Novermber 23rd: Doomsday For the Dollar Bill?

Discussion in 'Coin Chat' started by Drago the Wolf, Nov 6, 2011.

  1. Drago the Wolf

    Drago the Wolf Junior Member

    Okay,

    I read somewhere, that the government was going to decide whether to do away with the $1 bill on November 23rd of this year, but I can't remember where I read it, but I believe it was somewhere on the "Dollar Coin Alliance" website. I will do some research to see if I can find it, and post later if I do find anything but, otherwise, Has anyone else here heard of this?

    Update:

    Here is something I found:

    http://www.wcpo.com/dpp/news/proposal-would-eliminate-$1-bills-in-favor-of-coins

    And here was what I was talking about at the bottom of the article:

    The Joint Committee on Deficit Reduction has a Nov. 23 deadline to come up with a plan to meet a $1.5 trillion debt-limit goal, according to a report from USA Today .

    So, is this a time table for the possible elimination of the $1 bill? I'm confused. :rollling:
     
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  3. Conder101

    Conder101 Numismatist

    I think what will happen is around the 20th a bill will be introduced to delay the deadline another two months.
     
  4. I bet they will just decide to print more money. TC
     
  5. Hawkwing74

    Hawkwing74 Member

    I'd be happy to see the dollar bill go. It's one minor way the government can actually save a little money.
     
  6. medoraman

    medoraman Supporter! Supporter

    This. If Americans are unwilling to have this little inconvenience to save easy money, I simply am unsure if we will ever get out of this budget mess without simply inflating it away.
     
  7. airraid1999

    airraid1999 Member

    they have ALLOT MORE IMPORTANT THINGS TO WORK ON THAN THAT:dead-horse::dead-horse:
     
  8. gboulton

    gboulton 7070 56.98 pct complete

    No.

    The 11/23 deadline is a deadline for the Joint Committee on Deficit Reduction (The "Super Congress" you may have heard about, formed during the debt ceiling "incident" earlier this year) to find a minimum of $1.5 trillion dollars in deficit reduction.

    In other words, that group has to come up with a plan to cut spend, raise revenue, or both, enough to reduce spending by $1.5tril a year. The "or else", in this case, is some automatic spending reduction measures, formed in August as part of the debt ceiling agreement, that will "kick in" if no plan or agreement is reached.

    What the WCPO journalist is suggesting...or, rather, parroting from the USA Today article, is that one of the things the JCDR might suggest is elimination of the dollar bill, to save money.

    $5.6bil over 30 years, is $187 million a year....or 1.2% of the JCDR's goal.

    So...it's a deadline for a deficit reduction plan that might benefit from such a move...but it is in no way a deadline for making that decision, or a timetable for actually implementing it.
     
  9. gboulton

    gboulton 7070 56.98 pct complete

    Really? A committee formed for the express purpose of reducing the deficit has "allot" more important things to work on than finding ways to reduce deficit spending?

    Care to share some of your ideas on what more important things they have to work on?
     
  10. airraid1999

    airraid1999 Member

    i am talking about the dollar bill i just think there are better ways to get there than the 1$ bill but that's my opinion
     
  11. rickmp

    rickmp Frequently flatulent.

    Pennies add up to dollars. A little bit saved on dollar notes is a start! Any savings will not come from one item, it comes from many smaller items.
     
  12. chip

    chip Novice collector

    Very true, they did not get into this by one big decision, it is all the little ones added up over time that make it look big and then instead of retracing the steps, some just want to make one or two big laws to "solve" the problem, those kinds of fixes lead to more problems than they solve.
     
  13. jello

    jello Not Expert★NormL®

    I heard this same song and dance since 1964.Americans won't use a $1.00 coin,they waste billion since 1964-today just in Congress study's. then all the billion of $1.00 coin made housed and sent to other country's to use as dollars!
    America need jobs
    :thumb: not this waste of time by:dead-horse: Gop:dead-horse:.

     
  14. gboulton

    gboulton 7070 56.98 pct complete

    Try cutting...oh...Social Security by $1.5 trillion.

    You'd get lynched.

    But finding 200 stupid little things things the government does? That shouldn't take more than 5 minutes.
     
  15. rush2112

    rush2112 Junior Member

    Up here in Canada, we haven't had a $1.00 or $2.00 dollar bill since the late 1980's.

    They did, however, introduce a $1.00 and $2.00 coin. I couldn't imagine everyday transactions without them. I hear no complaints about them. The $2.00 coin is a 2 piece coin and if I recall right, when first introduced, they had problems with the centers falling out.

    As for the government saving money, it cost's 13 cents in Canada to make a $1.00 coin and a U.S. printed note costs about $.10.

    The rational is a $1.00 coin will last much longer than a paper note.


    http://money.cnn.com/2011/03/08/news/economy/dollar_cotton_prices/index.htm
     
  16. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Now why can't the blasted US congress take a look at what our Canadian brethren have done, instead of spending money on worthless studies and jaw boning in prize jackass committees?
     
  17. coleguy

    coleguy Coin Collector

    We'll always probably have dollar bills for the same reasons we'll always have nickel, the worst metal for coinage, in coins....lobbyists and political gain. It's all about saving face, not money.
    Guy
     
  18. rush2112

    rush2112 Junior Member

    The coins are also more convenient, when you pay, for example, a coffee with a $5.00 bill you get back a few coins which you can slide into your pocket without having to get your wallet out and inserting the notes. I would also think, it's much easier for someone who is blind or has vision problems to do simple transactions.
     
  19. Hawkwing74

    Hawkwing74 Member

    Japan doesn't use 100 yen notes (roughly equivalent to our dollar). They go up to 500 yen in coins. They got it right, Canada got it right, Europe got it right, Mexico got it right, but for some reason the US will not go that route.
     
  20. usc96

    usc96 Junior Member

    I don't think the Senators from Massachusetts will allow something like this to make it to a vote. Remember, their constituent, Cranes Paper Company, makes big bucks making these little bucks. :)
     
  21. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    That's the trouble with our career politicians. They cater to the special interest groups. Maybe, just maybe, if a few got some backbone, they'd stand up and do the right thing.......
     
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