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 Replies: 18 / Views: 3,838 |
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Pillar of the Community
708 Posts |
I just watched a video from a link on the Dollar Coin Alliance website where two women news reporters were talking back and forth about the idea of dollar coins replacing $1 bills, and one of the women said that the idea was gaining popularity and that there is partisan legislation being looked at, in Congress, and were mentioning the government savings by switching to the coin, and the other one said "Well, where is that money going? Who is getting it?" And the other one said "Likely the Treasury Department" or something like that (I don't remember it all) Then she said, "We will be burdened by having to carry around the "heavy" coins and won't earn any new money for ourselves, but they also said that we will get used to the coins after they are in circulation" Uh duh, and what the  is she talking about when she says "heavy" coins? Dollar coins do not weigh that much, and what about the $2 bill? You'd only need to carry a maximum of ONE $1 coin, and even four $1 coins would not weigh much, should the $2 bill still not be embraced after the $1 bill's demise. I can't wait to see what happens if the dollar coin legislation passes late this year or early next year. I did find out that self checkout machines have only three bill cassettes, and no place to dispense halves or dollar coins, so I am wondering, if the self checkouts are modified to dispense the dollar coin, and another paper denomination, would the bill cassettes be loaded with "$2s, $5s, and $10s"? Or would the self checkout companies load the bill cassettes with "$5s, $10s, and $20s?" (I am hopeing for $2s, $5s, and $10s, but have a bad feeling they will go the $5s, $10s, and $20s route, unless they would want to use up more low denomination bills, and less $1 coins) And, if the vending and self checkout machines need to be modified to dispense dollar coins, or if the machines have to be replaced completely, shouldn't they bother to modify for accepting and dipensing halves as well? I don't see why not, if they have to make a total overhaul for dollar coins and $2 bills, and I also hope that, if there are new machines and cash register drawers installed I hope they make them equipt for $2 and possibly $5 coins in the future. I am all for a $2 coin right now, but let's give the $5 coin about another decade or so. That does not mean we can't "prepare" new machines for a future $5 coin though. Edited by Fox
11/15/2014 06:25 am
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Pillar of the Community
United States
4901 Posts |
Here we go again  |
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Pillar of the Community
Canada
1118 Posts |
Is the 1 dollar bill seen as a cultural thing in the states? I don't know why there is such an aversion to a dollar coin.
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Pillar of the Community
United States
4901 Posts |
It's called politics. It has zero to do with practicality or common sense. Quote:
Canada ceased issuing the dollar bill when the loon dollar coin was introduced in 1987. In 1984, Great Britain began circulating its £1 coin, withdrawing the bank note of the same denomination simultaneously. Despite griping by the general public that they would prefer the old paper bank notes to coins, the governments persisted and today these coins circulate regularly while the government enjoys lower costs.
In the United States, the reintroduction of the dollar coin has failed three times. The United States has steadfastly refused to withdraw the dollar bank note at the same time the dollar coin is being introduced. Congressional opponents of the idea of a circulating dollar coin find ways to justify their math that there is no cost-saving realized by replacing the dollar bill with a coin. Companies that sell the specially made paper used to print U.S. bank notes lobby Congress to discourage legislation that would follow the examples of what has happened in Canada, Great Britain, and in many other countries around the world. Edited by Foxwoods Man
11/15/2014 08:00 am
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Pillar of the Community
Canada
1118 Posts |
Oh wow, simple answer to a question I had for a while. Thanks Foxwoods Man. I am heading out the door (down to Maine with $20 dollars in Kennedy's) and hope to read more on this later.
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Pillar of the Community
 United States
1949 Posts |
I understand the idea in general but just simply have an aversion to dollar coins... every time I go to NYC I end up with dollar coins as change from the subway, and every time I end up with a stack of $1 coins that goes into my change jar that I eventually cash in...
I think the real issue with the $1 coin is that the $1 denomination is such an important and intrinsic denomination, but there are many people who simply do not carry change on their person... I know when I'm working, my pockets are filled already with car keys, work keys, more work keys, wallet, cell phone, certain tools, ect and I am in and out of my pockets all day... Any change that I happen to have in my pockets seems disappear by end of the day unless I throw it into my console...
So, in a very roundabout way, I think a $2 coin would be more practical, because the $2 denomination is a less important and necessary denomination for daily use...
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Pillar of the Community
United States
1748 Posts |
We nearly have a paper-based fractional currency system now, just like after the civil war. People are used to it and the government will have to drive the change if it wants it.
All we need are 10c, 50c, $1 and $2 coins. Round to nearest 10c on cash transactions and slowly retire the 25c in favor of a 50c coin. This would also give businesses room for a $5 coin.
We just need some gutsy leaders in Congress to push it...lol...good luck on that.
Edited by DoubleEagle20
11/15/2014 10:07 am
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Pillar of the Community
 708 Posts |
Sorry DoubleEagle20, but I would still prefer a 20 cent coin, just as I'd support a 2 cent coin today, and as long as we still have pennies. Yes, I could live without the 20 cent coin, but would prefer not to. And just for the record, as I said, I hate carrying four or more pennies, and I am not going to just put all of my pennies in a jar, or throw them away. I still use them as needed. They are still worth something, and a 2 cent coin would help save the U.S. Mint money, as long as the penny lives. Although the Mint STILL would NOT come out ahead, in penny, 2 cent, and nickel prodution, even if they added a 2 cent coin, but they would be losing out less on minting less pennies so, why not mint less dimes, and some fifths, in a case where the Mint likely WOULD come out ahead?
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Pillar of the Community
United States
997 Posts |
The Canadians and the UK have proven that the elimination of smaller bills and coins works well. It takes action and initiative to do it, but that is unlikely in the USA. While I don't see it happening, I think the USA would quickly adapt to the dollar coin and a $2 coin if the paper bills of the same value were eliminated. Sure, there is going to be grumbling and accusations that it is a Democrat or Republic plot to cause mayhem (depending on who initiates it...) but it would save money in the long run.
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Moderator
 United States
187702 Posts |
Ideally, we would have nothing smaller (in value) than the dime. If this means replacing the quarter with a double-dime, so be it.
The more immediate action is eliminating the cent and one dollar note.
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Forum Dad
United States
24150 Posts |
The people that make your jeans won't have anyone to sell their scraps to.....
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Pillar of the Community
United States
1512 Posts |
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Bedrock of the Community
United States
17884 Posts |
Quote:
The people that make your jeans won't have anyone to sell their scraps to..... Why? They use the same scraps for making the paper for the 2, 5, 10, 20, 50 and 100 dollar notes. And if they stop making dollar notes, they will wind up making more 2 dollar notes. So Crane paper and their employees won't get hurt much. |
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Bedrock of the Community
United States
20753 Posts |
A Dollar Coin? I wonder why no one has tried this before?  And why not a Half Dollar coin too? Myself, I'd like to see coins for all denominations. Why not? Why stop at a Dollar coin? What about a $5, $10, $15, etc. coin all the way up to $1,000.00 We don't have a $1,000 bill so why not a $1,000 coin? You go to a car dealer and place 25 of those on a table for a new car. Easier than 20,000 One Dollar Bills. And while we are at it, why not bring back the $0.20 coin? And I'd love to see the reinstatement of the 2 and 3 Cent coins as well. I've always been wondering why we never had a 4 Cent coin. We had 1, 2, 3 and 5 cent coins. What happened to the 4 cent coins? I think our main problem with a Dollar Coin is it's size. It should be larger than other coins, not the same as one of the other ones. Say about 3" in diameter. And Blue or Red. This all comes up so often I've always wondered if and when things like this will become real. |
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Bedrock of the Community
Australia
21786 Posts |
How about plastic coins?  Just imagine: a whole pocketful of $10 plastic eagles?  , even with a StGaudens design! Or would you prefer a pocketful of gold eagles?  I suspect what we will eventually end up with though, will be eagles made from aluminum or manganese bronze. Both of these alloys are good for coins with a nice gold color, both when freshly minted, and in a heavily circulated condition. They could be of an almost piedfort thickness, to give them a nice tactile feel of (false?) value. I would like to see some really nice neo classical American designs for $5 and $10 yellow base metal coins. Plastic banknotes have been widely accepted in other countries for up to 20 years. We all use plastic debit and / or credit. Edited by sel_69l
11/19/2014 5:16 pm
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Pillar of the Community
United States
4901 Posts |
Just carl: Great....now you have planted another seed in the mind of the thread creator....it WILL be taken as a serious plan.  |
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Replies: 18 / Views: 3,838 |
Posted 11/15/2014 07:45 am
