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 Replies: 29 / Views: 3,504 |
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Pillar of the Community
United States
4867 Posts |
There has been a lot of buzz lately about the dollar note being replaced with a dollar coin. I really can't see why there is so much opposition about withdrawing the greenback from circulation in favour of dollar coins. There are so many benefits for doing do. Canada has made the transition successfully and didn't fall off the map. The Presidential dollar coin program is probably the biggest blunder in US Mint history. The coins are just butt ugly. Nobody wants them (only because the greenback hasn't been withdrawn). The edge lettering is a turn off for this coin collector. The date and mintmark should be on the obverse. And having $1 instead of ONE DOLLAR looks too much like a token. There are billions of these coins sitting in government vaults. Let's not let them go to waste. Further, I think we need a regular and steady design instead of several new designs each year. I like the Loonie, it's consistant. I just find it a weak argument that dollar coins are easily confused with quarters! How can that be with the unmistakable golden colour!? Just an example of lame reasons I've read about people not wanting these coins. |
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Pillar of the Community
United States
4901 Posts |
I think there is a difference between collecting and using the dollar coins. For regular daily use I doubt the public really cares what the coin looks like...Do they really adore the looks of the $1 bill? Nope...they just use it.
I do agree that all this wasted discussion and whining about carrying 20-25 "heavy" dollar coins in their pocket won't work....I would never carry that many $1 bills in my wallet either.
It does work well in Canada and all over Europe...one Euro and two Euro coins are great...oops Great Britain has Pound coins also...
Just do it and everyone will adapt. It's not a life changing event...
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Pillar of the Community
 United States
4867 Posts |
Usually on payday I'll just pull up to the ATM. But this week I might actually go inside the credit union and get a roll to spend. Could start doing that weekly. I don't have any trouble spending them. Either the clerk just takes them w/o question or they are excited to see them. I think we all have to do our part in getting these things into circulation. I cannot believe all the weak arguments I have read on the topic. I am in agreement, just do it.
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Moderator
 United States
187702 Posts |
TheForce is preaching to the Jbuck Choir.   |
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Pillar of the Community
United States
7840 Posts |
 ...just do it! I normally pick up a roll and some $2 every payday as well, the tellers at the CU have come to expect from me...and some Half Dollars if they have them available. I am certain that it has been mentioned previously, which is why I am going to say it again, the Two Dollar Bill is readily available (and sometimes used) to pick up where the withdrawal from circulation of the $1 bill, which would be phased out by withdrawing them when they are no long fit for circulation, like the " Wheat cent" and "small head" paper currency. The American public would really cry foul if a $2 coin was put into circulation! The Euro has done well, as far as I know, it did for me when I was stationed in Italy last. Even before the Euro, the Dutch Guilder coins circulated well (1G, 2 1/2G and 5G) along with their smallest note, the 10 Guilder. Quit giving people the choice when it comes to the "saving a buck" for the massive Gov't debt. Sometimes people really don't know what is best for them!  Edited by oih82w8
12/18/2012 10:16 am
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Bedrock of the Community
United States
20753 Posts |
Although many people do want those baby sized dollars, most just don't like them. They are not being used. Minting them and having them sit in vaults by the ton makes no CENTS either.
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Bedrock of the Community
Canada
10743 Posts |
Why doesn't the U.S. government just take the dollar bill out of circulation if they want to start the coin circulating?  |
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Moderator
United States
187702 Posts |
The short answer is because they are afraid to do what it right.
The long answer will most definitely take this right into a political discussion.
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Pillar of the Community
United States
4867 Posts |
That is a very good question Shafta9a and jbuck is right, it's a very political issue. As for coin compositions, the US Mint says they been experimenting with various alloys. What is there to experiment with? Just follow Canada's lead. Just have to look north of the border to our friends. Problem solved. I am also for getting rid of the cent as Canada did. It really doesn't have any buying power anymore and costs more to make than its face value. I am not ready to give up the nickel though.
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Pillar of the Community
United States
1116 Posts |
I think that the question of paper versus coin is really a question of real money (value) or not. Right now the perception is that paper is real money, but also like Foxwoods Man says (to paraphrase) not everyong would carry around a mass quantity of either species so the argument is defenseless of whether one is better than the other.
However, on the question of economics the question does turn in favor of one versus the other. Right now we are questioning about the need of both (or either) the penny and the nickel. That argument is turning on the question of cost versus benefit. Supposedly the cost of each coin is more than its respective face value. However the on indisputable fact remains that once minted and placed into circulation that coin is going be with us for years and years only to be lost to the commerce flow due to either the coin physically disappearing or its intrinsic value is worth more than its monetary value.
A dollar bill according to goverment statistics only is with us 18 months at best while coins are without question longer lived. If the question of cost is brought into question we should look at the value of repeatedly replacing a dollar bill. Within 5 years the cost of the continual reprinting of dollar bills is greater than minting. Its very similiar to the cost of replacing the family car. Sure you may downsize but the replacement value continues to rise no matter what you do or buy.
There are some countries where $1, 2, or 5 coins are in circulation and accepted without question. Why is this accepted because the government says this is what we will use because (without actually saying it) it is cheaper for us the government to creat coins that repeatedly printing the lower forms of paper currency. Once that happens than the public will have no choice but to accept it.
At one time in our history, paper money was questioned because of counterfeiting. Now the culprit is the cost of replacement printing.
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Moderator
United States
187702 Posts |
Quote:
Just have to look north of the border to our friends. Problem solved. I am also for getting rid of the cent as Canada did. It really doesn't have any buying power anymore and costs more to make than its face value. Well said. Of course, I agree. Quote:
I am not ready to give up the nickel though. I am not ready to give it up either, but I am a realist. The nickel costs more than twice its face value to make, so at this point it is a matter of taking one for the team. Of course, I know I am not helping by hoarding every nickel I get in change. Maybe I am ready after all.  |
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Pillar of the Community
United States
4337 Posts |
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Pillar of the Community
United States
621 Posts |
Theforce. nothing personal but I think you are wrong in blaming the Presidential dollars. other dollar coins perform just as poorly when it comes to being widely circulated. some people, myself included, like the Presidential dollars. it is your opinion they suck, I respect that, but not everyone feels that way. |
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Pillar of the Community
United States
1391 Posts |
You know, for people who like the dollar coins I can condense down your post:
...The coins are just butt ugly. The edge lettering is a turn off... The date and mintmark should be on the obverse... having $1 instead of ONE DOLLAR looks too much like a token...Just an example of lame reasons I've read about people not wanting these coins.
:D
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Bedrock of the Community
13014 Posts |
Those reasons are some that have turned off collectors but they dont apply to why the general public doesn't like them. They dont like them for the simple fact that theres a one dollar bill. People wont change what they do unless you make them for money and right now especially with guys and wallets the bill is easier than the coin.
The mints been hoping to get lucky with the coins and have them take off which wont happen really with any design or style they make as long as the bill exists. A lot of the reason the 1 dollar bill exists is political connections but you can keep political repercussions from happening if the general public loves the coin and just blame them for it. So they keep trying different dollars trying to get lucky and the end result is and always will be the same, collectors collecting the coins and very few circulating
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Pillar of the Community
United States
3345 Posts |
People will like them eventually. Once they become "old".
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Replies: 29 / Views: 3,504 |
Posted 12/18/2012 09:55 am
Bring Back 
