"COINS Act" Has anyone here heard about it?

hontonai

I'm not sure if my PMs are working, but I tried sending you one, asking about seeing your letter, so, if it didn't work, could you post a draft of your letter here?

 

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Why can't they also try to save money by issuing new $200, $500, and $1,000 bills here in the U.S. to cut down on the printing costs of those newer, fancier, more expensive-to-print high-tech $100 bills that are steadily growing in demand? I mean, this idea isn't even as bad as the $1 bill vs. dollar coin issue, because it does not eliminate anything (like the dollar coin would eliminate the $1 bill) it would just add more paper money denominations to circulation. I would think we would have more of a chance getting at least a reissued $500 bill before ever getting the $1 bill eliminated.

Hey, I have a question for you guys. I was talking with my dad a few days ago, and asked him if he thought they would ever bring the $500 bill back or not, and he said no, and I asked him why, anbd he just said that, simply because they stopped printing them, they are not going to just bring them back. Then I told him about how they did bring back the $2 bills, and he told me he thinks that was because it was more of a novelty thing. So, what do you guys think? Is my dad right that they won't bring back larger denominations simply because they quit making them? Or is there a chance that they will bring them back? Seriously, I don't see why the government has not looked into this issue to help save money in printing less $100 bills. And I'm betting that the 2013/2014 redesign, or whenever they do it, redesign is going to make the next series $100 bill even more expensive to print. I would think that the next currency redesign would be the ideal time to issue new $200, $500 and $1,000 bills.

 

By the way, did they ever get the new 100 fixed yet? If they can't manage that I doubt a total revamp will ever get done these days with all the features new type bills would require...

 

I don't think it will ever happen either...the $100 is as big as it's going to get. But, I have a different reason. I think that paper and metal currency are becoming obsolete. Everything is becoming plastic now. The need for physical cash and coin is diminishing and thus there is no need for larger bills. By the time $100 truly does become not worth much...I'll bet we won't be using cash anymore.

 

The reason the 2$ bill isn't more prevalent is because people generally dislike that more than a 1$ coin. So don't make more 2$ bills...make a 2$ coin.

 

Well given the budget situation the country is in today, congress is going to have to make some potentially very unpopular decisions. In the list of things that they might have to do , IE cutting social security/medicare, cutting unemployment benefits or raising taxes, I look at this issue as one of minor importance to the general population. Yeah the issue has been raised and ignored before but I think in todays situation it would and should be looked at more closely.

Like others, I also emailed my reps and senators and would urge others to do the same. It does make a difference, they do look at them.

 

While you are correct about the need to save money...this particular bill won't make much of a significant impact in spending. It would save some money, but not much in the grand scheme. Those other programs you mention (as well as many others) use up significantly more resources and thus would be much more efficient in solving the budget problem. I agree this change should be made...but my original point was it would be an unpopular decision that wouldn't have hardly any affect on the budget. Thus, they won't do it.

 

The $2 were not "brought back" because they've never gone anywhere. They've always been available, at least since they first started printing them. Larger bills, over $100, won't be printed again simply since there's no demand for them. And with credit cards in almost universal use, there's no need for them.

 

Yeah, I agree just this one thing is chump change in the grand scheme but we have to start somewhere, and if we can find nine more areas like this with similiar savings then it starts to add up.

 

$500 bills and up present too many counterfeiting problems when securer transactions are possible.

Something else to note is that when criminals (outside of the US in particular) want to clandestinely move large amounts of cash, the lack of large bills makes it physically and logistically more difficult to do so.

 

What's especially amusing is that the bills are pretty much diametric opposites. The new one would suspend production of the $1 bill in favor of the $1 coin; the old one would suspend production of the $1 coin in favor of the $1 bill. And both claim to save money by doing so.

Of course, in reality, we're going to choose the least economical course of action, and continue to produce both for no good reason....

 

The $2 denomination was discontinued in 1966, and reintroduced in 1976. Sure, you could still find the occasional $2 in circulation during the intervening decade, but banks couldn't order them in quantity....

Now if you're talking about $2 FRNs specifically, then yes, those have always been available since they were first released in 1976. None were printed between 1979 and 1996, but that's just because the supply on hand took that long to run low.

 

I think a $2 coin would be great though. I know Canada has a $1 and $2 coin and a $5 bill and that seems to work for them. Plus, with $1 being worth less and less...$2 might actually become useful.

 

I still don't see this happening anytime soon. Think about all the U scan, Coke machines, coin counters, etc... that would have to be reformatted for the new coin(s), costing companies a ton of money.

 

NO offense meant to anyone here, but, as I have explained MANY times over and over again, THERE IS a demand for $200, $500, and $1,000 bills. The only reason there "supposedly" was "no demand" for $500 bills, is because THERE ARE NO $500 BILLS. At least, there are not any CURRENT $500 bills in print. IF there were U.S. $1,000 bills printed, they would likely have the exact same demand as the 500 Euro note, which usually exceeds $500 US$. There is no difference. So, if the European nation is printing large denoimination Euros, the U.S. could be printing large denomination Federal Reserve notes for the exact same reason. And we can also save money on printing lewss $100 bills. And there are also ENOUGH new advanced ANTI-counterfeiting features we can put on $1,000 bills to make them safe.

Actually, with all of this talk of a possible "Amero" I wish that we would go to that since, when the Euro was introduced, some of the countries who adopted the Euro, their highest denomination of their old currency was about $50-$100 US$, so maybe if we went to the Amero, we would get at least 200 and 500 if not 1,000 Amero bills.

But YES folks. There IS a demand for $200, $500 and $1,000 FRNs, here in the U.S. because I do know quite a few bank and credit union tellers who STILL deal with LARGE amounts of CASH in this day of "plastic" eletrnic money, who say they would LOVE a $1,000 bill as well as a $200 and $500. And they do say that there have been people who have ASKED for them, wishing their bank/credit union had them.

 

actually, most of the current coin operated machines will accept the dollar coin, it is merely a matter of flipping a switch

 

This legislation is like the "Last Remake of Beau Gest or the "Last Remake of The Three Musketeers". It gets tiresome when all these legislators do is "Sitzkrieg".......

 

I was just going to post this. ANY vending machine made AFTER 1979, supposedly takes "small" dollar coins. I still do not understand why, to this day, why they can't make their latest machines they make accept and dispense halves as it does with small dollar coins.

 

Vending Machines

The stamp vending machines at the post office used to give dollar coins in change when you deposited bills. Also you can get 250 presidental dollar coins from the mint for $250 with no shipping charge. They used to accept credit cards until people were abusing the privilege and ordered coins that they then deposited in their bank just to get the miles or points on the cards. They don't accept cards now.