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Bill or Coin??


Coinjoe2006
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No way!!!

 

My wallet currently has $12 in it, $7 of that is $1 bills, if those were coins it would be a pain.

 

Lol, that is a good point. But I have heard of wallets, in places where they have $1 coins, that have a section reserved for coins :ninja:

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I recently saw a debate on this at another forum, and I thought it would be interesting to start the debate here.

 

Would you like to discontinue the $1 bill and let it be replaced by a $1 coin??

 

I think we need a 1 and 2 dollar coin, and smallest bill be a five. Bills wear out too quickly.

 

Perhaps even a Sac-size dollar coin is too large, and we certainly don't want people lugging around Ike-sized monstrosities.

 

Australia has managed to produce $1 and $2 coins without pocket-busting consequences. They also make their currency out of a plastic rather than cloth/paper, so they last longer.

 

Maybe it's a stange country, even their rather large 50c coins circulate.

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Yes, Australian coins are really odd. 1 and 2 cents coins are now way extinct and it's funny how the dollar and the 2 dollar coins are a lot smaller than the massive 50 cents coin. Perhaps the odd one is the 2 dollar coin, as it is just slightly bigger than a 5cent piece but almost thrice as thick... But honestly, there aren't that many countries that are still using 1 dollar bills... canada, uk, europe, australia, new zealand, etc all DON'T use 1 dollar bills!!!

 

I guess the only main reason why the dollar bill is to stay is because you can seem to pay a lot with dollar bills when tipping and fake the whole scene up :ninja:

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Personally i'd replace all notes with coins, but i think that's got something to do with that time i had to chase a £20 note down the street. T'was a very blustery day that was.

 

I've been on a mission to convert all notes to coins as fast as i get them. I regularly carry between six and thirteen £1 coins in my pocket most days. £2 are wonderful, wonderful things. I only have the one on me at present.

 

Whilst i might like carrying around £2, £1, 50p, 20p and 10p coins by the bucket load. I absolutely hate 5p, 2p and 1p coins.

 

 

I might also add, i have no wallet, don't like them they can be stolen or lost and bang goes all your money. I tend to throw mine loose in my pockets, £5 here, £3 there, another £2 in a different pocket and a couple of pence in another.

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But honestly, there aren't that many countries that are still using 1 dollar bills... canada, uk, europe, australia, new zealand, etc all DON'T use 1 dollar bills!!!

 

 

The UK never used a $1 bill. A £1 note maybe but i don't remember those as they were way before my time. Okay i was four when they were demonetised, the most money i ever saw when i was four was perhaps twenty pence. If i was really lucky i'd get a £1 coin.

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Would you like to discontinue the $1 bill and let it be replaced by a $1 coin??
Actually, the only way to eliminate the One Dollar FRN is to do some 'housekeeping' on the numismatic side first. The One Cent coin needs to stop being produced and allowed to slip out of circulation. Merchants will be encouraged to round their transaction totals, probably up, but how many things do we see for $29.99 and psychologically say to ourselves, "WOW! That is less than thirty bucks!" It is thirty bucks. The rounding will not not significantly increase prices. At most they will rise 4 cents per transaction.

 

Along with the elimination of the Cent the circulation strikes of the Fifty Cent piece also needs to be discontinued. Mint and Proof set examples can still be made and made profitably for the US Mint, but in actual transactions they are a tiny minority and won't be missed.

 

Next there needs to be a companion 2 dollar or even 5 dollar coin minted to go along with the currently sluggish 1 dollar coins already in circulation. With the above eliminated coinage, the 1 dollar coin can be re-authorized to the size of the current 50 Cent piece and a 5 dollar coin can be authorized to be the size of the Ike dollars of old.

 

The age old complaint that the dollar coin is too close in size to the current 25 Cent piece is done away with, and a companion coin is added to help make carrying large denomination coins more economical.

 

Finally, after all of this is put into place (or as part of a 'get it done now' type mentality) the One Dollar FRN can be eliminated. The seldom used 2 Dollar FRN will probably go by the wayside as well, but business is business, and business must grow.

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I dont think the penny will ever go away. Its vital to every day life. When you include tax, what are you going to do when the total is $31.21? You dont have a penny to give them, and you cant give them $31.25 and expect 4 pennies back, because they dont have any either.

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I dont think the penny will ever go away. Its vital to every day life. When you include tax, what are you going to do when the total is $31.21? You dont have a penny to give them, and you cant give them $31.25 and expect 4 pennies back, because they dont have any either.

Answered in my third sentence.

 

Merchants will be encouraged to round their transaction totals, probably up, but how many things do we see for $29.99 and psychologically say to ourselves, "WOW!  That is less than thirty bucks!"  It is thirty bucks.  The rounding will not not significantly increase prices.  At most they will rise 4 cents per transaction.
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But sales tax is different in all states. Each store would have to sit down and calculate the prices out perfectly so that when the sales tax was added, it would come out perfect. Sounds unfeasable to me. In 2004, there were 6,836,000,000 pennies minted. Thats more than all the nickels, dimes, quarters, and dollar coins combined minted in 2004. So it doesn't seem like the penny will stop being minted for a long time

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I recently saw a debate on this at another forum, and I thought it would be interesting to start the debate here.

 

Would you like to discontinue the $1 bill and let it be replaced by a $1 coin??

 

Yes and yes. I'll keep the political bull**** out of it, since this appears to be a survey. :ninja:

 

Jerry

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I am for $1, $2 and $5 coins.

 

When I was a kid, all wallets -- men's and women's -- had coin compartments. All of my suit coats have inner coin pockets. One pair of suit pants does, also. As styles and the value of a dollar changed over time, the coin compartments went away from billfolds that now must accommodate a stack of cards. More than just "credit" cards and ATM cards, I have auto insurance and health insurance cards, library cards, coffee club cards, membership cards ... So, if coins came back, wallets would change to handle them.

 

The production of cents and the production of paper dollars are both political -- not economic, or even "numismatic" -- issues. Workers would lose their jobs and unions would lose members if the relative stocks of money changed.

 

Unlike many other nations, ALL of the money of the United States is an asset of the government. (In some nations, only banknotes are real money. In Canada, the situtation is somewhat ambiguous with legal limits on the convertibility of loonies and twonies.) The useless cent is an asset on the books of the government and heaven forbid that we should actually use them to buy government services such as taxes, national park camping tickets, or whatever. As long as they stay in jars, those billions of cents are a loan from us to them.

 

The reality is that the quarter is the smallest commercially useful coin. Nickels and dimes are sales tax tokens.

 

Perhaps every cash register checkout I have seen in the last five years or more has a dish for cents. Many have some little sign that says something like "Need a penny? Leave a penny?" Most do not even have that sign because the custom is habitual now.

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But sales tax is different in all states. Each store would have to sit down and calculate the prices out perfectly so that when the sales tax was added, it would come out perfect. Sounds unfeasable to me. In 2004, there were  6,836,000,000 pennies minted. Thats more than all the nickels, dimes, quarters, and dollar coins combined minted in 2004. So it doesn't seem like the penny will stop being minted for a long time

The rounding will take place after the sales tax. That is what happens now anyway with the 'Need-a-Penny/Take-a-Penny' bowls all over the US. Nothing different except now we will do it with fewer and fewer cents. The cent should not be demonetised, just no longer minted. That will automatically allow for it to be phased out of circulation and let the merchants whom can't make the switch to a 5 cent based system more time to do it.

 

The numismatic community will benefit from initial increased hoarding of the cents, driving the value of their current inventory temporarily higher, and generating more new coin collector interest by all of the expected media overhype of the loss of the Once Cent piece, even though it will not be a loss but a gradual phase out.

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I'd favor a coin for $1 and $2.

 

 

Like mentioned before, USA is one of the very few countries that still use $1 and $2 notes.

 

Notes are far moe expensive in use: they wear out a lot faster so they need to be replaced a lot more often than coins.

 

In the Netherlands, before the euro was introduced, we used to have a 5 gulden note, but it was demonitized and replaced by a coin. At first, many people thought that would be awkward, but in practice it was much more convenient than the note.

 

 

About ditching the cent: someone here said that it would only increase a transaction with up to 4 cents if all was rounded up. Well, that's true, but it will increase EVERY transaction with 1 to 4 cents.

 

Then the struggle with adding tax....

Ive never been to the USA, but have been to Canada and there they have hte same crazy system that taxes are added at the register and are not already included in the prices. so you walk through the store, you add up the prices and in the end you suddenly have to pay a significant amount more, because tax was added.

That system is forbidden in europe. Prices at product in stores and advertisements must list the actual price you have to pay, including taxes. What's the big deal of not mentionin ng the tax as everybody has to pay it anyway?

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That is what happens now anyway with the 'Need-a-Penny/Take-a-Penny' bowls all over the US.

 

 

Hang on you mean you have jars on the side full of pennies to let people give or take as they please?

 

Wow if you did that in England those jars would be empty pretty quick. Infact over here they have to put gauze wire over the money fountains to stop people trying to take it back out.

 

I'm telling you if they had a penny jar on the counter in our stores i'd be swiping ten pennies a day from every one i came across. And i certainly wouldn't leave any... jeeze i even stood at the till for 5 minutes once waiting for my penny change whilst the cashier opened a new bagful into the till.

 

Pennies make Pounds.

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Not a jar, a small tray or bowl with maybe 12 or 30 or so of cents that either customers did not want to bother with as change or had lying in their pockets at the time of payment that they dropped into the till.

 

Conversely, if a purchase comes to $4.32 and you pay with a 5 dollar note, the cashier will often times take the 2 cents from the tray and return to you 70 cents rather than bothering to count out the two quarters, 1 dime, 1 nickle, and 3 cents needed to return exact change.

 

And finally, since we still have the right to keep and bear arms we never know who might be packing heat (I always do) so our crime is usually a bit less obvious than what you would attempt, especially away from the urban areas.

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I recently saw a debate on this at another forum, and I thought it would be interesting to start the debate here.

 

Would you like to discontinue the $1 bill and let it be replaced by a $1 coin??

 

Yes! And while we're at it, let's discountinue the $2 bill and replace it with a $2 coin. Let's also eliminate the 1 cent and 50 cent coins.

 

And there's my 5 cents worth. :ninja:

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