The dollar coin option is important poll

[jimbeaux]

Most change is opposed. If the paper dollar wasn't an option, then people would quickly adjust and it would be no different than the use of a quarter. People aren't going to carry around a pocket full of dollar coins anymore than you carry around a pocket full of quarters.

Look in your wallet, you don't have a wallet full of ones, you have 20s, 10s and some 5s. namely because most of us use the credit card so that we can use their money for 25 days and enables us to keep better records.

Like I said most countries in the world have the $1 & $2 coins and they have no issues at all. I found that I might have one or two of them in my pocket at a time. I don't even know why there is any discussion on this other than just something to whine about. It's like saying that the quarter should never had been minted, because dimes and nickels were just fine.

Well stated Bill, I cannot understand why some operators are so against the dollar coin. As I stated earlier in this thread the gold dollar has been great for our washes. Also, when they are given for tips they are received with great excitement. I have heard many times that they will be saved because they are uncirculated and they are BEAUTIFUL!
One other point I like my wash thought of as a dollar wash, not a quarter wash.

 

[mjwalsh]

We are more at risk if they don't wake up & pay attention....

I'm actually seeing less use, now that the post offices have pulled out all the vending machines. All our machines take $1 coins; I used to find an average of two or three a week, now it's more like two a month.

Ted, Mep, Earl, & PC (they need this the most ,

Let's be fair --- you well intentioned people & others are leaving out key points. This is what Lisa Myers & some of her colleagues who interviewed Pomeroy & others in a similar way about the so called "current waste" did & appear to be continuing to do. That specific 2 minute interview was the spark of this hopefully worthwhile poll & & even more important dialog. Why was the availability of the dollar coin not emphasized enough. At the beginning of this poll I honestly did not have in mind the "elimination of the dollar bill". After seeing the arguments for dollar coins far outweighing the arguments against the dollar coins on this & on the Coin Laundry Association Forum --- I am now convinced of the following:

The 4 year transition for eliminating the dollar coin is necessary to start reasonably soon ---- for both helping to facilitate our economy & to help our deficit. Call it a "baby step" if you want but it does make the most sense over the alternative.

What has happened since the year 2000 there has been a form of social engineering that has unwittingly not helped the USA economy or deficit & more importantly it has affected "our trust in our government"

1st --- The dollar coins were crippled by the "fact" that for over a 6 year (2000-2006) period --- the banks were mixing sometimes as high as 95% quarter look alike Susan Bs in the bags.

2nd --- As evidenced in certain parts of the country after 2006 or so businesses would have to accurately pre-order the precise number of dollar coins or be at risk of running out.

3rd --- Another "systemic" problem was a government entity in one part of the country started charging 1.5% for the dollar coins right around 2006 causing many other banks to have no choice but to also charge that amount. This is regardless of the person or private entity's account status. I have the signed receipt showing the proof. The same bank & their followers give out one dollar bills without the so called "need" to charge regardless of account status.

Continued on next post

mike walsh king koin of bismarck

 

[mjwalsh]

We are more at risk if they don't wake up & pay attention.... continued

4th --- The clearly more costly "for the taxpayers" to make "quarters" were both diligently & gleefully stocked by banks during this same 2000 - 2011 period. Also the quarters were & continue to be more costly to transport.

Hence the timeliness of the quotation from Abe Lincoln "You can fool some of the people some of the time & all the people some of the time --- but but you can't fool all of the people all of the time!!!

Create or allow those same "systemic" problems for the "one dollar banknote" & "quarters". Also inform the general public of the thorough conservative bipartison study of $$$5.5 billion (over a 30 yr period) in assisting the long term deficit problem. Suddenly, somehow people are no longer as enthusiast about the "one dollar bank note" & suddenly are more accepting of the more logical & usually more convenient dollar coin. The key is a properly informed public.

The Citizens Against Government Waste does shed light on these "systemic" issues in their support of "now is the time to start the transition to dollar coins" The Dollar Coin Alliance also shows the foolishness of all of the arguments in favor of the dollar bill over the dollar coin. For over 40 years now I have journeyed within the confines of our laundry carwash & now also a dog wash --- carrying 20 or more coins in my pocket along with bills to be able to instantly accommodate my customers from their higher denominations ---- & everything that the Dollar Coin Alliance says about pocket, weight, mass & retail cash register issues ring true. Obviously, when I specifically chose to be a part of a certain non livelihood sport here in town & for jogging etc. I did not carry coins with me then.

Below is a link to a New York Times Best Selling Author 6 minute video clip. He is sharing his opinion on the dollar bill during most of the video. Can someone explain to me why there seems to be such large number of likes from the observers vs the dislikes?

http://www.youtube.com/watch?v=SHC2p...layer_embedded

mike walsh king koin of bismarck

 

[Earl Weiss]

For the entire article see:

http://www.consumerismcommentary.com/replacing-dollar-bills-with-dollar-coins/

While politicians, political commentators, and opinion-yellers are knocking heads and locking horns in Washington, D.C. in an attempt to determine how to spur the economy while cutting the budget deficit, there is an old debate about currency that refuses to die. For the most part, the public isn’t excited about the idea of eliminating paper currency and replacing it with coins. In the long run, however, it would save the government, and in theory the taxpayers, significant money. The Government Accountability Office estimates replacing dollar bills with dollar coins would save $5.5 billion over the course of the next thirty years.
The United States Mint already produces dollar coins. You don’t see them too often. People generally prefer holding money in a wallet rather than carrying a pocket of loose change, and the coin never caught on. The Mint markets the dollar coins as collectible items rather than tools for spending. Other countries, such as the United Kingdom and Canada, have been successful in implementing the replacement of coins for bills of the lowest denomination, but only because those governments stopped circulating paper money. The GAO report takes a look at what effect that might have in the United States.
While over the cost of the next several decades, the cost savings are substantial, there are problems with the first few years of implementation. It would cost more for the government to increase production of dollar coins. The first four years of this period would see a loss rather than a benefit. Some of the costs during this transition time include increasing production of dollar coins in current minting facilities, adding support for dollar coins to other existing facilities, public outreach informing consumers and citizens of the pending change, and adapting the Bureau of Engraving and Printing to print more high-denomination bills. That may not be a welcome message in today’s economic environment, but long-term benefits should always outweigh the short-term setbacks. In practice, those making decisions like these are politicians up for re-election during that four year period.
.......................................
cont'd

 

[Earl Weiss]

My first question when reading about the study was whether the government considered the increasing trend of turning away for cash payments altogether, in favor of card-based, mobile, and Internet transactions. This was taken to account in an “alternative assumptions” case, and results in a net savings of $4.5 billion over thirty years rather than the $5.5 billion potentially saved in the base case.Attached to the GAO’s report are comments in response from the Federal Reserve Board of Governors and the Department of the Treasury. Both comments take a critical look at the GAO’s report. The Federal Reserve notes that the cost savings is exclusively from seigniorage, the profit the government makes between the cost of producing currency and the additive value of that currency to the money supply. The Treasury Department notes that new procedures soon to be implemented for producing dollar bills, to be implemented soon, would drastically increase the life of circulating paper, so the savings benefit would be significantly reduced. Also noted in response is the need to consider environmental and societal impact.
Many private businesses will have problems implementing coin-only acceptance of the dollar. Even items as basic as cashier’s drawers and vending machines need to be adapted.

 

[mjwalsh]

good faith response

In response to Earl & his cited author: I don't believe our neighbors in Canada who have had consistently less deficit per capita debt via every reference such as with GDP etc ---- have had any significant problems with their cash registers. I do not believe the GAO report adequately took into account the fewer quarters & other coins (replaced by dollar coins) needed so the savings could error in favor of the dollar coins --- to actually be more than 5.5 billion over 30 years. My reading of the report seems to say they did adjust for the more present & future credit card use. My personal take is that now that all grocery stores & fast food outlets have been accepting credit cards for a long time now ---- that usage will plateau out at some point.

I know we have 12 newer very recent high quality Mars & Coinco bill acceptors that the 4 year transition to one dollar bill elimination ---- will impact us but it seems the "long term & the substantiated benefit" to taxpayers in general will be more than worth it.

I believe that most of the early talk about vendors wanting a government allowance for changeover was way overblown & is now a non issue because of the compelling "inflation factor" for those folks also. This morning we had the compressor go out on our only 4 year old AMS MegaVendor that with the service call will amount to somewhere over $700 --- so hopefully I can relate to those folks too & their need to dispense dollar coins in change on theirs & our larger ticket (vended from machine) items. Bills from a ShurVend or an AMS given in exchange for a large bill is not as practical as given with dollar coins which will naturally become more accepted & welcomed once the uncertainty of their proper availability is removed. Our own forum's Uncle Sam can correct me on that if I am wrong.

From our specific experience the customers do prefer the dollar coins in our wet atmosphere car wash bays & also in the case of our dry environment coin op laundry washers (both large & small) & even on our coin op laundry dryers.

Since paper currency is not recyclable ---- the dollar coin wins in the environmental category also.

mike walsh king koin of bismarck

 

[Earl Weiss]

As I was heading to the bank yesterday another reason I do not want to eliminate dollar bills was made clear to me.

I am guessing a dollar coin weighs about the same as a quarter. This means 1000 would weight 12.5lbs. 1000 bills weighs less than 2 pounds.

Easier to stuff an envelope wih bills under your shirt or jaacket than a 12.5lb bag of coins.

 

[I.B. Washincars]

So if you wanted 1000 $1 bills and couldn't get them, 500 $2 bills would not be a better option than 1000 coins?

 

[JIMT]

There certainly is a big disagreement on the dollar coin, but considering the "inflation factor" I think most would agree that government should stop making pennies. How about stop making nickels also and the dime be the smallest coin?
JIMT

 

[Earl Weiss]

So if you wanted 1000 $1 bills and couldn't get them, 500 $2 bills would not be a better option than 1000 coins?

I don't understand the hypothetical. How did we get from $1.00 bills being eliminaterd by $1.00 coins to $2.00 bills being better than $1.00 coins?

 

[mjwalsh]

Much More than Pocket Change!!!

Earl & others,

Please quit ignoring the "The Lack of Proper Availability" factor of the dollar coins when considering public acceptance.

The much more than "pocket change" five thousand five hundred million dollars is pretty compelling considering the minimal sacrifices involved. I for one --- am not too proud to notice when other countries --- especially neighboring Canada --- shows that a portion of their monetary policy was & continues to prove itself to be successful.

As far as questioning the GAO study --- good leadership should use the best information available. That applies to using the best nonpartison information --- during flood mitigation --- weather forecasting ---- or whatever other thoroughly looked at actual danger. Many operators' clear observations --- such as Pat Hall's & my facility's first hand experience with the general public preferring the dollar coins over soggy bills in our wet environment --- should also be given the proper weight.

Maybe a Video Demonstration of what happens to damp bills compared to completely wet dollar coins is in order.

mike walsh king koin of bismarck

 

[Earl Weiss]

Earl & others,

Please quit ignoring the "The Lack of Proper Availability" factor of the dollar coins when considering public acceptance.

Speaking only for myself, I don't think the availability factor was ignored, just discounted as irrelevant for those who don't find the option particularly attractive.

if you don't want somehing, ease of availability is irrelevant.

 

[Earl Weiss]

Today's story in the Chicago Tribune

http://www.chicagotribune.com/business/ct-biz-0920-bf-dollar-coins-20110920,0,173517.story

Looks like Harris did a poll in 2008

 

[mjwalsh]

Stewardship

Good leadership is good stewardship.

I see the decision to not look & act towards the long term savings of permanently replacing the one dollar bill with the one dollar coin as the following:

If a committee or group was focused on an area slightly on the outskirts of where natural gas was available & they chose to leave everyone on the more costly electricity or propane for heating purposes because of some short term or ongoing imaginary slight inconvenience --- they would not be as good of stewards as a group who acted properly.

Properly informed --- the citizenry will support the better committee or group for being good leaders instead of giving too much weight to the more costly long term --- existing availability of electricity for heating purposes. The majority will support the trusted leaders who proceed properly --- based on the best available information.

A quarter is more like a nickel used to be --- based on the reality of inflation. That is why it is a "Travesty in the USA" for certain undeserving key people & institutions to cause the dollar coins to not be as available as quarters & one dollar bills. The fact that charging has occurred for one dollar coins & requiring pre-ordering for them --- which is not the case with dollar bills or quarters --- should make it clear as to how in the USA --- most of the taxpayers are being hoodwinked --- which can add up. The Citizens Against Government Waste, the Dollar Coin Alliance & other people who care with the proper depth can explain it in more detail.

mike walsh king koin of bismarck

 

[ted mcmeekin]

too late for theory--the coins are dead

Ted

 

[I.B. Washincars]

too late for theory--the coins are dead

Ted

I thought for a moment there that a long banned member had returned under an alias. Once I realized that the post was short, to the point, no words in all caps, and each word spelled correctly, I knew that I was mistaken

 

[Earl Weiss]

too late for theory--the coins are dead

Ted

According to the story they are still putting 400 million a year into circulation. Since they last longer than coins perhaps this will take over in time, just not as quickly as planned or as some hope.

 

[MEP001]

According to the story they are still putting 400 million a year into circulation. Since they last longer than coins perhaps this will take over in time, just not as quickly as planned or as some hope.

That's barely more than one coin per person. It's definitely going to take a while.