$1 US coins, do we need a $2 coin?

Yes. I am serious.

The number one complaint is that nobody wants to carry coins aroound with them in their pockets, purse, etc, right? Well why have COINS when you could have 1, or 2 of them?

But seriously, how many $1 or $2 coins would you have at any given time without spending them, or just having a $5 bill?

Of course I realize that it comes down to the fact that it's human nature to resist change (no pun intended). Now I am not calling for the end of the paper $1 bill. What I am saying is production is greatly reduced to the point were coins would have to be used, then the general public might get over whatever phobia we have regarding $1 and a $2 coin.

I would think and act of Congress for the duration of the presidental $1 coin should make sense. If they have a law mandating these coins are made, then they should have a law that supports it's introduction into circulation. Otherwise the coins are just a subsidy to copper, zinc, manganese, and nickel producers (composition of the $1 coin)

Also I would be interested in what design idea other would like on it.

 

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America isn't the rest of the world. In Canada, when the government decided no more $1 bills, coins only, that's what happened. When the English government decided no more pound notes, coins only, that's what happened.

In America, if the government tries to eliminate $1 bills, the companies whose business would be impacted (paper makers, ink makers, even bluejeans makers) make big campaign contributions to a few key Congressmen, and the plan is DOA.

Sometimes running the country based on how they did it in 1789 has its downsides, too.

 

In the name of greater efficiency and cost savings, the Government will go to an electronic only exchange system. The unspoken problem with that is the exercise of total control on the entire public secter by politicians who have proven themselves untrustworthy at keeping their hands off the public treasury.

 

No, that won't happen anytime soon. Even in more "advanced" countries, there's no imminent collapse of the cash economy. Did you know relatively few Germans even own a credit card? Or a checkbook?

 

It's not the people who have a problem accepting the coins, it's the businesses who refuse to use them. I doubt many people go to the bank and ask for $100 in one dollar bills to get them through the week, so why would they do that with $1 coins? We use whatever is handed back to us in change, and thats very rarely a coin. If people got handed back dollar coins, they'd use dollar coins. It's that simple.
Guy

 

Yea, the "Save the Greenback" movemet didn't help. But what about those that would be positivly impacted?
Mainly the producers of the base metals that would see an increase in business. Would they not have an
incentive to lobby for the introduction of a $2 unit as well as the supression of the $1 bill?

Again. I'm calling for the total elimination of the $1 note, just a moratorium for a few years. This way the
public gets used to the coin. If after a few years, the demand is still nill for coins & there is strong
sentiment for a return to the $1 note, then so be it. But it seems we are not giving the coin a chance.
In my opinion, if we cant force the coins into circulation, the whole dollor coin legislation should be repealed.
I just dont se how we can half-a$$ it.

Oh wait I did forget this was the US government we are talking about.....

 

Opps, I ment to say that I'm NOT calling for the elimination of the $1 bill...

And I am curious if anyone here does goes to the bank, get a roll of coins & then
spends them?

 

It's about time to get rid of paper dollars and pennies. If they managed without half cents after 1857, we can do without cents now. Just stop making any new dollar bills but keep the existing ones in circulation until they wear out.

Now you could either go with a $2 coin or use $2 bills along with all the dollar coins sitting in vaults. The penny slot in cash registers would be gone and could be used for dollar coins. $2 bills used to circulate well...I've seen plenty of worn red seal ones ( from when they were like a $20 bill today).

You'd rarely wind up carrying more than 1-2 of the coins with a $2 bill in use. I don't think Americans are ready for a $2 coin...even Canada took awhile to introduce their twoonie.

Dumb Americans might mistake a $2 bill for a $20, though ! I gave one to a valet parker once, he had to think it was a $20 judging by his attitude. :hail:

The dollar coins being "Gold" should not confuse anybody.

 

Get rid of the cent and recalibrate every cash register to round to the nearest nickel.

All sales and excise taxes would be rounded to the nearest nickel, too!

Recalibrate the gas pumps to get rid of the 9/10ths of a cent and make all gas prices in 5c increments.

Produce one, five, ten & twenty dollar coins made of aluminum.

Start making polymer currency which will last much longer than paper.

And, to pay for all of these changes, eliminate the retirement and hospitalization provided to all of our federal electees because they don't pay one RD cent for them anyway.

Chris

 

no problem with gas pumps, just pump in 14.678 gallons or whatever to make it an even $45 or $45.50 etc.

Even if $5 bills were the smallest bill the most you ever need to have in dead president dollars is 4 coins.

This could cause a big problem at the nudie bars, though....

I can't see the need for $5 coins and up, esp. made of cheap aluminum, big denomination coins won't work, IMO.

We need bills larger than $100, too !

A million dollars in hundreds weighs about 22 lbs.

 

I've said this before, but Australia does not have a cent coin, dollar, or two dollar bill...only $1 and $2 coins. The lowest note is a $5 and the lowest coin is 5 cents...they get by fine...

 

The cent is really meaningless. I'm surprised Canada still has it.

When the half-cent was canned in 1857 it must have had at least the purchasing power of a dime today, so it was probably like having the modern quarter as your smallest denomination ( ?).

25 cent increments would be too large today, but 5 cents is fine. We could still price stuff in cents ( like a can of peas is 87 cents) just round off the total of the everything purchased.

Actually shouldn't there enough post 1982 cents around to last a few decades if we just stopped making them entirely ? There must be hundreds of them for every citizen ! If the mint strikes 10 billion a year ( isn't that about right ?) that's like 30 for every person every year. There should be enough so every person has a can with a 1,000 pennies in it, already, and that's just the zinc ones.

Where do they all go ?

in the trash or something ?

 

I think another big problem with adoption is cashiers tend to give out bills over dollar coins and the merchants just take the profit to the bank.

 

Lost, hoarded and yup in the trash. The problem isn't the cent, its the country that the cent is in...

 

The Mint itself has researched this phenomenon. It seems the typical cent, once unrolled, is used in two transactions before it disappears into a a jar, can or box with others of its kind. People won't throw them away, but also won't take the time to roll them and exchange them at a bank.

Coinstar machines have partly addressed this problem, with the company annually returning billions of cents to circulation (for an average of two transactions ). This not only relieves the Mint to some extant, it has also produced a mini-renaissance for change searchers, who can now regularly find AU-BU cents going back to the 1960's.

 

The issue isn't with making people pay in even amounts. Most people now will go and pay even amounts at a gas station.
The issue is price per gallon. I can assume nearly 100% of the people here would go to the gas station with $2.98 per
gallon vs. the one with $3.00 per gallon.... If I go in with $10.00, or $10.05 it doesn't matter. It's the deal I am getting for
the money I spent, not what units of money I spend.

This is why $2 bills would still be issued. Think about it, each time you get a $2 bill as change you have the satisfaction
of knowing how it was earned.

Also I agree that a tremendous amount of pennys seem to be sitting in jars, cans, couch cushions, desk drawers, etc. I
suspect that the mint could suspend the minting of the penny for quite some time if there was a national effort to turn
these in. Not to mention that, even thought it wouldn't be much money per household, it would put some cash money into
peoples hands which they would spend, albeit the stimulative effect on the economy would be little at best.

 

I go to the bank and get prez dollars and after I go through them for 68-70s and errors I spread them around town. I don't get any flak from cashiers just curiousity. Some say they never saw one before and will buy it/them back from till later.

 

I thought this thread was about $1 coins. Where did the 1 cent piece come from? I support the $1 coins. They're barely larger than a quarter. How many times have you emptied your pockets at night and found 4 or more quarters? Did it the weight of those quarters bother you during the day? Some people argue about the weight of 20 or so dollar coins in their pocket. Have you ever had 20 or more $1 bills in your wallet and tried to sit on them for a long time? Very few of us regularly carry 20 ones (coins or bills).

Think about this: Take a $1 coin and a $1 bill both released into circulation at the same time. The coin lasts decades, the bill lasts 6 months. If the coin survived 30 years, the original bill had to be replace 59 times! Makes me wonder why people complain about the cost of making cents and nickels.

 

One more thing. A $2 coin would be handy for buying a tall coffee at Starbucks!

 

Closer to 25 to 35 cents.

Believe it or not, if they stopped making cents today within a years time for all practical purposes they would all be gone from circulation. Since the cent tends to be used once or twice and then thrown in a jar, within a month or two we would start hearing about a cent shortage. Within three months there will be appeals for people to turn in their cents and shortly therafter banks and businesses will be paying a premium for them While this will bring some cents back on th market it will also tend to increase hoarding because the coins are "scarce" and in hope of getting even more later. Within four months business will be using pieces of candy or gum to make change. By six months business will be rounding all transactions without being forced to just because they can't get cents. By nine months the rounding practice will for all practical purposes be universal. Businesses will stop asking for cents and any that do come back to the banks will be returned to the Fed.

Right! Those girls have been dancing for dollar tips for a long time. Haven't you heard of inflation? Don't they deserve an increase to a two dollar tip?