Senators Continue Push To Replace Dollar Bill With $1 Coin

Get rid of the penny at the same time and there would likely be a reduction in the number of coins carried on average.

For as long as we continue to have physical currency, the migration to higher denominations is going to happen sooner or later. The only things that will prevent it are the migration to electronic currency, or deflation, and I don't want to see either of those.

 

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The US will likely always have physical currency, but the number of people using it will likely decline significantly. Ultimately I think eliminating the dollar bill will push more people closer to using nothing but plastic for their day-to-day transactions. 90% of the transactions at the store where I worked were electronic and we did quite a bit of business. More and more industries, including fast food restaurants and vending machines, are offering customers the option of using a debit/credit card as a payment method. The US is slowly moving towards plastic as the go-to method of payment.

 

Take a look at circulation data on coins over the past few years. Money is becoming irrelevant. In lieu of either option, move to a cashless society. I'm down to using US money for Vending Machnes at Work, Poker night, and paying for drinks at the Elks Club. With the recent addition of the ATM at the drive up window and E-Z-Pass, I've eliminated those needs for money. I can see the day that you only to a retinal scan for everything and we can also eliminate the wallet.

 

Hey! The Brits and Canadians do it. Why not us?

 

$5 coins is getting way ahead of where we are at,even Canada doesn't have those. Just kill the penny and nickel now and and the dollar bill ( just stop making all 3 cold turkey). I don't think we need a $2 coin ( yet)...let the $1 coin have some time to sink in.

So just dimes, quarters and dollar coins and our normal $5 and up bills, make $2 bills as demand warrants, just like now. round the cash transactions to the nearest dime empty the vaults of all those dead-Prez dollars....and be ready to ramp up production....easy since no more cents and nickels would be produced.

The dollar bills would just wear out and get retired pretty quickly. The pennies and nickels would get removed from circulation pretty quick, too ! They off course would still be legal tender but would be as uncommon in circulation as a half or deuce is now. THE TRANSACTION TOTAL GETS ROUNDED WETHER THE CASHIER HAS PENNIES AND NICKELS, OR NOT ! If they accumulate then the store can send them back to the bank.

Personally the main thing I buy with cash is gas and some restaurants are cash only. I'd use cash at a place like a swap meet or yard sale where sellers aren't equipped for plastic and for stuff under $5-10 in general, but the debit card is nearly as quick as cash.

Kill all 3 items ( penny, nickel , $1 bill) at one time as sort of a sweeping coinage reform law.

Nobody will lose any money due to the rounding, even round the sums ending in a 5 to a 0, so 5 numbers round down and 4 round up....it surely won't break Walmart to do that !

I'd like to see a new design for our "Loonie" and keep it awhile, retire those wrong color SBA's also to avoid confusion for idiot American consumers and cashiers.

 

If you remove the cent and nickel, then the prices on the shelf will go from this $1.00 to this $1.0. Merchants will price accordingly to avoid "idiot" customers from complaining that they are being ripped off when you round up. Now that the prices are this $1.0 then this $.25 becomes irrelevant, and will be replaced by this $.5. (Break out the Champaign boys, Kennedys are back in circulation!!) And this $1.0 and this $5.0 will need to be coins since you only have dimes and half dollars, You may also want to make this $2.5 a new quarter.

 

how about bring back the $500 and $1000 bills, stacking those Benny's is getting old! LOL

What on earth can you really buy for less than a dollar? Even a candy bar costs $1.09!

I can get a Faygo Red Pop for $.99.... wow, now a Red Pop sounds good LOL

Get rid of penny and nickel. I would love to see dollar coins, but doubt it will happen unless it is forced. Americans don't like change and there is no way the government can roll this in under our feet.

Whenever anyone sees a gold dollar they are amazed because they've never seen them before. Half of these kids today don't even know what money is. They know credit/debit card. Sad, but true.

 

I found two beat up Sacajawea dollars in a cup the other day.

Took them to the gas station, and went to pay for my Diet Coke...

The teen at the register looked at me like I was trying to pass off fake coins!! I explained what they were and the kid says, "not sure where they go (in the register)".




(Btw, got a quarter, nickel, and TWO pennies for change)

 

True dat. I have a similar experience fairly often cause I like spending some of my clad Kennedy halfs (mostly 71s, got rolls of em). Fairly often I get similar reactions to yours from young clerks.

 

It's really that simple! I don't see why the Senate is dragging their feet on the issue. C'mon Senatorial idiots, this one is a no-brainer! Let's do it already! :yes:

 

Maybe we could come up wih some "glow-in-the-dark" designs.

 

Im sure if you took a black light to them they'd glow!

 

I think a $5 coin is a bit much. Remove the dollar bill from circulation and people will be forced to use the $1 coin; it isn't that complicated.

Sure, I think people would whine a ton, but they'd get over it eventually.

I'd be perfectly OK with ditching the penny and nickel since both of them cost more to produce than their face values.

 

I doubt that very many senators are going to see your post Fret, better to contact them directly.
So far there have been over 500 views on this thread. If half of the viewers would contact their reps it would have some positive effect.

 

What the heck are you referring too since the Dollar coins are stored in the Federal Reserve Vaults. "Armored" car companies only store what their customers have ordered, can roll and deliver.

 

I think I have seen articles like what the poster was talking about. It primarily involved the Presidental Dollars coins that the banks didn't want but which were mandated by law. They are under control of the Federal Reserve Banks around the country, but they may be housed in warehouses controlled by these banks. If the paper dollar was discontinued, the reserves would take awhile to deplete.

 

While this may be true in large metropolitan areas, it may not be the case in the Real America which is made up of millions of lower income families which may or may not be able to afford certain electronic conveniences.

There are millions of folks that do not have nor do they want "debit" cards much less "credit" cards. The convenience offered at the checkout stand is backed by a 1.5 to 3.0% "charge" to the merchants which in turn pass those costs off to the consumer.
I recently visited a MAJOR food venue in Austin Texas which was a "cash only" venue. I'm sure they are not the only ones.

Now if a 3% reduction in costs to the consumer is something that a majority of Americans do not want, then push for a cashless economy but, I just don't think that this will happen.

Of course this doesn't even take into consideration the risks associated with electronic banking and how easily one's bank account can be drained by unauthorized individuals.

If it is going to "save" money, then implement it. If it is going to "cost" money, then do not implement it.

 

Of course they will whine. In every country where they introduced a coin and eliminated the paper note the people whined for awhile then accepted it and moved on.

Maybe a couple million a year not multiple billions. If it cost multiple billions of dollars to store one billion dollars in coins, you are doing something wrong. Actually what lead to the ending of the dollar coins for circulation was they were going to have to build a new storage warehouse for the coins at a cost of 600K dollars. Or .06% of the amount being stored, and it would have been a one time shot that would have allowed for the storage of a LOT more coins. So they had to chose, spend $600K for a new warehouse, discontinue the dollar note and they wouldn't need the extra storage, or stop making the dollar coin for circulation and lose nearly $400 Million a year in seigniorage profits. They chose to throw away the $400,000,000 to save $600,000..

 

Now you say it that way, it makes perfect Governmental Sense. Now all we need is a $0.20 cent coin.

 

where specifically does it say They chose to throw away the $400,000,000 to save $600,000..