Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Financial News

Kill The Dollar Bill, For $1 Coins Instead?

Wednesday, November 28, 2012 - 5:53 PM
From CNNMoney.com
A nonpartisan, investigative arm of Congress is calling for the United States to stop printing dollar bills and switch entirely to $1 coins instead.

Read more

This reminds me when the government tried to encourage $1 coin usage by allowing people to buy $1 coins with their credit cards without shipping charges. Instead of increasing $1 coins in circulation, it just helped people increase their credit card cash back rewards.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Wednesday, November 28, 2012 - 6:12 PM
Creeps no!  Am I the only one who remembers what a fiasco those Susan B. Anthony dollar coins turned out to be?  People (including myself) hated them!  Dollar coins are a lot heavier to carry than paper bills.  Men especially hated them.  Are we going to have special purses for men so they can carry tons of dollar coins?  They could find a way to make dollar bills more sturdy if they wanted to.  I don't know too many people who really want to change to dollar coins.  I sure hope they trash that idea!
4
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
2. Wednesday, November 28, 2012 - 6:24 PM
Canada has plastic bills:

http://abcnews.go.com/blogs/business/2011/11/canada-introduces-new-plastic-currency/
3
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
3. Wednesday, November 28, 2012 - 7:12 PM
Canada has plastic bills:

http://abcnews.go.com/blogs/business/2011/11/canada-introduces-new-plastic-currency/


Canada also does not have any bills in denominations less than five Canadian dollars. One and two dollar denominations are coins.

ADDITION: I was last in Canada in July, and the only bills I encountered were all paper (though I don't think I had any $100 bills). The article cited above is already a year old, so I guess the plastic currency must not yet be widely in circulation. There have been anecdotes about the plastic currency melting, reported in a Los Angeles Times article of July 13, 2012, though the Bank of Canada claims that the plastic material can withstand the heat of clothes dryers . . . I wonder if this gives new meaning to the term "money laundering"?
4
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
4. Wednesday, November 28, 2012 - 7:25 PM
I could live with plastic but I still don't like the one and two dollar coin idea.  I heard that the plastic is very thin so it would not be heavy to carry and last longer than paper.  Maybe we should wait a while to see how it does in Canada before they change our currency.  Too bad we can't get a vote on such an important change.
2
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
5. Wednesday, November 28, 2012 - 7:36 PM
Plastic is nothing new and has been around for a while now:

Polymer note technology was developed by Australia, and Australia prints polymer banknotes for a number of other countries. In 1988, Australia introduced its first polymer bank note and in 1996, Australia became the first country in the world to have a complete series of polymer notes. Australia’s notes are printed by Note Printing Australia, a wholly owned subsidiary of the Reserve Bank of Australia. Note Printing Australia prints polymer notes for a growing number of other countries including Bangladesh, Brunei, Chile, Indonesia, Kuwait, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Romania, Western Samoa, Singapore, Solomon Islands, Sri Lanka, Thailand and Vietnam. Many other countries are showing a strong interest in the new technology.
2
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
6. Thursday, November 29, 2012 - 11:06 AM
All they have to do is stop printing the paper dollar bill and only make the dollar coin and people will adjust. 
1
dpandslemmendpandslemmen22 posts since
Feb 10, 2011
Rep Points: 109
7. Thursday, November 29, 2012 - 4:15 PM
DP:  You must be too young to remember the "Susan B. Anthony coins".  People refused to adjust to them and we managed to get our paper dollars back.  A purse full of those things could make anyone angry!  Plastic ok, but the coins have to stay in the dumpster where they belong.
1
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
8. Saturday, December 1, 2012 - 12:44 AM
I remember those dollar coins. I also remember trying to spend them. Everybody thought they were quarters.

I finally gave up and took them all to the bank and exchanged them for "real money".
2
BozoBozo135 posts since
Feb 14, 2011
Rep Points: 917
9. Friday, May 3, 2013 - 10:15 AM
DP:  You must be too young to remember the "Susan B. Anthony coins".  People refused to adjust to them and we managed to get our paper dollars back.  A purse full of those things could make anyone angry!  Plastic ok, but the coins have to stay in the dumpster where they belong.


If 40 is young then yes, I do remember the Susan B's but they were going out of favor when I was old enough to remember.  I did not know that they also stopped print the paper dollar at the same time.  The Problem with the Susan B's is like BOZO said they looked and felt to much like a quarter.  The new dollar coins are easier to tell apart.
2
dpandslemmendpandslemmen22 posts since
Feb 10, 2011
Rep Points: 109
Reply