$1 Bill Elimination Idea On Capital Hill

Discussion in 'Coin Chat' started by Drago the Wolf, Nov 8, 2011.

  1. fatima

    fatima Junior Member

    If I buy a mass transit ticket here at a machine and drop a $20 bill in it, it returns $1 coins. Sounds like you hit the jackpot in a slot machine. Unfortunately 17 - 18 of those things in your pocket isn't real pleasant. If they make us go to $1 coins then they better well produce a $5 coin too.
     
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  3. Drago the Wolf

    Drago the Wolf Junior Member

    Lets not forget a $2 coin as well. After all, who wants to carry $9 in one $5 coin and four $1 coins vs. one $5 coin and two $2 coins, or $8 in one $5 coin, one $2 coin and one $1 coin? I would certainly want the MINIMUM amount of coins. THAT is why I also support halves over two quarters.

    My preference, to be honest, is a wider circulating half, a redesigned $1 bill, and a wider circulating, redesigned $2 bill with all paper dollar denominations being made of polymer plastic. And for those who say coins are too heavy, find a lighter metal for pennies, nickels, dimes, quarters and halves, and just get rid of the dollar coin, with the exception of minting dollar coins only for collectors, or mint them as much and often as the half currently is minted now, so that some people who get their jollies spending dollar coins, or giving them as gifts, are supplied with them.
     
  4. coinup

    coinup Junior Member

    Spot on there - however, you cannot have a question like that and not have pros and cons or facts to back up those arguments.
    There are dozens of ways to save money, but what are the consequences, short term, long term....social, political and/or environmental impacts, etc...
    Making uninformed cuts in spending just to cut costs is hasty and immature. Although I could certainly see our gov't doing it.......nahhhhh, not OUR gov't.....they'd just ram it down our throat anyway. Even for something as insignificant as a dollar bill.
    And where would that "savings" go? Does anyone here actually think, or trust, that the gov't would put that "savings" where it needs to be????

    :foot-mouth:

    ///rant off///
     
  5. chip

    chip Novice collector

    Like travis said, I am a coin collector, so I want more coins, back in the day we had 20 dollar coins, ten dollar coins, 5 dollar coins, 3 dollar coins, 2 1/2 dollar coins, two types of dollar coins, do not get me wrong, I also like paper currency, but for most of our nations history the people rejected paper money, until they made paper money that was redeemable for coins.

    I pick up dollar rolls at a local bank, I pick out the nicest one for my album and the rest go back into circulation.

    Maybe if they do eliminate the dollar bill they will still make some for collectors?
     
  6. Drago the Wolf

    Drago the Wolf Junior Member

    That was supposedly the plan, which may make it worthless to store away a brick or two of $1 bills to sell for a fortune somewhere down the road. :devil: I just wonder if they actually would redesign the $1 bill if this were the case, just to make more commerative collectibles to make money off them, because of the fact that dollar coins would be "the new dollar" and stores and vendors would not have to upgrade for redesigned, current, yet obsolete currency. :rolleyes:
     
  7. tbudwiser

    tbudwiser Active Member

    All in all; they aren't going to get rid of the paper dollar anytime soon, so coin collectors... Get over it. Majority of US people want the paper dollar so majority of US people are going to be able to get the paper dollar and thats just how it goes. We just obviously aren't read for it yet and I don't think we will be for a while. In matter of fact, I currently have no collecting paper money purposes to oppose the coin, because the cease of paper dollar production would have a positive affect on my $1 FRN collection and a negative affect on all you coin collectors - that is, the coin collectors who collect dollar coin series. So really, it should be the other way around if you want to see a premiums gain on your collections. What ever they make more/none of will affect the values of your coins/paper dollars. The only thing that I'm stuck on in opposing the dollar coin is convience purposes. I think it'd be pretty lame to try paying for you mcdouble with some dollar coins and have them drop out while your trying to hand it over and have to jump out and grab them with a line of people behind you, that is, if they haven't already rolled away! I do go through drive thrus a lot and every time I notice plenty of change on the ground and even sometime when they take a while I open my door and grab all of it just for fun. Pennies, nickles, dimes, quarters... They aren't significant enough to worry about dropping, no, not just ast drive thrus but even in banks and regular stores, but IMO, dollar coins would be very significant. The last time I went thru a box of pennies, I was in line at the bank to give them to the teller when one of the rolls fell out and broke and pennies went rolling everywhere in all different directions! It was such a hassle. I never did manage to collect them all. That sure would suck it they were dollar coins..
     
  8. tbudwiser

    tbudwiser Active Member

    Chip,

    Doesn't it make more sense for you to want the low production of dollar coins for collecting value purposes? Just a thought but who knows... No matter what they'll keep producing some dollar coins but who knows if they really would make paper dollars just for collecting purposes.

    -Travis

     
  9. rush2112

    rush2112 Junior Member

    This thread is comical. Most the world has to live on a few dollars a day, the lucky ones that is, or work in a dump for pennies a day and some of you people are complaining about having to deal with a $1.00 coin. Most people in the world would love to have this problem.

    And to the guy complaining about coins falling out of his pocket, maybe get a couple coin bags sewn on to the bottom of your exhisting pockets, this will provide soom extra room.
     
  10. tbudwiser

    tbudwiser Active Member

    Maybe "that guy" doesn't want to get a coin bag.. Ever consider this? Why don't you go get a bag of pennies and take them around and try using them to pay for everything. You don't have to if you don't want to though, just as if "that guy" doesn't have to get a coin bag. I do have a name btw, its Travis or tbud. What ever you'd like to call "that guy".:smile I don't understand why everyone on here seems to compare us to foreigners... We aren't in other countries and we do have the rights to put a say in on what kind of money we want to use. America is America. How many times do I have to say this? Do you think that just because we have it better than other countries, that we have to make it so we don't have it better? That, IMO, is comical as all get out! "Hey everybody, some countries overseas don't have enough food! So lets all STOP eating because they can't eat! Let's join them and their problems!". It just doesn't make sense to base your argument off of different people in different societies... There are some really good arguments on here that do make some really good points pro of eliminating the dollar, but the whole foreign thing? It just doesn't fit, IMO...

     
  11. Hawkwing74

    Hawkwing74 Member

    I am definitely in the small camp that wants dollar coins and the $1 eliminated. I wouldn't mind the penny being eliminated as well. Get rid of it and bring back half dollars.
     
  12. andyscouse

    andyscouse Collector of Brit stuff

    Indeed!
     
  13. NorthKorea

    NorthKorea Dealer Member is a made up title...

    Doing away with the first saves the US gov't $133mm a year. Doing away with the second saves the US gov't $1.546T a year and removes about $116T of liabilities from the overall ledger (or about $4T from the current national debt).

    Also, I'm for keeping the dollar bill. History seems to show that elimination of notes from the currency stream results in inflation. I'm probably viewing this wrong, but the main example I can think of is Japan. In the 1870s, 1 yen contain 24.26g of silver and 1 Trade Dollar contained 24.48g of silver. Since then, the smallest note in US currency circulation has remained the $1 bill. By contrast, the smallest note currently issued by the BOJ is the 1000 Yen note.

    Coincidence? Maybe. :p (For the record, it costs 2642 yen and $34 for 1 troy ounce of silver today. SAVE THE DOLLAR BILL!!!)
     
  14. tbudwiser

    tbudwiser Active Member

    Finally someone on here seems to make some sense. Yes, we DON'T WANT INFLATION. Thank you, North Korea. No body seems to believe me when I try explaing to them about how getting rid of lower denominational notes can result in inflation..

    -tbud

     
  15. tbudwiser

    tbudwiser Active Member

    Hhhmmm why would be bring back something that we got rid of?? We obviously got rid of it for a reason, no?

     
  16. NorthKorea

    NorthKorea Dealer Member is a made up title...

    For what it's worth, I advocate for elimination of the penny (and the nickel), with the "change" being allocated to taxes. I don't think we should reintroduce the half-dollar into circulation, and I don't think we should get rid of the $1 note or replace it with the $2 note.

    If we really want to amend the coinage of the US, we would need to get rid of the penny and nickel simultaneously OR re-introduce something akin to the "half dime." Since the half-dime failed (probably due to the increased likelihood of losing it), that measure would probably be viewed as non-sense. That would leave us with a dime, quarter and dollar coin. The dollar coin looks different than a quarter and doesn't have a reeded edge. That leaves us with three coins. Since this is a board of coin collectors, obviously that isn't the friendliest solution, but it is a logical one.

    If the US gov't really wanted to revamp the coinage, it should work on specie development now.

    Speaking of coinage, I found an interesting website/webpage on the subject: The Department of the Treasury investigation into alternative metals for the cent in 1973.

    http://en.wikisource.org/wiki/Alternative_Materials_for_One_Cent_Coinage

    It's an interesting read.
     
  17. Drago the Wolf

    Drago the Wolf Junior Member

    I still stand by my argument that, if we revamp the coinage, to get rid of the penny, nickel and quarter, and replace the quarter with a 20 cent coin, redesign the half to be smaller and thicker and of a nonagon shape, and round to the nearest dime. You can not eliminate the nickel as long as the quarter is around, because you need the nickel to make change for a quarter. Sure it would wreek havoc on vendors at first to change their machines to adapt from quarters to fifths and halves, but in the long run I think it would be worth it, and THAT would save money right there.

    I really don't think any paper money denomination should be eliminated, and a few larger denominations should be added.

    Then, like I said reintroduce the $500 and $1,000 bills and issue a $200 bill to cut down the ever growing demand for $100 bills being printed each year. Think about how printing ten $1,000 bills would cut down on printing a strap of a hundred $100 bills. Or even a $500 bill at least, would still cut back on printing fifty $100 bills. 'nuff said.
     
  18. NorthKorea

    NorthKorea Dealer Member is a made up title...

    For prices of five-cent increments, this isn't an issue:

    Five cents: Use a quarter. If you insist on using a dime, you get no change.
    Ten cents: Use a dime. If you insist on using a quarter, you get a dime change.
    Fifteen cents: Use a quarter, you get a dime change. If you insist on using two dimes, you get no change.
    Twenty cents: Use two dimes. If you insist on using a quarter, you get no change.

    The system goes on, pretty much forever, in that fashion. It's not a problem, so long as you don't insist on purchases using single coins.

    Five cent purchase using a dollar: Three quarters and two dimes change.
    Ten cent purchase using a dollar: Two quarters and four dimes change.
    Fifteen cent purchase using a dollar: Three quarters and one dime change.

    The system for purchasing doesn't get stymied by the absence of a nickel, except on micro-transactions involving single coins.
     
  19. Hawkwing74

    Hawkwing74 Member

    They got rid of it because people didn't use it. Just like people don't often use pennies now. It is just a reality of inflation that the penny is almost worthless now. Other countries get rid of their smallest denomination coins as inflation takes place, but in the US we somehow believe we are special and immune to reality. A penny in 1920 was probably worth what a quarter is now. Then, you could buy penny candy. Now, there is no such thing.
     
  20. C Jay

    C Jay Member

    Move the decimal point. Everybody wins. Paper currency can be changed out over a weekend, but to keep things even Hamilton can be on the one dollar bill, Jackson on the two, Grant on the five, Franklin on the ten, and promote Washington to the twenty. This greatly reduces the amount of paper currency required. Of course a 250,000.00 house will be worth 25,000.00 and if you were making 50,000.00 a year your now making 5,000.00. Coins, however, will be too difficult to change, so they will have to remain in place and their purchasing power would increase. A cent would be worh a dime, a nickel worth a half dollar, a dime worth a dollar and so on. Having buckets of loose change sitting around, I personally don't have a problem with this. :D

    PS; We will once again have nickel candy bars and dime sodas.
     
  21. rodeoclown

    rodeoclown Dodging Bulls

    Can result? It WOULD result in inflation if lower denominations were eliminated. ;)
     
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