Plans to end the dollar bill is being pushed

Discussion in 'Coin Chat' started by mrbrklyn, Aug 15, 2012.

  1. SteveCaruso

    SteveCaruso Counterfeit Collector

    Also Americans prefer the coin to the bill 2:1 (a good sized majority) if the savings are mentioned. The whole "Save George" campaign doesn't mention this fact.

    Think about it: A dollar bill costs 9 cents to make and lasts 18 months in circulation.

    A dollar coin costs 20 cents to make and lasts 30 years or more.

    Doing the math, a paper dollar costs nearly $2 to keep in circulation over that 30 years. $2 per paper dollar.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. bradarv90

    bradarv90 Member

    Not true. It's so much fun carrying $500 in singles.
     
  4. 19Lyds

    19Lyds Member of the United States of Confusion

    Aren't the Federal Reserve Bank (a private one customer entity) and the United States Treasury two completely different entities?

    One being an extension of the United States Government and the other being a privately held Bank.
     
  5. 19Lyds

    19Lyds Member of the United States of Confusion

    Yes.

    Additionally, with increased production, the flow of error coins would increase as well.
     
  6. It may become a move that you will hate later
    Once the saveings are shown to be a good thing look for plastic to be the next step and then all money as you have known it will be history.
    I really like some that think its ok to push their likes on others even if you like it or not.
    Seems they live in a world where its all about them and no one else matters.
    Maybe when we elect our next president we should just let the one that held the high office appoint the next one.
    Why should you care how many will not like him as we can all just get use to it right.
    You may be starting something you wont like much later.
     
  7. 19Lyds

    19Lyds Member of the United States of Confusion

    IMO, this is simply another roadblock created in an attempt to keep things the way they are.

    If the average bill life is 4.5 years then it would take a minimum of 4.5 years to totally eliminate the dollar bill. Of course, this does not take into account the fact that there are billions of one dollar notes simply awaiting shipment. In other words, that have already been produced.

    The ideal method of addressing this situation is to "phase" the dollar bill out. Perhaps limiting ordering of bills on a 1 for 1 scale. 12,500 bills and 12,500 coins on a $25,000 order?

    Ultimately, the order to stop producing bills would come after about a year or two into the legislation (they did it with incandescent bulbs). At that point, the coin will have seen large production numbers and the bill's phase out would be nearly complete.

    Of course, one dollar bills would always be accepted, just like Kennedy Half's and Eisenhower Dollars, and even Morgan/Peace Dollars. It's just a question of getting folks used to receiving coin instead of bills. Oh yeah, getting cashiers used to handing out coins instead of bills is another obstacle but at least they won;t have to lick their fiongers to separate them.

    As for the pitance that this would save the country? Yes, it's a pitance compared to other National Issues but the public wants, no needs, to see some movement into a money saving direction no matter how small. This issue is in the right direction and it's not costing you your job.
     
  8. enochian

    enochian silver eater

  9. silentnviolent

    silentnviolent accumulator--selling--make an offer I can't refuse

    First off, I'm pretty sure shredded bills are incinerated.

    Second, why is that a good argument? I like a stack of singles, and I'm sure there are girls at the gentleman's club who'd prefer them over coins as well. :)

    If this "fact" is so prevalent then why are they sitting in storage in the millions? Why does every clerk who knows I collect coins try to 'get rid of' them and tell me how much they 'hate those things'? I can go over a month without ever seeing one and that suits me just fine. The fact is that if they were as popular as you claim, this discussion would not have occured, because we'd already be using them, and they'd have replaced the notes almost seamlessly.

    I'm all for choice. If you want to use the lame coins then fine, go ahead. Be my guest. But don't try to cram your preferances into any form of legislation in an attempt to force them on other people.
     
  10. enochian

    enochian silver eater

    for every 5 bucks i put in the coin changer at work i gt three dolloar coins and 2 bucks in quarters im, just keeping them in tubes as away to save money that i wont be in a hurry to spend
     
  11. Conder101

    Conder101 Numismatist

    No, they used to burn the paper but now due to concerns over air pollution they landfill them.

    And I'm sure they would prefers the twos even more.


    Would public demand cause the ramping up of two dollar production? Well people DO prefer paper over coins. The majority of the ones a bank has to handle are for businesses to make change and they typically take a couple hundred or more per day. Now they will complain about the dollar coins and the bank if they have any brains will suggest twos. Businesses will like this and will order a lot of twos. banks don't normally carry that many of them so the banks will have to start ordering a LOT of twos. Lots of banks ordering LOTS of twos will mean tha the Fed will have to start ordering a lot more twos (At first they will supply them from their stockpile) and there is your ramp.
     
  12. chrisild

    chrisild Coin Collector

    But that is a problem which primarily applies to the British £1 coins. The £2 seems to be more secure (OK, they do not circulate that much), and so are the European €1 and €2 and the Canadian $1 and $2 coins which circulate normally.

    Christian
     
  13. JamesD

    JamesD New Member

    That's the part that I don't expect to see.

    That's just adding an extra something extra to deal with and train people on which I would expect most banks to avoid.
     
  14. Zlotych

    Zlotych Member

    Hasn't anyone considered the consequences of a paper dollar-less society to strippers?
     
  15. ikandiggit

    ikandiggit Currency Error Collector

    We've had the dollar and two dollar coins in Canada for around 20 or so years and it's no big deal not having the paper versions.

    It won't be long before the fives are coins as well.

    One of the upsides of having $1 and $2 coins is, if you're a metal detectorist, your daily take is a whole lot better when you find a dozen or so of these.
     
  16. elijahhenry10

    elijahhenry10 New Member

    They could set the clubs up sort of like casinos. When you walk in, you can exchange your dollar coins for pieces of paper, almost like poker chips. At the end of the day ( or night) the 'employee' can take their collected paper slips and exchange them for the real money.
     
  17. SteveCaruso

    SteveCaruso Counterfeit Collector

    If your "choice" is to waste billions of our country's dollars and acres of space in our landfills just to keep those paper dollars in circulation, how can you possibly justify it? Marginal convenience? Sorry, you lose. That's not a "preference": that's blatant irresponsibility. :)

    That's like saying, "I'm all for the choice of wearing seat belts. If you want to wear them, go ahead. Be my guest. But don't try to cram your preferences into any form of legislation in an attempt to force it on other people!" The same whining ensued about mandatory seat belts for a few years. Then people grew up and got over it! And how many lives were saved? :)

    More food for thought:

    ~60 years ago, a dime was worth a modern dollar. A loaf of bread was 5 cents. No one complained about the inconvenience of coins to pay for their everyday purchases, and carrying "coin purses" was common.

    With the march of inflation, our dollars are worth pocket change. That loaf of bread is now not worth 1 nickel, but 2 paper dollars or more in some places. That value creep has been gradual enough that we've gotten used to our paper waste. :)

    What we *really* should do is eliminate all of the bills under $20 and replace them with re-sized coins (it really is the $20 bill that's today's mainstay) as well as eliminate the penny and the nickel (which are both worthless and cost more than TWICE their face value to put into circulation).

    Then
    they'd be more on par with their current purchasing power. :)
     
  18. elijahhenry10

    elijahhenry10 New Member

    PHP:
    500 singles? Sounds like you have yourself a nice side job. ;). :p
     
  19. chrisild

    chrisild Coin Collector

    Or the customers could do what has been suggested the last thousand times the "strippers argument" has been brought up. Consider how the value of money has changed in the last few decades, and use $2 or even $5 bills.
    :dead-horse:

    Christian
     
  20. bobbeth87

    bobbeth87 Coin Collector

    But we have dollar coins now.....so why are they not counterfeited more? (Imagine all the free twinkies you could get in vending.) I love collecting $1 notes, but the cost savings of the coin should spell the end to the notes. I agree, that they would probably increase $2 note production.
     
  21. bobbeth87

    bobbeth87 Coin Collector

    LOL....isn't that what you are doing? Making this all about you and pushing your likes (keeping the $1 note) on everyone. Step back and look at it objectively. If the coin is going to save millions and millions of dollars (studies have said this), then the fact some want this doesn't mean they are making it all about themselves. If you don't want the notes to go away, fine, that is a choice. But don't be hypocritical in pointing your fingers at others. Sheeesh.
     
Draft saved Draft deleted

Share This Page