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Senators Continue Push To Replace Dollar Bill With $1 Coin
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<p>[QUOTE="Blaubart, post: 1722628, member: 37498"]I would say the failure of the dollar coin to date isn't because of the coin itself, but rather how our government has tried to implement it.</p><p><br /></p><p>Let's just look at the $1 coin for now. If they ramped up production of the $1 coin and stopped producing $1 bills, what would happen?</p><p><br /></p><p>Problem: The company that produces the paper for our dollars would squeal.</p><p>Solution: Get over it.</p><p><br /></p><p>Problem: The owners of vending machines with $1 bill readers would complain. </p><p>Solution: Most of them can also read other bills ($5, $10, $20) and most machines give change.</p><p><br /></p><p>Problem: The owners of vending machines that accept coins would need to modify or replace their machines to accept $1 coins. </p><p>Solution: There's no immediate crisis here. They already accept nickels, dimes, quarters, sometimes halves, and many of them already accept dollar coins. (Not too many candy machines do, but most self check out kiosks do.)</p><p><br /></p><p>Problem: The owners of vending machines that provide change would need to modify or replace existing machines to handle $1 coins so they could efficiently give change for $5 bills.</p><p>Solution: Life cycle replacements. Just replace them at the end of their useable life span with a machine that can give $1 coins in change. In the meantime, either install larger tubes to hole more quarters, or service the machine more often. (WooHoo! More jobs! If someone else can use jobs as justification for keeping the dollar bill, then jobs can also be a justification for getting rid of it!)</p><p><br /></p><p>Problem: Tills don't have enough slots for another coin.</p><p>Solution #1: Tills in the US do have room as virtually all of them have five slots for coins. Pennies, nickels, dimes, and quarters are usually in four of the five bins, and the fifth usually has rolls, rubber bands, paper clips, etc. Most tills in Canada have six bins for coins.</p><p>Solution #2: Get rid of the penny to make room for dollar coins. That way cashiers will still have their extra bin for other items and the occassional half dollar.</p><p><br /></p><p>Problem: There are a few dollar bill readers out there that only read one dollar bills and do not offer change. Video games come to mind.</p><p>Solution#1: It would depend on how many of these are out there, but the savings in moving to the $1 coin might be sufficient to offer a tax break to those affected.</p><p>Solution #2: Provide a five year notice of the impending doom of the $1 bill.</p><p><br /></p><p>Problem: Those automated change machines at registers aren't built to accomodate $1 coins.</p><p>Solution: I just have to ask "Why not?" The dollar coin was introduced BEFORE they were. But anyway, the older models were equipped to provide up to $0.99 in change using pennies, nickels, dimes, and quarters. The newer models are equipped to provide up to $4.99 in change using pennies, nickels, dimes, quarters, and dollars.</p><p><br /></p><p><br /></p><p>Summary: Inflation is a necessary part of life for a fiat currency. The lower denomination bills and coins are going to go the way of the dodo. Why put off till tomorrow what already makes sense today?</p><p><br /></p><p>Suggestion: When they start pushing the $1 bill to $1 coin transition, they might want to introduce a $5 coin so that manufacturers of coin machines can start developing their products to accomodate them. If many machines already accept the $1 coin even though it isn't popular in circulation, why not start working now on accepting $5 coins.[/QUOTE]</p><p><br /></p>
[QUOTE="Blaubart, post: 1722628, member: 37498"]I would say the failure of the dollar coin to date isn't because of the coin itself, but rather how our government has tried to implement it. Let's just look at the $1 coin for now. If they ramped up production of the $1 coin and stopped producing $1 bills, what would happen? Problem: The company that produces the paper for our dollars would squeal. Solution: Get over it. Problem: The owners of vending machines with $1 bill readers would complain. Solution: Most of them can also read other bills ($5, $10, $20) and most machines give change. Problem: The owners of vending machines that accept coins would need to modify or replace their machines to accept $1 coins. Solution: There's no immediate crisis here. They already accept nickels, dimes, quarters, sometimes halves, and many of them already accept dollar coins. (Not too many candy machines do, but most self check out kiosks do.) Problem: The owners of vending machines that provide change would need to modify or replace existing machines to handle $1 coins so they could efficiently give change for $5 bills. Solution: Life cycle replacements. Just replace them at the end of their useable life span with a machine that can give $1 coins in change. In the meantime, either install larger tubes to hole more quarters, or service the machine more often. (WooHoo! More jobs! If someone else can use jobs as justification for keeping the dollar bill, then jobs can also be a justification for getting rid of it!) Problem: Tills don't have enough slots for another coin. Solution #1: Tills in the US do have room as virtually all of them have five slots for coins. Pennies, nickels, dimes, and quarters are usually in four of the five bins, and the fifth usually has rolls, rubber bands, paper clips, etc. Most tills in Canada have six bins for coins. Solution #2: Get rid of the penny to make room for dollar coins. That way cashiers will still have their extra bin for other items and the occassional half dollar. Problem: There are a few dollar bill readers out there that only read one dollar bills and do not offer change. Video games come to mind. Solution#1: It would depend on how many of these are out there, but the savings in moving to the $1 coin might be sufficient to offer a tax break to those affected. Solution #2: Provide a five year notice of the impending doom of the $1 bill. Problem: Those automated change machines at registers aren't built to accomodate $1 coins. Solution: I just have to ask "Why not?" The dollar coin was introduced BEFORE they were. But anyway, the older models were equipped to provide up to $0.99 in change using pennies, nickels, dimes, and quarters. The newer models are equipped to provide up to $4.99 in change using pennies, nickels, dimes, quarters, and dollars. Summary: Inflation is a necessary part of life for a fiat currency. The lower denomination bills and coins are going to go the way of the dodo. Why put off till tomorrow what already makes sense today? Suggestion: When they start pushing the $1 bill to $1 coin transition, they might want to introduce a $5 coin so that manufacturers of coin machines can start developing their products to accomodate them. If many machines already accept the $1 coin even though it isn't popular in circulation, why not start working now on accepting $5 coins.[/QUOTE]
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