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Is it time to retire the one dollar bill?

MZT

By MZT
in The Coffee House

Retire Dollar Bills?  

31 members have voted

  1. 1. Should the US Mint stop circulating dollar bills?

    • Yes - That time has arrived
      7
    • Yes - And let's have a $2 coin too, like Canada does
      9
    • No - Keep the paper
      15

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MZT Burg

MZT

Posted
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http://www.msnbc.msn.com/id/17162680/

The US Mint is going to make a concerted effort this year to improve the circulation of dollar coins. Should we retire dollar bills to encourage their use?

I think we should. Coins last far longer, and offer a savings to the mint. A dollar today is equivalent to a nickel from 1970 due to inflation. We didn't need 5 cent bills back then... <_< We can live without dollar paper bank notes today.

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Captain Worley Burg

Captain Worley

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I predict it will be strike number three, right behind the Susan B. Anthony and Pocohontas dollar coins. I wish they'd wise up to the fact that the public doesn't care for them at all.

Then again, they could be using the collectors to make a few bucks for the government. Think of how many previous dollar coins are sitting in 'collections.'

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nowensone Burg

nowensone

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Is the paper dollar bill really more expensive than an equivalent metal coin? I would have thought the metal one, though I suppose if the metal one lasts 7 times as long or something maybe not. If not then I would couple a paper $ retirement with ending the penny completely as well as the 50 cent piece, quarters and dollar coins are sufficent for amounts between these two denominations IMO.

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monsoon Gigalopolis

monsoon

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What needs to happen is that vending machines need to be designed to take the $1 coin. This would instantly spur demand for the $1 coin as they would be much easier to use than trying to feed a bill into a paper dollar reader. England has the 1 pound coin and they are very popular there for that reason. Same with Japan and the 100 yen coin.

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Snowguy716 Burg

Snowguy716

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That is what is so nice about the Euro. You have a darker more copper looking design for the 1, 2, and 5 cent pieces, then a more gold color for 10, 20, and 50 cent pieces, and then you have a goldish middle with a silver outside for EUR 1 and 2 pieces.

Each denomination is bigger than the next (at least in each set).. the 1, 2, and 5 centers are very thin while the 10, 20, and 50 are thicker with a ribbed edge and the 1 and 2 euro coins have a finely ribbed edge and are heavier.

Then you have 5, 10, 20, 50, 100, 200, and 500 Euro bills.

The system seemed more convenient simply because you could reach into your pocket and pull out 10-15 euros sometimes. The mint needs to take a more aggressive approach and get rid of the dollar bill and make 1 and 2 dollar coins.

You probably don't realize how convenient 2 dollar coins are. But they are.

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Spartan Gigalopolis

Spartan

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Paper bills on their own are far less expensive to make, but they last about 20 months on average. Compare that to one of these dollar coins which while it costs more to produce lasts 30 years on average (thats 360 months). The federal government says it could save $500 million if it switched to coin dollars.

I am all for the switch. In these days of record government spending and pork projects, we need to save every penny we can. The problem is that the goverment is trying to push these on us without reducing the number of paper dollars in circulation. If you take away the comfort zone, people will adapt to the new system.

Personally I like using the dollar coin. My bills are always crumpled and they never work in those damn vending machines, etc. The problem is that you can't get them as change anywhere except at the post office (which I rarely have to use anyway). You have to get vendors to give them as change more often, reduce the number of bills in circulation, and people will start to use them.

I actually wouldn't be opposed to a $2 coin either, but people use $2 bills about as much as they use the gold dollar.

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MZT Burg

MZT

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I have to agree with Spartan on that. People will use dollar coins. But they don't receive them in change often enough.

I used to dread getting Susan B's at the post office because it meant more coins to hold in my pockets. But nowadays I dread getting tattered, sticky bills - because I know they are useless in machines anyway, and they just feel dirty and gross. One's usually do get a lot more ragged wear than five's or ten's do.

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nowensone Burg

nowensone

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^ Yeah, I rarely use cash, paper or coinage, because I can't get it out of my head how many people have touched it and with what. I am not a sqeamish person, but having to touch money bothers me. I wonder how far we are away from all transactions taking place with personal cards (typically bank checking account cards, but could be other things in the future). I imagine this would save the federal government billions.

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monsoon Gigalopolis

monsoon

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^ Yeah, I rarely use cash, paper or coinage, because I can't get it out of my head how many people have touched it and with what. I am not a sqeamish person, but having to touch money bothers me. I wonder how far we are away from all transactions taking place with personal cards (typically bank checking account cards, but could be other things in the future). I imagine this would save the federal government billions.
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Pillsbury Burg

Pillsbury

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^ Yeah, there is a whole underworld of people who use nothing but cash. My dad is a contractor and he get's paid in cash all the time. He, of course, loves it.

That's why strip clubs suck in Europe... it's EUR 5 or nothing.. you can't exactly slap a coin down on the floor...
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nowensone Burg

nowensone

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As long as there are people that don't want to be tracked by the government or corporations, there will be cash. When I worked in with the finance industry we had some estimates that said as much as 15% of the population did everything in cash. Typically they would take their paycheck, cash it at the grocery store, and then everything was cash & carry.
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dtown Town

dtown

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Im all for retiring the $1 bill. It needs to be taken out of circulation so coins will work. For instance, a few years ago i got a $25 roll of gold dollars, and just kept them in my dresser. This summer, i didnt have any money on me, and took them out so i could use them. But, since no ending machinces use them, i had to take them to the store and cash them in for 25 dollar bills. The only thing i dont like about coins is when you have to carry alot of them. You can have 20 one dollar bills, and not notice. But if you have 20 gold dollar coins, it weighs down your leg. LOL.

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Spartan Gigalopolis

Spartan

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Im all for retiring the $1 bill. It needs to be taken out of circulation so coins will work. For instance, a few years ago i got a $25 roll of gold dollars, and just kept them in my dresser. This summer, i didnt have any money on me, and took them out so i could use them. But, since no ending machinces use them, i had to take them to the store and cash them in for 25 dollar bills. The only thing i dont like about coins is when you have to carry alot of them. You can have 20 one dollar bills, and not notice. But if you have 20 gold dollar coins, it weighs down your leg. LOL.
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Allison Slater Town

Allison Slater

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I actually show support for such money by requesting dollar coins, and $2 bills when I visit the bank, and continue to use them rather than collect them.

As for pennies, unless it's 3 cents, I usually just round to the nearest when giving customers change. It equals out by the end of the day, and customers really don't mind regardless, so I wouldn't mind seeing the penny go.

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