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-   -   A new thread on Other Topics: Poll: Replace the Dollar Bill with a Dollar Coin? (http://www.early-retirement.org/forums/f27/a-new-thread-on-other-topics-poll-replace-the-dollar-bill-with-a-dollar-coin-51614.html)

kyounge1956 08-14-2010 02:47 PM

A new thread on Other Topics: Poll: Replace the Dollar Bill with a Dollar Coin?
 
"In hidden vaults across the country, the US government is building a stockpile of $1 coins. The hoard has topped $1.1bn... "
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.

REWahoo 08-14-2010 02:52 PM

Quote:

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.
I'm curious why the article failed to say how much the US could save if it stopped minting and storing coins no one wants to use. :)

mickeyd 08-14-2010 02:56 PM

Has this not been tried before a number of times w/o success? Folks like the George.

Now...if you want to start a poll/thread to eliminate the penny, I'm all in.:coolsmiley:

ziggy29 08-14-2010 03:06 PM

The U.S. is one of the last holdouts in terms of making paper versions of their "one unit" base currency denominations. For example, Canada has no paper money below $5 and the UK has nothing below 5 pounds -- they have $1 and $2 coins (and 1 pound and 2 pound coins) respectively.

The changes were unpopular at first but now it's no big deal. I think our stubborn resistance to change sometimes borders on the silly and in this case I think it does as well.

Any attempt to introduce a dollar coin (and perhaps even a $2 coin) is doomed to fail as long as the "ragbuck" remains in production. Period. Either eliminate the paper dollar or stop trying to make a dollar coin succeed.

As far as the one cent coin goes -- the U.S. used to make a half cent coin. It was discontinued in 1857. Thus the one cent coin became the lowest denomination minted. But one cent in 1857 is probably closer to 20 cents today. So if we considered inflation and had a similar situation with coinage as in 1857, our smallest denomination would be either a dime or a quarter using today's denominations. (By the way, we did also make a 20 cent piece from 1875 to 1878 but it was largely rejected as looking too much like the quarter. Susan B. Anthony dollar coin, anyone? History repeats itself.)

RonBoyd 08-14-2010 03:17 PM

Who cares. I use cash (in any form) so rarely, I had to stop and think; who's picture is on the Dollar Bill?

kramer 08-14-2010 04:11 PM

I dislike carrying around coins. There are probably a lot of women who carry a purse who don't care but I care.

I am all for getting rid of the penny, and soon after that, the (wrong-sized) nickel. It is almost unbelievable that the penny (which costs more to make than a penny) is still in existence, it defies all logic.

I also found the US populace rejection of the 2 dollar bill strange, although that was over 30 years ago. I guess I might be OK with a dollar coin (at least the newer ones are lighter and smaller) and elimination of the dollar bill if the 2 dollar bill came back.

In the developing countries, I find the smaller paper currency very useful as do the locals: Colombia has a $1,000 peso note which is equal to about 55 US cents. Thailand has a 20 baht note which is equal to about 60 US cents. Philippines has a 20 peso note which is equal to about 45 US cents.

Kramer

kyounge1956 08-14-2010 04:22 PM

Quote:

Originally Posted by mickeyd (Post 967704)
Has this not been tried before a number of times w/o success? Folks like the George.

Now...if you want to start a poll/thread to eliminate the penny, I'm all in.:coolsmiley:

:yuk: If it wasn't for pennies, the sales tax (which is already almost 10% here) would be rounded up to the next nickel. Nein, danke.

ziggy29 08-14-2010 04:39 PM

Quote:

Originally Posted by kyounge1956 (Post 967731)
:yuk: If it wasn't for pennies, the sales tax (which is already almost 10% here) would be rounded up to the next nickel. Nein, danke.

Most proposals I've heard would have them rounded to the nearest nickel, not rounded up. So if it's honest, it would be revenue-neutral.

Rustic23 08-14-2010 05:00 PM

When we started using a rewards card, we stopped carrying small denomination cash. If I seldom use cash at all. DW and I use $2 bucks a week when we play cards with the neighbors. However, half of that is quarters.

easysurfer 08-14-2010 05:21 PM

I think keeping a dollar bill is best. I wouldn't mind carring a wad of dollar bills in my wallet, but a pocket full of dollar coins I would mind, even if the coins were small and odd shaped.

Now if they were really bold and made a "$2.50 bill", I'd go for that. (Divisible in both a $5 and $10). But I guess that would need a new name because that wouldn't be an even bill.

ziggy29 08-14-2010 05:22 PM

Quote:

Originally Posted by easysurfer (Post 967758)
Now if they were really bold and made a "$2.50 bill", I'd go for that. (Divisible in both a $5 and $10). But I guess that would need a new name because that wouldn't be an even bill.

Quarter Sawbuck?

freebird5825 08-14-2010 05:26 PM

Quote:

Originally Posted by RonBoyd (Post 967710)
Who cares. I use cash (in any form) so rarely, I had to stop and think; who's picture is on the Dollar Bill?

HINT: What color is _____ ________'s white horse? :laugh:

My vote = keep the paper dollar, get rid of the $1 coin.

Leonidas 08-14-2010 05:29 PM

Quote:

Originally Posted by freebird5825 (Post 967761)
HINT: What color is _____ ________'s white horse?

Okay, thanks for the assist. So, the answer is that the Lone Ranger's Horse is White!

http://www.lonerangerfanclub.com/sit...er-462x600.png

Let me double check. Yep, there he is:

http://claytonmoore.tripod.com/dollar1a.jpg

freebird5825 08-14-2010 05:36 PM

Quote:

Originally Posted by Leonidas (Post 967764)
Okay, thanks for the assist. So, the answer is that the Lone Ranger's Horse is White!



Let me double check. Yep, there he is:

http://claytonmoore.tripod.com/dollar1a.jpg

:rofl:
Good return of the serve. :coolsmiley:

kyounge1956 08-14-2010 05:50 PM

Quote:

Originally Posted by kramer (Post 967727)
(snip)
I am all for getting rid of the penny, and soon after that, the (wrong-sized) nickel. It is almost unbelievable that the penny (which costs more to make than a penny) is still in existence, it defies all logic.

I also found the US populace rejection of the 2 dollar bill strange, although that was over 30 years ago. I guess I might be OK with a dollar coin (at least the newer ones are lighter and smaller) and elimination of the dollar bill if the 2 dollar bill came back.(snip)

Well it certainly doesn't make any sense to have pennies that cost more than one cent to make, but I'd rather the penny got redesigned than eliminated. Eliminating the penny would penalize people who pay cash. Someone paying by check, credit card or debit card could pay to the exact penny, but cash payers would no longer be able to, and those extra pennies would be a sore temptation to revenue-strapped state and local taxing authorities. IMO, if one of the smaller-denomination coins is eliminated, it should be the nickel or the dime, not the penny.

I wouldn't mind a dollar coin and two-dollar bill, but that would run into the same problem sometimes brought up about dollar coins and fifty-cent pieces, which is that there aren't enough compartments in a standard cash register drawer to accommodate more kinds of coins than are currently in wide use.

kyounge1956 08-14-2010 05:52 PM

side thought...does the UK still have a 2p coin as well as 1p?

ziggy29 08-14-2010 05:56 PM

Quote:

Originally Posted by kyounge1956 (Post 967774)
side thought...does the UK still have a 2p coin as well as 1p?

Yes. And the U.S. minted two cent coins from 1864 to 1873 as well.

jIMOh 08-14-2010 06:17 PM

we all have it wrong

we need a $.99 coin

and a $2.99 bill

or maybe make that $2.99 bill a $2.79 bill (indexed to cost of a gallon of milk). Its almost like a small denomination ibond or something LOL

CuppaJoe 08-14-2010 06:34 PM

Went to put two dollar bills in the subway farebox yesterday and was stopped by the gatekeeper, "no dollar bills, coins only." She pointed me at a change machine which dropped only two coins, old beat up dollar coins. I used them for the fare because I already have some mint condition dollar coins.

Haven't voted in your poll yet. My vote can be bought. ;)

Orchidflower 08-14-2010 07:19 PM

Oh, yeah...I'd just love carrying around a bunch of $1 coins...:rolleyes: As if my purse isn't heavy enough....good grief, no! Keep the paper dollar!!!


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