels and dimes being found in change there (we get yours down here on occasion). But a round American dollar?
Well.....from reading the half dollar roll searching thread guitar picks are sometimes being found in them, so I guess much more is possible.
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Pillar of the Community
Canada
2805 Posts |
Round? Who cares? They're the same diameter and colour.
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Pillar of the Community
United States
1116 Posts |
I think that I this law passes, banks will immediately ship their cents and nickels back to the FRB for disposal. Also, the dollar bill will disappear from circulation as fast or faster than the silver coins did.
If you want savable coins and bills you will have to act fast.
I wonder if the copper savers (myself included) will start saving all cents.
When these coins disappear from circulation, I would imagine that the copper coins will be melted down along with the nickels.
Who'll be saving them then.
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Pillar of the Community
968 Posts |
Stop 'em. Country can't afford to waste money when the debt keeps piling up.
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Pillar of the Community
1325 Posts |
when you mention collectors, I find it funny that part of the reason for the ATB and state parks was to entise new collectinos for spuring the market since the few folders were stagnat and you jsut bought one to last a few decades worth of coins. getting rid of cents and nickels would kill collector market in those folders, albums, flips, tubes, etc. what would it do to the slabbing companies? would they have a sudden increase in grading for the now defunct coins? What about mint sets? You get 5 quarters, a half, and a dime? this isn't like getting rid of the 2-cent because we still ha the one cent, this is talking about rounding all purchases off to 10 cents. so how will that affect taxes? 2% tax on food items for me now becomes 10%? 500% increase in the tax!?!?! food prices are bad enough as if, but if you cannot afford the taxes because of rounding.... and how will it effect personal taxes? you get rounded down when you get your income, but the tax is rounded up, so you get screed from both ends? Edited by shadz
07/31/2014 04:58 am
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Moderator
United States
188952 Posts |
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...18 of which are 1 dollar bills. Doing it wrong.  Quote:
I don't like dollar bills because they make my wallet too thick. I never have more than four. Doing it right.  Quote:
What about mint sets? You get 5 quarters, a half, and a dime? The half dollar is no longer minted for circulation,yet still included in mint and proof sets. Including the cent and nickel in these sets is still profitable, no reason to quit making them (and allowing collectors to continue collecting them). They are already made on different presses, so nothing will change for them; only the true business strikes of these coins will end. Quote:
so how will that affect taxes? It won't. Taxes are a percentage, not quantity of cents. Taxes are already rounded the nearest cent, and it is applies to the total, not each item. Rounding to a nickel or dime is trivial.
It really, really concerns me that some people do not understand what is really simple math. Again, if losing the cent is so bad, then why hasn't Canada descended into total anarchy? |
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Pillar of the Community
968 Posts |
Most of Europe rounds things to the dime and the system over there works fine. I see no valid reason for the continued existence of the cent and nickel.
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Bedrock of the Community
United States
17884 Posts |
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I currently have $118 in cash. 18 of which are 1 dollar bills.
That would really suck if those were all now coins. No way would I carry around 18 coins in my pocket. I empty my pockets out into change jars every day. And if they got rid of the dollar note you would have 9 twos. Saved you 9 grams of weight in your pockets. And there would be no reason o have 18 dollar coins in your pocket. Handle your payments properly and you should never have more than one, and you should never receive more than one in change. |
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Replies: 177 / Views: 13,892 |
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Posted 07/30/2014 6:22 pm
