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 Replies: 46 / Views: 4,562 |
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Bedrock of the Community
United States
14454 Posts |
I hate coins in my pocket, I don't even keep change in my pocket at all and will not carry dollar coins either. I put all the change from drive thru windows in my cup holder in my truck and if I am in a store and get change I usually carry it to the cup holder or as soon as I walk in the door of the house the change goes in a BIG bucket. I wait until that bucket gets full and then I carry it to the bank for them to run through the counting machine to get bills back. If they do away with the 1.00 bill I will just have to carry 5's or 10's to pay for everything and instead of most of this bucket being quarters and dimes it will be mostly dollar coins which is ok with me I guess because it will be worth more when I cash it in
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Pillar of the Community
United States
2734 Posts |
"To me it makes no sense producing these coins when nobody is using
them. They are just sitting there in a vault.""And it really irks me that so many of these things must be produced
in accordance with the law even though there is virtually NO demand for
the $1 coins."People said these exact same things about the Morgan dollars in the late 1800's....
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Valued Member
United States
258 Posts |
While the coins have intrinsic value ie. metal and beauty that fiat paper currency does not I would not expect the federal reserve notes (nothing federal about them) to be removed from circulation. They fit too well in our wallets and people HATE change (unless they are coin collectors). These dollar coins will be the modern day version of Morgan silver dollars which were hated by people for use in commerce (other than out west where most of the silver came from). Maybe in 50 to 75 years there will be a huge sale on them. I can see the headline now. "Bank hoard, Presidential dollars, $5.00 each!". Sincerely, John Leckrone |
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Pillar of the Community
United States
1418 Posts |
I agree with Bryan1315. I don't use coins either.
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Pillar of the Community
Canada
1082 Posts |
The opposition existed here in Canada too.
The government silenced it by stating that they just weren't going to issue dollar bils anymore. Period. People would just have to get used to it, and they did.
They didn't demonetize dollar bills (as England did with the pound notes), and people were free to use them if they wanted to, but with no more being produced and loonies becoming more and more plentiful, they had to switch.
The scenario repeated itself when the government announced it would cease printing $2 bills, but there was nowhere near as much opposition. The introduction of the toonie went off without a hitch.
If there was truly any desire on the part of the US Government to quit printing dollar bills, this would be the way to accomplish it, except it has a more than adequate supply of coins to replace it already; in our experience, they had to mint a whole new coin and build up a stockpile first. The Mint was working at full capacity to do so.
The only other difference that would likely occur between the Canadian experience and what the US would do would be that since the US has ten times our population, there would likely be ten times the whining about the demise of a piece of currency in favour of a coin. Nevertheless, the whole thing could be easily accomplished within a one year period, before anyone really had the time to complain.
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Bedrock of the Community
United States
14454 Posts |
the thing I don't like about change is its heavy and bulky. I can have 20 $1.00 bills in my front pocket and not even realize they are there but if I have 20 bulky heavy coins in my pocket my pants may end up around my knees when I walk from the weight
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Pillar of the Community
United States
2520 Posts |
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but if I have 20 bulky heavy coins in my pocket my pants may end up around my knees when I walk from the weight You either need to put some meat on your bones or start wearing suspenders! I never leave the house with coin in my pocket. I also keep mine in a cup in the truck. But I do purchase coin from banks and have had as many as 10 rolls of half dollars stuffed in my pockets as I carried out boxes of coin and Never found my Britches down around my ankles!  |
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Valued Member
United States
123 Posts |
Good discussion!
I have argued for years that the $1 bill needs to go away. The average life of a $1 bill is 6 months in circulation. The average coin is 15 years (those are stats from the US Mint btw). From a purely financial ROI perspective, coins make more sense.
If the US population was forced to go to a coin, they would adapt. Having spent most of my undergrad in the UK and some of my grad work in the EU, you get use to carrying "dollar" coins easy enough. It's a learned behavior.
I don't necessarily think the Treasury should say anything about it at first. Just start replacing bills with coins silently. People will catch on soon enough and when they do the Treasury can confirm and go on. Some will complain and what-not but they'll get over it.
Clinton
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Moderator
 United States
188770 Posts |
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I would like to see bills and coins. I feel the one dollar bill should stay. The two simply cannot coexist. The FRN, being the reigning champion, will continue to dominate over the dollar coin. Quote:
The opposition existed here in Canada too.
The government silenced it by stating that they just weren't going to issue dollar bils anymore. Period. People would just have to get used to it, and they did. Yup, and the last time I checked, Canada was still there. Killing the paper dollar did not throw them into oblivion.  |
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Pillar of the Community
United States
2734 Posts |
Replacing the $1 note with the $2 note would make for the easiest and most practical transition. The $2 notes would simply take the place of the $1 notes in cash registers. A transition to $2 notes would be nowhere near as drastic as having the $5 note suddenly become the smallest note. Crane & Co. would still get to sell the BEP a lot of paper, but doubling the purchasing power of the smallest note would still reduce the total amount of notes needed every year. And we have millions of $1 coins at the ready. For the 'anti-pocket-change' folks: If the smallest note was $2, you would receive a maximum of one $1 coin in your change, per transaction. If the smallest note was $5, then you could possibly get up to four $1 coins in your change, in one transaction. This reason alone shows why a transition to $2 notes would be much easier on the public than dropping the $1 note outright and having the $5 be the least denomination of 'common circulated' note. Me, I carry tons of change! |
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Bedrock of the Community
United States
14454 Posts |
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have had as many as 10 rolls of half dollars stuffed in my pockets as I carried out boxes of coin and Never found my Britches down around my ankles! I used to weigh about 30-40 pounds heavier than I do now and just about all my "britches" can be pulled down without unbuttoning them so you are right either I need a belt or new clothes but even if I did that I still don't like having a pocket full of change walking around |
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Pillar of the Community
United States
2520 Posts |
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The average life of a $1 bill is 6 months in circulation I believe it's more like 18 months. I think instead of trying to push dollar coins on us, they should put out a Big Honking $100.00 coin and let the drug dealers carry the burden. |
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Pillar of the Community
United States
1418 Posts |
I see no reason why all of you are just talking about the 1. It is just fine. There is no reason, besides opinions, that jump out and say get rid of the bill.
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Pillar of the Community
United States
5615 Posts |
It has been said "These dollar coins will be the modern day version of Morgan silver dollars " IMO, the now a days Dollar coins are many things , a very poor alloy,not made to last very long, simply very lifeless design, also extremely soft or easily nicked or scratched, I think this design was not one well planned out or given the proper time and effort towards a long lasting coin, like some other "modern coins, " LMC post 1982". I also feel these coins would or could never come close to the beauty of the Morgan silver dollars, Anna's face on the obverse alone is a true work of art, I do think it is time for a "New Silver Dollar" and Teddy Roosevelt would grace the obverse very well, a nice Eagle reverse would also go a long way to bring some real beauty to this "New Silver Dollar". I am not sure if it was the days gone by that brought us some of the most amazing coinage designs, but it is time to bring some of the "old designs" back to date, I am not in favor of doing away with the $1 bill, just think we are long over due for a new Silver Dollar Coin!!! Just my opinion....  |
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Pillar of the Community
 United States
4869 Posts |
How many dollar coins would need to be stockpiled in the vaults for total $1 bill elimination to proceed? Canada has been doing dollar coins with the removal of the dollar bill for many years and its not the end of the world.
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Replies: 46 / Views: 4,562 |
First Page
Posted 12/21/2009 11:04 pm
