http://finance.yahoo.com/banking-budgeting/article/112302/eliminating-1-bills-could-save-billions?mod=bb-budgeting Yep. If you haven't seen it yet, I thought you might enjoy another article discussing phasing out the dollar bill in favor of a dollar coin. I say do it already! :thumb:
It wont happen, as the article states people like the $1 bill over the $1 coin and i guess There isnt much argument about that!
Very true. This topic keeps coming up and probably will for years to come. I have been in Brazil for about a year and they have done away with the 1 Real bill. It's actually pretty nice and it just makes it exciting when you actually DO find a 1 Real bill in circulation.
The Canadians phased out dollar bills 25 years ago and two dollar bills 15 years ago. Maybe getting rid of bills would've been just fine 15 years ago, especially if Canada switched at the same time. And now is the best time to save us money It makes sense to get rid of the bills, save some $$$.
I agree. As for the Americans prefer the bill over the coin argument, I don't buy that for a second since most businesses do not "offer" a choice. The truth of the matter is that the USA has never, ever had a truly circulating dollar coin. Yes, they've produced them but you couldn't just drop by any local supermarket and get one unless someone just happened to bring one in. All were sent back to the banks and NEVER ordered as change for the cash register. The exact same scenario that we have today. My feeling on the matter is that Americans don't really care. As long as it spends and doesn't cause problems, they'll use em and spend em just like the Canadians and the British and the French and the Germans and the Spaniards and the on and on and on countries.
Unfortunately, Americans have never been too keen on $1 coins and as such it would take an awful lot to make the phase out happen.
It will all hinge on how many votes those in office will gain or loose, if the idea moves forward at all. What the politicians want are those dollars saved so they can spend them on something else. That's the "food" that keeps them alive. The net gain ends up being just allocated somewhere else.
How would they know? I think the problem is consumers don't have a choice. If they received dollar coins in every day transactions, they would use them. They don't prefer paper, thats just what they're given to use. Guy
Unfortunately, if this is really the case, then folks need to start making preparations for some mighty big changes which will NOT include US currency or coin. Personally, I choose to believe that the government will not be swayed by those few that wave the "Americans prefer dollar bills" flag and instead look to the successes of other countries and their endeavors to cut costs because the other side of the equation is that "Americans are very adaptable".
I agree and at the same time I will have to disagree. Paper bills are much more convenient, you fold them in a wallet and they're safe and secure. How many times have you went to grab something from your pocket and some change spilled out, or your sitting down and change rolls out of your pocket? I know it's happened to me alot. The fact of the matter is that dollar coins are less convenient due to things like this, especially because dollar coins are heavier than the common change people use. Not to mention the fact that I know plenty of people who absolutely hate having any type of pocket change. That's why many people keep change jars.....so they can take it in and get paper money for it.
