Should the U.S. $1 and $2 bills be redesigned?

I mean, if we are going to keep them around another 10 years or so, I think the $1 and $2 bills should be "modernized" like the $5-$100 are. Or if they are not going to redesign them, then scrap these two lowly denominations for coins.

Not only should the $1 and $2 bills be redesigned for looks, but, they NEED new security features (even if minor security features like watermarks and/or security threads) to prevent counterfeiters from bleaching current $1 or $2 bills, and printing pre-1990 Series $5-$100 bills before any security features were added to those higher denominations, on the genuine currency paper that would evade a counterfeit pen test.

I know what some of you are probably thinking. "Why worry about that issue? If people run into someone with a 1985 small head $100 bill, they are going to question it, for being so old and still in circulation, sooner or later as time goes by and people come upon "small head" $5-$100s" Good theory, but if older people stashed away older cash in their matresses for many years, before the redesign, what then? (-;

There was also the issue that the vending industry would suffer a hefty blow to their botton line, if the $1 bill were redesigned. Well, the $5 bill is almost as common and commonly used in most vending machines as the $1 bill, and the two redesigns of the $5 has not seemed to have slowed the vending industry down, has it? And while the vending indurstry is reprogramming their machines, there should be new $1, $2 and $5 bill designs issued every 7-10 years along with the higher denominations, only, the $1 $2 and $5 designs should come out "together" so that vendors only have to tear apart their machines to reprogram for new $1s $2s and $5s. And yes, I included $2s because, if vending machines were reprogrammed to accept and dispense $2 bills (and half dollar coins) the $2 denomination WILL circulate, due to people getting $2s from local self checkouts and such. Many people will hoard at first, and some will complain, but, as the $2 bill is received by the public more and more, and the hoarding stops, due to there being too many $2s out there to hoard, then $2s were spent by them as well, the $2 bill would become a norm.

Also, with people bulking at the thoughts of the $1 coin replacing the $1 bill, why not print a redesigned $1 bill, and also $2-$100 bills on polymer plastic, as some other people here have already suggested? Here are two good reasons: #1) Polymer banknotes are way more sanitary than the current cotton/linen "cloth" paper composition we currently use on U.S. banknotes, #2) Polymer banknotes last up to four (4) times as long as the current cotton/linen banknotes we have now. Think about it, the $1 bill lasts about a year and a half, muiltply that by four, you have a $1 bill that lasts SIX (6) years Vs. one and a half (1 1/2) years. That saves the government a bundle in $1 bill production right there, BUT wait, that is not all! Also, as I said GET the $2 bill, in polymer form, into general circulation through vending machines (at first), cutting the production of printing $1 bills even more! Oh, and there is a reason #3: Because unlike cotton/linen bills, which are destroyed and dumped in landfills, polymer banknotes can also be recycled into, you guessed it, more polymer banknotes. That cuts costs a bit more, seeing as the BEP does not need to get ahold of as much more currency material, as they do with cotton/linen material.

Finally, this is more for the "coin" section of these boards, but, while the vendors reprogram for new $1, $2 and $5 bills, if they ever do, INSTALL a half dollar tube as well! Halves are big, but they are NOT "too heavey to carry" Halves weigh about as much as two quarters, but are less cumbersome, and at least a bit more conveinient as those two quarters you'd have to be carrying anyway, so why not a half over two quarters? If I were to pay for a 25 cent pack of gum (if you can even find a "25 cent" pack of gum these days ) and I paid with a $1 bill, I would rather have the cashier hand me back a half and a quarter as opposed to three quarters. The key to the half's circulation, again, is up to vending machines, such as self checkouts to dispense halves as "normal currency" and like with circulating $2 bills, there would be a lot of hoarders, and a few complainers, but eventually, it would all die down, and halves would become a normal every day thing. Not sure how much money halves would save on quarters, by minting halves, if halves do contain the same ammount of metal as two quarters, but maybe the half could be redesigned to be smaller, and with a slightly different shape, like Canada's Loonie $1 coin which is acually octogon-like shaped, that would be a good way to distinguish a smaller half from and similar sized other U.S. coin (cent, nickel, dime or quarter (or if they insist on keeping the $1 coin inproduction) Maybe the U.S. $1 coin should be made half dollar size, as people have suggested, and we could make the half just like the Canadian $1 coin, same shape, but copper or silver in color to distinguish a new U.S. half from a Canadian Loonie. Just a thought.

The conclusion to both issues:

Dollar coins replacing $1 bills: This issue continues to be hit with steep opposition, despite it saving billions in tax dollars. The solution: (For now) Go to polymer banknotes and get the $2 bill into wide circulation via cash dispensing vending machines, such as self checkouts.

Getting the $2 bill and half dollar coin to circulate: The fact of the matter is that, banks do not normally hand out $2s or halves unless specisfically asked for them. And also, the majority of the U.S. population is "not" going to go out of there way to obtain "special denominations" of U.S. coins and currency, that some of the people are not even sure these two denominations are made anymore. Most are going to take what they get, which is mostly quarters, $1 bills and $5 bills, and not go out of there way to ask the bank "Do you have $2 bills and/or half dollar coins?" As stated above get as many vending machines, especially "key" vending machines such as self checkouts to accept and dispense $2s and halves.

Oh, and a good idea for the $1 COIN would be to stop minting them in large numbers, go back to Eisenhower-sized dollar coins, and just have a few of them available at banks and as comemeratives, numismatic/collector's items, and for special gifts. I loved getting Ikes from my parents every now and then, about 20 or so years ago, but then I got bummed out, as Ikes became more rare, and when my parents gave me and my sibs Susan B. Anthony dollars. I immediatly ask my parents "What is this? I wanted a DOLLAR coin! :bigeyes: ) LoL

 

Log in or Sign up to hide this ad.

I think a major over haul of all design,s is way overdue!!

 

IMHO, we should replace the $1 and $2 notes with coins and eliminate the 1 cent coin. We already have the replacement for the $1 note in the current brass coin. The replacement for the $2 note should be a bi-metallic coin between a nickel and quarter in size.

 

I think all the bills should be redone with modern themes!!

 

Lol! We all want currency redesigned every couple of years cause we're COLLECTORS!! In reality I'm afraid, well, dream on! But I'm with ya!

 

I think that the $1 and $2 bill should be replaced with a coin. That said, I think all our notes should be designed. We need to look back and realize there was a point in our history where notes were works of art. We need to rediscover that art form and bring it back.

 

I think that the one dollar bill could come out with a reverse of the 50 state birds, 5 per year, until all 50 states have been used, then we could go to the 50 state flowers, then the 50 state governor's mistresses. All kidding aside, I agree a redesign is way overdue.

 

Don't give em' any ideas, Bobbeth.

 

It'll be hard enough to get the public to use the dollar coins by eliminating the dollar bill, so I think that should be done. As for the $2 bill, it doesn't circulate now, but if the $1 were eliminated, then the $2 could be updated and used again.

 

You forget, in the begining of this thread, I suggested that most, if not all vending machines, especially self checkouts, SHOULD be updated to accept AND dispense both, $2 bills (but REDESIGNED $2 bills, okay?) and half dollar coins. If vending machines spit out $2 bills or halves at people every day, both denominations will circulate, and I would love to see a redesigned half dollar coin and $2 bill circulating. The problem is, neither vendors nor cashiers are using these two denoms, and if they did, I think it would be a bit more conveinient.

As for the "No space in the cash register for $2s and halves" nothing could be further from the truth. Most cash drawers have five (5) slots for coins, and five slots for bills. The coin section was supposed to go: 1c, 5c, 10c, 25c, and 50c, and the bill section is supposed to be set up: $1, $2, $5, $10, $20. If anything, $50 and $100 bills, and if a higher denomination is ever issued THEY do not have a slot in the cash register, unless you count, under the $20s. I do know that there are some four (4) slot cash registers. I have seen them, so, those would have a problem. But hey, just upgrade to a five slot register.

 

They shouldn't be redesigned; they should be eliminated and replaced with coins! See my post in the other thread on precisely that subject.

(And why the heck do they still print $2 bills anyway? They're almost never used!)

 

I think that until the mint starts making a non-collectors item coin than the $1 coin will never work. Right now they keep changing the design which is makes them a big collectors item. They did one of the most important things (made them lighter) already. They also don't make as many for general circulation as they do pennies, dimes and such. Half dollar slots is a great idea. The mint just needs to make more of the high-denominational coins. I think it would even be economically feasible to make a five or even ten dollar coin out of cheaper metals than gold. When the eagles were around they were a decent hit and were fairly well circulated. That was also before gold hit $1100 an ounce though. I think they should just do away with $2 bills because they are rarely circulated. I have worked at a grocery store in my hometown for a little over a year and a half and I might have seen 10 in circulation at most. As for redesigning the 1 and 2, i think they need to do a better job of getting the older bills out of circulation. I recently met a woman who had been given change with a 1934 green seal 20 dollar bill (those do exist don't they!?). This bill had to have gone through a bank at some point. The last year of 1 dollar bills they "shredded" was 1993. There are still a few of these out there but not many.

 

I think we should start a petition drive!!

 

I don't think so...I think it would be easy. The hard part is eliminating the dollar bill. Once that is accomplished, it would be easy to get the public to use the dollar coin because that would be their only option with cash.

 

Here's an idea I had on redesigning the $2 bill. You may have seen it, along with a couple more proposals on the internet:

LOUISIANA PURCHASE $2 BILL ACT

Section 1. Short Title

This Act may be cited as the "Louisiana Purchase $2 Bill Act"

Sec. 2. Redesign and Issuance of a $2 Federal Reserve Note, Featuring a Louisiana Purchase Theme.

(a) Notwithstanding the authority of the Secretary of the Treasury under the 8th undesignated paragraph of section 16 of the Federal Reserve Act, beginning January 1, 2010, Federal reserve notes in the denomination of $2 shall be redesigned to feature a Louisiana Purchase theme, and a low-vision numeral on the reverse, an enlarged portrait of President Thomas Jefferson, two watermarks, one of a huge numeral "2" to the right of Jefferson's portrait, and a watermark of the spelling "TWO" to the left of President Jefferson on the new $2 bill, in the same three spots that the three small numeral "5s" appear on the left of President Lincoln's portrait on the new NexGen $5 bills, as opposed to three little numeral "2s" to help people detect a counterfeit $5 bill printed on a bleached $2 bill easier, clusters of little yellow "02s" on the reverse and/or obverse, a tint of bluish green, including an image of a blue scroll on the front of these new $2 bills, as the symbol to represent Liberty in the form of the Declaration of Independence. The low-vision numeral would be the same size as the new $5 bill's huge purple 5, but blue in color.

Sec. 3 Return to Monticello Design

Louisiana Purchase themed $2 bills shall only be issued for one year, for commemorating the bicentennial of the Louisiana Purchase. After a one year issuance of new Louisiana Purchase themed $2 bills for a one year program, the $2 bill shall revert back to a permanent modern NexGen Monticello $2 bill reverse. These new $2 bills would retain all other designs, security features, and color added to them, including the bluish green scroll representing Liberty in the form of the Declaration of Independence, on the obverse of the new $2 bills. These Monticello design $2 bills, shall be placed into circulation after December 31st 2010.

END

Note: Dates would need to be changed around.

 

I would hate to see the back of the $2 note be changed. I think it's currently the only attractive thing on circulating paper in the US.

 

No kidding. With the current printing schedule and inventory of $2 bills, it's quite unlikely that any will be printed during calendar year 2010. Check the past production figures--the BEP tends to print $2's only every few years, when the previous printing has run low.... The latest printing, in 2006, was large enough that it'll likely satisfy demand until 2012 or so.

Also, redesigning the currency is *expensive* due to the amount of labor involved in plate engraving; it's far more costly to create a new currency design than a new coin design. This is one reason why we've never had commemoratives in the paper series.... Another reason is that currency is recognized *by* its design, while coins are recognized primarily by size and composition: We can create as many new quarter designs as we like and they'll all work just fine in vending machines and coin counters, but every new currency design requires reprogramming. Redesigning a currency denomination without an overwhelmingly good reason isn't likely to happen, and redesigning a denomination twice in a short period is a non-starter.

 

Who,s up for a $3 Bill!!

 

Two Reasons (In My Opinion):

1) Politics - there is a lot of money and political favors flowing through the BEP.

2) Unions - Stop making $1 and $2 bills, no way. Too many jobs involved from suppliers and manufactures, all the way to the BEP shop floor itself.

 

I agree. The back of the $2 bill is awesome. I use to get them at the bank all the time and spread them around when buying stuff. I went to the bank before Christmas and was only able to get three stacks for $600. They were all still new sequenced bills, but still dated 2003.