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 Replies: 12 / Views: 1,904 |
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Pillar of the Community
United States
1375 Posts |
Every year Congress puts the following into the appropriations act ( H.R. 3280)Quote:
Sec. 120. None of the funds appropriated in this Act or otherwise available to the Department of the Treasury or the Bureau of Engraving and Printing may be used to redesign the $1 Federal Reserve note. Anyone know the history on this? Every other denomination has been redesigned. What does Congress have against the lowly $1 bill? |
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Pillar of the Community
United States
3473 Posts |
Why redesign something they're trying to eliminate?
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Pillar of the Community
 United States
1375 Posts |
The language has been in every appropriations bill for what, 30 years?
It definitely pre-dates the current round of "let's save money by getting rid of the $1 bill and replacing it with a $1 coin" events.
Even then, the current language in the senate bill requires the Treasury to continue to print $1 bills for numismatic purposes. So, why not re-design it at the same time?
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Pillar of the Community
Norway
1358 Posts |
If it has been there for 30 years then it's basically an open invitation to forgers to just start the press and make some $1 notes. The US Dollar is already the most forged currency in the world and that's not surprising if actual improvements have been blocked for over 30 years. Even the euro notes, which only have been introduced in 2002, are in the process of getting a makeover so that they're up to date again...
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Pillar of the Community
United States
2023 Posts |
It costs money to redesign currency, and there are a lot of vending machines that would have to be upgraded to accept any changes (just like with coins). The $1 note isn't worth much so it's not as attractive a counterfeiting target as larger bills. So it's not worth protecting, and not worth changing.
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Rest in Peace
United States
17900 Posts |
I bet you meant to put this thread in the Ancients folder  |
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Bedrock of the Community
United States
94367 Posts |
I've always heard that the $1 note was seldom counterfeited so it was not worth the cost of redesign and adding security measures.
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Pillar of the Community
United States
992 Posts |
You have to ask, what does it cost the taxpayer and the nation to produce and accept a new Dollar bill? IMO, the cost is greater than the amount of counterfeiting, so there is no point in making the change.
There are very good reasons not to make constant changes in a nation's currency, and only one reason to change it. Unless counterfeiting is causing great losses, then there is no reason to change it.
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Pillar of the Community
United States
1375 Posts |
Well, according to POLITICO this was the reason in 2015, Quote:
With other American currency undergoing design and security changes, some of them major, why the protective fence around the $1? National Journal's Sarah Mimms found the answer last year, when the restriction surfaced in the previous omnibus: It has nothing to do with the $1 bill itself. It has to do with vending machines. The vending lobby doesn't want to spend money having to update its machines to recognize a redesigned $1 bill. Since few people try to counterfeit the $1 bill—the reason that Treasury normally redesigns currency—the lobby argues there's no good reason for a redesign. |
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Moderator
 United States
189215 Posts |
Quote:
Why redesign something they're trying to eliminate?  Quote:
It definitely pre-dates the current round of "let's save money by getting rid of the $1 bill and replacing it with a $1 coin" events. Some have been trying to get rid of the one dollar bill for 38 years.  That aside, I agree that the vending industry is the real culprit. For what it is worth, the old car wash by my mother's house still does not accept the new 5/10/20 notes (old ones are fine). |
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Pillar of the Community
United States
4637 Posts |
Personally, I have never seen a counterfeit one dollar bill.
I would carry and spend $2's before ever keeping $1 coins in my pocket.
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Pillar of the Community
Norway
1358 Posts |
Almost sounds like it's time to buy a press. No one expects it counterfeited, no one bothers much, and there's still enough profit to be made on the note.
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Moderator
United States
189215 Posts |
Quote:
I would carry and spend $2's before ever keeping $1 coins in my pocket. With two dollar bills, you should never need more than a single one dollar coin in your pocket.  |
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Replies: 12 / Views: 1,904 |
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Posted 10/21/2017 12:23 pm
