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It'll happen eventually. But people who promote this need to understand there's a 'tax' that goes along with it - bank transaction fees that are passed on to the consumer. So everything will cost 1% more or greater.
i did think about that when i made the post. but i use my credit card for almost everything now anyway. someone may suggest that the savings for not printing money would help reduce the net increase, but there is no such thing as savings when it comes to government. that money will just be wasted elsewhere.
I think history has shown that people do not like dollar coins> I personally don't like coins in my pocket really.I think we are head to a mostly cashless societyas I know I do not had cash much in tranactions anymore.
According to the Guidebook of United States Coins, dollar coins have been minted throughout most of our nation's history. Coins in greater denominations, up to $20, were minted as recently as the 1920's.
Last edited by pvande55; 12-02-2012 at 06:32 PM..
Reason: Corrected book title
True, but paper money has to be replaced periodically, while coins can remain in circulation for a hundred years (although, they're generally replaced before then.) That re-printing the dollar eventually costs more than minting coins.
According to the Guidebook of United States Coins, dollar coins have been minted throughout most of our nation's history. Coins in greater denominations, up to $20, were minted as recently as the 1920's.
yes and money back then was backed by gold and silver
that 20 dollar coin was made with 1 ounce of solid gold
The U.S. Mint stopped making the presidential dollar coin last year. They have a warehouse full of them because there isn't even a demand from coin collectors. It seems that the only people who want the use of a $1 coin is vending machine companies.
They did stop producing them for for circulation but not collecting.
A year or two back, the US mint tried to force the $1 coins into circulation by offering them at face value with free shipping. People were maxing out their credit cards buying them and then returning them to the local bank. All to get frequent flier miles! DOH!
A year or two back, the US mint tried to force the $1 coins into circulation by offering them at face value with free shipping. People were maxing out their credit cards buying them and then returning them to the local bank. All to get frequent flier miles! DOH!
yup that was brilliant.
big shocker-a govt agency doing something stupid and inefficient while wasting money on something that doesnt even have its intended effect.i mean seriously take away money/time wasted on shipping it still served 0 purpose whatsoever. who the hell would order thousands or tens of thousands of dollars to put them into circulation/give them out in change?I mean you might get some people that wanted to save some for their collection (which would still mean they arent put into circulation and they won't get many anyway) but who else would order them other than someone who was exploiting the system for profit at the taxpayers expense. So pretty much the mint would ship them at their own expense to people getting ffm and cashback from their credit cards, who would then lug them to the bank and use the money to pay off their credit cards, and the bank would send them back to the mint since nobody wanted them, then the mint would spend more money to reship them out to more people who would do the same thing.
Isn't the real money maker for those that do these "studies". I just always think that someone commissions a study from a certain business so money can pass hands, a little this way and a little that way. I have seen cities and states make claims that there would be savings because they had an expensive study done but by the time you pay for the study and implementing the procedure/equipment/etc., I doubt they ever see the savings and usually end up scraping the system. Found an old Susan B. Anthony coin under an old frig in the house we just moved into and the face is rusty. Of course, what I am promoting will save you a bundle!
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