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 Replies: 46 / Views: 6,478 |
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Valued Member
United States
460 Posts |
Many of the new vending machines do. Even when I was in college ten years ago they did.
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Pillar of the Community
United States
917 Posts |
Bill acceptors can be converted to accept twos, if twos circulate widely.
I'm for the switch to the dollar coin. Last May, I decided to see what it was like to spend dollar coins instead of bills, and I fully embrace the coin because I find it a lot more convenient for use in vending machines, tolls, and in person-to-person transactions. Every week, I usually go out of my way to get about $10 in dollar coins to spend.
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Bedrock of the Community
Australia
21788 Posts |
The devil's advocate: Why can't we have just purely electronic monetary transactions?
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Pillar of the Community
United States
757 Posts |
sel,
one obvious reason, at least in the states, is that a good portion of us have a deep lack of trust in the government. we don't want the fedgov being ABLE to track every transaction we make, regardless whether they do or do not actually track such things.
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Valued Member
United States
380 Posts |
Im not so sure about larger denomination coins, the collector in me thinks that would be cool to see. But on the other hand I just don't see that happening. Your argument makes sense, not dollars.... ;)
I don't know how I feel. I tend to like the coins, I don't like how they change them all the darn time. If we could pick one design and stick to it, the general public might feel a little bit better about them.
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Pillar of the Community
United States
958 Posts |
I read a dollar note last about 3 years +/- ,not 6 months like posted. I believe it was the treasury itself that published that number .
It claimed some last shorter then 3yrs and some last longer then 5yrs + avg of 3 yrs in general for the $1 notes, this explains why most of the notes in circulation are usually dated from 06-10 if you were to grab a stack of 100 1 dollar bills and sort them out you fill find that out for yourself.
( I actually just check to see for my self I grabbed all my ones I got today in change from work, I have 34 ones and just stacked them by date )
34 ones
1 2009
28 2006
4 2003
1 1999
If we go by the numbers that are provided from the treasury, 10 cents per note ( not 75 cents )with a life span of say even just 3 years versus 6 months
Thats closer to 3.3cents - 4cents per year for every dollar in circulation, a far cry from $1.50 a year
Never the less , a point was made about the cotton fields ,paper mills , ink cost that might put more americans out of work if the coin was to totally replace the paper note from this day on
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Bedrock of the Community
United States
17884 Posts |
Quote:
But that raises a new point...could we become a society of quarters and $2 bills because people will STILL refuse to circulate the $1 coins? No the "coins are too heavy" argument takes care of that. If people aren't willing to carry dollar coins that weigh 8 grams, they sure aren't going to want to accept four quarters instead that weigh three times as much instead. Quote:
1. A friend of mine has a vending machine company. Some of his machines take single bills and some even take a 5 dollar bill. All of his machines take all coins EXCEPT those baby sized dollars. If that is true then your friend is using very old machines hasn't bothered or needed to replace any of his coin mechanisms in nearly 35 years, a remarkable feat. Quote:
3. Going to flea markets and similar places I always have a large amount of sincle bills. The reason is obvious. To haggle a price you need exact money. You just can't say I'll give you $4 for that since that is all I have. Then try to hand him a $5. Carrying 20 to 50 of those baby dollars would really be a pain in the So you carry a large number of twos and a small number of dollar coins Quote:
4. I can't imagine how many people have used them for Quarters. I know I get them for quarters and have spent them for the same. Anyone who can't tell a heavy gold colored coin from a light silver colored coin deserves what he gets. Now I admit I could happen with the SBA dollars if people don't both to look at the coins they are handing out. Quote:
Never the less , a point was made about the cotton fields ,paper mills , ink cost that might put more americans out of work if the coin was to totally replace the paper note from this day on Except that the increase in production of twos would offset most of the reduction in paper, ink, and jobs. |
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Bedrock of the Community
Australia
21788 Posts |
oblakavshtanax: You have instantly understood why I declared myself 'the devil's advocate'. Actually, I have never had plastic money, I pay all of my public utilities bills in cash at the Post office, after taking the cash from the bank.
One thing I have always avoided like the Plague is having a credit rating. As far as I am aware, the credit rating authorities don't know that I exist.
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Pillar of the Community
United States
1348 Posts |
I do not carry $1 bills around anymore. I haven't for about 6 months now. Guess what? there isn't too much stuff that costa $1 or less now a days. They bank I got to has $2 bills on stock and I always use them. Whenever I get a $1 in change I put it in my pcket and then place it in a jar at home. I think the coin is ultimately going to replace the coin wether we like it or not. I am in favor of the gov't saving some taxpayer money.
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Pillar of the Community
United States
1231 Posts |
Dropping the dollar bill to start using a doallr coin if fine. But to increase or promote production or use of the $2 note really offsets the point of trying to use the coin. All we would be doing is replacing the $1 note with the $2 note. The coins still wouldn't circulate. I fell you would just see more use of quarters.
For example lets say they removed the $1 note and we now use the coin. But they also increased the use of the $2 note also
Something that cost $0.90 people pay with a $2. You will end up getting 4 quarters and a dime as change. Because ppl still wouldnt want to deal with the $1 coins
Something that cost $1.40 people pay with again with a $2.
So really all we did was switch the denomination of notes being used. I feel if the gov wants to do this they need $1 & $2 coins like many other countries have gone to.
Edited by onejinx
03/20/2011 11:17 am
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Rest in Peace
United States
9104 Posts |
FWIW-- http://www.moneyfactory.gov/faqlibrary.html says $1 note lasts 42 months (which I find really surprising, since for years, I've heard 6-18 months) Everything I've found says a $1 costs about 6¢, not 75¢. Slightly more for more security measures on higher denoms. |
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Rest in Peace
United States
9104 Posts |
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agree-- the dollar coin is basically "unloved" by the public because of the weight-- the answer is to do one or the other-- but Americans are lazy and they wouldnt want to carry around all that weight without the paper dollar. Lame excuse. Three brass bucks weigh about the same as four quarters, and have triple the purchasing power. If $2 bills are used, you never really need more than 1 brass buck. |
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Rest in Peace
United States
9104 Posts |
Denomination FY 2010
$1 1,856,000,000
$100 1,907,200,000
Looks like the first time in history they made more hundreds than ones. Drug traffickers been keeping them busy. Or maybe the services telling us the gubmint is cranking out money as fast as possible know something. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
If that is true then your friend is using very old machines hasn't bothered or needed to replace any of his coin mechanisms in nearly 35 years, a remarkable feat.
Not really and if your willing to pay, he will gladly upgrade. Why should he if he doesn't have to. Same with many, many others in that buisness. Easy for you to say, but your not paying for that. Quote:
So you carry a large number of twos and a small number of dollar coins Obviously you haven't tried passing a two dollar bill lately. Most think those are as fake. Quote:
I'm pretty sure some vending machines are already compatible with the dollar coins. I think the money being saved from switching over to dollar coins could easily help the vending industry, as well as be used to "educate" the public. Exactly how would this help them. They would be dishing out money to convert to being able to accept a certain coin that otherwise they just don't need to do. And the massive savings the government would make by such a change? I seriously hope most know better. That savings would vanish as fast as Acetone on the ground in the Sun on a 100 degree day. Great example is when we started the State lottery all proceeds were SUPPOSED to go for education. Not one cent ever has yet. Same with any savings with any change to our monitary system. Anyone that really thinks such savings wiil not just end up blown somewhere else is not aware of how things work. |
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Valued Member
United States
277 Posts |
I know you were just playing devil's advocate sel, but I hate the idea of all electronic transactions for a couple of reasons. One it gives you no value that you can actually hold if there is another depression. The second reason bugs me more than anything, and it is when your finance companies (mortgage's, car's, insurance etc.) want you to allow them to take your payments out of your bank directly. Then the main reason they give for this benefit is because on average 11 people can touch the check you write while it is enroute to them. Yet they fail to remind you that their millions of scammers and hackers online that can try to hack into your account and not only steal the payment but your bank account info too.
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Replies: 46 / Views: 6,478 |
First Page
Posted 03/18/2011 10:47 pm
