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Pillar of the Community
Canada
3692 Posts |
And, how about making the size proportions opposite to their value? Of course, each coin would have a different alloy to combat counterfeiters. For instance, making the $1 the smallest, and the 1 cent the largest. This way all the small-value change gets used up in every transaction possible while your dollars don't weigh you down and aren't that bad to carry lots of. Some people may just say "keep the change" most of the time to avoid carrying large cents. Money gets saved and constantly recycled. It may be too late for this.
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Valued Member
United States
384 Posts |
I like the idea of having a $2 coin that's bimetallic, like the 2 Euro, 2 CAD, or the 2 GBP.
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Valued Member
United States
257 Posts |
Just imagining pennies the size of Ikes- OY!
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Valued Member
United States
137 Posts |
As stated by others, I also believe that the dollar coin will not be used as long as the dollar bill is still in circulation. However another large problem that I see is the retailers. I have spent thousands of Presidential dollars with very little problems. However I have NEVER received one in change from a regular store. As long as people see them as a novelty and not regular money they will never circulate. |
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Pillar of the Community
United States
917 Posts |
Well, from experience, I talked to friends of mine who are cashiers and they tried to give out dollars in change and a number of customers complained that it's "not a real dollar" or they didn't like a bunch of coins coming back instead of paper bills, and they raised a stink about it.
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Pillar of the Community
United States
1064 Posts |
I thought it was going to be the Sacagawea dollar that was finally going to supplant the dollar bill; I remember being inundated with TV, radio, and print ads urging the public to use the 'Golden Dollars'. It had to be a very expensive ad campaign, but I'd say it was a total failure, at least around here... |
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Pillar of the Community
United States
4778 Posts |
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Moderator
 Australia
16829 Posts |
Quote:
Libertad said:
...For instance, making the $1 the smallest, and the 1 cent the largest... The problem with this theory is, small coins are easier to counterfeit. The British £1 and the Australian $2 are both small-size high-value coins, and both are extensively counterfeited. Quote:
Well, from experience, I talked to friends of mine who are cashiers and they tried to give out dollars in change and a number of customers complained that it's "not a real dollar" or they didn't like a bunch of coins coming back instead of paper bills, and they raised a stink about it. And that right there is the reason why $1 coins will never circulate while the $1 note remains a viable alternative. Kill the dollar note and people will very quickly learn that $1 coins are "real dollars" and will have no choice but to accept them. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
917 Posts |
While our Sacagawea ads in 2000 were funny, I think Canada's ad for the Loonie in 1987 is much more effective at promoting the benefits of the new coin: http://www.youtube.com/watch?v=hVNTAqZP3VE. Also "Go With It!" is a much more encouraging campaign and supports circulation versus "The New Face of Money." I wasn't born yet when this happened, but to those who were around and remember 1979 and 1980, did the Mint put out print ads or run commercials to promote the Anthony dollar? Edited by SilverRoosevelt
06/28/2011 10:10 pm
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Bedrock of the Community
United States
17884 Posts |
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Removing the dollar bill from circulation would be unpopular with the public, and Congress has shown pretty clearly that it is spineless when it comes to proposals that are unpopular. Simple solution to that is to leave Congress out of it. If the Fed stops ordering dollar notes, ups their requests for twos and starts shipping dollar coins and twos to banks that request ones that solves the problems. If they aren't getting orders for ones but are getting orders for twos the BEP switches over to twos. They don't have to lay off or lay off fewer and at Crane paper they don't have layoffs because they are still making a similar amount of paper. Quote:
The only downside is that cashiers will have to find a place to stick paper clips and other supplies (maybe under the large bills?). Of course, if the cent were eliminated, just shift the coin spaces one to the left. Not a problem. Most businesses already stick the large notes under the drawer and there is no reason they can't do the same with the twenties if needed. Think about it, how often do you get back twenties in change when you make a purchase? And the cent does need to be eliminated. Get rid of the cent and put twenties underneath and that handles the four slot drawers as well. Quote:There's a wonderful diagram that someone created that can be used to train cashiers and the public about rounding: http://home.earthlink.net/~fredeshe...Rounding.pdf Since most cash registers are electronic now rounding isn't a problem. It's usually programed into the machine already and it is just a matter of setting the machine to round the final total to the nearest .05 Quote:
The dollar coins have caught on in Ecuador, and I think they circulate alongside dollar bills, but most prefer the coin. That's because in that climate the dollar note don't last very long. Even less than here. Quote:
Well, from experience, I talked to friends of mine who are cashiers and they tried to give out dollars in change and a number of customers complained that it's "not a real dollar" or they didn't like a bunch of coins coming back instead of paper bills, and they raised a stink about it. But if they upped the production of the twos you would never have any reason to ever get more than one dollar coin back. And if they don't like it they are welcome to take four quarters instead (23 grams of metal instead of 8 grams) |
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Pillar of the Community
United States
917 Posts |
I do tell my cashier friends that if twos came into the picture to replace ones, you'd never have to get more than one coin back at a time, if the change is $-3 or $-8, for example, and if having a lot of coins in your pocket is a problem, now doesn't that encourage you to get rid of them by spending them?
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Valued Member
United States
271 Posts |
I think that is the solution. Bring in the 2 dollar bill to regular circulation and eliminate 1 dollars bills completely while being replaced by the 1 dollar coin.
Don't make it an option, make it law. Stop printing 1 dollar bills. Do print lots of 2 dollar bills.
As much as the dollar is worth in spending power today it may as well be a coin. Heck, compare the spending power of today's dollar against a dollar a hundred years ago. The difference is ludacris.
Away with all this paper. That's what I say.
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Valued Member
United States
301 Posts |
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It's like the metric system. There's no good reason why we're using this weird old system that's obsolete in the rest of the world. We should have switch over long ago, but we're too stubborn. Obsolete to you maybe....[rant mode on] There's LOTS of good reasons to continue using our "weird" old system! I work in manufacturing for a major aerospace prime contractor. We machine aerospace hardware and the tolerances can run in to the millionth of an inch. Where I work, we would never change to metric! Our customers would never accept it. To change, we'd have to throw away millions of dollars worth of perfectly good (inch)tooling, (inch)fixturing, and (inch)gaging. Not to mention millions more spent to re-draw all the prints to metric. Throw in millions more to re-program all the CNC machines to metric, (if that's even possible) then spend even more training the machininsts on the floor in the metric system. It would be a HUGE multi-year effort that would cost tens of millions of dollars....probably more! After all of this activity, we could say "Well, at least we're not weird, old and obsolete anymore!" Sounds like a good use of our money and resources to me. It would cost billions and billions and billions of dollars to convert American manufacturing to metric. It just ain't gonna happen! [rant mode off/] Speaking to the topic, the only way a dollar coin will ever catch on is if the alternative (dollar bill) is eliminated. Since the US Goverment is so far in debt, sounds like a great way to save a few $$$. I read that somewhere the company that makes the paper for our currency has been very successful lobbying to keep the dollar bill (and their revenue stream) intact. |
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Pillar of the Community
United States
1064 Posts |
I would be willing to bet a lot of consumers would not like the $2 bill, afraid they would confuse it with a $5. The first waves would probably be collected/hoarded by many (they are beautiful!), before they would become generally accepted. I still think credit/debit cards will replace more and more, I hardly ever use any money at all.
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Pillar of the Community
United States
917 Posts |
Personally, I find it hard to believe someone would confuse a $2 with a $5. Maybe if the $5 was a small-head Lincoln one, but they look completely different from each other, what with the five having a large portrait and since 2008, purple coloring on it.
Not to derail this discussion, but some of the issues with getting the dollar coins out are shared with getting twos out:
*People think they're valuable and hoard them as an investment. Or, mainly with the older folks, they save them for their grandchildren (Do they really think they'll be worth hundreds of dollars in a matter of decades? Also, when I first started to spend twos regularly at my job, some wondered if I broke into my parents' hoard, and they thought I collected them. Afterwards, I told them why I spent twos-they're very convenient).
*Some think they aren't real.
*Some customers raise a stink about getting something "different" in change and they think they can't use it anywhere else (i.e. vending machines or other businesses).
*This is mainly about the older folks, but they may remember the failure of the two back in '76-some viewed it as a novelty that would be worth more than $2 someday, some remember the "bad luck" and superstitions of the two when it was issued through 1966, and some confused them with $20 bills (That's no longer an issue today).
Edited by SilverRoosevelt
06/28/2011 10:56 pm
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Replies: 97 / Views: 11,227 |
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Posted 06/28/2011 2:55 pm
