"COINS Act" Has anyone here heard about it?

I like the notion of $500 and $1000 bills, but face it - there is practically no viable reason for them to be issued. I never have that much cash or need it. If I buy groceries I write a cheque, if I buy petrol I use a credit card. At this point the only benefactors would be people in the illicit trades, ie drugs, prostitution, government bribes etc. Why make it easier for people like former New York Governor Elliot Spitzer to not get caught? He got caught when the Feds investigated all the suspicious wire transfers to front companies for Emperor Club VIP.

Large denomination bills were useful back in the days before electronic banking, credit cards etc. But I hate to say, the vast majority of citizens never saw them, let alone even knew they existed back in the day. Relatives of mine that lived during the time they were used were excited to even see a $20 bill - a huge amount of money during the Great Depression.

 

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And in most cases in order to spend it you would have to take it back to the bank to have it broken down into smaller denominations anyway because no store would be able to accept it. Oh sure you could use it to make a really big purchase in cash like say buying a car. But you could also use a check or credit card. The only real reason for very large denominations is to transfer large quantities of cash secretly and easily. A million dollars in hundreds weighs 22 pounds and would require a good sized suitcase. A million dollars in Thousands weighs only 2.2 pounds and can be easily carried in pockets, a purse or small bag.

 

I think this is the most stuip bill I have ever heard of,,,People do not like to carry coins with them. I think they are blowing smoke up ,,you know where. All the new coins they have made like the half dollar and all the one dollar coins since 1971 was never used in circulation and why would people now want to use them. people like what we have now and they will never change there minds,,,,Instead of making new useless 1 dollar coins,,I think all these useless politicians should take a 25% cut in pay and stop wasteing our money like the new Jersey governor did when he took a helicopter ride to his sons ball game at the cost of like 3000 dollars. Its things like this that makes me want to puke. I'm sorry about the rant and mayb e some bad spelling,,,,but when I hear about our great goverment coming up with some nutty scam to save money and you know in the long run its not going to work or its something thats going to make some people big money,,,and you know its not going to be me or you ,,,,,it makes me nuts

 

It will never make it to the house for a vote.It makes too much sense.Look how they determind how old you should be to start getting your SS but look how quick they vote to get life time insurance for themselves and pay as well..And didnt put one dime in either as we did to get our retirement.

 

I pretty much agree now, that the dollar coin is usless, because the government won't get rid of the $1 bill, BUT I would NOT say the same about halves. As I said a few times in the past, "If the government really wants to save money, redesign the $1 and $2 bills (They do NOT necessarily have to have security features added, but it would not hurt to add "a few") get vendors and small businesses to utilize BOTH the $2 bill and the half dollar, AND make U.S. paper money out of polymer like Canada is going to. Then we should get vendors, and businesses to reprogram their machines and adapt to taking new design halves, $1, and $2 bills." Polymer lasts up to four times longer than our current cotton/linen bills, and most of the currency is redesigned and ALL of it SHOULD be redesigned ($1 and $2 bills included, whether its a huge cost to vendors and small businesses each time around or not) every 7-10 years, those new $1 and $2 bills would have to be taken out of circulation and destroyed before they even get a chance to wear out, and, here is the bonus: Polymer bills can be RECYCLED! Cotton/linen bills can not. So, the government can recycle all of the old design polymer bills of EVERY denomination come every 7-10 years and print their new design on the recycled polymer. And also, they can make the cent out of copper-steel, and the nickel, dime, quarter and half out of nickel-plated steel, but make the plating extra thick so that the coins do not rust right away. Then, as those coins start to wear and rust, they too, can be recycled. And as far as the dollar coin, just scrap the circulation $1 coin and make that coin soley for collector purposes, because that is about all it is good for.

 

Almost all coin mechanisms today are electronic and easily programmable for just about any weight, thickness and diameter up to 28mm. This eliminates half dollars.

 

Ah, Drago, Drago, Drago. Will you never give up? :rollling:

I'm afraid that the demand for these bills exists only in Dragoland. You may find 20 people who might want them but there are 300,000,000 others that don't see the need.

There are limits for everything and the manufacturers have set the maximum coin diameter they will accept at 28mm. There is simply no need for adding a large hopper to collect a coin that doesn't circulate anyway (except in Dragoland).

 

Why should I give up if I got the time to push for it and never give up hope? Even if I am :dead-horse:

Do you really feel the need to be a smart aleck about it? :heated:

I can probably find billions of people who DO see the need in Euroland and quite a few million people in Americaland as well.

Yes things do have their limits, but as long as the half was a circulating denomination back when they fitted machines to take small dollar coins, they COULD have STILL fitted the machines to take halves. (Which is another denomination that circulates in Euroland, (only, they have their own version of the coin) and would circulate in Americaland as well, if vending machines did accept them, as it was stated by the general public that, they do not use halves because vending machines do not accept them, and the vending industry says they do not accept halves because the general public does not use them. SO, its a vicious circle that needs to be broken. :devil:

 

I think the issue of halves not being popular is beause of its sheer size. Who wants to carry around 3 humongous halves to buy a drink out of a vending machine when 6 quarters fit much easier into the pocket?

 

Teaparty junk?

:dead-horse:1st if they stop making $1.00 bill all Quick Mart& Walmart etc will have to train cashier at the check out! what US Dollar Coins
The last time I spent a Presidential dollar the store manger was called!!!!
:kewl:

 

And 15 dimes fit more easily still.

 

I agree with Drago that there would be demand for higher denomination bills. There is not demand today because the government has beaten it out of us by not printing the denominations. I had an uncle who always carried around money, and always had a $500 or a $1000 bill on him. I thought it silly, since you were losing interest, but he liked having cash on him.

Many Americans back when they were printed were similar. Its very hard to say there would be no demand if an entire generation plus has never had the ABILITY to carry around a $500 or $1000 note. The 500 Euro notes seem to be pretty popular, and those are worth about $700.

 

I actually think a lot of people would find larger denominations useful. When I worked at the bank, I had a number of customers complain because the biggest thing I had was $100 bills. I had to explain to them that is the biggest the government makes these days. When people are taking out $2500 cash, fewer bills would have been nice.

That said, I don't think it's going to happen. Our world is becoming less dependent on cash...especially for larger amounts of money.

 

Why not just one half, and one small dollar? You know, just like how they say the quarter and small dollar are about the same size, the half isn't much bigger than the small dollar so whats the difference? I KNOW that the half's different size to the small dollar is larger than the small dollar's size to the quarter, but still, its not by a HUGE amount.

And I would HATE carrying around six quarters or fifteen dimes over three halves or one half and one small dollar. I suppose you guys would also like thirty nickels better than three halves as well? If so, you'd better carry them in roll form. (Not being cocky. Just setting an example)

 

I guess they aren't THAT much different in size...but it must be enough because people don't use them. So few halves circulate, new halves aren't even put in circulation. Nobody wants to use them...period. It has been hard enough for the government to get people to use the dollar coins, and those aren't used much. I live in Portland, OR and a MAJOR effort was made to circulate them here with not much success.

 

Yeah, with American rap stars and the underworld in E. Europe. Otherwise you will rarely ever see anything over 100 euro. I don't even like the 100 euro note, just too much money. But if you think that is a low amount of money for a large denomination I can say I have sometimes problems spending 200 Hryven notes(worth about US$24) as they are a huge amount of money in Ukraine. 500 Hryven notes exists but only a fool would keep that much money in hryven.

 

Just ask anybody that works in a bank what they think of those perfidious little dollar coins. They are a nuisance for them. They are vault hogs that usually cannot be sent back to the Fed. Most people don't want them, yet the tellers will have to keep counting them. Awhile back I asked for a fresh new Lincoln dollar when they were released. I collect Lincoln on all coins, commemoratives and circulation coins. But otherwise I pass on President Fillmore or Buchanan etc.

 

Oh, I know. I was a bank teller for about a year. Fortunately for us, we had a change machine that accepted dollar coins. Once my tray got pretty full of change, I would go back there and dump whatever denomination of change I had too much of...and all the dollars I had too. I had no use for the dollar coins.

 

No, I've not found many $2 bills lately. I think I've hoarded my share, though. How about you?

 

Billions? As some European posters here have said, the 500 Euro note is NOT in general use in Europe. It's not needed there and anything larger than a 100 is not needed here.