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Congress considers getting rid of dollar bills for $1 coins to save money

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article-dollar-1130.jpg

 

 

 

 

 

Is it time to ditch the dollar?

 

Congress is taking a new look at killing bill — the dollar bill — as lawmakers search for creative ways to slash spending.

 

A new report by congressional auditors claims that replacing dollar bills with dollar coins could save taxpayers $4.4 billion over 30 years.

 

The coins last for decades, but the bills wear out and must be replaced every four or five years, the auditors found.

 

It’s the seventh time that the Government Accountability Office has documented the savings that dooming the dollar could generate.

 

Now a coalition of mining companies, vending machine operators and other interested parties is trying to rally Americans behind the idea, framing it as an easy way to attack the deficit without hiking taxes.

 

On Thursday, a House Financial Services subcommittee held a hearing to explore phasing out the dollar.

 

Several lawmakers sounded like they are not about to consign all those George Washingtons to history.

 

Rep. Lacy Clay (D-Mo.) said men don’t like carrying coins in their pockets or their suits

 

Read more: http://www.nydailynews.com/news/national/ax-dollar-bills-save-money-congress-article-1.1211013#ixzz2DuQQOtGJ

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I barely used the dollar bill or the dollar coin as it is, I probably wouldn't even notice it. Though now getting change would be somewhat sore carrying those coins instead.

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Dump the penny, dump the$1 bill, bring back the $2* and everything is good. Might improve things on the bus if people had to carry dollar coins.

 

* I know they are out there, but they are not very common and people still either: don't know about it or they think it's a fake.

Edited by Grand Concourse
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To be fair with $1 coins your less likely to lose those compared to dollar bills. I mean if a coin falls on the floor at least you'll hear it. Just sayin.

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I could live with it. A dollar coin and a dream.....

 

You know it is pretty hard to forge a coin as compared to counterfeit bills. I've literally seen a person once who used state of the art scanners and paper, then soaking the specially printed paper in some sort of solution and let it dry to make the counterfeit bills. Imagine trying to forge metals to make a coin. Not too easy.

Edited by realizm

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I would be in favor of only $1 coins, as there are many benefits. Just from a transit riders point of view there are many benefits such as reduced dwell time during fare payment due to fareboxes (which accept bills) not accepting older/damaged bills, or for use in vending machines when you're on the go.

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I could live with it. A dollar coin and a dream.....

 

You know it is pretty hard to forge a coin as compared to counterfeit bills. I've literally seen a person once who used state of the art scanners and paper, then soaking the specially printed paper in some sort of solution and let it dry to make the counterfeit bills. Imagine trying to forge metals to make a coin. Not too easy.

 

Actually lol "Powerball" is now $2 a game to start. Megamillions is still only a buck. :lol:

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How is saving $4.4 billion over 30 years going to help solve the $16 trillion deficit that we need solved now?

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Personally, I'd prefer the bills. They're easier to fold up in a wallet, and I think they're also a little harder to lose.

 

Also, the coins last longer, but I'm pretty sure the dollar bills cost a lot less to produce (I mean, sure you need special ink and paper, but still).

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How is saving $4.4 billion over 30 years going to help solve the $16 trillion deficit that we need solved now?

 

It's a (small) step in the right direction.

 

Personally, I'd prefer the bills. They're easier to fold up in a wallet, and I think they're also a little harder to lose.

 

Also, the coins last longer, but I'm pretty sure the dollar bills cost a lot less to produce (I mean, sure you need special ink and paper, but still).

 

I'd counter argue that coins have a life of up to 50 years, while paper money usually on reaches 10 years, maximum.

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Makin it rain !!

 

Nah, but I'd rather have the dollar bills around also.... It's bad enough the MVM's/TVM's give you a bunch of those things now, soundin like you hit the jackpot on the old slot machines.... Yes, coins last longer, but they're also heavier.... I must have like 20-30 dollars worth in my bag right now, weighing it down; prolly refill my metrocard tomorrow to get rid of some of em.....

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Makin it rain !!

 

Nah, but I'd rather have the dollar bills around also.... It's bad enough the MVM's/TVM's give you a bunch of those things now, soundin like you hit the jackpot on the old slot machines.... Yes, coins last longer, but they're also heavier.... I must have like 20-30 dollars worth in my bag right now, weighing it down; prolly refill my metrocard tomorrow to get rid of some of em.....

 

How did you accumulate so many? Besides, twenty coins is managable. I've ran and skate/boarded before with them and have had no issue.

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Also, the coins last longer, but I'm pretty sure the dollar bills cost a lot less to produce (I mean, sure you need special ink and paper, but still).

 

Last I heard the amount of ink and paper used for a dollar bill amounts to four cents.

 

 

I'd counter argue that coins have a life of up to 50 years

 

Probably longer than that, even with daily wear and tear. The only reason you don't see any dimes or quarters earlier than 1964 is that those were 90-something percent silver... I have plenty of coins from between '65 and '70 that are still in pretty good shape. Hell last week I got a nickel from '48 in the change. It didn't look brand new, obviously, but it was in fair enough condition, so straight into the collector's folder it went...

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Last I heard the amount of ink and paper used for a dollar bill amounts to four cents.

 

 

 

 

Probably longer than that, even with daily wear and tear. The only reason you don't see any dimes or quarters earlier than 1964 is that those were 90-something percent silver... I have plenty of coins from between '65 and '70 that are still in pretty good shape. Hell last week I got a nickel from '48 in the change. It didn't look brand new, obviously, but it was in fair enough condition, so straight into the collector's folder it went...

 

You'll hate me when I tell you that I spend the few silver coins I recieve. I got this quarter from '62 in near mint condition, so I was going to sell it for around $4.00, but when I was searching for my bus pass it fell out of my wallet. It got dinged so I spent it as I did any other quarter. I was so pissed.

 

As for any coins of a lower denomination, I don't care enough to do anything as those coins are already mostly detiriorated. What I have been finding lately are wheat pennies in fair condition. One is even a cherry red color (that one I'm keeping).

Edited by Turbo19

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How did you accumulate so many? Besides, twenty coins is managable. I've ran and skate/boarded before with them and have had no issue.

 

To each his own, I find them cumbersome to carry around... Only in my bag, never carry a wad of coins of any type in my pocket....

 

To answer your question though, buying NJT tickets from the TVM's (with the odd prices & all), mainly...

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You'll hate me when I tell you that I spend the few silver coins I recieve. I got this quarter from '62 in near mint condition, so I was going to sell it for around $4.00, but when I was searching for my bus pass it fell out of my wallet. It got dinged so I spent it as I did any other quarter. I was so pissed.

 

As for any coins of a lower denomination, I don't care enough to do anything as those coins are already mostly detiriorated. What I have been finding lately are wheat pennies in fair condition. One is even a cherry red color (that one I'm keeping).

 

 

Hmmmm... what I do is, I try to find the best example of every year of every coin I can... the rest, I deposit in the bank (or I would, except I haven't gotten around to the actual depositing yet, so there are bags of coins sitting around in my room just waiting to be examined)... I replace the ones in my albums if I find a better example later...

 

My parents and grandparents hoarded silver coins back in the mid-60's when they found out the mint was changing to clad composition, so we have a very nice collection of silver coins in good condition, in pretty much every denomination.

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To each his own, I find them cumbersome to carry around... Only in my bag, never carry a wad of coins of any type in my pocket....

 

To answer your question though, buying NJT tickets from the TVM's (with the odd prices & all), mainly...

 

I would've assumed TMV's as that's how so many people around here get stuck with them at our Metrolink TMV's.

 

 

Hmmmm... what I do is, I try to find the best example of every year of every coin I can... the rest, I deposit in the bank (or I would, except I haven't gotten around to the actual depositing yet, so there are bags of coins sitting around in my room just waiting to be examined)... I replace the ones in my albums if I find a better example later...

 

My parents and grandparents hoarded silver coins back in the mid-60's when they found out the mint was changing to clad composition, so we have a very nice collection of silver coins in good condition, in pretty much every denomination.

 

I'll be honest, I have never been much of a coin collector. Nonetheless, I am somewhat interested in money. I have always examined both bills and coins designs, dates, etc.

 

Likewise, my grandparents stashed their share of old coins, and to a lesser extent bills. They all seemed to be in a fair condition. A few months after my grandmother passed away, my family and I were struggling financially. Stupidly, we spent most of them at face value. I felt bad at the time, but when we moved, I found whatever was left was damaged by water. So it was better spent I would guess.

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you're going to be kicking yoursel, quite hard I might add...

 

1 pre 1964 90% silver dime on ebay

 

$2

 

1 pre 1964 90% Silver quater on ebay

 

$6

 

1 1965-1969 40% Silver Kennedy half dollar (the half dollar remained 40% silver for 5 years) on ebay

 

$4.50

 

1 Silver "Morgan dollar" on Ebay

 

$30

 

Speaking from my expeinces with selling them, I will go so far as to guarantee prices for those coins at those levels.

 

All are reguardless of condition when being sold for the silver content. a worn to hell and back coin is worth just as much as a mint one.

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you're going to be kicking yoursel, quite hard I might add...

 

1 pre 1964 90% silver dime on ebay

 

$2

 

1 pre 1964 90% Silver quater on ebay

 

$6

 

1 1965-1969 40% Silver Kennedy half dollar (the half dollar remained 40% silver for 5 years) on ebay

 

$4.50

 

1 Silver "Morgan dollar" on Ebay

 

$30

 

Speaking from my expeinces with selling them, I will go so far as to guarantee prices for those coins at those levels.

 

All are reguardless of condition when being sold for the silver content. a worn to hell and back coin is worth just as much as a mint one.

 

Yeah, I knew most of the estimates, but I didn't want to look like a fool asking for such an amount. Oh well. It's done and over with. Now, to find my 1999-2009 quarter collection for holiday gifts... damn I spent it all last year. Honestly, never trust me with special/rare currency :lol: .

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Lol, well if we're gonna be talking about older coins, I'll admit I'm a hoarder of anything 1960 and older coins. When I traded in like 15 years worth of pennies at then Commerce Bank, I immediately traded them in for $30 worth of quarters just so I can not only find more of the state quarters, but also pre 1960s ones. I lost track of how much I have, but I think it's at least enough to fill 1 roll. Not much, but if it has some silver, it's worth it as I don't see the dollar ever recovering its value.

 

As for what to do with the load of $1 coins, I'd trade them in for the $2 bills, and then problem solved :) Plus I know it's kinda pointless to counterfeit a $1 bill, but I wouldn't be surprised if there's a bunch of fake $1 circulating. They don't have those bar codes or other 'security' features that lets you know it's legit. So I honestly don't care about the $1 bill. Get rid of them.

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As for what to do with the load of $1 coins, I'd trade them in for the $2 bills, and then problem solved :)

 

Well that is a solution.... Except, what establishment (storefront) carries 2 dollar bills like that? Unless you're talking about going to a bank, and with as long as the lines at banks are now, people are not gonna wanna stand in line just to dump off dollar coins for 2 dollar bills when the 1 dollar bill is (currently) at everyone's disposal.....

 

I bet if I were to buy 2 dollars worth of junk at some newsstand & pay w/ a $2 bill, I'd get accused of counterfeiting - that's how seldom seen they are.... I mean I got a couple laying around in an old dusty briefcase, as well as the one I keep in my wallet for good luck (don't ask... lol)..... I mean a lot of them now look at you like you're stupid when you give them the dollar coins.... I've made this point before, hardly anyone wants those things (dollar coins) - even though it's still money.....

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And those looks are what makes me keep handing them $1 coins & $2's, so instead of deterring me, I'll bring more.

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Well that is a solution.... Except, what establishment (storefront) carries 2 dollar bills like that? Unless you're talking about going to a bank, and with as long as the lines at banks are now, people are not gonna wanna stand in line just to dump off dollar coins for 2 dollar bills when the 1 dollar bill is (currently) at everyone's disposal.....

 

I bet if I were to buy 2 dollars worth of junk at some newsstand & pay w/ a $2 bill, I'd get accused of counterfeiting - that's how seldom seen they are.... I mean I got a couple laying around in an old dusty briefcase, as well as the one I keep in my wallet for good luck (don't ask... lol)..... I mean a lot of them now look at you like you're stupid when you give them the dollar coins.... I've made this point before, hardly anyone wants those things (dollar coins) - even though it's still money.....

 

Well, the government would need to inform everyone that the $1 bill is phased out and replaced by a $1 coin and a 'reintroduction' of the $2 bill. I would guess they'd need to update the $2 and insert that bar code so that people will know it's real. That way people won't be suspicious of the $2 bill. I don't blame you, my grandpa had quite a few $2 bills, most in crisp condition. I know it doesn't do any good hoarding them, but they are neat and why not? :) True, the main times I ever used the dollar coins was in vending machines or on the bus. I tried to collect the president $1 coins, but gave up after Van buren (#8) $25 per roll of the same guy was too much of a drain and I already missed a bunch of the other 7 presidents. I'll just save a picture of all the coins instead. Quarters are much easier to deal with for collecting. Edited by Grand Concourse

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Well, the government would need to inform everyone that the $1 bill is phased out and replaced by a $1 coin and a 'reintroduction' of the $2 bill. I would guess they'd need to update the $2 and insert that bar code so that people will know it's real. That way people won't be suspicious of the $2 bill. I don't blame you, my grandpa had quite a few $2 bills, most in crisp condition. I know it doesn't do any good hoarding them, but they are neat and why not? :) True, the main times I ever used the dollar coins was in vending machines or on the bus. I tried to collect the president $1 coins, but gave up after Van buren (#8) $25 per roll of the same guy was too much of a drain and I already missed a bunch of the other 7 presidents. I'll just save a picture of all the coins instead. Quarters are much easier to deal with for collecting.

 

There was many flaws with the presidential dollar series. Unfortunate to see the remaining series not go into circulation.

 

By any chance are you collecting the 2010-2021 series of quarters?

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