$1 US coins, do we need a $2 coin?

The reason to ask if we need a $2 coin is that the number 1 argument I hear is that people don't like the
coin because they don't want to carry coins..... But most people have some coins on them at most times.
Realistically speaking, at any one time you shouldn't have more that 4 - 5 dollar coins on you at the same
time since the next highest value bill is $5. With a $2 coin you would never have more than two $1 or $2
coins in your pocket at once. if you do, then carry the $5 bill.

The whole point of the coins is to reduce costs and waste. Americans are being lazy for the most part.
They cry in outrage about congressional earmarks that cost millions, but when given an actually money
saving solution for the government, then it becomes such an inconvienence...

Oh my "Those coins are so big, they take up so much space" .....

If we can't do the common sense soulutions to save money with the budget then how can we ever deal
with anything else.. Oh wait.. I think I just answered my own question.....

 

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No.


The $1 coins sit in vaults by the billions, and no one wants them.
A $2 coin would do the same, at twice the cost to taxpayers.

 

Because we aren't forced to use them. Remove $1 bills and I bet they get used.

 

I have frequently thrown away pennies. The fact that the government still produces it boggles the mind. Only a government entity would persist in continuing a net loss operation like that.

 

The executive branch may see the wisdom of eliminating pennies. But Congress must make the decision, and there are a hundred political reasons for Congress to refuse for every practical reason to agree.

 

Someone suggested eliminating bills altogether and just have coins. Just a thought- What am I to do with my wallet? They have eliminated the change pocket already.

 

I visited Australia for two weeks last January. They have a bunch of different types of coinage that actually circulates. Looking through the three day accumulation I brought home I have the following:

10x half dollars
7x 20 cent pieces
8x 10 cent pieces
8x 5 cent pieces
4x 2 dollar coins
1x 1 dollar coin

Their "paper" notes have been made of polymer since 1988, and they no longer have circulating one dollar notes or 1 cent pieces. As a result the two dollar and one dollar coins are well used as a result. They also utilize different sizes for the paper currency to assist the visually impaired. Pretty interesting. Based on my experience, I fully agree with the gents who suggest the government could get everyone on board with the dollar coins if we eliminated the one dollar bill.

 

ok i live in canada and saw the loonie appear. i didnt like it. i thought it made a buck not feel like being real money, just change. my pocket would fill up with them, and i didnt like the feel of it. (we still had $2 bills). when they ditched the $2 bills and replaced them with a coin i was ****ed. it took a while, but i got used to it. and the $2 coin actually made it all better. no longer did you need to have 5 loonies in your pocket to be worth spending. now just 3 coins. i guess what im trying to say is that the $1 coin cant work without a $2 coin.

vending machines were adjusted, and there was no big outcry from anyone. if you want a problem with vending machines, try buying a pack of smokes at a bar with quarters, wow, and they cost more now. i know most machines take bills now, but they still give you change for a $20 all in quarters.

with the economy the way it is, now would be a perfect time to introduce coins. you want people to spend right? when both the loonie and toonie were introduced, they became just pocket change and people wanted to get rid of them. they became worth less in peoples minds, even though they werent. when the loonie was introduced, i worked at a gas station. my tips went up from a quarter or two, to a loonie and change, or two loonies. when the toonie was introduced i delivered pizza. again my tips went up from a buck to two bucks or more.

someone mentioned save the greenback. well coins are the greenback. (sort of) i recently watched this vid on you tube (secret of oz) and coins (as the greenback was) are debt free money. federal reserve notes, cost the taxpayer. the bankers loan us paper money and charge interest for the privilege of using it. so any new bills in circulation cost more interest, and add to the national debt.

its kinda slow and hard to follow at times but informative. some people disagree with it, but i like how it shows an explanation of why there are so many different types of bills from the past
http://www.youtube.com/watch?v=U71-KsDArFM

someone mentioned that we dont get what we want. its simple, but a pain too. if you want change, then refuse all bills. buy your groceries with a bunch of rolls of quarters, and refuse any bills in change. sounds stupid, but if everyone did it, someone would react, and you would probably have $100 coins within ten years.

there are just too many good reasons for 1 and 2 dollar coins in my mind.
sorry this was so long and sorry if you disagree. just dont kill me ok.

 

I think the real losers in the 1 or 2 dollar coins are the exotic dancers. Imagine stuffing coins in there.

 

As part of numismatic research in Australia, I visited an establish to observe the affect the 1 and 2 dollar coins had on the dancers. They seemed to be doing just fine. Minimum tip went from one dollar to five. No victims to be found there.

 

We have only about 25 million credit cards in Germany (population about 80 million). But that is primarily because pretty much every German has one or more debit cards. Most of these are directly linked to the holder's bank account, and they can be used for payments, cash withdrawals, etc. in several countries.

And checks, umm, they used to be (somewhat) common until about ten years ago. In DE hardly anybody uses them any more. Direct transfers and direct debit are much more convenient.

But sure, for small amounts (up to €20-50, depending on the place/business), I still prefer cash. And I am glad our €1 and €2 denominations are metal and not paper. What people do elsewhere is their business though.

Side note: Will be interesting to see how people in Estonia cope with the change. In about a week they switch from the kroon to the euro - and while so far they use hardly any coins, that will sure be different as from 1 January ...

Christian

 

I"m for a 10 cent piece, quarter, half and dollar coin. For paper I'd do a 5, 10, 20, 50, 100 and I'd bring back the 500.

 

Link was very interesting....long, but interesting.

 

At one time when bets at race tracks started at $2, a $2 might have been something to have. Now sinc most people use plastic instead of cash, why bother ? IMHO
gary

 

ok, exotic dancers. ive seen it with coins and is is different, but i dont think exotic dancers care as long as there is enough money at the end of the night for their other expenditures. i dont think i should go into detail here, but it works. oh wait... they are only topless bars in the states right? well theres another thing that has to change. see the benefits of coins... lol.

bigjpst, i did say it was slow and hard to follow, but interesting. i did warn you though, but i guess i did forget the long part. oh well you have to take it as it is. i had so much to write that i forgot my mention of grabbing some popcorn and stuff and getting ready for a long show...sorry.

 

No need for appology thats what the smiley was for. It was definately interesting, and worth the time spent to watch it. I do think he missed an important issue with the Bland/Allison act of 1878 and the millions of morgan silver dollars minted because of it. But it I think I'm going to start ordering $1 coins from the mint and spending them instead of bills as often as possible now

 

Actually with the talk in this thread being about minting coins for circulation, the exact opposite will probably prove true. When I was stationed in Vietnam, we used fractional paper currency. It has a greater cost effectiveness for the issuing agency as they can print out even small denominations for a fraction of the cost. It would not surprise me at all if governments ceased minting coins intended for circulation altogether. They could probably eliminate the cent and start with 5c and upward or even a 2 1/2 cent bill. But I do believe that in one day sooner than expected that coins for circulation will disappear. IMHO gary

 

I think it would be more likely that coins disappear when we go to entirely "paperless" currency system in a hundred years.

 

Please, the darn two dollar bill and dollar coins already don't circulate as it it.

 

Some countries do something like that - in Belarus for example they do not use coins at all, just paper. Most countries, however, have coins for the lower denominations as they last so much longer. Printing one $1 note is of course much less expensive than minting one $1 coin. But the lifespan of a $1 bill is fairly short (less than two years on average), so it needs to be replaced every couple of months ...

Christian