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Agreed, but I like the system used in Australia. Groceries, for example, can be priced to the penny then when they are all rung up, the total is rounded up or down to the nearest nickel (or 5 cent coin).
I'm not a fan of dollar coins for the weight of them. Since we seem to be moving to credit and debit transactions, the point may be moot soon anyway.
Moving to more credit and debit would actually would better support the move to more coins than bills as the biggest objection seems to be weight, well if you don’t use cash much it won’t really matter.
In Australia the smallest coin is 5 cents and we have 1 dollar and 2 dollar coins. The 1 dollar is smaller than the 2 dollar. No idea why! Then the 50 cent is much bigger and silver and multi sided.
This is all very good for giving the grandkids coins for their money boxes. Master 2 years was really thrilled with his 50 cents, it being big and shiny, Master 4 was impressed with the two single dollars as he is starting to get the idea of it all (he had not been given a little book like his brother with the 50 cents,)and Mister 6 years just loves the 2 dollars as he is clued in, knows how it works and has stashed up $117 in his money box which he absolutely refuses to spend.
Our one dollar notes were phased out years ago, as were the one and two cent coins.
LOL
(explanation)
A unit dollar, pursuant to the Coinage Act of 1792, is a silver coin. (Currently costs about $14-$20 to buy one)
A "dollar coin" is a big penny and just squeaks by the counterfeit provisions of the law.
. . .
5 x 3.11 gms = 15.55 gms. of copper (in five cents)
THE NEW DOLLAR CON (ahem) COIN IS A "BIG PENNY"!
18 U.S.C. § 485 : US Code - Section 485: Coins or bars
“Whoever falsely makes, forges, or counterfeits any coin or bar in resemblance or similitude of any coin of a denomination higher than 5 CENTS or any gold or silver bar coined or stamped at any mint or assay office of the United States, or in resemblance or similitude of any foreign gold or silver coin current in the United States or in actual use and circulation as money within the United States; or Whoever passes, utters, publishes, sells, possesses, or brings into the United States any false, forged, or counterfeit coin or bar, knowing the same to be false, forged, or counterfeit, with intent to defraud any body politic or corporate, or any person, or attempts the commission of any offense described in this paragraph - Shall be fined under this title or imprisoned not more than FIFTEEN YEARS, or both.”
Does this explain why the "golden dollar" does not contain more metal than 5 copper pennies of the pre-bankruptcy past?
CLASSIC DOLLAR COIN
"Dollars, or units; each to be of the value of a Spanish milled as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard, silver."
--- Sec. 9, Coinage Act of 1792, January 1792
I LOVED the "toonie" in Canada -- a $2 coin. It was of a higher denomination so I could have 2 or 3 of them at the bottom of my purse or in the car console and I could actually buy something with them ha ha.
But they have never been a hit with the public, not the Eisenhower nor the Susan B. Anthony nor the Sacagawea nor the Presidential series. By 2011, about 1.25 billion of the Presidential ones had gone straight to storage, uncirculated:
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