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Redesigned $1 Bill, or Replacement with Dollar Coin?
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<p>[QUOTE="dougsmit, post: 992402, member: 19463"]I 100% disagree with this one. On the few times I have seen $1 coins in cash drawers and asked about them, clerks tell me that they don't give them in change except on request to avoid ugly incidents with customers who either don't want them or don't know what they are. It is easier to throw them in the bottom of the drawer (with any half dollars that come in) and not have to waste valuable time retracting or explaining them.</p><p><br /></p><p>The only way $1 coins will ever work is to stop printing $1 paper. There is no need to demonitize them since a few years of wear will remove the trashy ones and drive the rest into collections along side the wheat cents. New vending machines will be made to accept $1 paper for a while but soon enough that will be unnecessary. While they are upsetting the conservative public, they may as well stop making pennies and nickels (a loss to make) and require states to reissue their sales tax tables appropriately. Of course the easy way to do this would be like Europe where sales tax is paid by the seller so McDonalds would have to put a couple drops less ketchup on each burger to offset the loss or admit defeat and have a dollar menu that costs $1.10. </p><p> </p><p>The reason this won't happen is that it would be political suicide for whoever got blamed for it. Postage stamps would have to be fifty cents when sold as singles and the world would come to an end. When the UK stopped making the Farthing there was talk about whether we really needed the one cent coin. Today a dime has the buying power of that 1956 Lincoln. In 1956 penny candy was a penny. What is a penny now? I suspect the whole thing will wait until they decide to round off all debts to the nearest dollar (as the IRS already does) and stop making coins altogether. Then you will see collectors unite behind new ideas like the George Washington $25 piece.[/QUOTE]</p><p><br /></p>
[QUOTE="dougsmit, post: 992402, member: 19463"]I 100% disagree with this one. On the few times I have seen $1 coins in cash drawers and asked about them, clerks tell me that they don't give them in change except on request to avoid ugly incidents with customers who either don't want them or don't know what they are. It is easier to throw them in the bottom of the drawer (with any half dollars that come in) and not have to waste valuable time retracting or explaining them. The only way $1 coins will ever work is to stop printing $1 paper. There is no need to demonitize them since a few years of wear will remove the trashy ones and drive the rest into collections along side the wheat cents. New vending machines will be made to accept $1 paper for a while but soon enough that will be unnecessary. While they are upsetting the conservative public, they may as well stop making pennies and nickels (a loss to make) and require states to reissue their sales tax tables appropriately. Of course the easy way to do this would be like Europe where sales tax is paid by the seller so McDonalds would have to put a couple drops less ketchup on each burger to offset the loss or admit defeat and have a dollar menu that costs $1.10. The reason this won't happen is that it would be political suicide for whoever got blamed for it. Postage stamps would have to be fifty cents when sold as singles and the world would come to an end. When the UK stopped making the Farthing there was talk about whether we really needed the one cent coin. Today a dime has the buying power of that 1956 Lincoln. In 1956 penny candy was a penny. What is a penny now? I suspect the whole thing will wait until they decide to round off all debts to the nearest dollar (as the IRS already does) and stop making coins altogether. Then you will see collectors unite behind new ideas like the George Washington $25 piece.[/QUOTE]
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