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 Replies: 15 / Views: 2,447 |
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Valued Member
United States
162 Posts |
http://www.bbc.co.uk/news/world-us-canada-10783019In hidden vaults across the country, the US government is building a stockpile of $1 coins. The hoard has topped $1.1bn My commentary: The mint has produced 3 billion dollar coins since 2000, if they only have 1 billion left then they are much more successful than I thought. Also, if they do eliminate the dollar bill they are going to need a heck of a lot more dollar coins. Rough estimate, 10 billion dollar bills in circulation.
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Moderator
 United States
187544 Posts |
Interesting. They could actually get by without having to make a one-to-one exchange of dollar coins for dollar notes when you consider the stockpile of two dollar notes.  The best part of the article... Quote:
US officials and coin experts note that Australia, Britain, Canada and Japan have successfully introduced coins in similar denominations, but only after phasing out paper notes.
Most countries in the G8 have ceased to circulate a note in their base unit of currency.
Because a coin can last four decades while a note lasts only a few years, replacing the dollar bill with the coin could save the US $500m to $700m per year in printing and paper costs. Why are we (Americans) so dense when it comes to the obvious solutions? |
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Valued Member
United States
376 Posts |
The government should have eliminated the dollar bill years ago. They have no problem with cutting aid to the elderly and disabled but refuse to make common sense decisions that would save billions without hurting anyone.
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Pillar of the Community
Canada
3692 Posts |
The Dollar Bill makes the fed way too much money to just abandon! Hyper-inflation will hit before a dollar coin ever becomes popular in America. I hope I'm wrong.
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Moderator
United States
187544 Posts |
I disagree.
Removing the dollar note from production would allow the BEP to print more higher denomination notes for the Fed. Higher denominations add up faster.
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Pillar of the Community
United States
1213 Posts |
It makes too much sense to eliminate the dollar bill, so I don't see it happening in Washington any time soon. The folks in Washington are too busy trying to get re-elected to do what needs to be done for the country.
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Pillar of the Community
United States
687 Posts |
The media will pounce on whoever signs into law a bill that eliminates the dollar bill. It will be perceived as anti-American and as vote of no confidence in the economy so I can't really see it happening anytime soon. Eliminating the cent is even more likely to generate voter backlash, despite how much it costs.
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Pillar of the Community
United States
4541 Posts |
the dollar bill should be eliminated but I like others dont see it happening. People just dont like using coins.
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Valued Member
United States
420 Posts |
i don't know about anyone else here, but I put 25-50 dollar coins into circulation each week... sometimes so many that I empty the change machine at work  just doing my part  |
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New Member
United States
10 Posts |
interesting read. Also I like how its the BBC reporting but nothing in the US.
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Pillar of the Community
United Kingdom
1682 Posts |
I am an American living in the UK. My co-workers told me about this article on Monday, so I brought in a Native American dollar coin and President dollar coin into work to show them. They were amazed that I have them since the impression they received from the article is that these coins are being made and NONE are getting into the public's hands. |
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Pillar of the Community
 United States
2448 Posts |
Don't worry, the debit card (or some form of it) will take over for currency. We collectors will be reduced to knock-down-drag-outs competing for desirable relics. "Marx, Christ, Woods and Whey, lead us to this perfect day".  |
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Pillar of the Community
United States
1213 Posts |
twincam_04 - I like that idea of dumping the dollars in the change machine. I'll have to give that a try. In addition to circulating the dollars, it'll give me coins to search.
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Valued Member
United States
462 Posts |
The vending machine at my work can give change in dollar coins. I love it.
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Valued Member
United States
327 Posts |
The dollar bill is a huge expense to continue, but the state where the paper is produced has a lot to do with it.
Massachusetts, by the way. Powerful people come from there. John Kerry, for one.
Maybe with Teddy gone some headway can be made on this.
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Pillar of the Community
United States
1358 Posts |
I don't think that replacing the dollar bill with a coin can be rightly viewed as "un-American"... When people think of American coin designs and types, the Morgan dollar has got to be in the top five... The only difference is the size, color, edge, weight, mintage, portraits of funny-looking old presidents on the obverse, a statue instead of an eagle on the reverse... |
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Replies: 15 / Views: 2,447 |
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Posted 08/10/2010 2:20 pm
