A New coin for us

A new coin.
I see a new coin for circulation, it would be a $10.00 coin, larger than a nickle but smaller than a quarter, and worth $10.00. It also would be bi-metalic. Like so many other countries. It would not be confused with any other coin, unlike the SBA which was like a quarter.
Six or seven of these coins could fill almost any tank with gas. They could also be used to buy grocerys or any thing else.
Being that size they could also be easily carried in your pocket. The design of the coin would be put into competition. The winner would see the coin in ciculation. It would not contain images of any dead presidents, but would convey the image of liberty, and justice for all.
Much like the Standing Liberty Quarter. That being said, it would be up for competition. With all designs considered. This would be a great break for all of our current coins, and a good oportunity for our public to decide the coins to fill our future.
Our coins WERE to be a thing of beauty, something that WAS admired by all other countries. Why they only hold images of dead presidents now is a wonder. Not to discourage our heritage, but I really don't think that George Washington would like the fact that his image represents all that is held in this new land.
It is a new country, a new land. That being said, I think we need new coinage.

 

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I have never really understood why the U.S. continues to have all their dollar bills the same colour and size. I know that the note has a very strong brand but still it must cause some issues.

You will know that we have a £2 and £1 coin (therefore around $3 and $1.5 coin) that replaced the old £1 note. The impact meant that we now use fewer £5 notes and more robust coins that last many times that of notes. I understand that there are lots of fake coins around.

I would imagine that a new $5 coin would be more practical than a $10, but even that really needs for the current $1 to become more main stream.

 

You've either got a HUGE gas tank or gas is REALLY expensive in your neck of the woods.

We can't even get a $1 coin accepted, what makes you think a $10 coin will fly?

 

Don't see a chance for such a coin either. In the US, the highest coin denomination that is actually in use is the quarter. That $10 coin would be forty times as much.

There may well be people who prefer some non-personalized means of payment at least for low amounts. But most would want "p/p" - plastic or phone - instead of "six or seven" $10 coins ...

Christian

 

I guess it's what I grew up with, but same size bills fit neatly in the wallet or however you care to store them. The denominations are large enough to easily distinguish one from the other. It makes "sense" to me. But like I said, it's all I've ever known. I have traveled to Europe & China, so I have experience dealing with other currencies.

Plus all the same size fits our OCD tendencies perfectly....lmao.

 

....Then there might be concerns revolving around currency devaluation caused by the introduction of this new, higher-denomination coin, if only in the minds of the public. That would certainly stoke the fears of a few people across the country, and here at this forum: "It's all goin' down, man!"

 

The problem with replacing any high value paper money with a coin is that nobody was a pocket full of them. Paper money sits quietly in your wallet or purse. A quarter inch folded I'm half in a money clip or a wallet covers about as much value as anybody rationally wants to carry around.

a one pound coin or a $5 or $10? is going to get the same treatment as most change today - it's going to go into a change jar in the kitchen or on the dresser and once a month or once a quarter gets taken to the bank or the Coinstar machine and gets turned into "real money".

Paper just works better and until you can overcome that you're not going to get a lot of support for any kind of high value coins.

 

What a great sneaky way to save monies. I just have to look through it first, so it sits.

 

Just like dollar coins, nobody will use them unless they stop producing the paper version of the same denomination. I would personally love to see the cent and one dollar bill eliminated. They are nothing but a money drain.

 

In the US, yes. Personally I would not like having to deal with $1 or similarly low value bills, but as you wrote, much depends on what people are used to. In any case, forget the $10 coin idea ...

Christian

 

First and formost is there has to be a need. Second it has to be one that will be accepted and used by the public in general. Not just the young but the older generations alike. To make a coin of that large a denomination it would have to have a drastic move in design from what is in use today. Anything close wouldn't be accepted. The blind would have to be able to identity it even after severe wear.

 

I agree. In the beginning I wanted notes in change rather than the new £1 coins, but now the coins are easier to use. Use a note to buy a coffee and the change will buy the next two, or a paper - smaller cost items for a while. Easier using pocket change rather than Going for a wallet.

When you think that we got rid of an entire predecimal currency system and a 1/2p coin, introduced a new range of decimal coins including a £2 coin since the mid '70s and changed the notes several times. The oldies may not have liked it, but most coped just fine. What is the problem dropping a $1 note for a $1 coin?

 

This company is the problem: http://www.crane.com/business/business-papers/premium-stock

 

Could it be - instead - that the purchasing value of the pound coin at the time it was introduced is less than the 50p today?

Not so much love as equivalent value?

 

Not sure - nor that it would matter. We always had 50p.

$10 is possibly high, but a $1 & $5 I think could work okay.

 

Apparently I'm one of the few who likes the idea. I see all the negative points brought forward and I agree with some of them. But there are reasons some of the dollar coins never worked out. Ikes were too big, SBA too much like quarters, Sacagawea seem to be held by collectors and in most cases the banks are why coins are not distributed in circulation. Same with halves.

 

There would be no problem at all if the $2 bill replaced the $1. A $1 coin and a $2 bill could co-exist happily and no one would be harmed.

 

A point I have made many times.

 

On the contrary...the "problem" is that overall the American public does not now nor has it ever wanted to use a dollar coin.

Would it make economic sense to replace the dollar bill with a coin?
Probably. Not necessarily, though, as any so-called savings would simply be gobbled up by some other unnecessary item that might garner a few extra votes.

Has economic sense EVER made a difference to the general public--or the government which supposedly represents it?
No.

 

It might actually make more sense to create a program (similar to the way that airline tickets can be put on your phone like a square code and that can be read when scanned at a device...) where the mint can upload virtual coins to a device which then can give out that 'change' to someone's phone number. It can also put out a recall program for companies that service the banks and pick up actual change to ship the majority of the change to the feds for storage and dispersal, as needed. current change will still circulate, but in smaller amounts as more people will get used to getting change back on their phones and using their phones to make payments. This could be independent of the banks, as the mint could be the actual supplier of the virtual coins to the businesses, thereby bypassing the banks. and the feds could save a lot of money by not having to mint as many coins each year.