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A new angle to $1 bill elimination.


Dockwalliper

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Recently a federal judge ordered the BEP to come up with new a system that helps blind people distinguish between different denominations. The number one solution, elimination of the one dollar bill. Dollar bills account for 47% of the paper money transactions thus replacing bills with coins would solve 47% of the problem. They could then work on the other 53%.

Could this be what they try to sell to the American public, along with the money savings and the president dollar program to finally do away with the $1 bill?

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I never really liked the one dollar bill, so if it's gone, fine by me. But, I don't see it happening anytime soon, or that the general public would let the note go so easily.

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Recently a federal judge ordered the BEP to come up with new a system that helps blind people distinguish between different denominations. The number one solution, elimination of the one dollar bill. Dollar bills account for 47% of the paper money transactions thus replacing bills with coins would solve 47% of the problem. They could then work on the other 53%.

There are a number of fallacies at work there.

 

First, the fact that blind people needing help in distinguishing one note from another is "a problem" needing to be addressed by a federal judge is dubious on its face. Ray Charles used to insist on being paid in one dollar bills because he found that counting singles was the easiest method of handling notes he couldn't see. Braille impressions on the current roster of US notes being printed would be the simple solution to the "problem". Elimination of the $1 note would solve nothing at huge expense to the cash handling public.

 

Second, there is a reason that one dollar FRNs account for 47% of the notes in circulation: They are the most popular method of making change of even dollar amounts in cash transactions and are in daily demand by merchants who accept cash. Coins made of base metal are more likely candidates for elimination. The one cent coin will be eliminated before the $1 note, I'll be willing to bet.

 

Third, the one dollar coins fails repeatedly at being accepted by the cash using public. American consumers and merchants are opposed to one dollar coins and have been ever since the one dollar note was introduced. The obvious fact that proponents of the elimination of the $1 note have to keep coming up with angles for forcing their issue should show them that their plan is a non-starter with most participants in the everyday cash economy.

 

The conclusion you presented assumes that everyone wants a one dollar coin and that the benefits of its use are obvious. That clearly isn't the case Maybe when inflation reaches the point where a one dollar note has assumed the current value in trade of the one cent coin, it will make sense to eliminate it. Currently, it's an indispensable note for use in cash transactions.

 

Anyway, the order you cited from some federal judge to the bureau was to make notes distinguishable to blind people, not to eliminate the one dollar note. How you decided that elimination of the $1 note would solve the problem still isn't clear.

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Actually in Australia, a similar issue has happened. 1 dollar and 2 dollar coins weren't too popular appearently until the Government decided to stop producing the notes all together. People were forced to use the coins whether they like it or not. The 1 and 2 cents coins were eventually nulled in 1988. The same applies to New Zealand if I'm not mistaken.

 

I find the US notes incredibly ridicious. Being the world's most circulated currency, the sizes and colors of US notes are exactly the same from the dollar bill the the 100 dollar bill. Right. Link here: http://www.npr.org/templates/story/story.php?storyId=6556446

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There are a number of fallacies at work there.

 

First, the fact that blind people needing help in distinguishing one note from another is "a problem" needing to be addressed by a federal judge is dubious on its face. Ray Charles used to insist on being paid in one dollar bills because he found that counting singles was the easiest method of handling notes he couldn't see. Braille impressions on the current roster of US notes being printed would be the simple solution to the "problem". Elimination of the $1 note would solve nothing at huge expense to the cash handling public.

 

Second, there is a reason that one dollar FRNs account for 47% of the notes in circulation: They are the most popular method of making change of even dollar amounts in cash transactions and are in daily demand by merchants who accept cash. Coins made of base metal are more likely candidates for elimination. The one cent coin will be eliminated before the $1 note, I'll be willing to bet.

 

Third, the one dollar coins fails repeatedly at being accepted by the cash using public. American consumers and merchants are opposed to one dollar coins and have been ever since the one dollar note was introduced. The obvious fact that proponents of the elimination of the $1 note have to keep coming up with angles for forcing their issue should show them that their plan is a non-starter with most participants in the everyday cash economy.

 

The conclusion you presented assumes that everyone wants a one dollar coin and that the benefits of its use are obvious. That clearly isn't the case Maybe when inflation reaches the point where a one dollar note has assumed the current value in trade of the one cent coin, it will make sense to eliminate it. Currently, it's an indispensable note for use in cash transactions.

 

Anyway, the order you cited from some federal judge to the bureau was to make notes distinguishable to blind people, not to eliminate the one dollar note. How you decided that elimination of the $1 note would solve the problem still isn't clear.

 

Well said. :ninja:

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Actually in Australia, a similar issue has happened. 1 dollar and 2 dollar coins weren't too popular appearently until the Government decided to stop producing the notes all together. People were forced to use the coins whether they like it or not. The 1 and 2 cents coins were eventually nulled in 1988. The same applies to New Zealand if I'm not mistaken.

 

I find the US notes incredibly ridicious. Being the world's most circulated currency, the sizes and colors of US notes are exactly the same from the dollar bill the the 100 dollar bill. Right. Link here: http://www.npr.org/templates/story/story.php?storyId=6556446

 

Our new $10, $20, and $50 (not sure about $100) have a nice orange tint to them.

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It's funny to look back at US history and the one dollar denomination. When paper money was first printed by the US government, people would go out of their way to turn it into coins. Now, we as a nation are so attached to our $1 FRN that the thought of not having it sends us into fits. 100 years ago, dollar coins were unpopular due to their size and weight. Same thing applies today, as the dollar coins are roughly the size of a quarter, which makes it hard to distinguish while fishing through one's pocket. A majority of vending machines do not accept dollar coins, but do take dollar bills. The cost to convert those machines would be staggering I'm sure, so the people who own them object to elimination of $1 bills. The cost issue to the government makes sense, a coin is a little more expensive to make, but lasts exponentially longer than a paper note. Inflation would have to go through the roof to make conversion to a dollar coin feasible and acceptable to the public at large.

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KEEP $1 BILL!

 

Why? Because it' s only chance for me and the other citizens of The Baltic to pay less or more exact amount. Since PayPal or most of equivalents are not fully available for The Baltics and Bank transfers are incredibly expensive, the only way to pay for purchases on eBay or elsewhere is to send cash. BTW it makes us to break the law, 'cause law prohibits sending cash by post.

The smallest Euro note is 5-er, thus the best currency to use in payment is US$. Abandoning $1 bill will lead to crisis in coin collecting in The Baltics! :ninja:

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Same thing applies today, as the dollar coins are roughly the size of a quarter, which makes it hard to distinguish while fishing through one's pocket.

 

Which is why they're not reeded.

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Anyway, the order you cited from some federal judge to the bureau was to make notes distinguishable to blind people, not to eliminate the one dollar note. How you decided that elimination of the $1 note would solve the problem still isn't clear.

 

You misunderstand my post. This is not my opinion or conclusion. I was just stateing what the Govt. is considering as a solution if the ruling holds up. Dollar coins are easily distinguished by blind people.

I was speculating that the Govt. might used this as an excuse to force elimination of $1 notes.

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You misunderstand my post. This is not my opinion or conclusion. I was just stateing what the Govt. is considering as a solution if the ruling holds up. Dollar coins are easily distinguished by blind people.

I was speculating that the Govt. might used this as an excuse to force elimination of $1 notes.

 

No, I remember that you weren't a proponent of the elimination of the note, it's just that I didn't see how you came to the conclusion that this ruling would give them an excuse to force the elimination of the note. I guess I need to read the article you read.

 

Sorry for preaching to the choir. That subject is one I seem to enjoy expounding upon. ;-)

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