Is it time to replace the dollar bill with the dollar coin? (Reagan, dollars)
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I do not really understand why we have the one-dollar denomination duplicated. It seems like our government really should make up its mind which one to use.
Advantages of the bill:
It fits easily in a wallet.
It is familiar.
It costs less to make.
Advantages of the coin:
It lasts longer, possibly costing less in the long term than dollar bills.
It works better in vending machines.
I do not really understand why we have the one-dollar denomination duplicated. It seems like our government really should make up its mind which one to use.
Advantages of the bill:
It fits easily in a wallet.
It is familiar.
It costs less to make.
Advantages of the coin:
It lasts longer, possibly costing less in the long term than dollar bills.
It works better in vending machines.
Can RFIDs be implanted in coin and the coin still be tracked?
My first choice would be to get rid of coins and cash altogether and replace them with a "cash card", similar to a debit card.
But if we kept cash and coins, I would propose the following:
1. Eliminate the penny, nickel, and quarter.
2. All prices would end in tenths of dollars instead of the current hundredth
3. The dime would be kept
4. The half dollar would be kept, but resized to approximately a nickel size
5. The dollar coin would replace the dollar bill.
6. The five dollar and twenty dollar would be discontinued, keeping the 10, 50 and 100
So we would have a 10 cent, 50 cent, and $1 coins and a $10, $50 and $100 bills, six instead of the current 12.
Currently the $1 coin is not made for circulation. The government pulled it because people were hoarding the $1 coin and they arent being seen in circulation.
the UK stopped this when they wanted higher use of the £1 and £2 pound coin by eliminating the one pound paper note. Best reason to do this is it saves the government money in the long term.
After having lived in the UK, I dont see a problem with it at all honestly. The coin was handy and I never had more than 3-4 on me at any one time, a five pound note is still quite common.
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