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Old 12-02-2012, 05:22 PM
 
Location: NJ
31,771 posts, read 40,529,027 times
Reputation: 24590

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Quote:
Originally Posted by sskink View Post
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.
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Old 12-02-2012, 06:31 PM
 
12,999 posts, read 18,827,676 times
Reputation: 9236
Quote:
Originally Posted by texdav View Post
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
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Old 12-02-2012, 07:10 PM
 
Location: So. of Rosarito, Baja, Mexico
6,987 posts, read 21,863,755 times
Reputation: 7007
I'm an old former Canuck from Ontario...moved to Calif and now retired in Baja Mexico.

Amazing info re the change in the Canadian currency I recall from the past.

I thought Mexico had a screw loose with their plastic paper bills and see that Canada has gone the same route.

Wonders never cease.

I'm for getting rid of the penny....bring back the 0.50 cent coin along with the two dollar bill instead of having my wallet full of one's.

Then again we have to thank Japan for our smaller cash registers that do not have the bins for additional coins.

Wonder how much difference in metal with 4 quarters to 1 lge Dollar coin other then weight factor.
'
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Old 12-03-2012, 04:45 AM
 
Location: Holiday, FL
1,571 posts, read 1,996,294 times
Reputation: 1165
Quote:
Originally Posted by Ruth4Truth View Post
Paper money is a lot cheaper to make.
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.
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Old 12-03-2012, 12:49 PM
 
1,552 posts, read 3,160,118 times
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Quote:
Originally Posted by pvande55 View Post
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
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Old 12-04-2012, 03:48 AM
 
4,765 posts, read 3,715,063 times
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Quote:
Originally Posted by d4g4m View Post
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.


U.S. Mint Online Product Catalog

U.S. Mint Online Product Catalog
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Old 12-04-2012, 03:50 AM
 
4,765 posts, read 3,715,063 times
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Quote:
Originally Posted by CaptainNJ View Post
i did think about that when i made the post. but i use my credit card for almost everything now anyway...
Yeah, Amazon.com hates when I send them a bag of pennies.
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Old 12-04-2012, 03:53 AM
 
4,765 posts, read 3,715,063 times
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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!
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Old 12-04-2012, 05:02 AM
 
1,552 posts, read 3,160,118 times
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Quote:
Originally Posted by shaker281 View Post
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.
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Old 12-04-2012, 06:02 AM
 
Location: Kansas
25,707 posts, read 21,861,540 times
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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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