US dollar coin could save billions

[gsdx]

It's been tried several times and it's failed. Think how much could have been saved if it had succeeded.

It can be done. Why the resistance?

BOSTON (Reuters) - Replacing $1 bills with coins of the same amount could save the federal government $5.5 billion over the next 30 years, officials said on Friday.

Analysis by the U.S. Government Accountability Office showed the savings would come from replacing bills with more durable coins.

The report was not the first time the GAO has recommended the money swap, but the agency said past efforts to buoy support for the $1 coin have been hindered in part because the $1 bills have remained in circulation.

Other countries such as the United Kingdom and Canada that use a coin advised the GAO to pull the bills from circulation to hasten public acceptance.

Full story: http://ca.news.yahoo.com/replacing-...-billions-government-20110304-134911-600.html

 

[Callum]

Probably because $5.5 billion over 30 years is pennies to the American government.

 

[borg69unimatrix]

The politicians know that when they need to jump ship and make a run for it, paper bills are so much easier to carry in a suit case.

 

[chrisrobin]

I miss those coins (the ones with JFK on it right?) Only a handful or so of them passed through my hands during my life so far, although it was more common to get one back in the early 90's (just from when I remember always getting one for doing yard work, etc.)

The JFK coin was a half-dollar coin. Using it would be helpful too, though.

I just got an "ah-ha" moment as I was typing this. Is everybody ready?
How about the U.S. minting a RONALD REAGAN coin?
In 1976 we tried a Susan B. Anthony coin. Without any disrespect intended, Ms. Anthony's portrait on the coin was reminiscent of Margaret Hamilton in The Wizard of Oz.
The Sacagawea coin of 2007 hasn't done much better. Most vending machines will accept the dollar coin, so that's no longer an excuse.

However, the Reagan coin would not work if certain individuals would want to keep them as "relics".

 

[JOHN B]

Americans are wooses. I too feel that we need to drop the paper dollar, and force the use of the coin, just like every other major country has done. But we whine a bit and our elected officials curl into a ball....and things just remain the same.

 

[birddog7]

The government doesn't want to save money, they want to waste it...

 

[Bored]

What would you rather carry: a $100 bill or 100 $1 coins?

 

[JOHN B]

^...We are talking about just the ONE Dollar Bill. Other countries have fives and up, in paper form. Just like us. But by getting rid of one of the two forms of ONE Dollar denomination, will save us tons.......

 

[gsdx]

It can be done. Why the resistance?

What would you rather carry: a $100 bill or 100 $1 coins?

Ah. I'm beginning to understand.

 

[Bored]

^...We are talking about just the ONE Dollar Bill. Other countries have fives and up, in paper form. Just like us. But by getting rid of one of the two forms of ONE Dollar denomination, will save us tons.......

Ah.

 

[TickTockMan]

We should just go to using cards. Many people don't carry cash any more and it would save a lot more that what this would.

 

[Bored]

We should just go to using cards. Many people don't carry cash any more and it would save a lot more that what this would.

<-- does not like charges for using them.

 

[TickTockMan]

<-- does not like charges for using them.

There wouldn't be a charge. It would be "cash" without the paper or coins.

 

[chrisrobin]

We should just go to using cards. Many people don't carry cash any more and it would save a lot more that what this would.

I think you meant cards in addition to cash. I would still need cash for small stuff. I buy lots of small stuff. All the vending machines I use accept bills ($1 and $5) but the dollar coin would be good for frequent vend users.

 

[borg69unimatrix]

I thought they were going to start mandatory Bar Code Tattooing on our foreheads soon ? No need for money then. Hold still while I scan your head...

... transaction complete. Have a nice day.

 

[swerve]

I LOVE the $1 coins!!!

I hope it comes back!!!

 

[cityboy-stl]

1. Coins are a PITA to carry around in your pocket all the time and they don't fit in your wallet.

2. They never make them right - don't freakin' make them almost the same size as a quarter.


P.S. I LOVE $2 bills but they're hard to find.

 

[gsdx]

1. Coins are a PITA to carry around in your pocket all the time and they don't fit in your wallet.

We've had them for years - both $1 and $2 coins. They're not a PITA to carry around in a pocket, and the do, in fact, fit in a wallet.

 

[BINOWGAYLATER]

When they first "come out" - they are hoarded as "collectible" nobody wants to use them for fear they will never see another one -- The Susan Anthony one was a "novelty" - nobody seems to have taken it seriously -- and the Sakagaewa (gold colored) coin also seems to have been sucked up by collectors -- Cash registers do not have another tray for a Dollar coin (atm) .

Now we have the Presidential Dollars issued once every quarter -- I believe we are awaiting number 17 -- NONE appear to be in circulation -- I have purchased a$25.00 roll the moment they hit the bank every quarter -- perhaps they will have some collectable value in the future - if not I will have several hundred dollars 'saved up" to use for anything.

I agree that they need to remove the paper bills from circulation if they want to mint yet ANOTHER dollar coin --
(which, in itself, will take probably 3-4 years to PLAN, design, approve, redesign, re-approve, mint- and then attempt to get into circulation. -- After all - this is the GOVERNMENT we're talking about --- dead snails move faster !!

 

[gsdx]

(which, in itself, will take probably 3-4 years to PLAN, design, approve, redesign, re-approve, mint- and then attempt to get into circulation. -- After all - this is the GOVERNMENT we're talking about --- dead snails move faster !!

Seriously? Canada puts out new coins all the time. Barely a month goes by without a new commemorative coin in one denomination or another put into circulation.