Congress looks at doing away with the $1 bill

BIV

I'm Biv Dick Black, the Over Poster.
Apr 22, 2002
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Congress looks at doing away with the $1 bill

By KEVIN FREKING | Associated Press – 5 hrs ago

  • Enlarge Photo
    Associated Press/US Mint, File - FILE - This undated file photo provided by the U.S. Mint shows the President John Adams presidential $1 coin. Congressional auditors say doing away with dollar bills entirely …more
WASHINGTON (AP) — American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what's best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.

Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them.

In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.

The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.

The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.

The last time the government made major metallurgical changes in U.S. coins was nearly 50 years ago when Congress directed the Mint to remove silver from dimes and quarters and to reduce its content in half dollar coins. Now, Congress is looking at new changes in response to rising prices for copper and nickel.

At a House subcommittee hearing Thursday, the focus was on two approaches:
—Moving to less expensive combinations of metals like steel, aluminum and zinc.
—Gradually taking dollar bills out the economy and replacing them with coins.

The GAO's Lorelei St. James told the House Financial Services panel it would take several years for the benefits of switching from paper bills to dollar coins to catch up with the cost of making the change.

Equipment would have to be bought or overhauled and more coins would have to be produced upfront to replace bills as they are taken out of circulation.

But over the years, the savings would begin to accrue, she said, largely because a $1 coin could stay in circulation for 30 years while paper bills have to be replaced every four or five years on average.

"We continue to believe that replacing the note with a coin is likely to provide a financial benefit to the government," said St. James, who added that such a change would work only if the note was completely eliminated and the public educated about the benefits of the switch.

Even the $1 coin's most ardent supporters recognize that they haven't been popular. Philip Diehl, former director of the Mint, said there was a huge demand for the Sacagawea dollar coin when production began in 2001, but as time wore on, people stayed with what they knew best.

"We've never bitten the bullet to remove the $1 bill as every other Western economy has done," Diehl said. "If you did, it would have the same success the Canadians have had."

Beverly Lepine, chief operating officer of the Royal Canadian Mint, said her country loves its "Loonie," the nickname for the $1 coin that includes an image of a loon on the back. The switch went over so well that the country also went to a $2 coin called the "Toonie."

Rep. Bill Huizenga, R-Mich., affirmed that Canadians have embraced their dollar coins. "I don't know anyone who would go back to the $1 and $2 bills," he said.

That sentiment was not shared by some of his fellow subcommittee members when it comes to the U.S. version.

Rep. Lacy Clay, D-Mo., said men don't like carrying a bunch of coins around in their pocket or in their suits. And Rep. Carolyn Maloney, D-N.Y., said the $1 coins have proved too hard to distinguish from quarters.

"If the people don't want it and they don't want to use it," she said, "why in the world are we even talking about changing it?"

"It's really a matter of just getting used to it," said Diehl, the former Mint director.
Several lawmakers were more intrigued with the idea of using different metal combinations in producing coins.

Rep. Steve Stivers, R-Ohio, said a penny costs more than 2 cents to make and a nickel costs more than 11 cents to make. Moving to multiplated steel for coins would save the government nearly $200 million a year, he said.

The Mint's report, which is due in mid-December, will detail the results of nearly 18 months of work exploring a variety of new metal compositions and evaluating test coins for attributes as hardness, resistance to wear, availability of raw materials and costs.

Richard Peterson, the Mint's acting director, declined to give lawmakers a summary of what will be in the report, but he said "several promising alternatives" were found.
http://news.yahoo.com/congress-look...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3



FUUUUUUUCK this would suck. The last thing I want is change in my pocket. Hell, I'd make pennies paper money if I could.
 

samurai

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May 16, 2007
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#2
Save 4.4 billion over 30 years? Fuck Congress. They blindly waste that much money every other Tuesdeee.
 

OccupyWackbag

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#3
Will someone think of the strippers!
 

BIV

I'm Biv Dick Black, the Over Poster.
Apr 22, 2002
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#4
Save 4.4 billion over 30 years? Fuck Congress. They blindly waste that much money every other Tuesdeee.
Meanwhile, businesses are slammed with new costs as they have to replace equipment to deal with the shitty coins.
 
Dec 8, 2004
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#6
Isn't this the third or forth time they have tried that here?

Ummm Susan B Anthony dollar ummm Sacagawea dollar....

Mind you most of Europe has smaller "dollar" amounts as coinage as well as Canada eh...

Plus except for Kirk who pays for everything exclusively with cash now a days.
 

Neckbeard

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#7
Nobody wants the dollar coins. It has been done about 12 times and nobody wants the dollar coins.

They would do the world a real favor if they got rid of pennies. Nobody wants the penny. Everything else is done on a term of 5s (nickel as 1 5 and onwards).

There is no need for the penny. You can't tip with it. You can't give it to a stripper. It is not convenient when purchasing small items. You cannot use it in vending machines or at the laundramaut or with parking meters. It has so little value that they litter the ground up. Pennies always have an unpleasant odor to them and many times they are gooey and gross from sitting in cars and on top of washing machines and dryers. Everybody has been wondering why we still have this dirty, smelly asshole around. Get rid of the damn penny.
 

lajikal

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#8
Replace all dollar bills with dollar coins and get rid of the rest of the coins. Just saved the Feds $trillions.
 

fletcher

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#9
But strippers already have a lil coin purse down there. It could work.

And I agree, get rid of the penny.

 
Feb 5, 2003
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#10
The only people who like $1 coins are coin collectors. Only an idiot would wnat 10 $1 coins in his pocket instead of 10 singles. Also, who wants to be the cheap-looking asshole who leaves coins on the table in a restaurant as part of a tip? That's old lady shit--"I left $1.50 and not a penny more!"
 

BIV

I'm Biv Dick Black, the Over Poster.
Apr 22, 2002
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#11
Fuck dollar coins.
 

lajikal

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#12
The only people who like $1 coins are coin collectors. Only an idiot would wnat 10 $1 coins in his pocket instead of 10 singles. Also, who wants to be the cheap-looking asshole who leaves coins on the table in a restaurant as part of a tip? That's old lady shit--"I left $1.50 and not a penny more!"
Carrying 10 $1s sucks ass. Can't get rid of em fast enough to make room for $10s and $20s. Dollar bills are filthy and would rather wipe my ass a $2 bill.
 

Hog's Big Ben

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Meanwhile, businesses are slammed with new costs as they have to replace equipment to deal with the shitty coins.
Any vending machine I've used that takes dollar bills also takes dollar coins. This is not a surprise seeing as how they've been in circulation for about 30 years.

The only people who like $1 coins are coin collectors. Only an idiot would wnat 10 $1 coins in his pocket instead of 10 singles. Also, who wants to be the cheap-looking asshole who leaves coins on the table in a restaurant as part of a tip? That's old lady shit--"I left $1.50 and not a penny more!"
What idiot has 10 one dollar bills in his wallet? Probably the same fuckwit bitching about the 10 quarters in his pocket. See, normal people make cash transactions one at a time and trade in the lesser valued pieces as needed. And if you're one of these big hurry types who pays for everything with bills and tosses the accumulated change in a jar at the end of the day, well, that jar is gonna buy you a tank of gas when it's full instead of a six pack.

Fuck bills. Hell, fuck cash. It's quicker to swipe a debit card than to wait for the cashier to deal with counting and compartmentalizing your money and doling out change.
 

fletcher

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Any vending machine I've used that takes dollar bills also takes dollar coins. This is not a surprise seeing as how they've been in circulation for about 30 years.
The only thing I can think of for businesses having to change is the register til. When I was a register jockey and someone came in paying with dollar coins there was no place to put them so they were either in the way or skipping out of the drawer when I would slam it. Other than that I really dont see what the problem would be.
 

Mags

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#16
...yet pennies which cost like a dollar each to make have no end in sight.
 

Atomic Fireball

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#17
Barney Frank lobbied for the $3 bill as the smallest paper denomination

 

Party Rooster

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#18
The U.S. doing away with the dollar bill in favor of a coin? That would be looney. ;)

Fuck bills. Hell, fuck cash. It's quicker to swipe a debit card than to wait for the cashier to deal with counting and compartmentalizing your money and doling out change.
Not when you're standing behind the asshole that all of a sudden realizes it's time to swipe their debit card after everything's been rung up and the cashiers looking at them with a blank stare on their face. Of course they do the same thing with their paper money too. Like it suddenly just occurred to them this was going to be a monetary transaction. Come on people, swipe the card and enter the pin, decide whether you need cash back, so all you have to do is hit the green button when the cashier's done.
 

lajikal

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Aug 6, 2009
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The U.S. doing away with the dollar bill in favor of a coin? That would be looney. ;)


Not when you're standing behind the asshole that all of a sudden realizes it's time to swipe their debit card after everything's been rung up and the cashiers looking at them with a blank stare on their face. Of course they do the same thing with their paper money too. Like it suddenly just occurred to them this was going to be a monetary transaction. Come on people, swipe the card and enter the pin, decide whether you need cash back, so all you have to do is hit the green button when the cashier's done.
And a cashier should always assume it is being charged as credit not debit because the person woulda otherwise hit debit. Fuckin retards.
 
Feb 5, 2003
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#20
Any vending machine I've used that takes dollar bills also takes dollar coins. This is not a surprise seeing as how they've been in circulation for about 30 years.



What idiot has 10 one dollar bills in his wallet? Probably the same fuckwit bitching about the 10 quarters in his pocket. See, normal people make cash transactions one at a time and trade in the lesser valued pieces as needed. And if you're one of these big hurry types who pays for everything with bills and tosses the accumulated change in a jar at the end of the day, well, that jar is gonna buy you a tank of gas when it's full instead of a six pack.

Fuck bills. Hell, fuck cash. It's quicker to swipe a debit card than to wait for the cashier to deal with counting and compartmentalizing your money and doling out change.
I pefer my debit card, but sometimes cash is better. A lot of gas stations around me charge about 10 cents less per gallon if you pay cash and there are a lot of food places that only take cash. The singles start to add up sometimes. I don't mind so much because they usually end up as part of the tip when we go out to eat, but I'd rather have the singles over stupid coins. I tip with cash whenever possible, so I always need at least a few singles on me to go along with bigger bills.
 
Feb 5, 2003
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And a cashier should always assume it is being charged as credit not debit because the person woulda otherwise hit debit. Fuckin retards.
Especially considering that a lot of debit cards earn rewards points now. Why would you waste time typing in your PIN and give up rewards points? I also hate when the card machine at a store automatically chooses the debit card option for you and makes you waste time overriding it to choose credit. It's not a lot of time, but the whole point of swiping the card was to save time so it defeats the purpose.
 

Party Rooster

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#23
Especially considering that a lot of debit cards earn rewards points now. Why would you waste time typing in your PIN and give up rewards points? I also hate when the card machine at a store automatically chooses the debit card option for you and makes you waste time overriding it to choose credit. It's not a lot of time, but the whole point of swiping the card was to save time so it defeats the purpose.
1. Some people like the mentality of just paying for it right then and there.
2. You have to have pretty good credit to earn rewards points on your debit card.
3. Some banks require a certain amount of debit transactions per month to waive your monthly fee. My paycheck gets direct deposited into my BofA account (so that's waived) but I have to make 10 debits a month at Wells Fargo otherwise they hit me with $12 a month.
4. Gas at Costco can only be bought using a debit card (or Amex), and it's usually the cheapest around.
5. Mine's tied to my savings account so when I swipe it, it automatically throws a buck in there. Pretty effortless way to build a little secret stash of cash from the wife. ;)
6. And I like using the store as another satellite ATM and get cash back all in one place when I need it rather than a separate trip to the bank's ATM.
 

LiddyRules

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Jun 1, 2005
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#24
With the exception of high bills, like groceries and fancy dinners and what have you, I pretty much always pay cash for everything.

And with the $1 bill gone, how are we supposed to tip bartenders?

Get rid of the penny. Then we can talk.

What idiot has 10 one dollar bills in his wallet?
You've never been in a situation where you end up buying things from several places that cost more than the singles you have on hand? That can pile up.
 

fletcher

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#25
3. Some banks require a certain amount of debit transactions per month to waive your monthly fee. My paycheck gets direct deposited into my BofA account (so that's waived) but I have to make 10 debits a month at Wells Fargo otherwise they hit me with $12 a month.
I have no minimum balance on my checking/debit account and none of those silly transaction minimums requirements on my WF accounts but then again I have had an account and debit card since they were First Union. If they tried to tack that crap on me now Id pull my money out of there and look into credit unions.