More on the Dollar Coin

[rph9168]

Here is a recent article stating that there may be legislation to phase out the dollar bill and replace it with a coin.

http://moneyland.time.com/2011/10/26/is-this-the-beginning-of-the-end-for-the-dollar-bill/?hpt=hp_t2

 

[soapy]

Fox news this morning also carried a story on this.

 

[pitzerwm]

Boy what genius some one is finally becoming. After 15 years and plenty of examples around the world, we finally MIGHT get it.

 

[mjwalsh]

rph & others,

Here is another one.

http://abcnews.go.com/blogs/business/2011/10/coins-could-replace-dollar-bills-save-us-5-6-billion/

With the proper analysis --- the Armored Car consideration should be put to rest. Think about it. How do they figure long term wise forced 4x quarters weigh less than 1x dollar coins --- so the current way of transporting is in fact the more weight & cost.

The fact is there will likely be more $5 bills that will more than offset any potential added fuel cost due to fewer $1 bills.

I disagree with the portion of the linked article about the "difficult transition" speculation. Based on the fact that Canada had the same concerns before they transitioned & it proved to be without being overly difficult.

A tax to "make up the difference" most certainly would have or should have been an issue in Canada had they not proceeded in the most logical & practical way about 25 years ago. It is almost like us shooting ourselves in the foot by using known more expensive check valves that also do not work as good. Going to linear VHS video editing instead of digital seems to be another example of improper resistance to healthy upgrades & change.

Disregard what I just wrote if you feel strongly that cash should be done away completely &/or crippled to a similar effect. There are definitely some in the banking - credit card industry who cozy up just fine to such an idea.

mike walsh king koin of bismarck

 

[rph9168]

Personally I have no problem with eliminating the dollar bill for a coin. For that matter they should probably also do away with pennies. It will probably cause some problems that depend on the bill format but I guess adjustments will have to be made if the bill disappears. For instance I wonder what exotic dancers will do if dollar bills go away. Might make it more difficult to accept "tips". LOL

 

[robert roman]

I believe a talking-head on CNN accidently stumbled on the probable fate of the dollar coin.

Women are not going to weight their purses down with heavy coins.

Just ask my wife, she’s always right.

 

[mjwalsh]

http://bismarcktribune.com/news/opin...cc4c002e0.html

Concerning the above link --- I preferred a different heading but the actual page was much more persuasive than the online version with a professionally done detailed visual graphic about "DC gridlock" in the center. The mainstream newspaper editorial board insisted on putting in a color photo of me. As long it was not a mug shot LOL --- I was OK with it! Judging by the feedback from locals coming up to me on a first name basis since that Oct 3rd day --- I am pretty confident that when properly informed --- people really do not dislike the dollar coins as some seem to want to portray!

As far as what Roman said --- yes there is work to be done --- in showing the women of USA that the weight & mass really is not an issue & most certainly has not proved to be an issue with the women of Canada. In fact the other day a very attractive Canadian woman came up to me & proudly showed me one of the Canadian toonies with its distinctive 2 color design.

mike walsh king koin of bismarck

 

[pitzerwm]

The thought that you would have a purse/pocket full of $ coins, isn't realistic. When I am in the other countries that have the $1 & $2 coins, you only have a couple at a time. Just like you wouldn't have $20 ones in your wallet.

The major issue here that this is a change and people naturally resist change. This was not issue in other countries, because the government had enough sense to just drop the paper bill. So people might have complained for a short while and then just accepted and adapted to the reality.

 

[Indiana Wash]

I don't think weight is an issue. Who really walks around with a pocket full of ones?

 

[rph9168]

I don't think weight is an issue. Who really walks around with a pocket full of ones?

A guy on his way to a strip club?

 

[TurboJet]

I'm up here in Canada, when the 1 and 2 dollar coins were first released I was one of those that grumbled and complained. For many of the same reasons that people down south are resisting.

I can say after 20 years with coins, I would not want to go back to the 1 or 2 dollar bill. I hate to say it, but sometimes government gets things right. The right thing they did, was repeal the $1 and $2 bills. Within a few months after the coins introduction, the related bills were gone, and shortly thereafter forgotten.

The coins with nicknames for the $1-Loonie, because one side of the coin has a Loon; and for the $2 coin, the Twonie (actually has a Polar Bear on it) have spawned a whole new marketing lingo as well. "Upsize for Loonie". "Two for a Twonie", etc.

For my wash, they work great for my changers. I use a Standard changer that has a coin accepter for $1 and $2 coins (no quarters), and also a reader that accepts $5, $10, and $20 bills. I only dispense tokens and only accept tokens for all my equipment.

Where the coins come in handy is for making change for bills. My changer has two hoppers, one for tokens, and the other for $2 coins. My tokens are $1 each.

Customer inserts a $5 bill - he gets 5 tokens. Insert a $10 bill, hoppers dispense 6 tokens and two $2 coins as change. Insert a $20 bill, hoppers dispense 8 tokens and six $2 coins as change. I get more $20 bills than 10s, I think because ATMs normally dispense 20s.

Been doing this for 15 years at this wash. Works great.

 

[I.B. Washincars]

A guy on his way to a strip club?

This could be a big boost for the economy since strippers tips would conceivably double.