New article on replacing $1 bills with $1 coins.

Been hearing about this a lot this week. What are all of your thoughts on this topic? And do you think losing $1 bills will increase SBA's or Ikes in circulation?

http://money.cnn.com/2012/11/28/news/economy/dollar-coins-bills/index.html?iid=HP_LN

 

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It's way over due IMHO.

No, Ike and SBAs will not increase, not with all the new dollar coins the Gov re-releases and starts to produce once again if this goes into effect.

 

So what are you saying? If I get a "bill" for $1, the US Government will pay that bill off for me with a coin? I think it's time to start racking up some $1 credit lines, so the government can pay the bills with coins when I get the bills in the mail. Dollar tree here I come!

 

It the legislation passes it will require sequestration of SBA dollars and they will be sold to collectors to to other dollarized countries or melted down if not sold.
Ikes will not circulate since they are uncurrent and no vending machines accept them. And they are insanely heavy and huge.

Click on the “get involved” link and send a message to your Representative and Senators to replace the rag-dollar with the dollar coin and save us 4 to 10 Billion Dollars.

http://dollarcoinalliance.org/

http://tinyurl.com/7nerv6w

http://tinyurl.com/7xzhg7b


http://tinyurl.com/7rvjlrc

 

From the new article: "As of May, the Fed had amassed $1.4 billion in $1 coins in its vaults because demand for the coins remains weak."

In my opinion, that is why the Mint is hording these Presidential dollars, otherwise, they would have melted them already.

The $1 bill is obsolete. Dollar coins are virtually indestructible, fully recyclable, and have a lifespan of 30 or more years. It's simply a better, more efficient product. But there is so much politics surrounding this. Nobody wants to suggest the elimination of jobs that is necessary to make the $1 bill. There's opposition from the ink manufacturers that make the ink for the dollar bill. And don't forget the the paper supplier jobs. Paper for U.S. currency is made by Massachusetts-based Crane & Co. And Sen. Kerry wanted to do away with the coins to preserve his state's industry.

It's not about practical matters, it's about preserving jobs!

The fact is:

When Canada transitioned to a dollar coin 25 years ago, the government realized savings more than ten times initial estimates.​

 

just sent a message to my local senators, representatives and even obama, down with dollar bills, up with the dollar coins

 

Canada is always one step ahead with currency it seems...

 

...and everything else, too.

 

The problem is that the dollar coin is too large and bulky. I can easily carry 10 or so bills in a wallet, but for those of us that don't prefer to carry coins, this is a big problem.

Plus the article says cost/durability is the same (bills 5 cents/5 years, coins are 30 cents/30 years).

Wouldn't want to see this unless they take my suggestion to Move Solely to Dimes and Halves.

 

The problem is congress doesn't have a big enough set of Monongahela's. When they start thinkin' about what's the right thing to do they get caught up in 'what's the biggest thing that's gonna get me re-elected?' Keep hoping for the right move by these boys but the only move generated recently by them has been prompted in the form of Ex-lax.......

 

I think they should wait a few more years. This way, I may buy a few Theodore Roosevelt dollar coins, the montage stays low, and then once the dollar coins get popular I'll have a key date.

 

If anyone has time read to comments under this article for replacing the bills. It is humorous how ignorant and naive most of these people are commenting.

http://news.yahoo.com/congress-looks-doing-away-1-bill-083418974--politics.html

 

I didn't see anything new in the article, just a repetition of old arguments for dollar coins.

 

I was referring to the comment section and how ridiculous and naive people are with the comments they give.

 

I believe the last report I read said the average American carries less than three dollars in one dollar bills. Three one dollar coins would weigh less than a car fob. So, there goes that logic on weight. Jobs...well, Crane makes paper for ALL denominations, plus for multiple countries, so they wouldn't be cutting jobs because they lost less than half a percent of business. Same with ink suppliers. No, it's politics, like was mentioned. Gridlock and poor decisions are the norm and nobody has the grey matter to change that, so we'll have paper and coin until our sun burns out and it no longer matters.
Guy

 

While this may be true, one could "hope" that the Fed would release some of the bags of IKE's which still reside within its vaults.

I'd kinda like to see a public GAO Auction myself since the shear size of the coins, limits reasonable costs for delivery and storage within cash drawers. I have no doubt that folks who saw them in the drawers would want them to put them away so as a circulating monetary tool, they just wouldn't work.

Personally, I think that the biggest obstacle facing dollar coins is that merchants simply don;t bother ordering them to give out in change. These are the folks that prefer paper bills over dollar coins as I don;t really think the general public cares one way or another as long as it spends.

Get the big merchants on board, and the coins will be assimilated into circulation but until then, they'll only rot in the feds vaults.

 

A set of keys is much more than a fob. And who carries an average number of bills? I often have as many as 10 one dollar bills at at time. Likely why the man purse was invented in Europe...

 

The average person.

 

You will not see anyone "on board" until and unless you force them by eliminating the paper Dollar.

 

If I have more than 10 bills in my wallet, I don't like sitting on it as it makes my bum go numb because my wallet is thicker, so I'd rather have a few dollar coins in my pockets and leave my wallet to less but higher valued denominations when I need to carry cash. :thumb: