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Do you think Dollar coins will replace paper bills?

J

JOCCO

Well-known Member
Was at a bank today the tellers got talking about the round dollar coins (and half dollars). No one wants them for the most part (barring aside collectors) or a fourth of July handout etc. Also it seems to come up every so often that paper $1 dollar bills will be discontinued and replaced with a coin. The tellers said it would take lots of getting used to (and bank adjustments) and did not see it going over well. She also said most of this stuff comes in to the bank when people get it and kind of stays there. She included the $2 bill in this also. So do you guys think the coins will ever replace the paper bill? Will the country fall apart and the world end if this happens? I don't see it happening at least in the short term.
 
They haven't had dollar bills in canada for a number of years.
I found the loonie and toonie very easy to get used to.
Wish we had them down here.

I also wish the penny would disappear.
 
Am I remembering correctly that it's been tried twice recently? Once were those dollar coins that were confusing because they looked like quarters. The second was the Sacajawea coin that flopped instantly. My memory may be wrong, but I don't see another try in the foreseeable future.
 
Not sure now how long ago Canada retired the paper one dollar bill, in favour of a one dollar coin, must be near 30 years now. And a few short years later the $2.00 bill also became a coin. Guess what, not much happened, our world kept turning. The one cent coin has been gone now for a while, and I never missed it. If it wasn?t for the ability to collect sales tax, probably the five and ten cent coin could go too. I would welcome a five dollar coin.
 
Will never ever happen in the USA, coins are too heavy to carry around, dollar bills are here to stay...
 
Yes, but what goes on in the 3rd world doesn't have a lot of relevance in the more civilized parts of North America. I sometimes wonder what it must be like to have so much time on my hands I could sit around and stew about how annoyed I am by pennies. At least I would wonder about it if I had more time on my hands. :)
 
rossow, I like you can remember it being tried twice with dismal results, think it will be awhile before we see it tried again.
 
I think the US dollar coin is too small, gets confused with a quarter. Once again Canada did it right, no more pennies, and bigger 1 & 2 dollar coins.
 
I'm confused now , I remember the ones your talking about and the Susan B Anthony dollar. I had some of each which I thought were stolen in a house break in while we were on vacation 10 years ago. Then a couple of weeks ago I found 5 gold looking coins Upstairs I thought were the Susan Anthony ones but when I just took a picture of them they say George Washington 1$.
cvphoto6637.jpg


cvphoto6638.jpg
 
I have enough trouble keeping my pants up with a bucks worth of change in them now.
 
The only way it'll happen is if they do what they did with incandescent light bulbs. In other words,stop printing dollar bills and force us to use something else. I don't think it'll happen as long as we're offered a choice.
 
They fix it like they did in Venezuela. A $5 bill will become the new nickel, the $10 the new dime we'll use $20 bills and not have a quarter anymore......
 
Canada as a 3rd world country? Really? :)

I?d guess that the underground economy in the US is a larger percentage than in Canada. And hoarding coins is not as easy as paper bills. The coins would keep better!

I agree with Rrlund, no change without it being forced. Inertia is a pretty powerful force.
 
(quoted from post at 21:41:40 12/21/18) Was at a bank today the tellers got talking about the round dollar coins (and half dollars). No one wants them for the most part (barring aside collectors) or a fourth of July handout etc. Also it seems to come up every so often that paper $1 dollar bills will be discontinued and replaced with a coin. The tellers said it would take lots of getting used to (and bank adjustments) and did not see it going over well. She also said most of this stuff comes in to the bank when people get it and kind of stays there. She included the $2 bill in this also. So do you guys think the coins will ever replace the paper bill? Will the country fall apart and the world end if this happens? I don't see it happening at least in the short term.
Click to expand...
I read somewhere that the dollar coins last so much longer than the paper version that we would save many millions of dollars a year in printing costs. I've used dollar coins in Canada and found it to be no more or less convenient. As far as pennies go, Americans are so darn greedy that they would quickly raise prices to maximize their benefit of rounding. I like pennies, and hope we keep them around.
 
i doubt it, they would have to make the dollar coin back like the silver dollar of old was, so people could tell at a glance or by feel what it was the susan b coin was way too much like a quarter,and untrained cashiers handed them out as quarters, doing bad things to their cash drawer balance at the end of the shift, now the problem is a dollar doesnt do much now,a large size coin would be heavy in the pocket if you had 5 dollars worth and unlike paper money, with a coin, there is nothing to keep some enterprising gent who happens to be a good engraver from making up his own money even if its plated like quarters and half dollars are, when was the last time you looked at the edge of one to see if it had the copper center?
 
If the mint stopped printing dollar bills, then folks would have no choice. Of course most people don't seem to bother carrying cash at all these days.

I work with a fellow who insists on paying everything with two dollar bills. He has some weird logic as to why he does this, but I won't try to explain. His bank will get him new two dollar bills, but he has to order $5000 at a time.
 
One reply in this thread said that there is very little cash carried anymore ..... and that's so true. Some people taking your money in a restaurant are almost surprised when they see cash. Meanwhile, getting $1 and $2 coins mixed up with each other or with other coins is pretty much impossible up here. The loonie is a gold color with 11 sides and the twoonie is a dual metal coin and a bit bigger. This link has an image in it for those who have seldom seen them .... hopefully it has a photo. I see a 50-cent piece in there too, haven't seen one of those forever, and the pennies of course are long gone.
Canadian Coins poke here
 
I. Cash drawers don?t have room for another coin, so merchants have to throw them somewhere in back. So they never get redistributed, the merchants pile them up and turn in to the bank, not pass them back into circulation.

2. USA mint is too dumb to come up with a dollar coin that is substantially different from any other coin. As long as they get confused with quarters as the past 3 attempts have been, no one wants the darn things or takes them seriously.

3. I can carry 20 paper dollars in my billfold and not notice too much. 20 coins in my pocket is a bother, weight jingle and bulge.

4. Paper holds in place, coins would fall through when placed at the, ahm, adult bar.......

5. Perhaps inflation has already passed by the dollar coin, they should consider a 5 or 10 dollar coin so it has some value for the weight.

Paul
 
I carry cash all the time,I have gotten some really good deals because someone was hard up for money and needed it Right Then.Never go to buy anything off CL with anything but cash.
 
I hope the answer is no..............as I don't even like to carry a penny, nickel, & dime in my pocket!
 
Well for sure Craigs List would be cash sales, unless a bigger purchase and then the seller would probablly wait for something to clear the payment. The link below surprised me, it says that up here 51% is still cash sales with debit and credit cards coming in at 31% and 19%. Not sure where cheque/check payment comes in. That's hard for me to believe somehow. All I know is that if you are in say a store like Lowes or Home Depot or Costo waiting in line, pretty much everyone seems to use a card of some kind. People buy a coffee with their debit card. Try selling a club raffle ticket nowadays ..... good luck.
Canada cash vs cards for purchases
 
hummm, seams the U.S. SURE LIKES OUR CHEAP OIL TOO!!! and since we dont have pennies any more the goofy stores sure dont price stuff accordingly. i thought prices would end in a 5 or 0 , but no still the same old 8 or 9 cent ending and then at the till they round prices up or down to the nearest 5 or 10 cents. crazy!!
 
Simple solution for the cash drawer. Get rid of the half dollar.
Two quarters use the same amount of space in your pocket. Then you
have room for the dollar coin.
 
Dollar coins are obsolete right now even though they are being made. I think they would be used slightly more, if all vending machines would except them and give them back for change when a larger bill was spent in the machine. People would come accustomed to using them for vending machine purposes. Otherwise, I don't think they will ever catch on other than that. Inflation I think will eventually eliminate the use of all coins. We are on the verge of not seeing the penny and perhaps the nickle even being made anymore. 50 cent peices are not made for circulation anymore. And probly won't ever be brought back. I think we are on our way to being a coin free money system. I don't think a dollar coin will become popular during the process.
 
In Canada we have had dollar coins (Loonies because of the loon on the coin) and two dollar coins we call toonies. We have had them for years and no one gives them the slightest thought. They work great and save millions in printing paper money that lasts about four years. The coins will last for decades. WE also no longer use pennies.
 
I think they were released in 1988. I remember the first few that were circulated people hung onto them because they thought it?d be very short lived and be valuable someday.
 
I can't see why anyone would use a Debit Card rather than a credit card.I have a Credit Card I use for farm purchases just to keep the book keeping easy plus I get 5% back at the end
of the year for any fuel purchases I've made which can be quite a bit.Cash is still King as far as I'm concerned,only thing better is Gold and Silver coins.
 
How did the wall come up? Did you hear about the tripple amputee who started a go fund me site so the aveage American can express their suport for the wall by paying for it. From Monday it is now at 13.3 MILLION. Yes I will send in some too. The trash in the Congress don't want to listen to their electorate. They just want to hold onto their graft.
 
They've tried it multiple times and it hasn't worked yet.

That said, who knows these days with the dollar worth next to nothing.

Dean
 
The coin drawer solution is simple....get rid of the penny. At one time it cost more to make it than what it was worth.

Canada and Australia both stopped using them years ago!
 
We got used to dollar, and then two dollar coins years ago and it was no big deal. The meter at the well takes "loonies" and I expect a lot of other vending machines have adapted too. Debit cards and cheques have taken over most of my spending. If I need cash for certain transactions I will go to the ATM but that does not happen too often.
 
I doubt coins will replace paper, just too heavy. Any GI's out there remember what we called funny money. Bills were the size of monopoly money. They were used on the base where I was stationed in the Philippines in the 60's. The bills were in dollar's, or the amount in cents. Off the base in town, Pesos were used. Stan
 
No matter where you go in the World there is always crooked politicians.People get elected to Congress that have very little money in 20 years they are multimillionaires and their salary is
a fraction of what they spend to get elected each time.So how does all that work out?
 
(quoted from post at 16:41:40 12/21/18) Was at a bank today the tellers got talking about the round dollar coins (and half dollars). No one wants them for the most part (barring aside collectors) or a fourth of July handout etc. Also it seems to come up every so often that paper $1 dollar bills will be discontinued and replaced with a coin. The tellers said it would take lots of getting used to (and bank adjustments) and did not see it going over well. She also said most of this stuff comes in to the bank when people get it and kind of stays there. She included the $2 bill in this also. So do you guys think the coins will ever replace the paper bill? Will the country fall apart and the world end if this happens? I don't see it happening at least in the short term.
Click to expand...

Life must be pretty good for you when coins vs paper money is the largest crisis you have to worry about .
 
Last time I went to Canada, I got some money exchanged before I went there. The bank gave me a bunch of Canadian $1 and $2 bills. It was a hoot giving them to stores and food places...one McDonalds clerk thought I was shitting her when I tried to pay with them. She had to call a manager to take my cash!
 
In the olden days there were twenty dollar gold pieces and stuff like 5hat. Stop messing around with dollar idiotic coins and just start giving out $20.oo coins that would need to be bigger than a half dollar coin. Now that would be something to get hold of. See what otheres think. Prefer paper dollars. That is one ugly bro.... on those coins . Sacaguway I think looks very nice but that other one, barf.
 
Another reason coins may not replace paper money so fast in the USA is coins are made by the US Gov't at their mints.Paper money is issued by The Federal Reserve which is not
part of the US Gov't.US Gov't hasn't backed the paper money since the 1970's when what is now call Silver Certificates were discontinued.
 
> Another reason coins may not replace paper money so fast in the USA is coins are made by the US Gov't at their mints.Paper money is issued by The Federal Reserve which is not part of the US Gov't.US Gov't hasn't backed the paper money since the 1970's when what is now call Silver Certificates were discontinued.

That's an extraordinary number of errors in three sentences.

Coins and currency are both produced by the US Mint.

There is no shortage of one dollar coins; the Mint is in fact producing more of them than there is demand for; newly minted dollar coins are going into storage in hopes than one day they'll be needed.

The Federal Reserve System is in fact a US government agency, created by an act of Congress and administered by Federal Reserve Board members who are appointed by the President.

The Fed does not "issue" money. It LOANS money to other banks and controls the money supply by adjusting the interest rate at which it loans money.

Although you can no longer redeem silver certificates for silver, it is an oversimplification to say the government does not "back" the dollar. Despite the dubious fiscal policies of current and past administrations and Congress, the US dollar remains the standard by which all other currencies are measured. That's because it is backed by the full faith of the US government and nobody really expects the US to renege on its obligations.
 
Mark, you have a much better understanding of how money works than the vast majority of people. This system of Fiat currency is a concept that is completely new to most folks, and they have been using it for nearly their entire lives.
 
If they had put Jayne Mansfield on those coins instead of that fugly broad Susan B they might have been a success.
 
The Federal Reserve is no more "Federal" than Federal Express its a group of banks chartered by the US Gov't to have a monopoly on the money in the US.If you say the Federal Reserve Notes are guaranteed show me where this guarantee is written and what is it guaranteed with? "Full faith of the US gov't" that should make everyone feel warm and comfey considering the folks guaranteeing their money is 22 Trillion$ in the hole with Trillion$ in unfunded liabilities it has no hope ever meeting.If a corporation operated the same way all the people involved
would have been in jail long ago.All paper currency will fail always has until it has its "The King has no clothes" moment. Anything that can be created out of thin air with no limitation
can't really be expected to hold its value but for so long.Also where does this money come from you clam it 'loans' its created out of thin air of course.
 
> If you say the Federal Reserve Notes are guaranteed show me where this guarantee is written and what is it guaranteed with?

The last time I looked, every greenback was printed with the statement "This note is legal tender for all debts public and private".

What you fail to understand is that if a country's currency is based on precious metals, that country's economy is inherently limited to the amount of precious metals it owns. This was a serious problem during the first century of our country, when commerce was seriously hampered by lack of currency. This was an issue in particular for farmers, who typically needed to borrow in advance of harvest. But you can't borrow money that doesn't exist! The Federal Reserve and our fiat currency has allowed the US economy to grow enormously since they were established. The US would simply not be the economic powerhouse it is without the Federal Reserve System.

It's worth noting that the last holdout for gold-backed currency, Switzerland, switched to fiat currency in 2000. Switzerland, unlike the US, is not known for monetary profligacy.
 
No I don't think the money should be based on Gold,I think the stability and security of the money is based on the financial condition of the country and its basic economic foundation.
I don't think the US with 22 trillion$ in debt that is being increased at the rate of 1 Trillion$ a year partly coming from conjured up Fed money and increasing entitlement,pension and other
financial obligations over 100 Trillion$ and increasing all the time is in a very stable long term situation.Especially since there is no sign any spending and borrowing will let up
much less pay back.How can it continue indefinitely like it looks like it will now? How long? Other countries have tried to do the same thing and sooner or later the Economic
Grim Reaper shows up,granted the USA is bigger and has more economic tools at its disposal but sooner or later the well will run dry.And as the old saying goes "The bigger they are
the harder they fall" No one around to bail out this country that is "Too big to fail".Actually I hope I'm wrong at least for my lifetime but I can't ignore basic economics either.
 
Currency is made by The Bureau of Engraving and Printing NOT the mints. Both you and TF have some things right and some wrong.
Right now, the push is to get people to use plastic instead of cash. If stolen, cash cannot be easily recovered since only Jack Benny Knows the serial number of his dollar bills. A card otoh can be stopped as soon as the person realizes it is missing, and i most cases the transactions voided. The problem with plastic is that if ever a tyrant were to get control, he or she would have the ability to stop you from buying and selling, or to confiscate the money you worked for with the mere stroke of a key or click of a mouse.
Your arguments about currency and lack of gold to back it are myth. Yes, we only printed currency to the extent we had gold reserves, but the wealth of America was contained in the merchandise we made, the crops we raised, the minerals we mined, not the bulk of gold stored in Ft Knox.
The problem was that Gold was not a guarantee against inflation, and Roosevelt's decision to confiscate gold in private hands helped end the gold standard.
 
> Currency is made by The Bureau of Engraving and Printing NOT the mints.

I stand corrected. But both the Mint and the Bureau are part of the Treasury Department. The Federal Reserve is not, so I think it's fair to say the Fed does not issue paper currency, as TF asserted.

> Your arguments about currency and lack of gold to back it are myth.

You don't say which of my statements are myth, let alone why, so I can't respond to that.
 
> No I don't think the money should be based on Gold,I think the stability and security of the money is based on the financial condition of the country and its basic economic foundation.

Well, now you're flip-flopping. You can't say you don't like the Federal Reserve System and at the same time say you don't want gold/silver-backed currency. It's kind of one or the other.

Your concerns about the growing deficit are valid. But it's not the Fed that determines how big our deficit is; that's entirely up to the US Congress and POTUS. The Fed can and does respond to the deficit, notably by raising interest rates to keep inflation in check in spite of deficit spending. So we have the situation today where Congress and the administration have chosen to act like drunken sailors and the Fed has little choice but to put a damper on their party with interest rate hikes.
 
Well US Gov't has been spending more than it takes in since the 1930's at least, that is the root of the problem but regardless of who is to blame I guess ultimately the American people
that want free stuff from the Gov't and not have to pay for it.So how do you think all of this is going to shake out? Absolutely cannot continue indefinitely like it is now.
 
"That's because it is backed by the full faith of the US government and nobody really expects the US to renege on its obligations."

Not as long as it can print money...my grandpaw taught me that when I was a little tot....he was a civil servant later in life for that reason. Must have had problems getting paid for his toils when he was younger.
 
Doesn't matter what is used for "tender" and best it be "legal tender". As long as you and I will swap goods and services for some sort of legal tender what difference does it make what it is.......it's when you or I fail to accept something (en mass) that it becomes a problem.
 
It doesn't work because the (name reserved) process of making something look cheaper than it really is by using 9999999s and not adding the last penny will never go away. But what's funny is that something will sell for $9.99 but when you see refunds, they will be 1 cent higher....$10........the illusion, greed, getting something for nothing or whatever is in human nature to fall for it.

Current pennies are clad like the rest of our coins since 1964 as I recall the year. Remember the Zinc (I think) pennines during and after WWII. We've been accepting less than face value for decades so as I said earlier, it doesn't matter what it is if both sides agree on it being "legal tender".
 
Me neither. As a result I go to the bank and get rolling papers for coins and when my piggy bank fills up with loose change, I get it out, sort, roll, and
return the bank for credit. Going to town with no change always results in a pocket full when returning....or something to that effect.
 
"I can't see why anyone would use a Debit Card rather than a credit card."

Here's a reason. A debit card takes money out of your bank account that is currently deposited. When the well runs dry you quit spending. Quitting spending means that you aren't tempted to spend what you don't have, run up ridiculus multi-thousand dollar accounts which allow you to pay 24% interest and at the payment schedule used, never pay off.....the cash back is just a sucker punch to get you temped to spend with it. (Opinion based on BTDT.)
 
Read somewhere that DC contains (hang on to your skivvies) 40,000 lobbyists.....that's for 450+ Reps., and 100 Senators. Mindboggling! They aren't going away...human nature put them where they are and it would take a reversal of HN to remove them! Fat chance!
 
(quoted from post at 14:30:14 12/21/18) They fix it like they did in Venezuela. A $5 bill will become the new nickel, the $10 the new dime we'll use $20 bills and not have a quarter anymore......
Click to expand...

My nephew lives down there, he posted on FB yesterday that after the 3rd day of trying he was able to get a half tank of gas...cost 15 cents US.
 
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