Change Our Currency's Denominations? - My Latest Coins Rant.

Interesting thought (and what a way to come back!).

Before I vote, I wonder how many machines that accept the current demonimations would need to be refitted. How would that work with your suggestion?

I'd be for getting rid of the $1 and $2 notes and replace them with coins like Canada did, but not the $5 and $10 notes. Right now if you drop a coin, the most you're out is a buck, but probably much less. I'd be really mad if I dropped/lost a coin and it was a tenner or even a fiver.

In my experience, it's worse when higher denomination bills stick together. "Whoops, I spent $20 rather than $10" and when dealing with new bills it happens a lot. :-)

Well, there already is a huge surge in counterfeiting, of every denomination of every coin and every bill. The so-called "supernotes" are really scary and they already circulate unnoticed. I've also come across two counterfeit Sacagaweas in circulation (given that's out of many, many thousands I've handled, which so far is better than bills). We need to up the ante on anti-counterfeiting measures *currently* on everything we mint and print.

I say other. I think all the coins could stay in collector versions. If were talking buying power the penny and nickel should go and really the dime and quarter as well. I'm all for getting rid of the penny but if we nuke everything up to a half thats quite a large range for rounding which will increase the cost of living. A drastic change like this would need to be done over several years if not longer as well to prevent shock with the general public.

For bills id be fine with a dollar coin but for now 5 dollar bills can still buy plenty and I just dont see the public being happy about coins up to a 20. If your going to go that drastic you might as well just get rid of bills all together since that would basically leave just a 20 and a 100 as common bills that get used.

I'm going to be posting their profiles here and there to The Black Cabinet over the next month so I'll toss you a private message once it's up. It basically looks like so-so struck Sac, except that it's made of solid brass. They made these by the millions in South America where American coins already circulate alongside local currency.

I disagree.

By all means, get rid of the penny and even the nickel; change the $1 to a coin and make the $2 readily available. I'm onboard with these changes.

BUT: devaluing money like a $10? NO!! This will make inflation SKYROCKET as people get used to thinking of ten bucks as "pocket change." And that doesn't even begin to touch on the billions of dollars to revamp things like vending machines, cash registers, tollbooths, car washes, etc.


Also, I disagree strongly with your "the $20 is the mainstay" argument. I work at a gas station and after the $1 bill, the most common denomination I see is the . . . . . quarter. And after that, the $5.

All around a bad idea, I'm sorry. No.

We non-metropolitans use even pennies daily in our cash purchases (yes - we are not all dedicated to plastic or smart phones yet). We still have frequently used take/leave a penny dishes at registers.

As to dollar coins, this is something discussed here ad nauseum. Look up some of th posts and you will see its not all as cut and dried as sometimes said.

I even went to the point in one of the threads to question the Canadians who went through the transition years ago. The very things which are normally said to be irrelevant (such as weight of the coins in pockets) were verified by the Canadians telling me (which I already knew from being closely associated with Canadian culture all my life) were actual issues that did affect them. Its just after 30 years of the Loonies being out, and a new generation not remembering the bills, that the Loonie has become an icon to them.

Their prices did increase when the dollar psychologically became the new quarter - the the point a Toonie was needed (and again was not favored by the public until forced on them). Another thing is that you will find they also tend to just throw them in a jar and save them, cashing them all in at the bank later - b/c they get too many to carry around - sound like what started this thread - about the coins not being used?

Then their are issues not taken into account in the government studies about extra costs of the individuals who will have to transport large numbers of metal vs paper. I DO believe in the end the metal will eventually bring some savings. But the costs incurred have not totally been taken into account. Where I got this idea/info from was the Canadian banks I used to visit. When they heard of the Sacs first coming out, the bankers were telling me how they did not think the US would follow their bad example. Their complaint was that it cost so much more for them to ship large quantities of them, that they had to increase costs on everything else. So again, the little man gets it. The government may be able, on paper, to show where tax payer dollars are saved. But it also costs the taxpayers more out of pocket money. So I do not know if the taxpayers actually win all that much - if at all.

There probably are better ways of fixing the problem. I personally would rather not see everything go up in price - things are way out of reason now. I notice a silver dime still buys as much as it did back when they were in circulation. I'd like to see some system based on something with legitimate value other than debt/government good will.