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Old 12-02-2013, 11:49 AM
 
32,778 posts, read 22,716,611 times
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Quote:
Originally Posted by fairlaker View Post
Yeah, the zinc lobby controls everything in Washington.
Mining lobbies are not weak. Far from it.
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Old 12-02-2013, 12:08 PM
 
Location: Vermont
10,097 posts, read 10,620,835 times
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Quote:
Originally Posted by fairlaker View Post
Yeah, the zinc lobby controls everything in Washington.
It doesn't have to control everything, just enough to maintain a constant level of resistance among the right people to keep it from happening.

So far they've been very successful.
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Old 12-02-2013, 12:09 PM
 
Location: Beavercreek, OH
2,194 posts, read 3,015,740 times
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I hate dollar coins. Hate, hate, hate them. I get rid of them as soon as possible when a vending machine spits them out at me, usually at the nearest bank, who can't seem to give them away either.

As to pennies, junk 'em. For years now I've been sorting my pennies and saving all the pre-1982 pennies, which are made of copper. Some day, once pennies taken out of circulation, I'll be sitting on a gold mine.
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Old 12-02-2013, 01:16 PM
 
Location: Victoria TX
42,668 posts, read 71,613,725 times
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The biggest obstruction is the vending machine industry. If the government really wanted to switch to dollar coins, all they would need to do is offer an attractive subsidy to the vending machine makers, so they could retool or retrofit their machines to accept dollar coins. Why would anybody want a dollar coin in their pocket when there isn't a vending machine in the world that will accept them? Toll road baskets just steal them from drivers, and refuse to recognize them for payment.

Do you know why so many countries make a 7-sided coin? Because a coin with seven sides has exactly the same diameter across every axis, so it will measure through a vending machine receptor that will recognize it. But the seven sides are not perfectly straight, they have to be a curve that is an arc around the opposite apex. It's called a Reuleaux heptagon.

Last edited by jtur88; 12-02-2013 at 01:28 PM..
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Old 12-02-2013, 03:32 PM
 
Location: Waiting for a streetcar
1,137 posts, read 1,137,964 times
Reputation: 1114
Quote:
Originally Posted by timberline742 View Post
Mining lobbies are not weak. Far from it.
Mining is not the same as zinc mining, but the zinc mining industry is still large enough not to care about Jarden Zinc, the manufacturer of the zinc blanks used in making pennies. JZ grosses about $20 million per year from its contracts with the US Mint and they spend a little more or less than $150K on lobbying each year -- twice that in 2012 though. No matter how you slice it however, this is peanuts in Washington power circles.
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Old 12-02-2013, 03:33 PM
 
Location: Coos Bay, Oregon
7,142 posts, read 8,442,924 times
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Quote:
Originally Posted by stockwiz View Post
This is something I have personally wanted for years... to eliminate the lincoln cent and round everything to the nearest nickel, and eliminate the paper dollar and have people use the coins instead. They should do both at the same time, so the change drawers at stores won't be affected.

What do you people think? I suspect the resistance to eliminating the dollar has to do with vending machines. As for pennies, I don't see how they are of any use anymore and it costs more to make them than they are worth. I just throw them on the ground when I get them or I'll give them, along with nickels and dimes, to small kids as I pass by them in the grocery store, or set them where they will see them and pick them up. I'm curious what people here think about this?

A nickel now has less buying power than a penny in 1950 and they got by just fine. You're not going to go broke from having to pay 3 extra cents in a transaction.. over the course of a year you might lose 10 bucks and that's a very liberal estimate, probably more like 2 bucks. Whoop de doo.

I dislike dollar bills in my wallet as much as pennies in my pocket. I don't mind dollar coins and would rather dig one out of my pocket for a vending machine than try to stuff a crumpled up bill into one and have it spit it back out half the time. Bills should be for larger transactions, and coins for smaller. The cent has outlived it's usefulness, as has the dollar bill.

Oh, and it would save the government lots of money.

Thoughts?
Not going to happen, for one simple reason: sales tax.
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Old 12-02-2013, 03:35 PM
 
Location: Waiting for a streetcar
1,137 posts, read 1,137,964 times
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Quote:
Originally Posted by jackmccullough View Post
It doesn't have to control everything, just enough to maintain a constant level of resistance among the right people to keep it from happening. So far they've been very successful.
So far they've been very inconsequential. No one is holding back a tide of get-riid-of-the-penny enthusiasm in order to placate Jarden Zinc.

Last edited by fairlaker; 12-02-2013 at 04:07 PM..
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Old 12-02-2013, 04:02 PM
 
Location: Waiting for a streetcar
1,137 posts, read 1,137,964 times
Reputation: 1114
Quote:
Originally Posted by jtur88 View Post
The biggest obstruction is the vending machine industry.
The industry loses more $1 billion per year in lost sales and repair costs resulting from bills jamming in vending machines. Coins are much easier for a machine to process. Every vending machine manufactured since the mid-1990's either already is or can be cheaply adapted to accept dollar coins. Every vending machine on federal property accepts dollar coins right now.

Quote:
Originally Posted by jtur88 View Post
If the government really wanted to switch to dollar coins...
...they would simply stop issuing dollar bills and begin sucking the existing supply out of circulation. That's what Canada and the UK did, and it worked just fine. Canada has killed the penny as well. Nothing bad happened.
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Old 12-02-2013, 04:07 PM
 
Location: Waiting for a streetcar
1,137 posts, read 1,137,964 times
Reputation: 1114
Quote:
Originally Posted by KaaBoom View Post
Not going to happen, for one simple reason: sales tax.
Not relevant. At the transaction level, the nearest nickel works as well on the price with tax as on the price without tax. At the merchant level, a single amount is owed to the state per collection cycle. Rounding to the nickel isn't going to be an issue there either.
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Old 12-02-2013, 04:18 PM
 
8,938 posts, read 15,865,392 times
Reputation: 6659
I was in Ontario this summer and they did the rounding on some transactions .... I didn't pay cash for a ton of things, but noticed it a few times when I did .... didn't seem like that big of a deal

I hate dollar coins though - they drove me nuts when I was in Europe .... especially in England with the 2 pounds coin which was worth about $3.30 at the time ....... bills stay in the wallet nicely, coins tend to shift, roll, end up in a pile on the dresser, etc ........... was disturbing to see a relatively small pile of coins on my night stand and realize that it was like $30 - would much rather have a note to simply fold and carry
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