$1 coins - again

[GunnyGene]

The mint is pushing 1 dollar coins again. Aluminum, etc. Might as well make them out of plastic. Save even more in production costs.

http://news.yahoo.com/congress-looks...-politics.html

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.

[Redhand]

I think if they do re-introduce the dollar coin that it be the size of the old 50 cent piece and be made of silver. I would love to find a bunch of those with my metal detector. It would make the hobby more enjoyable, but I still like the oldies but goodies.

[Alpo]

I do love the geniuses that explain why they don't work.

Dimes, nickels and quarters are carried because they work in coke machines. They used to have half-dollars. People quit carrying them. Why? Coke machines wouldn't take 'em. They keep coming out with these dollar coins. I can't put it in a coke machine. I don't want it.

They say they made several billion Presidential Dollars, but they are still in the Federal Reserve? I've never received one. Not at a store, not at a bank, nowhere. Maybe if they would pass them out, they would get used.

Before they are accepted in this country, they need to redesign cash-register money drawers so there is a place to put them. Drawers have slots for 1s, 5s, 10s and 20s. You get paid with a 2, 50 or 100 and you can put it under the tray. Kinda aggravating, but it works. But the coin section has spots for pennies, nickels, dimes and quarters. If you get a half or a dollar, where the hell you gonna put it? Can't stick it under the money tray - coins take up too much room. Then they need to make all vending machines accept them. Since the register redesign and the vending machine redesign would both cost an extreme amount of money, it's not going to happen.

[ampaterry]

The mint is stopping production of .01 and .05 coins next year -
Prices will all be rounded to the nearest dime.

That might solve the cash drawer problem, once the smaller coins are out of circulation -

[jbmid1]

Originally Posted by ampaterry

The mint is stopping production of .01 and .05 coins next year -
Prices will all be rounded to the nearest dime.

That might solve the cash drawer problem, once the smaller coins are out of circulation -

Then we'll also need to round sales taxes to the nearest dime.

[JohnHenry]

Did you save an of the "Susie B" dollar coins from the last time the g'ment tried this crap ?

[racerham]

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.

That's pretty much the attitude Washington has always shown - We don't know what's good for us... And heck, 4.4 billion over 30 years? why, that's a whopping 146.6 mil per year! That's sure to help out with entitlement programs...

Personally, I like the dollar coin. It's quite the novelty!

[Hawg]

Originally Posted by Alpo

I do love the geniuses that explain why they don't work.

Dimes, nickels and quarters are carried because they work in coke machines. They used to have half-dollars. People quit carrying them. Why? Coke machines wouldn't take 'em. They keep coming out with these dollar coins. I can't put it in a coke machine. I don't want it.

All the vending machines at work take them. They even give change for ones, fives, tens and twenties. They give change in paper unless the paper runs out. Then they give change in dollar coins. No fun toting 19 bucks worth of them in your pocket. They also stock the machines with Susan B's and Sacajawea's.

[CampingJosh]

I don't carry cash unless I intend to make a purchase from an individual in the very near term. Usually, that means gun shows and Craigslist purchases.

It's just not convenient. I have a debit card, and I will use that whenever I get the chance. So to me, paper or coin doesn't make a difference. Plastic whenever possible.

[3/2 STA SS]

Originally Posted by JohnHenry

Did you save an of the "Susie B" dollar coins from the last time the g'ment tried this crap ?

I did and they are still worth a dollar !

[NRA_guy]

Where this is headed (Germany post WW I and more recently Zimbabwe---which was Rhodesia when the white people ran it):

[cpttango30]

Originally Posted by NRA_guy

Where this is headed (Germany post WW I and more recently Zimbabwe---which was Rhodesia when the white people ran it):

Is it it bad that when I look at that bill I say 100 billion dollars like Dr Evil?

[ampaterry]

Originally Posted by jbmid1

Then we'll also need to round sales taxes to the nearest dime.

Hmm.

So, an item that used to cost 23 cents would round down to 20 cents.
But the 2 cents sales tax on it, making it 25 cents, will now make it round up to 30 cents, changing the effective tax rate on that item from 8% (2 cents on 23) to 50% (10 cents on 20).

Compare the the OTHER way, where a 22 cent item would round down to 20, and the 2 cent sales tax on it would make it 24 cents, and still round it down to 20, making the change in effective tax rate from 8% to 0%.

Kinda looks to me like a change from 8% to 50% brings in more money than a reduction from 8% to 0% loses.

I think I am starting to understand the drive to do this - - -

[CampingJosh]

Why keep dimes? I still don't understand why dimes were ever made in the first place. Same thing as the $10 bill. Doesn't really create much convenience for the extra expense of making the things.

[deadin]

If they do away with $1 bills it will just build my "mad money" pot faster.
I don't carry change for more than a day. When I get home in the evening all my change goes into a pot. When it reaches $100 or so, I take it out and spend it on something foolish. Adding the $1 coins will just build it up sooner. (Maybe I should increase the take-out time to $200??)

[cheesewiz]

Originally Posted by JohnHenry

Did you save an of the "Susie B" dollar coins from the last time the g'ment tried this crap ?

It worked so great the last time ! I throw all my change on my floor of my car and empty it when it's full. ! I hate change !

[stumpjumper]

canada has the right idea, folding money is made of recycled plastic, lasts forever and harder to fake

[BlackEagle]

UK has replaced £1 notes with coins in the last 10 years or so. It took a while but now I no longer see £1 notes. The coins spend just as fast, if not faster than the paper.

[runes]

The dollar is only worth 15 or 20 cents any way. Why not be a coin.

[mogunner]

I like the coins, and I've run into a lot of vending machines that accept the gold dollars and Susie B ones as well.

They don't get all butt-sweaty like the dollar bills in my wallet do...

[Gun Geezer]

I got my first one at our garage sale on Thursday. I wasn't sure if I should take it or not seeing as it was the first I'd seen since Suzie B.
The Government's rationale is that the coin outlasts paper bills and are harder to counterfit. It is supposed to save millions. They don't give a crap about my pants pockets. I don't like it when my extra ammo jingles in my pockets. On the other hand, if I have to carry a purse, I can get one with a gun pocket.

[jstgsn]

The current leadership would prefer we all use EBT cards, and after January 1st we might have to.

Although the thought struck me that $20 in coins carried in a leather pouch could be used much like the old "Black Jack" I once had been issued. You want my money??? WHACK!

But with out the one dollar bill, I'll have to make sure I have toilet paper with me in the woods.

Everybody, get into the hand basket, we have places to go.

[crazy charlie]

There's a local drive-thru car wash that gives Anthony coins as change, however all their vending machines and coin op car washes won't accept them. Go figure.

[marlin795]

I've stocked up on 1920's and earlier Silver Liberty heads and standing liberty dollars.You can walk into almost any bank and ask for them and they'll give them too you. I got a 1895 Silver dollar worth $550 and I paid $1 for it.

[Sig Willy]

More coins sell more pants and they get more tax money.