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House GOP wants to cash out dollar bill

pbrauer

pbrauer

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LOL Here is the Tea Party at work, wanting to abolish paper dollars and replace them with coins. Good or bad idea? I don't think coins would work well in my wallet.

House Republicans have introduced legislation to retire the dollar bill and replace it with a mandated dollar coin.

A pair of senators, however, have introduced a competing measure to protect the paper dollar from, as they call it, the “unpopular $1 coin.

”Rep. David Schweikert (Ariz.) and two other House Republicans — including supercommittee co-chairman Jeb Hensarling (Texas) — introduced legislation last week aimed at retiring the paper dollar. Schweikert said his bill would save billions of dollars over the next few decades by transitioning to a dollar coin in four years, or as soon as $600 million worth of dollar coins are in circulation.

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House GOP wants to cash out dollar bill - The Hill's Floor Action
 
I've wanted them to do this for the longest time. Hell, even liberals should love it because of all the resources we'd save by not having to reprint paper every so often.

The dollar bill is (duh) the most circulated paper currency we have, which means it gets worn out the quickest, which means we'd have to replace it the most. Coin form ensures that a lot of waste is prevented.

So I have to ask...you find this bad because...why?
 
It's just common sense. They should do it.
 
Gipper said:
I've wanted them to do this for the longest time. Hell, even liberals should love it because of all the resources we'd save by not having to reprint paper every so often.

The dollar bill is (duh) the most circulated paper currency we have, which means it gets worn out the quickest, which means we'd have to replace it the most. Coin form ensures that a lot of waste is prevented.

So I have to ask...you find this bad because...why?
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As long as the increase in the price of whatever resource we use and the processing of it to coin is less than the paper method, I don't have a problem with it.
 
Actually its a fantastic idea.

Everytime I come to the states, and my wallet ends up filled with dollar bills and every other denomination is the same colour... well it's just ludicrous.

Edit: Cheap Strippers will be very hurt by this.
 
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It would have to be incredibly significant to not warrant its retirement, considering that metal coins from well over 100 years ago are still around, and the $1US has a shelf life of what, about 6 months?

Plus, it'd help the government "go green"...no pun intended.
 
pbrauer said:
LOL Here is the Tea Party at work, wanting to abolish paper dollars and replace them with coins. Good or bad idea? I don't think coins would work well in my wallet.



House GOP wants to cash out dollar bill - The Hill's Floor Action
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This idea was around long before there was a tea party, going back at least to the 80's. The idea is that since coins last much longer than paper bills the money is actually cheaper to make and with inflation dollar bills are worth only what quarters used to be worth in terms of buying power.
 
Redress said:
This idea was around long before there was a tea party, going back at least to the 80's. The idea is that since coins last much longer than paper bills the money is actually cheaper to make and with inflation dollar bills are worth only what quarters used to be worth in terms of buying power.
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Yeah, but I hate dollar coins. They suck and then you end up with 30 pounds of change. Like when I went to Canada and they have the 1 and 2 dollar coins. I hate change.
 
If it saves money then I say do it.
 
Redress said:
This idea was around long before there was a tea party, going back at least to the 80's. The idea is that since coins last much longer than paper bills the money is actually cheaper to make and with inflation dollar bills are worth only what quarters used to be worth in terms of buying power.
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This might be a good idea if people like dollar coins, but by all indication they don't.

The Federal Reserve Stores $1 Billion In Dollar Coins That No One Wants : NPR

And they keep making more.
 
Hell, I use a debit/credit card. Wouldn't affect me one way or the other.

I never carry change. If I want a large, heavy mass in my pants...

Well, you know where I'm going with this.
 
pbrauer said:
LOL Here is the Tea Party at work, wanting to abolish paper dollars and replace them with coins. Good or bad idea? I don't think coins would work well in my wallet.



House GOP wants to cash out dollar bill - The Hill's Floor Action
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Well, I could think of a couple reasons why this is a good idea, and a couple reasons why it's bad.

But if this ever gets enacted, it would at least mean that all the dollar coins currently sitting in vaults just taking up space would actually be used instead of having been minted for no reason.
 
But Massachusetts Sens. Scott Brown (R) and John Kerry (D) introduced a competing bill over the weekend, the Currency Efficiency Act. That bill is aimed at protecting the paper dollar from what the senators call a “massive overproduction” of the “unpopular $1 coin.”

“The $1 coin is misleading because it costs taxpayers so much more,” Brown said. “In fact, we have over $1 billion worth of extra $1 coins sitting idle in vaults, and that’s set to double over the next several years.”

The Brown-Kerry bill would prevent the minting of $1 coins when a surplus of them exists. The two senators argue that $1.2 billion worth of $1 dollar coins are sitting in the Federal Reserve’s vaults, not in circulation, which is adding to the Fed’s storage costs.
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This argument makes no sense. If you retire the paper dollar, then folks will have no other alternative except to use the sacajaweas and the dead president coins.
 
StillBallin75 said:
This argument makes no sense. If you retire the paper dollar, then folks will have no other alternative except to use the sacajaweas and the dead president coins.
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BC teaches you how to be stupid.
 
We already tried this...There was big hoopla about the minting of Susan B Anthony 1.00 coins that was going to make the paper dollar bill obsolete.
The public hated the coins and the faded and stopped being minted....Granted one of the problems was the size was to close to a quarter...If I remember right it was octagonacal in shape...if thats even a word LOL....lemme go find a pic if I can...here ya go and its not Octagonacal..:p

susan b anthony dollar coin picture - Bing
 
lpast said:
We already tried this...There was big hoopla about the minting of Susan B Anthony 1.00 coins that was going to make the paper dollar bill obsolete.
The public hated the coins and the faded and stopped being minted....Granted one of the problems was the size was to close to a quarter...If I remember right it was octagonacal in shape...if thats even a word LOL....lemme go find a pic if I can...here ya go and its not Octagonacal..:p

susan b anthony dollar coin picture - Bing
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This isn't really the same thing. The example you gave of the Susan B Anthony coins would be more comparable to the Presidential 1 Dollar Coin Program, the result of which has been that billions of $1 Dollar coins are currently sitting useless in Fed vaults. (And also, until recently, people were buying batches of 1 dollar coins online with their credit cards to essentially get free frequent flyer miles.)

This proposal doesn't aim to mint so many 1 dollar coins so that they will suddenly become popular and supplant the dollar bill - the aim is actually to do away with the paper dollar altogether so that people have no choice but to use dollar coins, and the goal is essentially cost savings.
 
pbrauer said:
LOL Here is the Tea Party at work, wanting to abolish paper dollars and replace them with coins. Good or bad idea? I don't think coins would work well in my wallet.



House GOP wants to cash out dollar bill - The Hill's Floor Action
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Metal coins last longer than bank notes.Although I think it would be a hassle to carry a couple hundred dollars in coins and it might be a hassle for companies to retrofit machines to accept higher currency coins. Some countries are experimenting with polymer banknote. I do not know if they are having success with the bank notes or the lifespan of the notes warrant the costs. Stamping out coins is probably cheaper than making those notes.
 
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Honestly I'm all for this mixed with removing the penny from circulation. We either need to do away with making $1 coins all together OR go away from making $1 bills all together.

Yes, on a personal level, I'd rather a bill over a coin. However, I can understand how from a national level there's more fiscal benefit from going with a coin. If I had a choice between Bill and Coin personally I'd take Bill. If I had the choice between Coin or just refusing $1 pieces, well, I'd take the coin.
 
Jetboogieman said:
[...] Cheap Strippers will be very hurt by this.
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Cheap patrons, you mean ;)

Enough change already accumulates in my pockets; and now we have quarters that change appearance with the seasons, it seems. And funny nickels as well. I vote no, and I also vote to leave the damn money alone (which would probably save as much money as getting rid of the dollar bill).

And yes, get rid of that damn useless penny :2mad:
 
StillBallin75 said:
This isn't really the same thing. The example you gave of the Susan B Anthony coins would be more comparable to the Presidential 1 Dollar Coin Program, the result of which has been that billions of $1 Dollar coins are currently sitting useless in Fed vaults. (And also, until recently, people were buying batches of 1 dollar coins online with their credit cards to essentially get free frequent flyer miles.)

This proposal doesn't aim to mint so many 1 dollar coins so that they will suddenly become popular and supplant the dollar bill - the aim is actually to do away with the paper dollar altogether so that people have no choice but to use dollar coins, and the goal is essentially cost savings.
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That was the same plan with the susan b anthony dollar still to eventually replace the paper dollar...and the Susan b was put in circulation actually all the 1.00 slots in Resorts International Casino when it opened in Atlantic City took Susan Bs.....Of course it is 30 yrs later and it could very well work today
 
i wonder what strippers think of this..
plus = gettin fivers instead of singles..
minus = getting pelted with a freshly minted susan B for your troubles..

seriously though, they could switch to a dollar coin and drop the penny, ergo no more gas prices ending in tenths of a dollar.(for some unknown reason, it just somehow bothers me..)
 
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