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 Replies: 32 / Views: 5,769 |
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Pillar of the Community
United States
4867 Posts |
In an October 15 commentary on CNBC, former Mint directors Philip N. Diehl and Edmund Moy point out that the United States is one of just three industrialized nations that do not use high-denomination coins in place of low-denomination bills. The use of low-denomination bills wastes tens of millions of dollars each year in production costs that are footed by the American taxpayer. Combined with changing the composition of the nickel to a more cost-effective formula and suspending production on pennies, bipartisan economists estimate that we could save $16.3 billion per year. Furthermore, dollar coins last much longer than paper dollars in circulation, with an average lifespan of 34 years. Americans have been free to reject dollar coins because the bills remain in constant supply. Ceasing their production would force the use of coins, but the public outcry would probably be considerable. According to Diehl and Moy, however, 70 percent of Americans of every political stripe support changing to a dollar coin, once the national cost savings are explained to them. Politicians who fear the voters' wrath would do well to note that statistic. Clearly, communicating the reason for the change is key to encouraging acceptance. In an October 15 commentary on CNBC, former Mint directors Philip N. Diehl and Edmund Moy point out that the United States is one of just three industrialized nations that do not use high-denomination coins in place of low-denomination bills. The use of low-denomination bills wastes tens of millions of dollars each year in production costs that are footed by the American taxpayer. Combined with changing the composition of the nickel to a more cost-effective formula and suspending production on pennies, bipartisan economists estimate that we could save $16.3 billion per year. Furthermore, dollar coins last much longer than paper dollars in circulation, with an average lifespan of 34 years. http://mintnewsblog.com/a-response-...e-coins-act/https://www.congress.gov/bill/115th...ate-bill/759 |
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Pillar of the Community
United States
7613 Posts |
The dollar bill ain't going away any time soon. The speciality paper lobbyists in Washington will make sure of that.
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Pillar of the Community
 United States
4867 Posts |
Those blasted lobbyist always stand in the way of progress. They have way too much say that they shouldn't even have!
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Bedrock of the Community
 United States
12477 Posts |
Isn't the paper for notes supplied completely by one company? I wouldn't mind higher denomination coins one bit. I got pockets! Maybe if we had some $5 and $10 circulating coins, we could see a bit of silver again.   In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Pillar of the Community
United States
4867 Posts |
I am fine with $1 and $2 coins but not any higher than that. As for the dollar coins I wish they'd take that edge lettering off and put the date/mm back on the obverse, there is plenty of room! No sense in having the billions of these still sitting in government vaults. Though it would seem odd having brand new coins pumped into circulation that are several years old. And who knows, maybe they all got that ugly tone by now!!
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Moderator
 United States
187702 Posts |
As much as I want e to be optimistic that things will change, I know they will not.  People need to die first, like naturally, of old age. By the time that happens we will probably be cashless anyway, so what is the point?  |
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Pillar of the Community
United States
8137 Posts |
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Pillar of the Community
United States
4867 Posts |
It seems the other countries that have already switched to coins for larger denominations didn't really have resistance from lobbyists. If there were, I am not aware of it. I don't think Congress should put the lobbyists before the American people. It's definitely a roadblock to progress. Our government needs to grow a set and tell them what's up and how it's gonna be instead of the other way around. People don't want wasteful spending of our tax dollars.
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Pillar of the Community
Russian Federation
5172 Posts |
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The United States is one of only three industrialized nations, along with Argentina and Botswana, that still use low-denomination paper bills rather than high-denomination coins. Are they saying Russia isn't an industralized nation? Because a Russian 50 ruble bill is worth less than a US dollar (in terms of exchange rate, at least), and the largest circulating Russian coin denomination is the 10 ruble, worth less than a quarter (25 ruble coins exist, but they're less common in circulation than half dollars are in the US). |
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Moderator
United States
187702 Posts |
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It seems the other countries that have already switched to coins for larger denominations didn't really have resistance from lobbyists. If there were, I am not aware of it. I don't think Congress should put the lobbyists before the American people. It's definitely a roadblock to progress. Our government needs to grow a set and tell them what's up and how it's gonna be instead of the other way around. People don't want wasteful spending of our tax dollars.  |
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Pillar of the Community
United States
1840 Posts |
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As much as I want e to be optimistic that things will change, I know they will not.
People need to die first, like naturally, of old age. By the time that happens we will probably be cashless anyway, so what is the point?
This is pretty much exactly how I feel about it. |
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Pillar of the Community
Norway
1358 Posts |
EDIT the question was already answered.
$16.3 billion is a lot of money, about $50 per American citizen per year.
Edited by UltraRant
10/26/2017 1:31 pm
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Bedrock of the Community
United States
17884 Posts |
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I don't think Congress should put the lobbyists before the American people. Of course they shouldn't, but the lobbyist are the source of a LOT of money for their re-election campaigns (and other things that often benefit the lawmakers more directly. After all many of them, on salaries of less than $200K a year, and living in a very expensive area of the country, wind up leaving office worth MILLIONS more than they were worth when they entered office.) |
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Rest in Peace
United States
2668 Posts |
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...wind up leaving office worth MILLIONS more than they were worth when they entered office Yes. We need an independent investigation and a claw back. |
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Moderator
United States
187702 Posts |
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Of course they shouldn't, but the lobbyist are the source of a LOT of money for their re-election campaigns (and other things that often benefit the lawmakers more directly. After all many of them, on salaries of less than $200K a year, and living in a very expensive area of the country, wind up leaving office worth MILLIONS more than they were worth when they entered office.) Sadly, this too |
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Pillar of the Community
United States
4867 Posts |
The cent should be eliminated period, no NCLT issues of cents. Though a 10 year hold is a step in the right direction. Maybe at the end of that period people will become used to the idea of no cents. I support the use of dollar coins (minus the edge lettering) and the elimination of the green back. I would also support a $2 coin. The half dollar could return to circulation. I DO NOT support the elimination of nickels and dimes though. If they want to change the compositions just do what Canada is doing as it seems to be working.
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Replies: 32 / Views: 5,769 |
Posted 10/26/2017 12:43 am
