Dollar Coins vs. Paper Dollar?

I read where paper money is much harder to copy than coins. Is the government wise to mint so many dollar coins, which might be over run with copys in the future?

 

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I don't know about "copies"
But coins last ALOT longer than paper money, which means coins would cost the government less money because they don't have to replace coins as often as bills. But dollar coins will never circulate as long as people have to choice of using bills instead. We should elimenate the dollar bill and only use the coins, which would save taxpayers millions.
IMHO.

 

"We should elimenate the dollar bill and only use the coins, which would save taxpayers millions."
That was my opinion also. But if thousands of illegal copys start circulating it could devalue the dollar? Did'nt the US place Hawaiin on the islands dollar during WW2, so it could be excluded if taken over by Japan?Coins can be made so the blind can use them, which is'nt posible with paper money.

 

It is possible with paper money if they were made in different dimensions!

 

or had certain features on them

 

Among the factors that influence the "value" of the US dollar (in terms of exchange rates), possibly counterfeited coins are most likely to be a really really minor one.

And yes, coins can have features that make them easy to distinguish for blind and people with poor vision. But that also applies to notes - just like coins, they can be made in different sizes, with "raised" tactile elements, and so on. Now whether building such features into low value notes makes much sense economically is a different question ...

Christian

 

paper money

i don't know why the b.e.p. still not recall all the old design notes. i thought they like to eliminate fake bills. but old bills still exist. the bad guys can still print a lot of it.

 

Canadian bills have braille on them, so you don't even need to make them different sizes for the blind. (Although I do like the idea, Australia already makes their notes of differing lengths.)

As for counterfeiting coins, well, let me just say that I've seen counterfeit Toonies here in Canada, and it's not hard to tell them from the real thing. The only difference is, you're probably not looking for it with the coins. I guess the counterfeiter is planning on getting rich slowly. You've really got to wonder how much "profit" there would be for a homebrew counterfeit coin operation.

 

Dollar coins are cumbersome to handle and the vast majority of Americans reject the idea of replacing the dollar bill. Just because the Canadians, British and Australians are doing it doesn't make it better for the American currency user. What I would like to see is new bills made of polymer with braile and newer security features. The dollar bill should also have company, like a regular production $2 bill and even a $25 bill like Canada had last century. Too bad there are no high dollar notes anymore in circulation. At a show a $500 or $1000 bill would come in handy.

 

Dollar Bills / Dollar Coins *** both are almost worthless

Too bad our money is not worth much either way you stack it. The Presidentail and Sacagawea Dollars are made of the following: 88.5% copper, 6% zinc, 3.5% manganese, 2% nickel. The intrinsic value ends up being around 6.5 cents.

Unless you plan on burrying your money in coffee cans you may as well stick with the paper.

 

Why not? Are we so much better than them? Or worse?

 

Here's my 2 cents (or 3.4 cents if you melt them down). It costs roughly 6 cents to produce a $1 bill, which will circulate for about 21 months (on average). It costs roughly 16 cents to produce a $1 coin which will circulate for about 30 years (again, on average).

Documents on file at the GAO (Government Accountability Office - an oxymoron if ever I heard one) estimate the annual savings of switching to the $1 coin to be around $747 million.

The citizens of other countries were less than excited about switching from bills to coins I have heard, but once the change is made, folks forget rather quickly.

 

It's not a matter of being better or worse.

Each society does what they want - what seems best for them.

Societies have differences. What works for one doesn't necessarily work for another. Just because someone else does something doesn't mean we should.

I suppose the "$ bills vs. $ coin" debate will never end. Much ado about nothing. It's just not that big a deal.

 

I'm going to agree with that.... who cares??? It is a dollar according to the goverment.

The only reason you will get people fired up about money is if the goverment tries to back it up with a commodity again.

Then people will care.

If you asked me wether I would rather have dollar bills, or silver and gold in my pocket, then you might get a reaction.

Right now we are still faced with paper or a copper alloy so far away from face value it barely makes a difference. However; like I said infaltion has been so bad since 1971 it is possible we could be faced with a situation in 20 years or so when a presidential dollar is worth more than it's face value. Therefore, if you were going to stash money away it would be smarter to hoard copper than it would be to hoard greenbacks.

 

I haven't come across any fake Canadian loonies or toonies yet, but I notice that people try to pass off other kinds of foreign coins that look similar to the loonie or toonie.

My friend in particular has had problem with this as he doesn't pay close to his return change after a purchase.

My experience is as follows....

I have gotten through the till brass tokens that were tried to pass off as loonies. Different design for sure, but if you are not paying attention at the till it could happen.

Thailand 10 baht coins being mixed in with toonies for a purchase. I have seen more of this happenning. Old Italian 500 lira coins have also tried to be passed off as toonies.

All it takes is for the cashier to not be as observant and things like this happens.

I am always finding odd foreign coins in the till.

Re: Paper Money. I find it strange in Canada that all our bills are the same size. I am sure it would help the printing costs and such if the sizes were staggered from small to large. It would also be an additional help to the visually impaired in our society.

Anyways just some thoughts!

Cheers!
:smile

 

Inflation is caused, in part, by governmental waste. Now, when you're talking about trillion or billion dollar budgets, the savings from dropping the dollar bill (or penny) might not seem like much, but we have to start somewhere.

"A billion here, a billion there - pretty soon it starts to add up."

So, when you ask, "Who cares?", I, for one, do.

 

The cost and effort to make copies of dollar coins would be more than face value of one.

 

Well first of all if you think eliminating the dollar bill would help this problem you are wrong. The FED creates money out of thin air without printing dollars so.... Creating a coin instead won't leave us in any better shape.

 

let's use the $5.00 bill

let's (collectors) use the $5.00 bill instead of $1.00 bill. we should initiate it. right?.

 

I know all this talk about 1$ bills and coins, but we cant deny the fact that holding up a stack of 100 $1 bills looks mighty impressive.