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Why try to foist another change on the public and not just encourage more people to use debit cards instead?
Why do you care? Money is money, given the value of $1, which compared to 1950 values is only $0.11, why would we NOT use coins for it. In fact, we should probably get rid of $5's and $10's as well. And add $500, $1,000, and $10,000 bills.
The printing costs of the dollar bill are becoming prohibitive. Paper lasts only a fraction of the time metal does.
Canada dropped it's dollar bill years ago, and replaced it with 2 coins- one is a dollar, and the other is two dollars.
Paper and metal cannot co-exist. Paper is lighter and more compact. But once coins replace the paper, folks get used to it quickly. Business also likes the metal coinage, as it's easier to count mechanically, and coinage is much more difficult to forge.
Dental Floss said:
"Why do you care? Money is money, given the value of $1, which compared to 1950 values is only $0.11, why would we NOT use coins for it. In fact, we should probably get rid of $5's and $10's as well. And add $500, $1,000, and $10,000 bills."
There was a time when $500 and $1000 bills were printed. They never circulated widely because the chances of losing a $500 bill are just as great as losing a $5.00 bill, and people were scared to lose that much money. Losing a wallet or purse happens to everyone at one time or another. Imagine what it would be like to lose $10,000 if your wallet fell out of a pocket!
Banks used the bills for inter-bank transfers, but all that is done electronically now, a much safer method of transaction.
If they switch to dollar coins, I'm going to start calling them "Obama quarters" because they'll buy comparable amounts of stuff versus five years ago. Especially if they're too close in size to current quarters (such as the Susan B Anthony dollars).
I got one American bronze tone one dollar coin from 2000 which had picture of a native woman and child , then a flying eagle of the other side with the words `E PLURIBUS UNUM` ...Same size as the Canadian dollar coin ....In Canada they dropped making the penny , but the sales tax was not changed were merchant need to pay the tax on the lost or gained penny whether they got the penny for not...
I have a stack and mainly use them for tips. I also have two $2 bills from the 1950's that do not say " In God We Trust" and the serial numbers are in red. They have no real value but I still keep them.
Paper bills may be cheaper to make, BUT they sure don't last as long as a coin does.
Canada switched to a one dollar coin, and a two dollar coin, about 30 years ago. Their design is completely different from one another, and so is the colour of the two coins.
This year we stopped making one cent coins. They will still be accepted, but no longer made.
Canada also has a new series of paper bills, that are made of plastic, that is flexible, and won't disolve if you put them in the washing machine. Super hard to copy, as part of the bill is a clear, see through window, with micro printing on it.
We also design and print money for about 60 other countries, at the Royal Canadian Mint, in Ottawa, and Winnipeg. The Royal Canadian Mint is one Federal Government operation that actually does " Make money " for the Canadian tax payers. Imagine a Government operation that shows a profit , every year ???
There was a time when $500 and $1000 bills were printed. They never circulated widely because the chances of losing a $500 bill are just as great as losing a $5.00 bill, and people were scared to lose that much money. Losing a wallet or purse happens to everyone at one time or another. Imagine what it would be like to lose $10,000 if your wallet fell out of a pocket!
I was under the impression that the large and very large denomination bills were abandoned in order to make it difficult for people to carry large amounts of cash, certain government agencies like the IRS and DEA being in favor of it. Urban legend?
The coins they've tried in the past were much too closely related to the quarter coin. The "SUSAN B ANTHONY" dollar was often spent, and accepted as a 25 cent piece. Other coins that they've tried are also too close in size to a quarter. They might take a hint from the Canadians with their dollar and two dollar coins. Making them completely different, and a different weight than a quarter might have more success. The old "silver dollars" were around for many years before they stopped minting them. But, they were twice the diameter as a half dollar. Not easily mistaken. They need to keep that in mind when designing the coin.
Also, don't make it too heavy... The girls in clubs, dancing on stage, could get bruises if hit by dollar coins that are too heavy.......
Besides, how do you hang a coin on a G-string??????
im not sure if i wasnt clear and you believe i was suggesting switching from paper to coins. though, im not sure if you would be correct that paper is cheaper than coins. maybe per unit but since coins last longer (and can be made with cheaper metals) i think the ultimate cost is less with coins.
but what i really was suggesting was to get rid of making any physical currency. we can just change over to using credit/debit cars or some other digital form of currency. i rarely use physical currency these days as it stands.
i read an article about this dollar coin thing the other day and couldnt help but think that we are spending more manufacturing currency than any of us probably realize. seems unnecessary to me.
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