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Kill-the-penny bill introduced


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But would the world accept elimination of the $1? In many places of the world, the US$1 note is the lowest value readily acceptable medium of exchange.

 

In other countries that use US currency for legal tender (like Ecuador, Panama, and El Salvador) they use the SACs as their single denomination of choice (especially Ecuador)-- so I think the world would except it.

 

Ciao, and Hook 'em Horns,

Capt-AWACS, Mind the Gap

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In other countries that use US currency for legal tender (like Ecuador, Panama, and El Salvador) they use the SACs as their single denomination of choice (especially Ecuador)-- so I think the world would except it.

 

Ciao, and Hook 'em Horns,

Capt-AWACS, Mind the Gap

 

Yes, but what about Russia, the Far and Middle East, and Africa, where the USD is often a secondary currency in circulation?

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Yes, but what about Russia, the Far and Middle East, and Africa, where the USD is often a secondary currency in circulation?

 

I've been to all of those places and only seen big US bills in circulation, but if the US went to the two as the lowest it would circulate. I don't see missing the dollar as a problem. If the US went to the five as lowest it would circulate. Never underestimate the ability of the market to adapt. All many countries have to do is peg their currency to the dollar and half the problem is solved. See Belize or the Bahamas for example.

 

Ciao, and Hook 'em Horns,

Capt-AWACS, All redheads are nuts

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<< actually, i do consider that ... but i don't think the $2 will gain acceptance. >>

 

Since most people prefer a paper bill to a coin, and their choice would be $2 bills or a pocketful of dollar coins, I don't see a problem with the $2 note gaining acceptance.

 

Got four dollars in change coming back? You can have two $2 or four dollar coins. Three dollars? a $2 and a dollar coin, or three dollar coins.

Two dollars? $2 bill or two dollar coins. One Dollar? either way you get a coin. At no point is life without the $2 note preferable. At best you break even when you have just a dollar coming back to you. Given those choices, people WILL use the $2's.

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