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Dollar Bill's Days May Finally Be Numbered

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Pillar of the Community

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 Posted 05/07/2014  6:04 pm Show Profile   Bookmark this topic Add Fox to your friends list Get a Link to this Message Number of Subscribers
I did some research on Americans for George, just for the heck of it, and was overjoyed when I found these articles:

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LOBBY HOLLERING TO SAVE DOLLAR BILL: D.C.'s Metro Center subway station is looking awfully rich this week with massive displays of dollar bills plastering the walls, column supports and advertising boards. The five-figure showing is the work of Americans for George, a diverse coalition of corporations and special interests arguing for the preservation of the dollar bill - - " the note that an upstart and moneyed lobby in the Dollar Coin Alliance (http://politi.co/u58qGQ) wants to take an ax to like ... OK, we'll spare you a cherry tree joke. Randy DeCleene of Americans for George tells PI: "When you think of American symbols, there's the flag and the dollar bill. We want to fight for the dollar bill, and we're going to have a more aggressive public face as we continue." See an example of the dollar bill ads here: http://yfrog.com/fv16fmj

This comes as some members of Congress are supporting legislation to phase out the paper dollar, arguing it'll save the nation hundreds of millions of dollars over the long term. While Americans for George has not yet hired federal lobbyists, such a move is under consideration, DeCleene says, and in the meantime, member organization such as Crane and Co., which provides the paper for U.S. currency, has spent anywhere from $40,000 to $90,000 each year on federal lobbying efforts. DeCleene contends that in the short term, transitioning to a coin-only dollar would cost the country money.



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PI SCOOP ... DOLLAR BILL LOBBY DISAPPEARS: For a month in March, the pro-dollar-bill advocacy group Americans for George plastered D.C.'s Metro Center station with massive advertisements (http://politi.co/KyIF9P) touting the virtues of paper over coinage. The group was largely funded by Crane & Co., the Massachusetts-based company that alone provides the material with which dollar bills are made. Crane & Co. has regularly lobbied the federal government to preserve its position as such and battled against metal companies and vendors that want the government to ditch the $1 greenbacks for the dollar coin. Bills supporting both the bill and coin are circulating in Congress.

But Americans for George, which until recently had a robust PR and outreach operation, has gone dark. Its website is down, its Twitter account shuttered. Reached by phone, Americans for George spokesman Randy DeCleene told PI: "I don't really have anything to say because I'm not the spokesman for Americans for George any longer." That stands in sharp contrast to his comments two months ago: "We want to fight for the dollar bill, and we're going to have a more aggressive public face as we continue."

A source close to the situation tells PI that Crane & Co. has pulled its funding for Americans for George as a cost-cutting measure - - " private equity company Goldberg Lindsay & Co. has a minority stake in Crane - - " effectively killing the organization. Representatives from Crane & Co. did not respond to several requests by phone and email for comment. Gephardt Government Affairs, which Crane & Co. has employed as its primary D.C. lobbying shop, also is mum. "As a general policy, we don't comment on our work on behalf of clients," said Catherine Goode, vice president of Gephardt Government Affairs.

Shawn Smeallie of the rival Dollar Coin Alliance (http://politi.co/KndRb2) was happy to crow about the development, telling PI, "I bet they're a little nervous that a high profile is going to reveal their weakness that they're a sole-source provider for the government. It's an interesting play for them ... we're happy to have them off the field."


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http://www.politico.com/news/storie...1/70450.html

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I emailed the Dollar Coin Alliance, and found out that, Americans for George is no more, and also, that the legislation to emliminate the $1 bill may come as soon as the end of the current Congress or the beginning of the next Congress, and now, without a pro-dollar bill lobby, I think the C.O.I.N.S. Act actually stands a chance, whicg means both the dollar coin, and the $2 bill may stand a chance at circulating (then we can get rid of the penny and nickel, make a U.S. $2 coin and resize and circulate the half ) Here's looking at you, jbuck!
Edited by Fox
05/07/2014 7:28 pm
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CelticKnot's Avatar
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 Posted 05/07/2014  11:07 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Interesting articles and that sounds like a step in the right direction, but I'm not holding my breath. Thanks for sharing the links.
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jpsned's Avatar
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 Posted 05/07/2014  11:45 pm  Show Profile   Bookmark this reply Add jpsned to your friends list Get a Link to this Reply
We've been hearing the same news for 30 years or so. Every now and then the media gets involved to try to make it the new "hot" news topic. (Like when they say the big-bands are back, or when they let us know that some scientists theorize that dinosaurs might have been warm-blooded.)

I think it's all hype and very little news. The truth is that the dollar bill (as well as the penny) is here to stay. We love it so much that even if it made complete sense to do away with it, its familiarity and convenience will keep it in the public's heart--and in its wallet.
Edited by jpsned
05/07/2014 11:47 pm
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Broken-Coin's Avatar
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 Posted 05/08/2014  01:10 am  Show Profile   Bookmark this reply Add Broken-Coin to your friends list Get a Link to this Reply
The BEP just started printing the new 50 subject sheets of $1.00 FRN's on the new SOI press, and serialed on LEPE.

I don't see Dollar Bill ending anytime soon, at-least not in my lifetime.
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DVCollector's Avatar
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 Posted 05/08/2014  01:21 am  Show Profile   Bookmark this reply Add DVCollector to your friends list Get a Link to this Reply

Quote:
The group was largely funded by Crane & Co., the Massachusetts-based company that alone provides the material with which dollar bills are made.
What a surprise...and probably the reason behind the inertia for all these years.

Discontinuing the dollar bill and the cent make fiscal sense--so it's inevitable, imo.
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CelticKnot's Avatar
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 Posted 05/08/2014  03:02 am  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
I think we'll see the end of it and the penny in the next couple decades. If we don't phase out the penny and dollar bill before we adopt the metric system, I'll eat my stormtrooper helmet.

As has been pointed out many times before, if the $1 note goes away, we'll have $1 coins and $2 bills. Crane will still make their money, maybe just not as much.

I do have to say those new Benjamins are SWEET though.
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mfhorn's Avatar
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 Posted 05/08/2014  09:19 am  Show Profile   Bookmark this reply Add mfhorn to your friends list Get a Link to this Reply
As far as saving money......forget it.

Waste is everywhere in this country.
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IndianGoldEagle's Avatar
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 Posted 05/08/2014  09:55 am  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
but I also hate seeing the private bankers of the Federal Reserve making money off the tax payers on every note they issue.
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jbuck's Avatar
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 Posted 05/08/2014  10:41 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Dollar Bill's Days May Finally Be Numbered
Good riddance, filthy rag.
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MeadowviewCollector's Avatar
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 Posted 05/08/2014  11:27 am  Show Profile   Bookmark this reply Add MeadowviewCollector to your friends list Get a Link to this Reply
Nothing will change as Crane & Co. have a monopoly on supplying the government with banknote paper. They also have all the knowledge/techniques of how to incorporate anti-counterfeiting into the paper.

The government won't risk making them mad by changing the currency lineup...is there even another American company that knows how to make currency paper?

-MV
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jbuck's Avatar
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 Posted 05/08/2014  4:09 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Eliminating the one dollar note will not eliminate C&C, just 60% of their business. However, a large part (but not all) if it will come back in increased demand for the two dollar note.

Point is, C&C is not going to burn the house down just because someone crashed into their garage. They will suck it up and be thankful they still have work to do. They may not like it, which is why they are fighting it, but they will accept it.
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 Posted 05/09/2014  12:06 am  Show Profile   Bookmark this reply Add Fox to your friends list Get a Link to this Reply

Quote:
Good riddance, filthy rag.


Here, here! I agree.



Quote:
Eliminating the one dollar note will not eliminate C&C, just 60% of their business. However, a large part (but not all) if it will come back in increased demand for the two dollar note.


This is true. And don't be suprised if they don't add a few more security features to the redesigned $2 bill, coming out some time after the tear 2020, when the next round of currency redesigns come around, which would probably add more jobs to Crane & Co. for those who have to put those new features, as well as the new features for the visually impaited and the blind for the Meaningful Access redesign.


Quote:
Point is, C&C is not going to burn the house down just because someone crashed into their garage. They will suck it up and be thankful they still have work to do. They may not like it, which is why they are fighting it, but they will accept it.


This is the same thing that the vending industry told me about if the $1 bill is ever redesigned, instead of eliminated. "Most vendors will suck it up, and reprogram for a new $1 bill, but many machines might just move to using cards and other electronic methods of pay, however, they continue to fight the $1 bill's redesign"


Quote:
Edited by Fox
05/09/2014 12:09 am
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n9jig's Avatar
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 Posted 05/09/2014  07:19 am  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
I agree that the $1 SHOULD be retired in favor of coins, as should the $2 bill. The other bills should be converted to a polymer composition.

I also suspect that the Crane company will resist and probably win out to keep the paper for many more years.

As noted above, this comes up every couple of years and then seems to fade away. I don't see it happening before the whole cash situation is a moot point, coins and bills will go the way of the DVD. People will make small purchases with smart phones or stored value cards and cash will no longer be needed.
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 Posted 05/09/2014  08:42 am  Show Profile   Bookmark this reply Add shadz to your friends list Get a Link to this Reply
he smartest thing to do would be discontinue the $1 bill and force the usage of the billions of $1 coins sitting around. This will save money on printing, replacing, etc the dolalr bills and get use out of those coins that will last MUCH longer. I mean one company makes the cloth for the $1 bill as it hasn't changed design in years and they need to be kept in business? No there are other bills and we have enough $1 coins to last for a long time.

Time for POS manufacturers to jsut buck up (pun intended) and start making room for the $1 coins as well as the half dollar, and vendors to start taking $1 coins.

get rid of the cent? no, get rid of the $1 bill and save money making more as we have plenty to go around as the $1 bill wears out or gets hoarded for collections by those that still use cash. not plastic.

How much does it cost to replace a dollar bill? has to be more than to make another $1 coin since the Mint said in 2011 that it coated about 19 cents to make each coin, and bills must be made by the sheet, while coin blanks can sit around and are made into coins one at a time as needed.

DEATH TO PAPER GEORGE!
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The_Duke's Avatar
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 Posted 05/09/2014  10:34 am  Show Profile   Bookmark this reply Add The_Duke to your friends list Get a Link to this Reply
I have had the opportunity to use dollar coins for a number of years, as our vending machines at work used them and the change machine gave them out as change. So, I would see lots of dollar coins around town that probably originated from my work.

All good things come to an end. They have installed a mini market and replaced the vending machines. All transactions are completed at a kiosk which uses an account or credit card. The account can be accessed with your thumbprint and money added to your account with paper money.

So, no more dollar coins.....
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jbuck's Avatar
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 Posted 05/09/2014  1:26 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Time for POS manufacturers to jsut buck up (pun intended) and start making room for the $1 coins as well as the half dollar, and vendors to start taking $1 coins.
No need. Just nix the cent and nickel... two slots instantly appear.


Quote:
So, no more dollar coins.....
I know your pain. The post office was my source for baby dollars. Then, seemingly overnight, everything shifted to electronic payment. No more buying a book of stamps with a twenty and receiving a handful of dollar coins to search.

I suppose it was for the best. Towards the end, most of those coins had already turned.
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