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Senators Continue Push To Replace Dollar Bill With $1 Coin
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<p>[QUOTE="Conder101, post: 1724264, member: 66"]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.</p><p><br /></p><p><br /></p><p>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..[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 1724264, member: 66"]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..[/QUOTE]
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Senators Continue Push To Replace Dollar Bill With $1 Coin
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