Replace the paper dollar with coin article

The vast majority of financial transactions will be done electronically sooner or later. Even strippers will have card readers. TC

 

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Change is nasty too though. Sure, you might go to the bank and grab some dollar coins and they look nice and clean, but that is because no one uses them! Once people start using them, they too will be grubby and nasty to handle. But I don't know, can germs live on metals like that?

 

It's supposed to mean that your profile picture (or avatar, whatever you call the little picture next to everything you post) is very moronic looking for someone who talks about keeping the dollar bill being moronic. Thats what I mean.

 

I read somewhere that congress had a study completed recently and found that over 70% of Americans want to keep the paper dollar.
The same article quoted a congressmen in charge of the study saying dollar bills "are not going anywhere".

I'm glad myself.
I haven't heard a good reason yet to get rid of them.
The cost is WAY overblown, and the rest is hot air.

 

Nope. Germs can NOT live on coins for very long, as U.S. coins are made mostly of COPPER (except the cent, but the cent is STILL copper-plated, but I'm still not sure how effective that much copper is) and I have read that copper is a natural bateriacide, so it actually kills the germs on the coins, I would guess. But the germ issue is also a good reason to go to polymer banknotes as well, just like Canada is doing. And we really should have a U.S. $2 coin, and a circulating half, as well. But then, unless the cent were eliminated, we would need an eight-coin slot cash register drawer. 1c, 5c, 10c, 25c, 50c, $1, $2, junk/spare coin roll slot.(Actually, they could keep spare coins somewhere else, but that just clears an eighth spot up for a justifible $5 coin as well. Do you know that they say $5 bill actually have a way shorter lifespan than $1 bills on some government sites? I find it hard to believe, but if its "government, it must be right, right?

 

we ditched the paper pound note in 1983, because of the high cost of continually replacing them in circulation. one major downside has been the advent of the counterfeit pound coin (at the last estimate 70 million in circulation) so a really failsafe design is a must if you are to introduce a dollar coin...............

 

I honestly agree with you. When I saw the article on the net about people ordering dollar coins with a credit card and then just depoisiting them in a bank so as to get the points on the card, I debated about doing it. It just didn't seem right to me though. Now don't get me wrong, I am really cheap, it is just that it did not seem right. Then it occurred to me to just order $250 in dollars - on the us mint site they have an order place for that - without shipping charges, and to start using them. I wonder if all of us on this site started ordering and using them, could we make some change? I think I might just do it even though I might be "a voice crying in the wilderness".

 

I like the dollar coin too, but did you ever go through the "junk" coins at a coin dealers shop. The crud on your hands can be unbelieveable.

 

I assume your talking about pennies?

If you are, how you going to pay for that $.01 worth of gas you overpumped at the gas station?
People think pennies are useless until you owe them one. I found this out at my local Shell service center.

 

That's what I thought you meant.

Bravo!

Generally speaking when folks do not have anything rational to say regarding a post they are critical of, they resort to trying to demeaning the poster instead of responding with responsible counterpoints.

 

I've never had coins blow away in the wind requiring me to chase them.

So why carry $10 in change? Carry five twos, that weighs even less than the ten one dollar bills.

I wouldn't say that. My brother calls me a walking mint. I've been known to have as much as $27 in change in my pockets. (I've been cutting that back and I usually don't have more than four or five dollars worth on me now.

 

It wasn't Congress that had a "study" completed. It was a Harris poll conducted in 2008. http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants

All of this legislation is being fueled by the one agency known as the Federal Reserve Bank whi stands to lose the most. Meaning, instead of the Federal Reserve Bank (a privately funded institution) billing the US Government for each One Dollar Federal Reserve Note, the US Government bills the Federal Reserve Bank for the one dollar coin.

 

My wife went into "Hot Topic" with her sister on Saturday. I had gone through some rolls of Pres. Dollars and handed her about 20 of them that I didn't want to deal with. I just told her about this story and she told me "Oh my gosh no! The lady at Hot Topic had to ask her manager if she could accept them". I almost fell out of my chair.

 

I've tried to put dollar coins into circulation. Clerks and servers just cash them out of the till and put them into their pocket to save because "they might be rare and valuable someday".

 

At the very end of the USA Today article, it states that it would be good to eliminate the Susan B. Anthony coin and the paper dollar. We're not making any SBA coins anymore. Their picture shows the golden dollars. This is how little the public knows about coins. They're still thinking SBAs? Haven't they seen a Sacagawea or Presidential dollar coin?

 

Its a losing idea friend.

See my post regarding the circulation cylce of the one dollar coin.

Mint > You > Local Merchant > Local Bank > Federal Bank > Storage

The purpose behind the Direct Ship program is to enable Small Business to order the one dollar coins without having to order a $1,000 box.

Now ask yourself this one simple question. Which small business orders their coinage from a coin supplier and then pays to have it delivered?

I'm of the opinion, that 99.9% of small businesses get their coinage from the local banks at "no extra charge".

I'm also of the opinion that the Direct Ship Program was a half-assed attempt of the US Mint to get Dollar coins to circulate. I guess they forgot about the dollar bill which is the primary adversary to the success of the one dollar coin program.

Eliminate the dollar bill and I could guarantee that the dollar coin would fit right in.

The problem is NOT with the coin or the bill. The problem is in having two (2) forms of one form of money. It always has been this way and always will be this way as the country has NEVER had a circulating one dollar coin.

 

Antyhing which is handled by lots of different people will be a germ magnet and will be as disgusting as an old pair of gym shoes.

 

This is completely understandable since. obviously, the clerk had no idea what they were.

After all, no where on the coin does it even say "ONE DOLLAR".

 

Then the "girl looked into her cash register drawer and had to ask her manager where it goes".... Wow.

 

I wish you could still use debit cards to buy the "Direct Ship" dollar coins. I did it one time and had a blast spending them. And now that they expect a money order or cashier's check, thats a BIG "Neddy No No" because I have had lost money orders where I never found them or got the money back when they got lost in the mail. Plus one time, I was trying to get some of the 2010 Native American dollars and 2010 halves, and the Mint kept pushing their shipping date farther and farther away, and both me and my mother kept calling the Mint, and they promised that "This was going to be the last delay" So finally, we just said screw it, and got the money back.

Personally, while I am basically alone on this issue, I would much rather invest my energy into getting $2 bills and halves into better circulation since, as people here say "There are already two forms of the $1 denomination, the $1 bill and the dollar coin, so why have two forms in a cash drawer?", while there is no 50 cent bill and no $2 coin...yet? Yes I know most vending machines do not take halves (if any) but if more people demanded halves, the vending industry HAS told me they WOULD upgrade their machines for them (However, I do believe they would like halves redesigned to be smaller, before they upgrade, probably due to having to totally redesign their coin mechs otherwise), and most bill readers can be adjusted to read $2 bills.