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ZeeSaga
Some believe that the US should stop printing the 1 dollar bill and go to the dollar coin exclusively. They say this would be better because dollar coins last for 15X as long as the paper dollar (30yrs vs. 22 months) and that many other countries have gotten rid of their lowest paper currency in favor of the coin. The biggest problem seems to be usage of the coins right now. Here is an article about the topic:
Slate article on getting rid of the paper dollar

and a wikipedia article on a bill to save the bill and reasons against getting rid of it:
Wiki article on the Save the Greenback Act

I guess the main question is do we keep the paper dollar because people like it more even though scrapping it would save quite a bit of money?

Do you agree or disagree with getting rid of the paper dollar and why?
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entspeak
Do you agree or disagree with getting rid of the paper dollar and why?

I agree with getting rid of it, it would save money in the long run. A dollar coin may cost slightly more to make, but it lasts about 20 times longer in circulation. The only real problem with it is the weight. People don't like to carry them around and I'd imagine it is the one bill people carry a lot of. And what will the stripping industry do? wink.gif
Gray Seal
I do not give out dollar bills at my business. I use two dollar bills and dollar coins. It makes sense to make the switch. I find this combination easier to use than the dollar bill.
Paladin Elspeth
If dollar bills were scrapped in favor of coinage, it would be a boon to the handbag industry because coins disrupt a young woman's fashion statement when there are discernible lumps in the pockets of her already incredibly tight jeans. shifty.gif I would personally have no problem, however, with $1 coins. The Sacajawea dollar is especially pretty, but you seldom see it in circulation where I live.

My son-in-law hates carrying change(!). He used to give it to my daughter to hold onto when they were on dates, then he wouldn't ask for it back. I hope he's changing his ways, now that my daughter is his wife and they have a days-old baby girl. He needs to save that coinage! thumbsup.gif
JohnfrmCleveland
Do you agree or disagree with getting rid of the paper dollar and why?

I've been in favor of dollar coins since Susan B. Anthonys were in circulation, but I think both the Susan B's and the Sacagaweas were big design mistakes. The new ones, with a different president every year, are handsome coins.

If the government would just get behind the switch and essentially force vending machine makers to adopt the dollar coin format, it could happen quickly. What else are dollar bills used for these days, anyway? Chips and sodas, that's it.
______________________________

QUOTE(entspeak @ Oct 11 2009, 06:53 PM) *
And what will the stripping industry do? wink.gif


We'd throw coins onstage, and the strippers would bend down to pick them all up when they were done dancing. That might be pretty entertaining in itself.
entspeak
QUOTE(JohnfrmCleveland @ Oct 11 2009, 11:18 PM) *
QUOTE(entspeak @ Oct 11 2009, 06:53 PM) *
And what will the stripping industry do? wink.gif


We'd throw coins onstage, and the strippers would bend down to pick them all up when they were done dancing. That might be pretty entertaining in itself.


Instead of making it rain, customers can make it hail.
Vermillion
Twenty two years ago, Canada had exactly the same debate, with exactly the same cries of lament about getting rid of the precious 1$ bill. But the Royal Canadian Mint issues the 'Loonie' dollar coin, stopped printing the dollar bill, and much doom was forseen.

Except of course, everyone accepted the Loonie, everyone loved it, and absolutely nobody missed the dollar bill. It was such a success, that when a few years later the mind got rid of the two-dollar bill in favour of a 'Twoonie', it was universally accepted with almost no protest. Now nobody even thinks twice about it, everyone loves their dollar and two-dollar coins, and the Royal canadian mint has saved hundreds of millions of dollars in 22 years.

The fuss turned out to be (as many such fusses do) much ado about nothing.
Julian
I can back up Vermillion's experience from the British perspective; it's over 10 years now since the pound note was retired altogether, being replaced by pound coins.

There were predictable reactions to this from conservative elements in society (most particularly the tabloid and mid-market press, for whom nothing is ever quite conservative enough) who railed against the idea as a betrayal of nation, history, etc. Equally predictably, the public adopted the coins without so much as batting their eyelids.

IMO it's an inevitable by-product of the inflation that governments use as their primary debt-management tool. As the currency devalues over time, the smaller denominations become less useful (i.e. they don't buy as much) but more used (i.e. they become more important as units of change in cash transactions). Ultimately, the smallest units get to the point of being used ONLY as change (next to nothing costs a single cent or penny) and eventually, there won't be much point in minting the smallest coins at all. (The British half penny became obsolete in the 1980s.)
BoF
Do you agree or disagree with getting rid of the paper dollar and why?[/quote]

I had not planned to post on this thread, but after having coffee with a friend I havenít seen in a while this morning, I just couldn't resist.

My friend is quite well off and spends much of his leisure time in the VIP room at ďgentlemanís clubĒ in Dallas called The Lodge.

I happened to mention this thread this morning and he said that it would be hard to place a metal dollar in the appropriate place on an entertainerís wardrobe, or lack thereof. laugh.gif devil.gif w00t.gif

I am attaching a disclaimer to my friendís objection. dry.gif
entspeak
QUOTE(Julian @ Oct 12 2009, 05:12 AM) *
I can back up Vermillion's experience from the British perspective; it's over 10 years now since the pound note was retired altogether, being replaced by pound coins.

There were predictable reactions to this from conservative elements in society (most particularly the tabloid and mid-market press, for whom nothing is ever quite conservative enough) who railed against the idea as a betrayal of nation, history, etc. Equally predictably, the public adopted the coins without so much as batting their eyelids.


Yeah, as a traveler, I just wish it were easier to get rid of them on the way back home. Nobody seems to like to exchange coins. I had the same problem in Canada. So, now I've got a couple of little bags with English and Canadian coins in them.
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