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 Replies: 26 / Views: 3,740 |
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Press Manager
 United States
1420 Posts |
 Dollar Coin Alliance - Dollar Note Makes Senator McCain's "American's Most Wasted: Running Spending List," billions in Taxpayer Money Wasted by Failure to Modernize to Dollar Coins WASHINGTON, DC (January 12, 2016) - Senator John McCain (R-AZ) recently released his "America's Most Wasted: Runaway Spending" list, outlining outrageous government spending at the expense of the American taxpayers that occurred throughout 2015. Sen. McCain's report highlights the inefficiency and costly dollar note as one of 50 government programs identified as wasteful, duplicative and inefficient government spending. McCain outlined the many benefits of currency modernization in his report, including that the switch to the dollar coin could save American taxpayers roughly $4.4 billion over 30 years. Other estimates found savings more than three times that amount. A report released by a former Treasury Department economist estimated that modernizing to the dollar coin would save taxpayers at least $13.8 billion. The dollar coin, recyclable after 30 years of use, far outlives its wasteful counterpart. In fact, a single dollar coin will replace up to 17 one-dollar bills during its lifetime. "Senator McCain gets it - the math on the dollar note just doesn't add up," said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. "We waste millions each year printing inefficient notes. Currency modernization is an opportunity to eliminate wasteful spending and save taxpayers billions. Other countries have recognized the cost savings and benefits of switching to coins from low-value paper currency, including Canada, the United Kingdom, France, Spain and others. It's time for the US to catch up." In Canada, the federal government experienced cost savings ten times their initial estimate when eliminating the dollar bill. And, contrary to popular belief - a majority of Americans support a transition to the dollar coin as a way to reduce the deficit.
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Bedrock of the Community
United States
19943 Posts |
Kill the cent AND the dollar note!
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Moderator
United States
188194 Posts |
 I am Jbuck and I approve this message.  |
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Valued Member
United States
392 Posts |
NOPE! Keep the One Dollar Notes! We've already forfeited enough of America's traditions. Keep the One Dollar Currency - BUT, return to the beautiful engravings of Federal Reserve Notes of the turn of the Century. Who wants a pocket full of "golden" junk dollars? Jack  |
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Valued Member
Panama
137 Posts |
Morgan gold dollar
Morgan platinum dollar
why not?
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Moderator
United States
188194 Posts |
Keeping the one dollar note and the cent is nothing more than a government subsidy to those who provide the materials used in their manufacture. Keeping them in the name of tradition is just an excuse, and a very bad one at that. We have given up many bad traditions in the past, ridding ourselves of these would be no different.  |
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Pillar of the Community
Germany
992 Posts |
Edited by redlock
01/24/2016 03:48 am
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Pillar of the Community
United States
606 Posts |
Jack makes a persuasive argument. Just apply it to the 5 and higher. lol
Now if we could put Lady Liberty on the dollar coin that would be great. ktksbb
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Valued Member
United States
392 Posts |
The "subsidies" would simply be transferred to those who provide the materials that would make up the stupid "golden colored" dollar coins used to replace the notes. No one uses them now, and no one wants then. A program that is forced upon the people, doesn't represent the people. No gain, and a loss of one more aspect of Americana. Jack  |
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Valued Member
United States
343 Posts |
Other countries have done it, I don't see why America can't. Calling the dollar coin stupid is one thing, realizing the potential savings of something that lasts 30 years (or 200) over something that lasts only a few...
Tradition aside, it's time for a change, for all our currency. The 10 dollar bill is changing, there's been 70 or so different 25 cent designs in the past 15 years, why not the one dollar?
I'm all for reverting to Liberty designs across the board, coin and paper.
Edited by SpaceMaNy0
01/24/2016 11:11 am
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Bedrock of the Community
 United States
12819 Posts |
Quote:
No one uses them now, and no one wants then. That would change if there were no other option. Quote:
A program that is forced upon the people, doesn't represent the people. No gain, and a loss of one more aspect of Americana. Since when has that ever stopped Congress? People are recalcitrant to change, even if it for the best. We would still have paper money and some of the production of $1s would likely shift to $2s. |
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Pillar of the Community
United States
593 Posts |
I agree also.
I have several old notes from WWII, Korean and some earlier 60 to 70 from all countries and US Military notes that look very bad. They are in bad condition. But a lot of Phillipine 1940`s coins that are still in nice circ. and these all went to battle. Including N Korean to Australia 10 Shilling 1942
My Son`s Father in law was in both wars and brought them back in the early 1950`s
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Pillar of the Community
Sweden
1078 Posts |
Oh dear, the automatic press bot accidentally unleashed the never ending dollar coin vs. note debate |
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Pillar of the Community
Australia
7096 Posts |
If the US politicians had any sort of "Backbone" this wouldn't now be up for debate, It would have been implemented years ago. All the irrational whinging and whining about the loss of the paper dollar and the 1 cent coin would by now have ended  |
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Valued Member
United States
392 Posts |
garys64wildcat - God bless your son's father-in-law for his sacrifices for our country. There have been substantial improvements in the production of notes in many countries. With the addition of polymers and other available breakthroughs, a more durable note is available. Certainly, other countries HAVE eliminated paper dollars, and base metal cents, and as you point out America could also. "That would change if there were no other option" is a dictatorial approach. "People are recalcitrant to change, even if for the best", who gets to decide "what's best?" America is not a nation that follows trends. Our decisions are (ideally) what "We the people" determine are in our best interests, and voiced by us through our elected representatives. Changes such as the elimination of paper dollars, or copper cents, is an issue big enough for more than one person's opinion. I'm most certainly happy that others opinions are represented. The fact that I don't agree with them, is an issue of my sovereign LIBERTY. Jack  |
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Valued Member
United States
274 Posts |
Given the history of the dollar coin in our country, I think an argument could be made that a return, from a paper note back to a coin, would be as much of a return to an older tradition as it would be giving up the more modern tradition of paper money.
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Replies: 26 / Views: 3,740 |
Posted 01/22/2016 11:29 am
