What will replace the Presidential Dollar?

The dollar bill needs to be eliminated. As well as the penny and the nickel.
There are enough pennies and nickels in circulation to last 100 years before things need to be rounded off to the nearest .10.
Once you eliminate the dollar bill, it will force people to use dollar coins more,
which have a life span of 30-75 years as opposed to 8 months for a dollar bill.
(these numbers are off the top of my head). Also the production of a 2 dollar coin is what will replace the Presidential dollars, as there are billions of Presidential dollars and Sacagawea coins just wasting space. And these will be put into circulation without producing any new coins.
We probably would save a great deal of money not wasting our time and resources producing pennies, that people basically throw away. And the nickel which used to cost 8 cents to produce and now costs 11 cents, they are discussing creating another clad crap coin to take it's place so it will only cost a penny or 2 to produce.

 

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But we've only just met...

In any event, I've been saying something similar for some time, but more along the lines of a de facto 10:1 remonetization. Drop the cent and nickel. Keep the dime, but change it to copper or brass. Drop the quarter; otherwise, you still get five-cent increments that are hard to handle. (Also, insisting that we drop the quarter guarantees that nobody will take me seriously.) Introduce a new 50-cent piece, sized like a nickel, again made of copper or brass.

Introduce a new, small dollar coin, perhaps cent-sized, clad. Bring back the quarter-eagle, half-eagle, and full-eagle ($2.50, $5, $10) denominations. We wouldn't have to have the quarter eagle, but it appeals to me. Maybe bring back double eagles, and eventually even half- or full Unions ($50 and $100).

Because, face it, a dime is worth less now than a half-cent was when our system of denominations emerged. It's absolutely foolish to be wasting time literally chasing nickels and pennies.

But I don't think this will ever happen, because I think we'll ditch cash entirely first. Probably in my lifetime, which is unlikely to stretch that many more decades.

 

I see what you're saying about the Cent, Nickel, & Dime as well as the Quarter. I see Canada has made some fairly big (& small) changes in their coin/currency and the UK is standing vending machine operators on their heads too.
We seem to be the Nation with no stomach for change whether it would be good for the economy or not, or good for "NO" holes in our pockets as you suggest with the smaller size coins. Although that may not be a fair statement.
Can you just imagine having purchased Rolls or Bags of such denominations from the mint for the past few years...the exchange in another thread earlier today or yesterday might be quite receptive to Rolled coins "to open or not to open" might not be an issue...certainly not in the fairly near future..LOL
Underneath it all tho Jeff...one of those coins you mention must be a good size, especially if you're going to make the 1/2 dollar small...or I just won't be happy

 

Oh, I like the large ones, too -- I just don't like carrying them. I found that out in the time of Ike dollars, and again during my abortive attempt to get half-dollars circulating (by trying to spend them locally).

 

@jeff...I do understand.

 

They should bring back silver in the dollar. Perhaps have a coin that's a dollars worth of silver. That would be so cool

 

The US Mint did that once, when they first started out. It didn't work.

 

They're .999 silver.

 

They should incorporate a few good ideas in this thread
1- a High Relief coin
2 - a Butt coin
3 - a live President's coin
4 - a Trump coin
5 - a 1 oz silver coin
6 - a one dollar coin

So we can have a Trump Rump high relief 1oz silver coin stamped as $1 Dollar

okay, maybe not.

 

Maybe we should create a .009¢ coin so that we can pay properly for a gallon of gas. $1.999 for example.

 

I think we all agree that the $1 coin is a better idea than the bill and it would save money. The problem is, the vast majority of the people in the country don't want it. It's not going to happen.

 

Make a paper $1.999 bill
or cut an edge off of a $2 bill.

I don't really understand the $.999 gallon of gas amount, other than the psychological effect of ppl thinking a gallon of gas is a penny less than what they are actually paying. For some reason $2.00 is far higher than $1.999, which is just purely visual, driving a psychological pricing effect.

Imagine if they did that at the grocery store for everything!!
We'd have to have $0.001 fractional pennies.

 

I don't like $1 coins.
I prefer the paper bills.

 

I think the $1 bill is far easier too. I understand the argument against in and for the coin but the paper bill is easier. That is why the coin will never take over. The majority of the population don't want it and the only way to get rid of the $1 bill is to change the law...which probably would not be popular among the voters.

 

I don't like paper bills.
I prefer the $1 coins.

 

Would be about the size of the old half dime. Very difficult to handle and easily lost. You would have to greatly reduce the fineness to increase the size at which point why bother?

 

Doc I respectfully disagree...honestly I think people do love the larger coins...not as pocket change we know, but they have hung onto & continue to hang onto every 1/2 dollar they can find which I believe is why they're never in circulation.

Millions (with a B) were minted, as we all well know, from the earliest to the last JFK's, yet I know at my bank the tellers have have told me people ask them to hang onto any 1/2 dollar or $2.00 bill that crosses the counter.

These people aren't collectors who are seeking MS or PF coins, they don't care that the coins are even "very" circulated, there are just some coins John Q Public hoards for their own specific reason(s) maybe nostalgia, cuz it's the first coin a loved one gave to them as a Kid, maybe because it was the largest circulating coin (for a while) maybe for the history of the person profiled, or maybe just because it made them feel rich as a Kid & and they like the heaft of the coin in their hand.

As for the uselessness of the almost quarter size current $1 coin...can't be used for much anywhere, doesn't say Keep me I'm special, and while it's far sharper than the SBA...it doesn't take one's breath away on contact.

I don't therefore think the vast majority of the people don't want it, but I agree it's never going to happen...who listens to the majority these days?

 

But they don't circulate. People hold on to them because they think they are a novelty or because they think they are rare. They have no interest in using them for commerce. The majority of people I encounter don't carry pocket change at all...if they have money on them that's not plastic it's paper only. I just don't see an interest from the general public to use coinage and I think the elimination of the paper dollar for the coin would be very unpopular among the general public.

 

A lot of people around here use coinage.
Just waiting at the grocery store of people pulling out the exact change sometimes is a significant draw on time.

I use cash for many purchases. And I keep change in my car for exact change for any type of drivethru. Otherwise the change goes into a couple cannisters which then I sort through and those go in the CU change counter.

As for 1/2 dollars. I can get rolls all day long around here from the bank.
I haven't asked about $2s.

You'll have to check your demographics for cash vs debit. At one place I worked at virtually none of the workers had a checking account. We had to issue checks vs direct deposit. They all used cash.

 

I understand that people prefer 1 dollar bills. If they are eliminated, there won't be a choice when the ones are all worn out and removed from circulation.
$2 coins also, as the $2 bill is pointless as currency.