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Pillar of the Community
United States
1228 Posts |
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Moderator
 United States
187678 Posts |
Quote:
"This report is crystal clear about one thing: The unwieldy dollar coin is more expensive than the popular dollar bill, even over the long run," outgoing Sen. Scott Brown, R-Mass., said in a statement last February. "The dollar bill will continue to be the more cost-effective currency to produce and use." No surprise, Crane (provider of US currency paper) is in Massachusetts. However, he is very wrong. It is only the short run, as the supply is ramped up to replace the withdrawn dollar notes. Even that is not as bad as it seems, seeing as how we have vaults full of them ready to go. |
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Pillar of the Community
United States
7840 Posts |
Yes, by all means, stop production of the One Dollar Bill. While they are at it, stop production of the Cent too! Then, perhaps, the Two Dollar Bill will see some circulation.
Not Intended For Circulation (NIFC) bills & coins are always welcomed!
Edited by oih82w8
11/29/2012 12:43 pm
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Pillar of the Community
 United States
1228 Posts |
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Pillar of the Community
United States
965 Posts |
I wish they would stop making the penny, nickel, dime, & the one, two, five, & ten dollar bills. Then mint more kennedey halves and dollar coins, and have every purchase rounded to the quarter, In addition to minting $2.50, $5, & $10 dollar coins.
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Bedrock of the Community
United States
20753 Posts |
Quote:
I wish they would stop making the penny, nickel, dime, & the one, two, five, & ten dollar bills. Then mint more kennedey halves and dollar coins, and have every purchase rounded to the quarter, In addition to minting $2.50, $5, & $10 dollar coins. Only a matter of time you know. I've said this many times in the past. ALL coins and currency are doomed. It is going to take time but it is coming. Everything will be done electronically as many, many things are already that way. Many people already do not use cash, only credit and/or debit cards. My Son has his own buisness and everything is done monitarily by electronically systems. This will be a necessity for international dealings soon enough. Why bother translating from one type of system to another when a simple computer system will do that and fast. Great for a paper trail for buisnesses. No carrying coins or bills at all. No worries about having the correct amount of cash with you. You want to go to Hungary and you just go. For money you just have a plaatic card. Only one card but two might work for large purchases. AND the Mints all over the World could stop making coins and currency completely. Shut them down, save on material, personal, a building that could be made into a museum. Of course one small problem. No more new coin Albums or Folders. No need. |
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Pillar of the Community
United States
1228 Posts |
We will know more this december. Quote:
The Mint is looking forward to providing the first biennial report to Congress in December under the provisions of the "Coin Modernization, Oversight, and Continuity Act of 2010." At this point, I can say that we have conducted two sets of trial strikes on a variety of metallic compositions and evaluated them for attributes such as hardness, ductility, corrosion and wear resistance, electromagnetic signature, I wonder if vending machines will ever take plastic,I know in my area parking meters already do ! http://mintnewsblog.com/ Quote:
I've said this many times in the past. ALL coins and currency are doomed. It is going to take time but it is coming. Everything will be done electronically as many, many things are already that way. Many people already do not use cash No more collecting coins  |
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Valued Member
United States
239 Posts |
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Valued Member
United States
239 Posts |
Secondary thought...what would we do IF they decide to go to nothing but plastic? Would prices go nuts for us collectors? Just an interesting thought that popped up
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Valued Member
United States
386 Posts |
What would Mae West say to a man in Levi's, his front pockets swollen with dollar coins?
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Bedrock of the Community
13014 Posts |
I dont get how in the article they claim stopping making dollar coins will save money when they cost less than a dollar to make Quote:
I wonder if vending machines will ever take plastic,I know in my area parking meters already do ! Theres vending machines in the dc area that do, those are on the way. |
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Valued Member
United States
461 Posts |
Everyone chases the all mighty dollar... unfortunately it might be the all mighty plastic everyone has to chases from now on. The day of the dollar and the coin are all but over. Hoard them all!!
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Moderator
United States
187678 Posts |
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I wonder if vending machines will ever take plastic,I know in my area parking meters already do ! Theres vending machines in the dc area that do, those are on the way. I have seen several vending machines that take debit/credit. I assume as each old one dies, its replacement will have the electronic payment option. |
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Bedrock of the Community
United States
10029 Posts |
This topic has been discussed quite a bit here and is just resurfacing.
More study is needed for those trying to make an educated decision of all the pros and cons as there are other issues behind this which do affect individuals on the street.
Eventually it would likely be more cost effective. But I believe it would take some time due to other circumstances such as higher cost handling, en masse, metal vs. paper. Amd, as also discussed earlier, the initial price increase on everything when the mindset becomes one of a dollar being only "pocket change." This, again was exactly what happened in Canada until the dollar became valueless enough to warrant a $2.00 coin being made.
Another thing to factor in is the amount of how much our dollar devalues over the years. By the time the savings are realized, the amount stated in today's money is not likely to be near near as large as it sounds now.
But until a generation passes where people have not had anything but dollar coins, I still believe (using Canada as a model) that the general populace will not like them. It took around that same amount of time for Canadians to start loving their Loonies. And the Loonie is now almost a national symbol of admiration for them.
So coercion by government eliminating paper will work. Its just a matter of whether you do not mind this kind of switch over. I come from, and miss, the days when the government - rightfully so- worked for us - not on us as they do nowadays.
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Pillar of the Community
United States
2734 Posts |
Denver's parking meters take coins (incl. small Dollars) and debit/credit cards. Problem is, with surcharges, card users could pay up to $5 for the same parking time a coin user only paid $1 for. When I plunk my $1 coin in, I know I paid $1, and only $1. No $75 holds when you pay cash for gas!  Cash has no magnetic strip on the back to wear out or de-magnetize (and I'm often stuck waiting behind the people with worn-out cards). Quote:
ALL coins and currency are doomed. So what will happen then when a retailer's electronic payment system goes down?  Or your card's magnetic strip is unreadable? What about all the surcharges? Bullion coins (American Eagles, Maple Leafs, etc.) can't be replaced with electronic equivalents (thank God!). "Allocation pools" and such are not really a substitute for full in-hand possession. Now let's get those Dollar coins out of the vaults already!  Edited by DNA
12/01/2012 12:42 am
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Pillar of the Community
United Kingdom
2624 Posts |
Here they have done away with coin fed meters for parking and you have to phone up with credit cards. Its less convenient and discriminates against those who do not have a phone or a bank account.
Cash is still king, and I can't see that changing in the next 100 years (I just don't think that the public would tolerate such a breach of human rights as withdrawing their financial freedom to use cash) I personally use cash for 99% of my transactions and while cards/bank are good for some things I avoid plastic for all but major purchases.
If coins were withdrawn though it would not put the price up for collecting, it would go down... just look at stamps. Once a popular hobby it has lost its appeal and few newcomers to it means prices are down... the same would happen for numismatics.
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Replies: 24 / Views: 4,097 |
Posted 11/29/2012 12:42 pm
Hoard your copper & nickel now.
