Obama Adminstration's Plan To Change Metal In US Coins - Page 4

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GFR3 Valued Member United States 473 Posts	Posted 02/05/2010 10:20 am I see what your saying, Conder, and I tend to agree. I do not think, however, the mass hoarding would start that quickly, especially with the economy as deperessed as it is. Several friends of mine (the kind that normally just sits on their pennies) have cashed them in in recent years and I would imagine this exists everywhere. Also, like a indicated above, I don't think the disappearance would be a bad thing. Let's face it, the cent is useless and it is a waste of time, money, and energy to continue coining them. Its time to axe Lincoln WS1040, I think your line of thinking is flawed regarding MA and jobs. The discontinuing of the dollar bill would certainly hurt the paper and related fields but think of the rest of us - we have to pay for the (re)production of these dollars. Why should the taxpayer be forced to pay extra just to keep some government favored businesses' doors open? The Senator that works to eliminate the contracts pertaining to Dollar creation would have no such guilty conscience - he should be praised as a champion of the poorer classes! But worry not, IF this were to happen, some company somewhere would get a nice juicy contract for the production of dollar blanks. They too would be overpaid and would be able to hire just as many workers as the paper company. And then, the process starts all over --gary Report this Post to the Staff
nod2003 Pillar of the Community United States 3294 Posts	Posted 02/05/2010 10:46 am Need I note that the majority of the US "lower class" does not actually end up paying taxes? Report this Post to the Staff
dreamstones Valued Member United States 292 Posts	Posted 02/07/2010 06:50 am My personal opinion is that it is only a matter of time before we move to the era of rounding up cash purchases to the nearest 5 cent anyway. Electronic purchases will continue to be calculated to the nearest cent. I think it's time to be proactive and begin the slow down/elimination of the cent (sad though it will be). The government could/should begin a campaign much like when they planned the conversion from analog to digital broadcast television. The fact remains that they are not going to preserve or change the status quo for the collectors. We already have programs from the mint to 'satisfy' our collecting (at least that's what they tell us...) Do I think they will take the sensible approach? Probably not. Politics will be played, favors granted and the situation will drag on and mire down until it is killed again...or an "emergency measure" will be passed and we will have a new mess to pay for. Thanks for letting me rant... Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 02/09/2010 3:38 pm Quote: Eliminating the dollar bill and other bills, in short, will be disastrous for Massachusetts and other states that provide the paper, ink and technology to print banknotes. Currently, the $1 bill I think occupies 45-50% of the total pieces of banknotes issued in the United States, and because of its low value, it has to be reprinted... A LOT. So, if the one dollar bill is not issued anymore, that would destroy a large part of those local economies (like Crane Co, which is located in small Dalton, MA. No senator or congressperson would want that on their conscience. Not really, because if you eliminate the one dollar note production of the two dollar note WILL increase and will make up probably 80% of the decline in paper that would come from the stopping the one. So income and job loss at Crane would be minimal. Quote: I do not think, however, the mass hoarding would start that quickly, especially with the economy as depressed as it is. I agree the depressed economy might slow the shortages. That would seem to make this the perfect time then to eliminate the cent, while people ARE inclined to return their hoarded cents to the bank. Quote: But worry not, IF this were to happen, some company somewhere would get a nice juicy contract for the production of dollar blanks. They already have it. If they haven't changed it, the dollar planchets, like the cent planchets, are delivered to the Mint ready to coin. The Mint does not create their own dollar planchets. Edited by Conder101 02/09/2010 3:51 pm Report this Post to the Staff
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