Replacing the dollar bill!

[Carjosse]

Funny, I pay for things with my debit card all the time, I haven't been to an ATM in almost a year, and then only to deposit checks. Oh yeah, checks are another thing I never use.

From this thread it's because your American while the rest of the world requires a chip and PIN.

 

[Cephus]

From this thread it's because your American while the rest of the world requires a chip and PIN.

Yeah, maybe someday you'll catch up to us in the ease of using plastic over paper money.

 

[Carjosse]

Yeah, maybe someday you'll catch up to us in the ease of using plastic over paper money.

Our physical money is also plastic. The U.S. needs to catch up with the rest of the world and use chip and PIN.

 

[Quag]

Our physical money is also plastic. The U.S. needs to catch up with the rest of the world and use chip and PIN.

The coins are metal and in the case of the toonie a cool bi-metal design. See through bills are kinda neat though ya gotta admit

 

[Captain Adverse]

Senators again try to replace dollar bill with coin

Just wanted to see what all our American posters thought about this? Obviously the dollar bill is outdated and it makes economical sense but we all know people tend to hate change, do you think it will finally go through?

We've tried coins before and there were two problems.

1. They were the same size as quarters which caused all sorts of mistakes.
2. They are a bear to carry around, pockets full of change.

Still, I am concerned about this trend to go plastic, because once electronic currency is set in stone we are at the complete mercy of our government. Electronic money can be monitored, fiddled with, and frozen leaving a citizen without ready resources. The only benefit is convenience. I'd much prefer coins to plastic if that was my only choice.

Well to convert an old saying; those willing to trade currency freedom for a little plastic convenience, deserve neither convenience nor currency freedom and will lose both.

 

[Carjosse]

The coins are metal and in the case of the toonie a cool bi-metal design. See through bills are kinda neat though ya gotta admit

Well minus coins they are plastic or will be soon.

 

[Quag]

Well minus coins they are plastic or will be soon.

I still get the old 20's on occasion but I give it a year and they will all be gone

 

[The Man]

Replace the dollar bill with a coin? No thanks. Too heavy and bulky in my pants pocket. I think the Wallet Manufacturers Union lobby and the Strippers Union lobby would put up a fight.

 

[rocket88]

i guess i don't really care one way or the other, but i wouldn't be surprised if businesses fought this. it would necessitate a major re-tooling of every automatic teller / self serve machine in the entire country. i'm sure that won't be cheap.

they try this all of the time; Eisenhower, Susan B. Anthony, Sacajawea, the presidential dollar, and the list goes on. i've got some really old dollar coins in a lock box which my grandfather collected for me to put towards my college. i got a scholarship, so i didn't have to sell them. they are pretty cool.

They don't really try, they do a half-hearted, "Here's a dollar coin, use or don't." If they're going to make it work, they have to just say "We ain't makin' the paper ones anymore, they aren't worth it."

 

[Cephus]

Our physical money is also plastic. The U.S. needs to catch up with the rest of the world and use chip and PIN.

Seemingly, you can't use your debit cards as direct purchase vehicles, it doesn't seem like you're ahead of us, but behind. Just saying.

 

[the_recruit]

Keep the dollar. Get rid of the penny already.

 

[brothern]

We've tried coins before and there were two problems.

1. They were the same size as quarters which caused all sorts of mistakes.
2. They are a bear to carry around, pockets full of change.

Still, I am concerned about this trend to go plastic, because once electronic currency is set in stone we are at the complete mercy of our government. Electronic money can be monitored, fiddled with, and frozen leaving a citizen without ready resources. The only benefit is convenience. I'd much prefer coins to plastic if that was my only choice.

Well to convert an old saying; those willing to trade currency freedom for a little plastic convenience, deserve neither convenience nor currency freedom and will lose both.

No offense meant, but ...

1. You're able to tell the difference between a $1 and a $20 bill, even though they are the same shape, size and roughly the same color. Yet can't tell the difference between a $1 coin and a quarter ... ?
2. Most of us carry phones, keys, wallets and change with us already. Adding 5 coins to that cannot possibly be that much more of a burden.

 

[brothern]

i guess i don't really care one way or the other, but i wouldn't be surprised if businesses fought this. it would necessitate a major re-tooling of every automatic teller / self serve machine in the entire country. i'm sure that won't be cheap.

they try this all of the time; Eisenhower, Susan B. Anthony, Sacajawea, the presidential dollar, and the list goes on. i've got some really old dollar coins in a lock box which my grandfather collected for me to put towards my college. i got a scholarship, so i didn't have to sell them. they are pretty cool.

About 95% of automatic teller / self-service machines already accept dollar coins. The people who build those vending machines hate $1 bills with an absolute passiom. It's not that obvious, but those bill readers are insanely expensive to install on vending machines. Ratty $1 bills routinely get caught in them, shred and end up destroying the bill reader.

Switching to a $1 coin would benefit those small self-service machine companies quite a bit.

 

[brothern]

The hundred dollar bill IS being changed due to counterfeiting primarily in other countries. I would think it'd cost much more to make a coin dollar than print a paper dollar - even having to replace the paper dollars time to time.

Bills are about 7 cents a note, and coins are about 16 cents a coin.
Bill last about 4 years average, and dollar coins last 30+ years. (Although, I just took a look at my change and there's a couple coins from the 70s.)

.07 cents / 4 years = 0.0175 cents per year
.16 cents / 30 years = 0.00533 cents per year

0.0175 / 0.00533 = 3.28

One dollar bills are about 328% more expensive to the taxpayer than the dollar coin.

 

[brothern]

On paper (see what I did there), the idea to replace the $1 bill is sound. In reality it is likely to be not accepted and doomed to failure because once again the coins will fail to gain traction and circulate.

They have been trying over and over to get a $1 coin into circulation for as long as I recall (Susan B Anthony's in 1979 was the first I distinctly recall, but there were a few Eisenhower dollars floating around then as well.) Each attempt has been a failure. Americans just do not want to accept or carry around $1 coins (admittedly I am one of them - I am anti-pocket clutter and coins are just that). So in theory and on paper, yes a $1 coin is a sound idea and would be cheaper - in reality it is a waste of money because it will be doomed to fail just as all the previous attempts have as well. You would think that this would be obvious by now.

I suppose if they were to do so, then they should coincide the move with ceasing production of $1 bills and force the issue. I will hate it, but that is the only way that it will likely work.

Consumers are not that much informed about currency or the cost of currency to them. (Does the average person know how much it costs to mint a penny, or how much the Federal Reserve wastes printing dollar coins?) If Americans are provided the option, and they are uninformed, why would they change?

Anyhow, our currency is in dire need of a revamp. Both the nickel and the penny need to be eliminated. One dollar bills need to be eliminated. The cotton fiber we used for bank notes is costly, harmful to the environment, wasteful and gross.

Compare that to Australian currency. They've eliminated their 1c and 2c coins when they got too expensive to mint, and switched their smallest denomination bank notes to coins. Their paper money is made out of a plastic polymer that is cheap, recyclable, durable and antimicrobial. It's cheaper, more efficient and all around more sensible.

 

[Captain Adverse]

No offense meant, but ...

1. You're able to tell the difference between a $1 and a $20 bill, even though they are the same shape, size and roughly the same color. Yet can't tell the difference between a $1 coin and a quarter ... ?
2. Most of us carry phones, keys, wallets and change with us already. Adding 5 coins to that cannot possibly be that much more of a burden.

LOL, you really didn't have much experience with the Susan B. Anthony dollar when it was out there did you? People hated carrying the coins around in their pockets because of the automatic "grab and use" behavior we learned by having coins of varying sizes in our pockets. When you found yourself sticking coins you thought were quarters into vending machines and parking meters which accepted them as if they were quarters...not much fun. Also try walking around with $15 or $20 worth of these coins in your pockets along with the other spare change...

People hated them so much that many refused to accept them as change. It was so bad that while I was stationed in Korea, in order to get them out into circulation we were required to issue them as pay-roll substitutions for paper money, which really raised hell among the troops. They stopped that after two monthly payrolls in response to all the complaints.

 

[Carjosse]

Seemingly, you can't use your debit cards as direct purchase vehicles, it doesn't seem like you're ahead of us, but behind. Just saying.

We can we just have to input a PIN it's for security reasons. It is being implemented by banks for security reasons. You should be getting ti eventually, TD in the U.S. should already have it anyways as they are Canadian.

 

[Carjosse]

Bills are about 7 cents a note, and coins are about 16 cents a coin.
Bill last about 4 years average, and dollar coins last 30+ years. (Although, I just took a look at my change and there's a couple coins from the 70s.)

.07 cents / 4 years = 0.0175 cents per year
.16 cents / 30 years = 0.00533 cents per year

0.0175 / 0.00533 = 3.28

One dollar bills are about 328% more expensive to the taxpayer than the dollar coin.

Bills last longer than four years I've been getting bills that are well over 5 or 6 years old. Though we have new polymer which are suppose to last I think 10 or 15 years and they are supposed to almost indestructible.

 

[Woodman909]

At a time when we're looking to save whatever money we can in our national budget, an $8 billion savings isn't chump change. Stop talking about it and just do it. Please. No Congressional Hearings.

I would hope they don't have hearings... however, the most dangerous place in this nation is standing between a congressman/women and the TV cameras. So you KNOW they will have them.

 

[American]

No no no no no! No coint to replace the paper. If anything do away with coins.

Do you realize the Constitution only mentions coined money? There is no paper money there, interesting. Dollars coins will be a pain in the ass, and the ones coined so far have been failures.

 

[davidtaylorjr]

Do you realize the Constitution only mentions coined money? There is no paper money there, interesting. Dollars coins will be a pain in the ass, and the ones coined so far have been failures.

Agreed

 

[Cephus]

We can we just have to input a PIN it's for security reasons. It is being implemented by banks for security reasons. You should be getting ti eventually, TD in the U.S. should already have it anyways as they are Canadian.

Then what's the argument? There's no point in going to an ATM and getting cash to make a purchase if you can just use your credit or debit card directly at the checkout. You can completely eliminate cash from your life and there's no point in replacing paper dollar bills with coins if you never handle either. It's what I've been saying the whole time.

 

[Carjosse]

Then what's the argument? There's no point in going to an ATM and getting cash to make a purchase if you can just use your credit or debit card directly at the checkout. You can completely eliminate cash from your life and there's no point in replacing paper dollar bills with coins if you never handle either. It's what I've been saying the whole time.

It's just really annoying to go through the process of paying with a debit card when say something is under 5$ it's just much easier to use cash and is much faster.

 

[molten_dragon]

Senators again try to replace dollar bill with coin



Just wanted to see what all our American posters thought about this? Obviously the dollar bill is outdated and it makes economical sense but we all know people tend to hate change, do you think it will finally go through?

I'd prefer they kept going with bills instead of coins. Not being a woman, I don't carry a purse, so I don't really have anywhere but my pockets to put loose coins, and I hate having change in my pockets. There's already enough crap in there.

However, I also use cash rarely enough that it isn't that big a deal to me.

 

[brothern]

LOL, you really didn't have much experience with the Susan B. Anthony dollar when it was out there did you? People hated carrying the coins around in their pockets because of the automatic "grab and use" behavior we learned by having coins of varying sizes in our pockets. When you found yourself sticking coins you thought were quarters into vending machines and parking meters which accepted them as if they were quarters...not much fun. Also try walking around with $15 or $20 worth of these coins in your pockets along with the other spare change...

People hated them so much that many refused to accept them as change. It was so bad that while I was stationed in Korea, in order to get them out into circulation we were required to issue them as pay-roll substitutions for paper money, which really raised hell among the troops. They stopped that after two monthly payrolls in response to all the complaints.

Suzies were only minted during the 70s. They've been out of mainstream use for almost 30 years. :shock: