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 Replies: 65 / Views: 6,946 |
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Pillar of the Community
708 Posts |
Got some news on the "$1 note vs. dollar coin" issue, and possibly more to come. Let's get down to business. Here is what the DCA lobbyist told me yesterday: ------------------------------------------------------------ Sorry for the radio silence, its been extraordinarily busy. Great news on the dollar coin front, we were able to include language in the Congressional budget that just passed that mandates the saving from moving to a dollar coin to be counted as real savings. Up until now, the Congressional Budget Office didn't count savings from seniorage, which lessened the attraction from policy makers from making a decision since there would be no "counted" budget savings. Now there will be, and makes our job easier.  Check back in next month, and I will have hopefully some other good news for you. ----------------------------------------------------------- Hopefully the penny will go too, and the nickel will either go, or become plated steel, and next, we will be able to work on redesigned $2 notes...(And maybe do something for the return of the half with that extra/penny slot in cash registers, and let's not forget $200 and $500 notes, but I don't want to get carried away just yet.   ) Stay tuned...  Edited by Fox
05/14/2015 6:58 pm
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Pillar of the Community
United States
6478 Posts |
Why do we want the cent to go? It is the best.  |
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Valued Member
United States
194 Posts |
I don't think 200 or 500 notes will ever happen, due to money laundering concerns. The government doesn't want to make it any easier for people to carry large amounts of cash.
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Pillar of the Community
United States
1132 Posts |
So, your against the cent...but for $0.50 & $2 bills?  |
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Pillar of the Community
 708 Posts |
Of course we want the cent to go. Its nearly worthless, and so is the nickel, pretty much, and we want to clear a space in the coin drawers in cash registers for larger coin denominations that actually have purchasing power, like halves $1 and future $2 and maybe $5 coins.
As for $200 and $500 notes, I feel that at least $500 notes may happen, because as I said, I was told that the Secret Service and the Treasury were discussing the $500 note issue, and the only concern mentioned by the Secret Service, was "counterfeiting" issues. The was NO mention of concern for money launderers or drug dealers (Why should there be? A $500 note today is a $50 bill back in 1969 when $500 notes were last issued, anyway. Like people said, we will have larger bills again, but they will not nesassarily be higher value, just bigger numbers on the notes due to inflation), and the Treasury wants the $500 note back, due to the fact that, $100 does not go as far as it used to. However, as much as I want it, there was currently, and may never be no mention of a $200 note. I just feel an odd denomination like a $200 note could be interesting. And the $500 note would come in handy for high end purchases, like cars, boats, rvs, appliances, electronics, etc. The $200 note, while not really needed, would only save the government on printing even less $100 notes and making you not have to carry up to four $100 notes, where I would rather carry two $200 notes.
Edited by Fox
05/14/2015 7:59 pm
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Valued Member
United States
194 Posts |
I would absolutely love to have a $500 note. But from someone who is in the "financial crimes" field, I can assure you it will never happen. Cash is the biggest issue we have right now regarding any type of criminal financial activity. Almost any other medium of funds can be tracked. Cash can't, and it will just make it easier for these people to hide cash and make large cash purchases to hide their money.
Edited by tbolts10
05/14/2015 7:57 pm
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Bedrock of the Community
 United States
12813 Posts |
Quote:
I would absolutely love to have a $500 note. Me too. How much fun would it be to show up at a mortgage closing with a stack of $500 bills? (and a large armed guard) Edited by CelticKnot
05/14/2015 8:04 pm
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Pillar of the Community
United States
1254 Posts |
Some day all coins and paper cash will be gone.........
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Pillar of the Community
United States
1132 Posts |
Quote:
Of course we want the cent to go. We? I don't know about you, but the cent is my favorite coin. I can buy a box for $25 & keep myself entertained for a week.  Edited by CopperCastle
05/14/2015 8:24 pm
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Pillar of the Community
708 Posts |
Well, even if $200 and $500 notes never come to be, I may still have a small battle getting a redesigned $2 note of the NexGen series (before the redesigned "Meaningful Access $2 note, beyond the year 2020) to go along side the dollar coin, or a slightly larger battle to get new $2 coins issued to replace the $2 note before 2020, or the biggest challenge: Getting the half to circulate again, but I believe I've got a shot, if I could get all self checkout and vendors to retool for halves, when retooling machines that do not currently accept or dispense dollar coins to accept and dispense both, halves, dollar coins, (and perhaps, $2 coins) if their machines are torn apart to upgrade for dollar coins, why not also for halves? However, about a week ago, I talked to a vendor working on a machine a my local Walmart, about making his machines so that they would accept halves or redesigned $2 notes when the new $2 notes come out, he said " The machines can't be made to accept halves, and I doubt we will upgrade for new $2 notes, because people barely use them", and I told him they would be starting the next redesign with the $10 note, and he said "I doubt we will be reprogramming for new $10 notes either, because, not too many people insert a $10 note into a vending machine" He did tell me that the machine he was working on, accepts $1, $2, $5, $10, and $20, notes currently, and that they have to implant a new chip for a new design Federal Reserve note, but if the dollar coin becomes popular, and the $2 note follows, I think that vendor will change his mind sooner than later to add a new chip to recognize new $2 notes. I just hope the vending industry don't lobby against redesigning the $2 note, if the $1 note is eliminated, before the $2 note gets redesigned, and the $2 note becomes "the New $1 Note" with the ugly old small portrait look. I'm tired of the old small portrait $1 and $2 notes. |
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Rest in Peace
United States
18456 Posts |
I don't think I want the penny,(I mean CENT) to end it's production. I too love Lincolns ,always have and always will. but unfortunately the government can care less about what coin collectors want. as far as the nickel , I can care less. the Jeff's no longer excites me. forget the $200 and $500 bill. there's way too much crime organizations who will love those.  |
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Pillar of the Community
United States
1388 Posts |
If you can get dollar bills retired, then that would be a huge win IMHO.
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Pillar of the Community
United States
807 Posts |
The reason to get rid of the cent is that the common person throws it straight into the trash.
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Valued Member
Canada
488 Posts |
As a canadian with no cents let me jump in. As a collector I miss the penny but let's be the real... There is no point in having it. It is a drain on the government to produce. The government is a business and it makes no sense to make something that is valued less than it cost to produce.
And as a business owner it is easy. Keep in mind I grew up in America so I can compare. No one likes change( except for us collectors ha ha) but you get used to it. And now that its gone I am glad to not have to mess with it. There was a time when it had a value but those times are long gone with the penny candy. Inflation has rendered it useless. I'm ready to kick the nickel next.
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Pillar of the Community
United States
589 Posts |
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I don't think 200 or 500 notes will ever happen, due to money laundering concerns. Don't say "ever". Just wait until minimum wage is $20-30 an hour and "Dollar Tree" becomes "Five Dollar Tree". Inflation will begin to go rampant, it's only a matter of time, and when it does, higher denominations will be necessary (if the government doesn't render cash illegal like some governments are) Quote:
The reason to get rid of the cent is that the common person throws it straight into the trash. True. Was walking past someone on trash day and heard the jingle of metal in his trash bag as he threw it out on the curb. I snagged it, and found 26 one-cent US, as well as a $1 Canadian. So, it appears as though some people think even $1 is worthless. |
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Pillar of the Community
United States
807 Posts |
I don't feel, however, that simply dumping the cent is the best choice. I have actually developed a detailed proposal for a complete new coinage system, involving regular denominations from Half Dime to double dollar, & half eagle, eagle, & double eagle semi-circulating commemoratives, the smallest paper denomination being brought to five dollars. |
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Replies: 65 / Views: 6,946 |
Posted 05/14/2015 7:14 pm
