CalBoy
macrumors 604
Dont' worry, we had the absurd "50 States" series a while back. A nice bit of seignorage there, no doubt.
Although you guys could get a tidy boost if Iceland opts for the Loonie over the Euro.
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Replacing Dollar Bill With Dollar Coin?
- Thread starter scottness
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Dont' worry, we had the absurd "50 States" series a while back. A nice bit of seignorage there, no doubt.
Although you guys could get a tidy boost if Iceland opts for the Loonie over the Euro.
It's not necessarily cheeper to produce, although that might also be the case. But the life cycle of paper money means that they have to do A LOT more printing, particularly in the case of the $1, which is the most heavily circulated.
I think the government's biggest faux pas regarding implimenting the change was that the coin was - and is - difficult to discern from the quarter. Given the myriad of options available in creating modern coinage, I'm somewhat dumbfounded that this problem didn't occur to the designers at the Bureau of Printing & Engraving, but it certainly became noticeable upon circulation. The coin is also rather heavy, at least more so than it's Canadian counterpart. Certainly, a thinner, lighter construction would be preferable to most consumers. Also, I recall that when the dollar coin was first introduced, there were relatively few of them available. Many merchants spend thousands of dollars upgrading their vending machines to accept the new currency, only to be dismayed when it failed to catch on. I somewhat fault the BP&I for this as well, because I'm sure if they dolled enough of them out, Americans would be only too happy to spend them.
iJohnHenry
macrumors P6
That's interesting, I was not aware.
And I think China is looking at modelling our banking system too.
You can list economic reasons all day long, but with currency, you can't lose sight of the fact that it still has to be *carried*. And no matter how you try to switch it 'round, paper money is A LOT easier to manage and carry than metal money, no comparison: much lighter, more compact, etc. It's not really good policy in my book to make decisions ONLY on economic etc grounds, and ignore the practical aspects of daily use. And in any case I think the possibilities for making bills more durable have yet to be exhausted. Tyvek bills maybe?
Living in the Eurozone, I've been dealing with a coin-heavy currency for over ten years, so I am speaking from experience when I say that it's a real PITA. Especially if like me, you try to keep things nice and clutter-free and don't like carrying bags full of junk. So I hope for your sake that they change their mind! It might save some taxpayer money at the collective level, but at the price (no pun intended) of a lot of added hassle at the individual level.
Besides, unless things in the US are a lot different to Europe, there are plenty of areas in government that don't give good value for money and which could do more for less. It's not like the money saved from having to renew the dollar bills as often is going to be what saves the budget or anything 😉
Living in the Eurozone, I've been dealing with a coin-heavy currency for over ten years, so I am speaking from experience when I say that it's a real PITA. Especially if like me, you try to keep things nice and clutter-free and don't like carrying bags full of junk. So I hope for your sake that they change their mind! It might save some taxpayer money at the collective level, but at the price (no pun intended) of a lot of added hassle at the individual level.
Besides, unless things in the US are a lot different to Europe, there are plenty of areas in government that don't give good value for money and which could do more for less. It's not like the money saved from having to renew the dollar bills as often is going to be what saves the budget or anything 😉
Tomorrow
macrumors 604
When I was a kid, we had the old Eisenhower dollars. Those weren't going to be confused with a quarter, you could damn near see one from space!
TwinCities Dan
macrumors 603
Just leave it alone those dollar coins are annoying, 'sides I'd miss mr washington.
Coins are annoying to carry around, if I would carry my ones in coins my pants would be sagging from the weight.
I also fail to see how a coin would save money there are so many dollar bills in circulation it'd be a waste to replace them plus doesn't coin cost more than paper?
In 20 years inflation will be so high they can cut it out of circulation altogether.
We have a ill economy and this is what they are concerned about?
Coins are annoying to carry around, if I would carry my ones in coins my pants would be sagging from the weight.
I also fail to see how a coin would save money there are so many dollar bills in circulation it'd be a waste to replace them plus doesn't coin cost more than paper?
In 20 years inflation will be so high they can cut it out of circulation altogether.
We have a ill economy and this is what they are concerned about?
mobilehaathi
macrumors G3
Glow in the dark dinosaur currency...who knew Canada was so AWESOME?!?!
I think the 11 year old boy in me just peed himself.
iBlue
macrumors Core
Coin controversy!
Maybe everywhere should have bank notes that are like Australia's. They are seriously impressive. I scrunched one up, tried to tear it, got it wet and it didn't seem any worse for it.
Maybe everywhere should have bank notes that are like Australia's. They are seriously impressive. I scrunched one up, tried to tear it, got it wet and it didn't seem any worse for it.
iJohnHenry
macrumors P6
We are finally getting those, and natch the government takes all the credit. 😛
$100's were out in time for Christmas gifts for the kids, $50's just got released, with $20's, $10's, and $5's (????) to follow.
$5 coin might happen first. 😡
Our $5 coins are huge (38.7 mm diamater)... and nobody uses them. As far as I know, most people don't even know that they exist! Due to their rarity they are usually sold as a collector's item for well over $5.
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Grey Beard
macrumors 65816
I had heard of the $5 and $10 coinage, but this is a collectable or commemorative issue I think. Our coins do stack up fairly well though.
KGB😎
The $5 coins are legal tender, but I think the $10 ones are purely collectable. I'd love to try spending a $5 just to see the reaction from the salesman though 😀
Grey Beard
macrumors 65816
Looking at the Reserve Bank's web site I see that there is a $5 coin being issued in an edition of just 2,000 and it features the 'fairy tern' and is brilliant and included in a mint set of all current coins and can be your's for $69.00 (if you're lucky enough to score a set)
KGB
thekev
macrumors 604
throAU
macrumors G4
Given that the vast majority of US currency exists in electronic form only, that ship already sailed....
japasneezemonk
macrumors 6502
I say we bring back the $500 Bill. It would be so easy to buy a TV with cash. 2-5 $500 bills and you have a nice TV.
thekev
macrumors 604
iJohnHenry
macrumors P6
Strippers in Canada have an RF reader in one cheek.
Just swipe your bank card down the crack in her ass.
Not going to happen.
Everyone killed big bills to restrict money laundering from drugs.
japasneezemonk
macrumors 6502
I say we bring back the $500 Bill. It would be so easy to buy a TV with cash. 2-5 $500 bills and you have a nice TV.
-Yeah, I was just mildly kidding, since a $500 bill would be awesome.
-Also, according to the Federal Reserve: Notes of $500, $1,000, $5,000, and $10,000 were first authorized in 1918, primarily for interbank transactions. In 1946, with demand for the notes declining, printing of new notes of these denominations was discontinued, and in 1969, the Treasury Department and Federal Reserve decided to discontinue their issuance as well.
Since 1969, all high denomination notes that have been deposited at the Federal Reserve have been destroyed. The Secretary of the Treasury, however, retains the authority to have printed, and the Federal Reserve the authority to issue, notes in all four high denominations.
-I think you might be confusing counterfeiting with money laundering. Money Laundering usually involves legitimizing cash you already have in your hands, but was illegaly obtained. There's no need to make fake money if you already have the real deal.
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BTW, I think your quote by Seneca has been disputed as originating from Edward Gibbon:
The various modes of worship which prevailed in the Roman world were all considered by the people as equally true; by the philosopher as equally false; and by the magistrate as equally useful. --- Edward Gibbon, The History of the Decline and Fall of the Roman Empire
who knows... they're all dead. ;-)
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