Replacing Dollar Bill With Dollar Coin?

scottness

macrumors 65816
Original poster
Mar 18, 2009
1,370
3
Room 101
(RTTNews) - The $1 bill has been a part of U.S. currency since the Lincoln administration in 1862. It has survived countless attempts by Congress to replace it. And it has the sentiment of many U.S. consumers on its side.

But its time may be coming on Capitol Hill, where a group of congressmen led by Sen. Tom Harkin (D-Iowa) are increasingly optimistic that a bill replacing the $1 bill with a dollar coin could pass the House and Senate by year's end.

The reason: Savings. With Congress in a cost-cutting mood, and the Bush administration's tax cuts set to expire, negotiators will be looking for revenue…

http://www.rttnews.com/1846513/congress-considers-replacing-dollar-bill-with-dollar-coin.aspx?type=bn
I like the dollar, but after living in Japan for a while, I can see where this might end up being a decent idea. Here in Japan, the smallest paper bill is ¥1000 (~$12 USD) and the largest commonly used coin is ¥500 (~$6 USD). My wallet here is a lot easier to organize, though your pocket change is worth a whole lot more.
 

Surely

Guest
Oct 27, 2007
15,043
8
Los Angeles, CA
If it's going to save money, they should just get it over with already. There's a bit of an adjustment period, but after a while, you get used to it.

I lived through the Canadian government replacing the Canadian dollar bill with a dollar coin, and then replacing the Canadian two-dollar bill with a dollar coin. At first it was cool, then it was a bit annoying, and then it didn't really matter because you got used to it.

It's bad when they accumulate and you have a heavy pile of coins instead of a bunch of bills.
It's good when they accumulate and you have twenty bucks sitting there that you didn't realize you had.:p

I'm not much of a cash person anyway, so it wouldn't affect me much (I use my credit card for everything....and yes, I pay it off in full each month. I do it for the reward points).

All I know is that snorting coke will get around $4 more expensive. :p
 

Theclamshell

macrumors 68030
Mar 2, 2009
2,738
1
It will not be as easy to store as dollars which could be a pain in the butt. I never have room for change and just give it to homeless people because I have no place to store it without it jiggling around which makes me mad :D
 

zioxide

macrumors 603
Dec 11, 2006
5,725
3,711
change sucks. it gets heavy quick and is annoying to have in pockets. I'd rather have a stack of $1 bills than a pocket full of coins.
 

scottness

macrumors 65816
Original poster
Mar 18, 2009
1,370
3
Room 101
change sucks. it gets heavy quick and is annoying to have in pockets. I'd rather have a stack of $1 bills than a pocket full of coins.
In Japan, I end up using coins a whole lot more because of their value, and as a result, it doesn't accumulate. Back in the US, I never paid with coins and just took the change--and then it accumulated.
 

throAU

macrumors 603
Feb 13, 2012
5,316
2,297
Perth, Western Australia
We've had 1 and 2 dollar coins here in Australia for at least 20 years now.

At least if you have coins rather than paper, they will continue to have metallic value irrespective of what the government does inflation wise.

And yes, having a few coins in your pocket that are actually useful is handy.
 

huntnboy04

macrumors regular
Apr 11, 2007
160
5
MI, USA
I'm not too into strippers wearing helmets to protect themsleves from stray dollar coins flying at them, I like paper instead.
 

Zombie Acorn

macrumors 65816
Feb 2, 2009
1,301
9,064
Toronto, Ontario
Coins are better and easier than bills for small denominations. Colored money is better than all the same color.

The US tried the dollar coin but it wasn't well accepted. I think they should come up with a better name for it like an eagle or something.
 

malman89

macrumors 68000
May 29, 2011
1,651
6
Michigan
From my time living/studying in Rome and traveling abroad in Europe, I came to realize how amazing and coveted the 1-2 EUR coins were, especially in Italy. It was easily the most desired piece of currency around. Loved using them and having them.

It was just weird to have a stack of them and be like "oh this is 20-40 EUR, which (at the time rate was like 1.4-1.45ish) is like 28-60 USD, odd". It was just different having what could be a small stack of quarters actually be a sizable sum in your pocket.
 

acidfast7

macrumors 65816
Nov 22, 2008
1,436
5
EU
I love the 1€/2€ coins compared to the dollars.

While your at it, why don't you make the different denominations different colors and sizes (like the rest of the planet.)

Also, just get a wallet with coin pouch just like everyone else.

http://www.amazon.com/Black-Leather-Wallet-Bifold-Pouch/dp/B00337JXSM

The comment about 2€ coins adding up to a sizable sum is spot on. I can have 2 USD (8 quarters in my pocket) or 16€ (20USD in 8 2€ coins).
 

SlugBlanket

macrumors regular
Mar 5, 2011
130
7
I like the dollar, but after living in Japan for a while, I can see where this might end up being a decent idea. Here in Japan, the smallest paper bill is ¥1000 (~$12 USD) and the largest commonly used coin is ¥500 (~$6 USD). My wallet here is a lot easier to organize, though your pocket change is worth a whole lot more.
I rembered seeing this BBC News article on it a while ago. I guess the simple fact is people don't like change; no pun intended.
 

iBlue

macrumors Core
Mar 17, 2005
19,174
15
London, England
It would be about time but I can imagine this would be met with typical American stubbornness to change.


I'm not too into strippers wearing helmets to protect themsleves from stray dollar coins flying at them, I like paper instead.
In the UK the smallest bank note we have is £5. At strip clubs you don't throw coins at the dancer. Another woman walks around with a large beer mug and the punters put £1 & £2 coins in it. Kind of bizarre but I think throwing coins would get you thrown out on your arse.
 

ender land

macrumors 6502a
Oct 26, 2010
876
0
I find it hard to believe a coin is cheaper than a dollar bill, but if so, I'm totally supportive of this too.
 

eawmp1

macrumors 601
Feb 19, 2008
4,130
5
FL
I find it hard to believe a coin is cheaper than a dollar bill, but if so, I'm totally supportive of this too.
An individual $1 coin IS more expensive to produce than a $1 bill.

However, you forget that a coin will last many $1 bills lifetimes, so in the long run coins are cheaper.

And yes, we should ditch the penny.