Kill-the-penny bill introduced

I absolutely hate those little dollar coins. I've spent to many alread as quarters. Of course I've also received some in change for quarters. If they were 3 sided with spikes sticking out, that might be different, but as close to a quarter, not to smart.

 

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Canadian $1 coins & banknotes.

Canada has actually had $1 coins since 1935,but they were utilised in tandem with the $1 note.I can guess that the Canadians really do miss those Voyageur $1 coins.I wonder if you can still get a nickel Voyageur $1 coin in change.Can any of the Canadian members please confirm this?

As to the legal tender status of Canadian $1 notes,I can tell you this.Any of the banknotes that were issued by the Dominion of Canada (as opposed to a chartered bank) between 1870 & 1934 are still legal tender,as are all the banknotes issued by the Bank of Canada since 1935.

Aidan.

 

Just out of curiosity, I wonder if there was as much uneasiness when they removed the half cent. You can buy items in bulk that are measured in 10/thsw of a cent (don't include gas in this, because we buy it by the dollar amount, not the gallon.) For example, if a resistor (electrical component) costs$0.027, it gets rounded to 3 cents. No biggie.

BUT... if something costs 3 cents, you just lost 2 pennies. Sure, some people just toss them on the ground, but it's their choice. I say if they do reduce or eliminate the penny, they should still circulate it and make non-collectors aware that hoarding all your pennies will barely be worth it, if at all.

I'm all for the dollar coin. I ask for them at the bank all the time, as well as $2's, just to spend them. I have no problem with dollar coins, as long as they have $2 bills circulate more.

 

Besides Canada, notice the entire EU runs on 2 euro and lower coins... it actually gives pocket change a meaning!
In India too, the issue of the Rs 5 coin (which is worth about 11 cents) took about 5-7 years for the coin hoarders to get saturated, and we could actually receive a Rs 5 coin as change... This while they still printed Rs 5 bank notes... I think it just takes time, if you give the golden dollar (or now the presidents) some time... people will forget their love of the dollar bill, stop collecting (odd for me to say this amongst thousands of coin collectors) and actually spend these coins!
Btw, plastic coins? Are there any examples of these?

 

Jaytant,Pakistan also no longer has 1 Rupee,2,& 5 Rupees banknotes in circulation.South Africa has ceased to issue a 5 Rand note.

Aidan.

 

No you do not see Voyageur $1, in circulation since they are different size and weight as well they would be difficult to use. I am willing to bet a good deal of Canadian do not know what they are.

 

Defiant7,then why do the nickel Voyageurs turn up a lot then? We get a lot of them being sold as currency coins in bulk lots,along with 50c. coins,because dealers still think that they are in use in Canada along with the Loon $1 coins.When we buy them in,I always pull out both the 50c. coins & the Voyageurs,as they're too good to be currency coins.

Aidan.

 

I do not want to get to far off the topic of this thread, but even when I was a child in eighties, before the loonie I never remember ever seeing the Voyageurs in circulation, I imagine they suffered the same fate as the American dollar coins are now, when given a choice between a bill or a coin, the bill won. As why you see alot of them in New Zealand. I can only imagine since they are not the most desired coins people just trade them in for face just to get rid of them. Here in Canada if you tried to spend one the teller would give you a weird look or not accept it at all, and no vending machine would take one.

 

This could be the beginning of the end. Even 20 years ago it was realized the penny ( cent ) was not practical but it was resisted because the thought of rounding things off to 5 cents could totally shake up our economy. I personally notice today if I were to be short changed 1 cent in a transaction and would question it.

 

The bill died when congress turned over in January.

This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. This bill never became law.

 

$2 bill instead of $1

Agree! I just LOVE the Jefferson $2 bill. It has the most gorgeous engraving on the reverse side of any circulating US currency, and people love them. Let's face it... a $2 tip in a restaurant is about the minimum now, and nobody ever notices a pair of singles... but waitresses always smile to see a deuce. That alone is worth the trouble!

 

Or Prez dollars. Sounds good to me. Economical, falls into world trends. I dotn see why not, other than the resistance to change. And it could potentially fullfill the requirements form the lawsuit to differintiate monies so they can be determined by the blind.

My question is: Why not?

 

I like the US one cent coin commonly known as the penny. I'll do what I can to make sure my Congressional Representative votes to keep it. As long as people generally like and use a coin, I think it should be kept. Maybe the zinc in a penny does need to be replaced by something cheaper like steel perhaps.

 

I think the US should follow Canada's example and change to strictly the production of $1 and $2 coins they last longer than bills.

 

$2 bills and $1 coins. IMO

 

Is the mint really losing so much money. Sure, cents and nickels cost more to make than face, but doesn't the profit from quarters and dimes make up for it (i'm still not sure how they MAKE money, but i can understand how they lose money.) If they do phase out the cent, it is plausible that they would have to phase out the nickel as well. What's gonna happen to plastic (cards i mean)? Will we have to use debit cards to be privileged enough to trade in 1/100th of a dollar, rather than 1/0 of a dollar.

Why not use aluminum for the core of a cent..... or even lead (just kidding, i know lead is bad because it brains your damage)? We put a freaking man on the moon, yet we can't fiz a minor problem such as this. I hate when the government forces things, but they force all kinds of stupid laws... such as Regulation D (if i transfer money from my savings to checking more than 4 times a month over the phone or online, i'm a terrorist, or when I need an ID to buy cold medicine, and i can only get 2 boxes because a few people make meth with it... God forbid there are more than 2 adults in my house with a cold... "I'm sorry bro, you gotta suffer. If I get you cold medicine, I just might make some meth with it." So why not force switching to the $2 bill/dollar coin standard, and keep the cent and nickel but change it to be more economical.

Sure, pennies end up in jars at home, but we cash them in. At the end of the year, that's about $30 more than I would have if they cut it out. Like I said before, even though people leave pennies laying around, it's their own choice. I'll pick up a penny every time I see one.

On an end note, what will happen years down the line when none of our money is economical to make? Recall all the money? We'll be back to trading land for 24 glass beads, or trading a mule for a meal. Sure, hard assets are the only thing of value, but money is an interim. You trade one asset (time and labor, unless you're on welfare... then it's just sitting on your butt) for an interim asset, cash, which is traded for a hard asset (food, etc.) otherwise, you'd have to go work at target for 2 hours to buy that shirt, work at the grocery store for a week for food, and work at the post office for 1.6 minutes to mail that letter. Keep our cash and coins... change them around as needed, but don't eliminate a usable fraction. After all, most modern countries have a unit that is 1/100 of their main unit, but if we get rid of the penny, our smalles coin will be 1/20th of a dollar.

 

When I buy a $1 pop at work with a $5 bill I get 16 quarters back as change :goofer: I'd much rather have the 4 $1 coins.
If your buying at a store you would get two $2 bills.

 

" but doesn't the profit from quarters and dimes make up for it. " Sure it does. The only downside is people removing them from our country for melting and that has now been addressed. No harm in letting a few coins with intrinsic value circulate within the population as long as we keep them here at home.