The idea has been to do away with the dollar bill ever since a dollar
coin was proposed. I even saw an article somewhere prior to the
release of this one pointing out that use of the coin will not be
really accepted until they just quit producing a dollar bill. I guess
it just goes to show more of their stupidity.
A few years ago, when much of Europe switched to a unified currency (the
euro) they researched the issue and concluded that it would save
printing costs if they eliminated the smaller bills. I think the
smallest bill they issue is the 5euro (about equivalent to 5 dollars)
and everything smaller is coinage. It seems to work well for them, and
I'd just as soon not be hauling around a wad of tattered ones, that
probably last about 12 months before needing to be replaced.
Instead of hauling around a wad of tattered bills, if you lived in
Europe you'd be hauling around a batch of HEAVY pocket-busting
coinage. (Think Seinfeld where Kramer tries to pay for a pizza
(calzone) with his accumulated small change.) The Europeans are pretty
smart about lots of things but this isn't one of them.
As to the penny, if people really wanted to eliminate it they'd have
done so already. It's quite feasible for the merchants to round up or
down or even to round always in the customer's favor thereby not
incurring any complaints but they don't. I only have one place, a fish
store, where the merchant effectively lops off the last digit and
sometimes even more. I've had totals of (say) $24.37 and he has asked
for $24.00. But this is a rarity. And the fish store is an upscale
Try it yourself. Go to the supermarket and spend (say) $3.51. Tender
$4.00 and watch while the cashier gives you exactly 49 cents change.
If they don't have enough pennies they'll sometimes ask you if you
have one cent. No just giving you two quarters. So contrary to the
"put 'em in a big jar" crowd I find it highly advantageous (not to
mention less lazy) to try and pay the exact amount of the bill which
necessitates carrying and using change. After all that's what it's
For those who say the "change jar" is a way of saving I suggest they
look into the concept of "present value".
Actually, it seems tb a problem for a *lot* of foreign visitors who can't
imagine a monetary convention where all bills are not only the same size, but
have identical coloring and similar graphic shapes/placement. I've been hearing
stories from/about new arrivals on that subject since I was a kid.
For residents who are used to this, it's still not comparable. A U.S. bill of
any denomination is over fifteen times larger than a quarter coin and all that
area is occupied by bill-unique graphics. And *still* lifelong citizens
complain about the lack of distinctiveness in bills - especially older ones.
The color might help the new coin. But, lacking a size diff, I'd opine that it
needs at least a different shape - like hexagonal or something... anything to
make a tactile distinction - in order to have a chance with us unwashed masses.
Now if they could come up with a Dolly Parton dollar..... -)
The same problem as coins you can't tell by size. You have to look at
them each and every time. Now you can't do much about paper bills as
they will all feel the same no matter the denomination but there is no
reason the dollar coin couldn't be made enough bigger than the quarter
to be told by size. Say about 1/2 way between the quarter and 50cent
coin. You could sort coins by denomination in your pocket by feel up
until the dollar coin.
There is, actually: It would then be necessary to change every vending
machine in order to get it to accept the new size.
A penny and a dime are almost the same size, too, but they're easy to tell
apart because a dime has a rough edge and a penny has a smooth edge. At
least the new dollar coins have smooth edges.
C'mon, it IS bigger AND a different color AND with a different edge.
The reason dollar coins are not popular is because COINS are not popular. We
put up with the others because we have to and the majority of us carry them
precisely as long as it takes to dump them in a big container at the house.
Dollar coins (of any shape and size) will catch on 100% the moment they stop
printing paper dollars.
Rick, that is not entirely true. Dollar coins would be popular if vending machines took them. They don't. Vending machines have been modified to take dollar bills, not dollar coins. If the machines would have been modified to take the coins, the dollar coins would likely have become more popular. Maybe not mainstream, but more popular. At least useful enough for people to carry around to use in vending machines at work or in public places like malls, airports, or whatever.
Coins are popular for saving because it's easy to do. We dump them in jars at home and then roll them up because it's an easy way to save. We then take the rolls to the bank and deposit them into our savings accounts. The dumb ones that are too laze to count them and roll them up themselves take them to those machines that count them up for them and give them a receipt. They "pay" for that service by not getting full value for their coins.
I think that eventually, pennies will likely be taken out of circulation altogether. It almost costs more than a penny to make a penny (if it doesn't already). Might as well just round things to the nearest nickel and forget about pennies.
A question about dollar coins was posted and to this I say:
Better yet get rid of all coinage and paper money!
Some years ago my folks went to Finland to visit the relations and the
locals "load" there cell phones with credit than when they want A candy
bar or A soda they aim the phone at the vending machine and pull the
"trigger" which activates the machine vending the product of choice
deducting the cost from the stored credit on the phone.No muss-no fuss
and no dirty lucre to lug around.
This would really P.O. the street level drug dealers and prevent
vending machine owners from any profit skimming . Haven't figured out
the tag sale problem yet but give me time to work on it!
P.S. I understand Japan has the same kind of thing on there phones.
A question was posted: "What do people who can't afford cell phones do?"
I'm A civilian employee for A large midwestern police dept. and when
"street people" are busted for outstanding warrants etc. about the first
thing that comes out of there pocket when our officers shake them down
is the cell phone. And what makes you think that there are no poor
people in Finland or Japan?
I don't use them for that reason. However, when travelling to Canada
I never have a problem with their Loonies so I think it's probably
psychological. I think if they take away our paper $1 we would adapt
"Cold Turkey" is the only way to go.
That's how England introduced the Thachers (the 1 pound coin): after a
certain date the paper money was no long legal currency.
The English coin is a GREAT design: it's is about "quarter" sized but
almost twice as thick. It's gold in color. The edge has find "curling"
plus some extra lettering.
I don't know the situation today, but back in the 80s, the Bank of Scotland
still printed 1 pound paper notes which WERE legal but the Bank of England 1
pound paper bills were not.
That's why there will always be an England and a Scotland and a Wales!
Vending machine and coin-counter companies spent gobs of money making
their machines accept the size and weight of a dollar coin. I don't
expect the government to change those lightly.
The real problem is that the "dumb *&)s" won't quit printing the dollar
bills -- or pennies.
I used to work for Brink's armored car. Every time a new bill design
comes out, they have a fire drill getting the bill counters updated with
the new specs. It's non-trivial.
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