Money Money Money

[Rustward]

The US Mint is making millions and millions of presidential $1 coins that nobody uses so they are going into storage. This is scheduled to continue into 2016 when almost 2 billion of these will be in storage.

I might send this link to my senators and rep for comment.

Coins Costing Taxpayers? | Video - ABC News

 

[braumeister]

I always have some in my pocket, and spend an average of about ten a week.
I love the things.

 

[unclemick]

Hmmm - depending on where you live - stay away from vending machines.



heh heh heh - I think the quarter still has legs tho. Vs half dollars and dollars.

 

[braumeister]

Every vending machine around here, including the self-scan machines at the supermarket, takes the dollar coins just fine, and knows their value. Parking meters, too.

 

[tmm99]

I don't like $1 coins.

A couple of times, I got stamps from the post office vending machines and got $1 coins back in change. In a week or so, they are gone from my wallet cuz I used them as quarters!!!

 

[Bestwifeever]

The US Mint is making millions and millions of presidential $1 coins that nobody uses so they are going into storage. This is scheduled to continue into 2016 when almost 2 billion of these will be in storage.

I might send this link to my senators and rep for comment.

Coins Costing Taxpayers? | Video - ABC News

Maybe they're planning to send us a package of dollar coins every month when Social Security runs out of money.

 

[REWahoo]

Maybe they're planning to send us a package of dollar coins every month when Social Security runs out of money.

A great suggestion! The govt 'disposes' of excess inventory, we keep getting SS, and the Post Office stays in business shipping the packages!

Feever, maybe you should run for office. We need some innovative thinking like this in DC...

 

[pimpmyretirement]

For awhile you could buy them from the mint at face value with a credit card, get free shipping and points, then spend the cash. I did $250 worth for the novelty.

Some people were gaming the system and just returning them to the local bank for the points. I think they might have killed that program as a result.

 

[Nords]

This is why the Chinese are afraid to cash in their Treasuries for dollars...

 

[kyounge1956]

here's a similar thread at bogleheads: What would it take to make the penny disappear?

 

[DangerMouse]

We switched over from the $1 & $2 bills in Australia some years ago, have coins for both. Bet thing they ever did, you are often surprised at how much money you actually have in your wallet when it is in coins.

1 and 2 cent coins were phased out years ago and bills are rounded up or down to the nearest 5 cents if paying by cash. There is now talk that the 5 cent coin will be the next to go. I say good riddence to the fiddly little things.

 

[donheff]

I hate pennies. The darn things are like cock roaches. If pennies were banished cash registers would have an extra tray for $1 coins and everything would be hunky dory.

 

[Tadpole]

I love pennies. They, like donheff says, are cock roaches. They pile up in my penny savings bucket. Every year or so we cash them out ($400-$1000) and use them as "found" money for whatever fun fits our fancy at the time. I would miss this ritual if they went away. I admit that over the years it has become more difficult to cash them in since banks no longer will count them so either you package them yourself or pay a huge percent to have them done elsewhere.

 

[Sarah in SC]

Tadpole, I use my change collected all year right before Christmas to buy presents. I take the coins to one of the Coinstar machines that will pay in gift certificates rather than cash, and doesn't charge the 8% fee as a result. You might try that. I do remember rolling change as a kid, though.

 

[Bestwifeever]

Our little hometown bank will count its customers' change for free. I'll be happy to take care of your loose change--just send it on up!

 

[rescueme]

Our little hometown bank will count its customers' change for free. I'll be happy to take care of your loose change--just send it on up!

Same here; they have a coin counting machine in the lobby. Just dump in your coins, take the receipt to the teller, and you can either deposit or get the cash (no account required to use)...

A bit better than CoinStar IMHO...

 

[FIREd]

I have one of those $1 Presidential coins. They used a lighter alloy that makes the coin feel like plastic IMO.

 

[kombat]

Canada converted to $1 coins (and later $2 coins) many years ago. People resisted, but it's actually better now that everyone is used to it. Don't you Yanks get irritated trying to feed beat-up $1 bills into vending machines that won't read them?

 

[Bestwifeever]

Making coins or bills, whatever, both will be obsolete soon enough. How many years before neither is used as we switch to electronic cash at point of purchase?

 

[braumeister]

Making coins or bills, whatever, both will be obsolete soon enough. How many years before neither is used as we switch to electronic cash at point of purchase?

Electronic payment (wave your phone at the machine) is already becoming common in parts of Europe, so that's a natural question.

However, I think it might underestimate [sorry, I guess that's misunderestimate ] the inertia of the average American.

AFAIK, there are only one or two tiny countries in the world besides the USA that still use anything but the SI metric system, but I don't see us making much of an effort to upgrade in that area.

 

[Bestwifeever]

Electronic payment (wave your phone at the machine) is already becoming common in parts of Europe, so that's a natural question.

However, I think it might underestimate [sorry, I guess that's misunderestimate ] the inertia of the average American.

AFAIK, there are only one or two tiny countries in the world besides the USA that still use anything but the SI metric system, but I don't see us making much of an effort to upgrade in that area.

What is this metric system of which you speak?

Although electronic cash won't be a requirement for a long time (except if you want to buy refreshments on airplanes, where you already must use credit cards), it will happen sooner rather than later because there is money to be saved by business in not handling cash. We'll probably all do it using smart phones, too.

One day a grandfather will be telling his grandchildren all about people who used to come to our houses every day with things called "letters" and about machines that gave us "bills" and "coins" that we used to buy "newspapers.".

 

[Texas Proud]

Making coins or bills, whatever, both will be obsolete soon enough. How many years before neither is used as we switch to electronic cash at point of purchase?

That is what people said about writing checks.... but we still write a lot of checks as a country....

 

[Brett_Cameron]

In 2005, megacorp-US allowed me to help megacorp-UK. While lived there i became accustomed to £1 coins. Very very useful. I wish the 1 cent coin and the dollar bill would be eliminated. Dollar coins would be a good thing.

 

[Ronnieboy]

That is what people said about writing checks.... but we still write a lot of checks as a country....

I w*rk in a retail establishment and I have noticed that checks are going the way of the dodo bird, while they are still written and accepted, they are definitely a small fraction of the transactions and mostly written by 'elderly' persons

 

[harley]

What is this metric system of which you speak?

Although electronic cash won't be a requirement for a long time (except if you want to buy refreshments on airplanes, where you already must use credit cards), it will happen sooner rather than later because there is money to be saved by business in not handling cash. We'll probably all do it using smart phones, too.

One day a grandfather will be telling his grandchildren all about people who used to come to our houses every day with things called "letters" and about machines that gave us "bills" and "coins" that we used to buy "newspapers.".

The electronic cash concept can work as long as there is the ability to do it anonymously, just like cash is now. There will always be things people want to buy that they don't want showing up on their credit card statement or a government report. It won't be hard, just have the ability to transfer a balance to a device, without tracking information. The device could require a thumbprint or some other security before it can be used, limiting robbery options. But I can't see people allowing the ability to buy anonymously to be done away with. Some people won't care, but many others will. Hmmm...another black market opportunity arises for when I run out of incandescent light bulbs.