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 Replies: 177 / Views: 13,880 |
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Pillar of the Community
708 Posts |
There is a bill in Congress now, to save around $200 billion over 10 years, and two of the issues the "United Savings and Accountability Act" addresses, are the elimination of the $1 bill in favor of the dollar coin, AND elimination of any coin that costs more than it is worth, to mint, which puts the penny and nickel in danger as well, from what I am hearing. I don't think there is much hope for the penny, but I think we could see a cheaper nickel made out of something else, like steel, or as some suggested, aluminum. Here is an article on the Dollar Coin Alliance website:
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$200 Billion in Savings
Press Release: USA Act Offers $200 Billion in Savings
Posted on: 07-25-2014
House Bill Packages Common Sense GAO Recommendations, Including Currency Modernization, to Save Taxpayers Billions
Washington D.C. (July 24, 2014) - - " The Dollar Coin Alliance strongly supports the introduction of the United Savings and Accountability Act today, a bipartisan House bill that will save the federal government nearly $200 billion over 10 years. The USA Act packages a number of recommendations by the Government Accountability Office to reduce, eliminate, or better manage federal programs and save money for taxpayers.
The USA Act, which was introduced by Reps. Mike Coffman (R-CO-6) and Kyrsten Sinema (D-AZ-9), packages together select savings opportunities detailed in GAO reports from 2011 to 2014 to preserve bipartisan support, and to ensure quick and easy implementation. Together, the provisions of the bill would generate nearly $200 billion over 10 years, including $4.4 billion from eliminating the dollar note and modernizing to a dollar coin. Other savings opportunities include:
Data Centers ($10 Billion) - - " Consolidate data centers across agencies for cost savings and efficiency
Passports for Taxes ($10 billion) - - " Cancel passports of citizens who owe more than $50K in taxes
Medicare/Medicaid Fraud ($33 billion) - - " Improve CMS ability to find and eliminate fraud
"For years, Congress has been struggling to enact real, meaningful budget reform," says Jim Kolbe, Honorary Co-Chair of the Dollar Coin Alliance. "The USA Act is common sense legislation that will be a significant step forward in these efforts; saving nearly $200 billion by eliminating wasteful spending and making the government more efficient."
The dollar coin is a measure endorsed not only by the GAO, but also by numerous budget watchdogs, a majority of Americans, editorial boards from across the country and members of Congress from both sides of the aisle. Earlier this year, former Treasury Department economist Aaron Klein estimated that the government could save as much as $13.8 billion by eliminating the dollar bill in favor of the coin. The Currency Optimization Innovation and National Savings (COINS) Act (S. 1105 and H.R. 3305) was introduced earlier this Congress by a bipartisan group of lawmakers in both chambers of Congress.
"Taking advantage of savings offered by provisions like currency modernization is long overdue," says Tim Penny, Co-Chair of the Dollar Coin Alliance. "The dollar coin is just one example of an opportunity for Congress to generate billions in savings, without cutting a single program or raising a single tax."
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The Dollar Coin Alliance guy I have been talking to, says, if the dollar coin issue passes, the next issue may be a NEXGEN redesigned $2 bill.
*** Moved by Staff to a more appropriate forum. ***
Edited by Fox
07/29/2014 12:17 pm
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Valued Member
United States
234 Posts |
Welp time to crank up my roll hoarding of pennies.
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Pillar of the Community
1153 Posts |
No way this bill moves an inch
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Pillar of the Community
United States
899 Posts |
I think the idea of the dollar coin has been shot down many times. I think it is time to consider the fact that a dollar isn't actually the target they should be shooting for. With such things as a cup of coffee costing more than a dollar, it makes sense to focus on a $2 coin and eliminate the other items altogether. Keep the dime, quarter and implement a variation of the half-dollar.
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Pillar of the Community
1325 Posts |
I think they are stupid because this isn't Canada, nor does anyone in the US want to be Canada. Are we that poor a nation we cannot support the nickel or cent? Note Cost of Production
$1 and $2 5.4 cents per note
Denomination Estimated Life Span*
$1 5.9 years $1 bill accounts for 45% of the BEP production. Quote:
There was approximately $1.29 trillion in circulation as of July 2, 2014, of which $1.24 trillion was in Federal Reserve notes. $558 billion $1 bills that must be replaced every 6 years. $1 coin costs 18.03 cents. 12 cents less profit from the production of the $1 coin, but how long does a coin last? how much does it cost to burn and bury a coin? Oh wait, you can just melt it down and make a new one without having landfill overhead! Who pays for the burning and burying of old bills? they just need to get their butts out of their sun-don't-shines and change the composition of coins. leave behind tradition and get with some modern design in both composition and size. dime costs 5.65 cents to make for 1359.45 mm^c @ 2.268 g cent costs 2.41 cents to make for 1733.63 mm^c @ 2.5 g how much would a cent the size of a dime cost? 78.41% as much, 1.89 cents. (1.96g) Aluminum is 88 cents per pound while zinc is 1.09 per pound. replace the 1.91 g of zinc in the cent to aluminum for the same volume to be 0.636 g. 0.0042 lbs of zinc at 0.0045 cents worth 0.0014 lbs of aluminum at 0.0012 cents worth* nearly 1/4 the cost to have the same volume of aluminum as zinc. I have aluminum pots that have a copper bottom, so don't tell me the two can't be used together like zinc and copper is on a cent! change nickel to aluminum as well if need be because nickel is $8.51 per pound right now compared to the 88 cents per pound aluminum is! 1/10 the cost of materials! There is plenty of ways to make it work that isn't the lazy way that our politicians usually do things. Dollar replacing dollar, create a $2 coin and remove both $1 and $2 from circulation, should be no problem, but removing 5 cent and 1 cent with no replacement? they need to start small and do what they know will work. $1 coins exist so it isn't like people don't know what they are, they are just smaller since 1978, and it would put to use those billions stored wherever they are sitting and getting dusty and covered in cobwebs. If they can redesign the coins so much like in 2009 and 2010 for cent and 2003, 2004, 2005 for nickel, then they can afford to get people to look into other actual design rather than engravings like size and composition since those people cost less that artists to make State Quarters are 5 per year since 1999! How much does that cost for the design process of each one?!?! Lets start cutting the cost their and fire a few, I men how many do we need to keep these constant redesigns up? If they ignore the cent and nickel are they going to redesign the $1 bill finally and pay that cost for more security features on something that gets used more often as a kleenex that as money? I would miss my $2 bills and not know what to do with the ones I have, but hey I am for switching them to coins, but getting rid of the lowest denominations to trust the stores that so often screw up calculations as it is? NO WAY! *(not to mention above that it is cheaper to recycle aluminum and reclaim it for future use than it is for zinc, and I hope we are not trying to use virgin metal for out coinage?) |
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Pillar of the Community
United States
4883 Posts |
Quote:
No way this bill moves an inch Certainly not just before the midterm elections. Next year might be a different story. Colligo ergo sum
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Moderator
 United States
188660 Posts |
Quote:
No way this bill moves an inch Come on, it will move at least six feet.  As much as I would love for this to pass, the status quo will prevail.  Quote:
...but removing 5 cent and 1 cent with no replacement? No material in the world will ever make the cent break-even, let alone profitable. It cost more than a cent to make the cent, regardless of the material used. It needs to go way, yes, just like they did in Canada. The five-cent coin, however, can be saved with a material change. Again, look North for the answer. |
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Valued Member
United States
156 Posts |
Dollar coins still wont be used. Give it time though. Eventually inflation will make the dollar bill even more worthless, and then they can just do away with the entire denomination, all coins, and just round up to $5 Dollars. We can be like the old Turkish Lira.
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Pillar of the Community
Canada
2805 Posts |
The "USA Act"? So much patriotism for such a minor change...
Well, good luck, and remember, we've already done it and it went through just fine.
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Valued Member
United States
274 Posts |
Has it been so long since changes like this that we, the American people, have a psychological hang-up with it? It doesn't seem like a big impacted on anyone's daily life,but could help out our ailing economy. Why not?
And on a much more technical note... dollar coins are cool!
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Valued Member
United States
446 Posts |
Quote:
The dollar coin is a measure endorsed not only by the GAO, but also by numerous budget watchdogs, a majority of Americans If that were true there would be no need for this legislation. The Sackie would have gone great guns 14 years ago and the dollar bill would have been ended on its own. Presidential dollars also failed. These coins simply aren't wanted. Seems to me that they're more like Chuck E Cheese tokens than they are coins. |
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Pillar of the Community
United Kingdom
837 Posts |
 DCM , that bit about the majority of Americans struck me as odd , were did they get that info from. This sounds like an interesting act and the figures being touted are impressive  .....it would be interesting to see if this might tie in with the mint report due later on possible new materials for making nickels .....  |
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Pillar of the Community
United States
6130 Posts |
The dollar coin won't work without a size or composition change, which would require a re-tooling of every vending machine and coin counter in the US. The vending machine business was behind the inclusion of manganese in both the War Nickel and the newest iterations of the $1 coins--it makes the coin indistinguishable to the machine at the expense of making the coin ugly after a short time in circulation. Going back to the SBA composition isn't an option--I can't use those coins without paying close attention to the cashier to make sure they tender a dollar rather than a quarter. Ike-sized dollars won't work either; people won't carry around anything much larger than a quarter. What we need is to cut our losses and make something like Canada's Loonie--larger and a different but durable composition. I don't see how we could keep the cent or nickel, again for the reasons of vending and coin counting lobby interests. Anything magnetic won't work since most machines pull magnetic coins first thing--hence why post-2006 Canadian cents are so rare here. Aluminum was ruled out after the 1976 trial--it doesn't show up on X-rays if it's swallowed by a child or pet. Any other comparably cheap, non-magnetic metals (zinc, tin) just wouldn't hold up to circulation. |
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Valued Member
United States
446 Posts |
I'm not sure where they got that info from. Seems to me that demand drives what is used when it comes to coins. The half dollar has very little demand so it is not used. I do believe, that as Lunch Money suggests, that there is a psychological hangup with dollar coins. I don't think we want to face the reality that inflation has robbed the dollar bill of a significant amount of purchasing power to where it can be replaced by what looks like a token. I tried using the Sackies when they first came out and I felt silly handing over a bunch of them to pay for beer. I think the Native American reverses that were introduced a few years ago are really cool. I like those better than the ATB Quarters (which I personally wish we would do away with, and bring back the eagle). But thems that make the decisions don't come running to me for advice, and besides, my advice is only worth the paper it's printed on. |
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Moderator
United States
188660 Posts |
The only reason why the dollar coin has failed is the failure to remove the dollar note from circulation. End of story.
People almost always choose to stay with what they know. Eliminate the dollar note, the coins will circulate because there would be no choice.
Again, Canada... doing it right since 1987.
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Valued Member
United States
446 Posts |
I can't disagree with that, Jbuck, but past proposals to eliminate the paper dollar and to replace it with a coin have met with public opposition. Eventually, it will have to happen, due to inflation. As an engineer, I don't think cents and nickels have a useful purpose in commerce and the dime is a lot less useful than it was twenty years ago. I think we can replace $1, $2, and $5 bills with coins, and issue circulating silver coins in denominations of $10 and $20. However, as a collector, I would hate to see any of that happen (though I think circulating silver coins as mentioned would be neat). There would be no more opportunities to score wheat cents and War Nickels. |
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Posted 07/29/2014 07:06 am
