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Posted 09/24/2015 3:16 pm
Quote:
Another interesting fact is that roughly 50% of those 2.45 billion dollar bills they made were to replace worn out dollar bills. The mint can easily make a billion maybe even 2 billion dollar coins in a year. If they discontinued the dollar note and we are correct that they are overstating the lifespan of the note they would pretty much replace the dollar note within 2 to 3 years with coins lasting 50 years and dollar coin production would also decline. Probably to where it is now or less.
Another interesting fact is that roughly 50% of those 2.45 billion dollar bills they made were to replace worn out dollar bills. The mint can easily make a billion maybe even 2 billion dollar coins in a year. If they discontinued the dollar note and we are correct that they are overstating the lifespan of the note they would pretty much replace the dollar note within 2 to 3 years with coins lasting 50 years and dollar coin production would also decline. Probably to where it is now or less.
I think that was the same result in Canada when they introduced the Loonie and stopped printing the paper dollar. After a couple years of 100 million or more it leveled off to much smaller numbers, and there were a few years when none were made for circulation.
This is typical for such a change, you need a whole bunch at the start to get them in wide use and replace the former devices and once that is done the mintage levels rationalize.
I would suspect that when cents are withdrawn that more nickels will be needed.
