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 Replies: 13 / Views: 1,680 |
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Pillar of the Community
708 Posts |
Here are some of the respmses I got from emails from the DCA: -------------------------------------------------------------- Email 1. Have the COINS Act bills been reintroduced yet? Or will the news be on the Dollar Coin Alliance website when it happens? And what is the DCA planning to do if Americans for George regroups? Do you think that would doom the dollar coin's chance of replacing the $1 bill? Should we be worried about that? --------------------------------------------------------------------- Reply: Hopefully next week, but it may slip until after Memorial Day. I'm not worried if Americans for George gets back on the scene, we'll be ready for them. --------------------------------------------------------------------- Email 2. I don't mean to be pestering you with my issues, but I am currently unemployed and on disability, but may try to get a job, to buy a cottage or two on a lake where my family has vacationed on and off over the years, and those places rent anywhere from $700-$2,000 a week average in the summer weeks, depending on what the property is like. I am shooting for something where I can get at least $1,500 a week during the summer, and make ay least $10,000-$14,000 a year. Anyway, to the point. While I would have to be also paying part of the money down on these properties, I may have a few thousand dollars I can bank up each year toward another cause, so I was wondering, since the Dollar Coin Alliance seems to have the same goals as I do, such as, to make the U.S. coin and currency system more convenient and cost effective, and creating less government waste, I was wondering if the Dollar Coin Alliance could help me accomplish a few goals of my own. Three such goals are getting rid of the penny, getting the half dollar coin back into circulation by encouraging vendors and small businesses to equip for halves same as they did for golden dollars, and getting a bimetallic $2 coin using Canada's $2 coin as the prototype for the new U.S. $2 coin and getting small businesses and vendors to upgrade of those as well.. The two most important issues by far though, are issuing $200 bills and reissuing $500 bills for general circulation, due to the erosion of the U.S. dollar, and due to the fact that, back on July 14, 1969, when the $500, $1,000, $5,000 and $10,000 bills were last issued, a $100 bill back then was worth about twice as much as a $500 bill would be worth today, so, just like there is the question, "We didn't need 25 cent bills in 1970, so why do we need $1 bills today?" I must counter that question by asking, "We had $100 bills back in 1969, so, why can't we have $200 and $500 bills today?" (I really think that we should bring back the $1,000 bill as well, seeing as the 500 Euro note is worth close to $1,000 $US, but I figure, with all of the concerns about drugs, counterfeiting and money launderers, I'd be lucky if I could get $500 Federal Reserve notes here in the U.S., and the $200 bill isn't much to ask either, and just makes it so that I don't have to carry a huge bulging wad of $100 bills when making a large or expensive purchase, like a car or an RV or boat or appliance etc. from a private seller who is not comfortable with any form of payment then cash) Do you think we could get the casino industry on board for this issue?. So, down to the point. If I could do this real estate idea, and hit it big, is there a chance that the Dollar Coin Alliance could fight to get my issues going, if I could give you guys like a few hundred dollars a month or so or a few thousand dollars a year, each year, until I reach my goals? I mean, after the $1 bill gets replaced by the dollar coin, maybe we should go after the $2 coin and getting rid of the penny, and getting the half dollar back in circulation. Then, when those goals are accomplished, we could maybe go after issuing $200 bills and reissuing $500 bills. I'm willing to back you the best I can in my power, so, could you please consider this if my rental idea comes to fruition? I'd like to see $200 and $500 bills by 2015 or at latest, 2020. Thank You for your time, and I'm sorry if I'm being a bother, but just like you, I have my goals for the U.S. coin and currency system, and I can't fight and win them alone. So if you could please help me, I would appreciate it, but if you can't, I understand. ------------------------------------------------------------------------ Reply: A couple of things, one, good luck with your rentals, I just bought a couple of rentals, and it is working out pretty well. Two, you are never a bother, and don't worry about helping the cause financially, we're fairly well-funded at this time. The best help you can be is to use those dollar coins and talk it up among your friends AND write your Congressman and Senators! Finally, we support currency reform, but we're laser focused on the dollar coin. I believe that if we're successful, all the other currency reforms will fall into place. Good luck, ---------------------------------------------------------------------------------- So, since this DCA member is saying that all other currency reforms will fall into place if they succeed in getting rid of the $1 bill, does this mean that he is saying, we might get rid of the penny, get a $2 coin, possibly $200 and $500 bills, and maybe even the revival of the half? (I' sure a lot of you guys will say "no" to that last one  ) |
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Bedrock of the Community
13014 Posts |
Id say no to the last three actually but the first two are possible. Of the five the $2 dollar coin would seem the most closely related to the dollar coin but that runs into the same problem as the half in that most people just dont use 2 dollar bills anyway. With only a dollar coin they could be more open to it so I would say thats most likely to follow suit if successful.
I dont think well see the legislation next week though with the Tornado that just hit OKC things like that have likely been put on the back burner for a little bit though it could be a good time to try and slip it in under the radar
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Pillar of the Community
 708 Posts |
basebal21,
I'd like a $2 coin, but with plans to redesign the $2 bill in the next year or few, I doubt they would be bothering going through redesigning a note that is going to be retired in the near future.
As for the $200 and $500 bills, sometimes I get the feeling that there is more of a chance of issuing those than eliminating the penny and/or replacing the $1 bill with a coin, and if this next big surge from the DCA to get rid of the $1 bill fails at the end of this year, when the DCA is supposed to know the decission and the $1 bill's fate, I will be even more reinforced to believe that.
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Bedrock of the Community
13014 Posts |
Unlike the one a 2 dollar coin wouldnt compete against the bill since it barely circulates anyway. Thats not to say people wouldnt reject a 2 dollar coin but with 1 dollar coins they may like the idea better than getting back 4 one dollar coins in change. You wouldnt necessarily have to get rid of the bill to have the coin in that case, I'm not sure why we still have the bill but if two dollar coins are rejected by the public it wouldnt be because people were using the bill instead.
Theres just really no need for 200 or 500 dollar bills. 100s arent flying around every where being used at every turn suggesting you need a higher bill and large purchases are rarely made with cash now. People arent showing up at the car dealership with a briefcase full of 100s and getting 10 or 15 for the once in a blue moon large cash purchase just isn't an issue. A good portion of the population has never used a 100, and the overwhelming majority maybe has 1 or two occasionally but doesn't consistently have enough to justify a higher bill because their wallet cant hold enough
Edited by basebal21
05/21/2013 5:00 pm
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Pillar of the Community
708 Posts |
basebal21,
I agree that getting two $2 coins would be way better than getting back four $1 coins, otherwise, the problem would be the same as getting stuck with four quarters, which I believe, used to happen a lot when I was a kid and quarters were actually worth something.
By the way, talk to some casinos, and big banks that deal with large amounts of money, they, and even my credit union said that it would be so nice to have $200, $500, and $1,000 bills. It don't really matter if most people are using other medtods of payment. In today's age $1,000 isn't even a lot of money to a lot of people. I'm not saying I am some millionaire that walks around with thousands of dollars in my wallet, but lets face it, the $1,000 bill would become the new $100 bill if we reissued it, as would the $10,000 bill become the new $1,000 bill if we reissued that. Even with the drug dealer issue, and ONE single strap of $10,000 bills being one million dollars, I could STILL see a point for reussuing those, and $5,000 bills again, and issuing $2,000 bills, just for casino and bank/credit union use alone. Sure, we'd need superrior anti-counterfeiting features on these larger denominations, but just because other people like their plastic, doesn't justify those who want to pay for their items in cash and be done with it. In fact, they should reissue all of the large bills and make the $200 and $2,000 bills and there should be special lines for paying solely in cash, and special lines for paying in other forms at all major stores to keep things going faster.
I say, as long as they are offering a "choice" between $1 bills and dollar coins, give us a "choice" between $200, $500, and $1,000 bills, and checks, credit and debit cards.
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Bedrock of the Community
13014 Posts |
1k is a lot of money to the vast majority of the population, casinos are about the only place that may be useful but they dont pay out huge winnings in bills anyway. You can have them wire it to a bank account or take a check instead of walking out with a backpack full of bills like you robbed the place. Casinos alone arent enough to justify a new bill that would exacerbate counterfeit problems.
Banks do almost everything electronicly now for money transfers other than getting their shipments and sending off to the fed. Large bills wouldnt help that. A 1k bill certainly wouldnt be the new 100 either. People do use 100s people dont go around making several hundred dollar purchases all the time. The average salary in the US is around 40k a 1k bill is not insignificant. Also again with credit/debit card use taking up a larger percentage of purchases theres no need.
Even people who can afford to pay for large items in cash use credit cards for the rewards or cash back. I use a credit card on everything and pay it off every month because I get money back for it that I dont get with cash. If theres a cash discount (which is rare) Ill see which one helps me more. If you offer me 1 percent or nothing off for using cash and I can get 3 percent back from the credit card why would I use cash?
I do agree though I dont see the 2 dollar coins having the same problems as the 1, but its unclear if theres a market for a 2 dollar anything at this point
Edited by basebal21
05/21/2013 5:54 pm
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Pillar of the Community
United States
4901 Posts |
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Pillar of the Community
708 Posts |
basebal21,
I mean that the $1,000 bill would become the new $100 bill, because the $1,000 bill is worth about what $100 was worth when they stopped issuing $500, $1,000, $5,000 and $10,000 bills. I heard rumors as well, about the government doing polls on whether they should print more $500 bills when they ran out, and most people surveyed said that they would just use $100 bills back then, on July 14, 1969. So, in that respect the $1,000 bill has indeed became the new 2013 $100 bill, while the $100 bill has become the 2013 $10 bill, and people likely were not using $100 bills back in 1969, because back then, $100 was worth about $1,000 today. And THAT was a lot of money back then. That was when I meant.
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Pillar of the Community
United States
997 Posts |
If you want bills for large amounts as well as coins that have purchasing power why not revalue the dollar by a factor of 100? Issue new coins and bills in the "New Dollar" denomination. You can even use precious metals again. Want to buy a house on the lake for $100,000 in current money? It would only cost $1000 in New Dollars, and even if they only had $100 bills you would only need 10.
You could rationalize coinage with such a fresh start, Cents (now worth what an Old Dollar is), 5 cent and 10 cent coins could be made of copper and sized appropriately. Quarters, your beloved halves and dollar coins could be made of silver and we could go back to gold coinage for larger amounts. Imagine a quarter ounce $5 gold piece... Get Double New Eagles (20 New Dollars or 2000 Old Dollars) and that lake cottage of yours would only need 50 of them. Buy a house with a shoe box of coins!
As long as we are starting off new let's get rid of the Quarter and have a 20 cent piece instead, this way when the time rolls around again in 25 or 30 years and the new Penny and 5 cent piece are being put up for discontinuance we can do so easily without the Dime-Quarter conundrum.
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Pillar of the Community
United States
1796 Posts |
Time to dust off the infographic...  |
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Pillar of the Community
708 Posts |
SteveCaruso,
What? No halves to illustrate inflation across from the nickel, and on the $2 bill instead of using quarters as an example? (-;
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Pillar of the Community
United States
1796 Posts |
Hee hee. :-)
I used what's currently intended for circulation. Where halves for a while now are NIFC, 2s are technically still printed for circulation. :-)
Edited by SteveCaruso
05/22/2013 4:32 pm
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Pillar of the Community
708 Posts |
Come on, Steve,
Though not minting for circulation anymore, the half is still a "current" denomination. Ha ha ha. (-;
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Pillar of the Community
708 Posts |
Hey, for the irony of it, could you post a version of the chart using the half, instead of the quarters. (-:
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Replies: 13 / Views: 1,680 |
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Posted 05/21/2013 2:43 pm
