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Replacing Dollar Bill With Dollar Coin?
- Thread starter scottness
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I've heard this argument before, but I don't think it has much empirical support. There are a number of countries that have dropped the penny without seeing sudden surges in inflation.
Interesting. Might be why we still have these ridiculous 1 yen aluminum coins here. They're so light and feel so much cheaper than a penny (except they're actually worth more than a penny).
Where's the fun in that?
I mean, there's something about...you know, how you give her the dollar bill without, you know, handing it to her. Simply dropping it into a mug takes that away.
Where's the fun in that?
Hear, hear!
If I want to toss coins in a cup, I'll give my change to the homeless guy with a Starbuck's cup.
You should be drawn and quartered for that one.Easy, but I'll give you credit none-the-less.
^
Your average dollar bill lasts maybe three years in normal circulation. OTOH, even heavy-usage coins like dimes and quarters can last ten times that long. Seems pretty simple to me.
Maybe it's the novelty more than anything else, but I think one- and two-dollar coins would be a great idea.
No argument from me.
Where's the fun in that?
I don't think they're all like that but this is what I've heard. I haven't bothered to investigate... mostly because that sounds like a lame shakedown. I like slipping the bills, too.
I frequently read that its value has slipped below the value of the metal itself. The gold standard went away a very long time ago. I'm not sure how the intrinsic value of materials used here is leveraging a lower rate of inflation.
I would love to hear congress argue/debate this point...
Don't give them any ideas.
It makes it much harder to inflate your money supply when you are forced to mass produce currency that is actually tied to metals with intrinsic value. I am sure they could just switch out the metals as they have done in the past, but in the end they are still stuck printing something with no value using metals that have some value. Unless they can convince everyone to drop the penny, soon the nickel, dimes will be pretty useless after a few decades of inflation also. Etc.
I would love to hear congress argue/debate this point...
I don't know if it made it to congress, but some time ago (think 15-20 years ago) when this motion came up a lobby of exotic performers (I think that was the language they used) were speaking up on how eliminating one dollar bills would ruin their industry.
Maybe if the $2 bill went into higher circulation, they could make it work...but I'd still rather have paper money than coins.
Not only American stubbornness, but also drunken belligerence, as to why I would think men would launch $1 coins at women. I would like to think one would get thrown out
But seriously I do not see what is wrong with a $1 paper note. We have a $2 note, still in production, but many people freak out when they get one, thinking they are rare, they are not used much at all, I have only ever been to one place that uses the $2 note. The $1 coins have not gone over well, perhaps because they are heavy and people don't like heavy things in their pockets. Our $1 coin is quite heavy, I think much heavier than say a Canadian $2 coin, if memory serves me right.
I don't really have anything constructive to add, I just wanted to say I like your avatar
I don't even know what it is but I like it.
That just means it's a deterrent to printing money. Pennies, nickels, and dimes are all worth very little relative to their cost of production. While you say a few decades from now, realistically they could drop everything up to the quarter even today in favor of quarters and $1 coins in place of pennies, nickels, and dimes.
This discussion is a good example of how screwed up the US legislative system is. The only reason we still have the penny is because of mining industry lobbyists. The same goes for paper industry lobbyists when it comes to the dollar bill. None of it has to do with common sense, cost or preference.
As far as not liking change in your pocket, a dollar coins weighs a lot less than 4 quarters.
As far as not liking change in your pocket, a dollar coins weighs a lot less than 4 quarters.
I don't understand how this would work. The prices of many things would just be rounded up. I'd rather just keep things as it is.
It would work just the same way it did in Australia in 1992 when they discontinued their 1¢ coins. The reason why they did it, and why our politicians have tried too, was because the coins cost more to make than they are actually worth.
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Just in case some of you are considering hording pennies, and selling the resulting copper "ingot".
See just how many pre-1982 pennies are still in circulation.
And put Ol' Abe on the new dollar coin. Done!!
See just how many pre-1982 pennies are still in circulation.
And put Ol' Abe on the new dollar coin. Done!!
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Dollar coins technically already exist. They're just not currently in wide circulation.
It's a stretch to call a deceased person "stupid", but it does suggest something similar.