Topaz Posted March 11, 2007 Report Share Posted March 11, 2007 After listening to a US radio program about how the US has issued a $ dollar coin and how the US banks don't like the coins and are trying not to let them out to the public. Most of the reason the banks don't like them is they are heavier than paper but they last 60 years and paper doesn't. Here is Canada we have coin $1 and 2$ with the 5$ in the future, the savings of having them is about $600,000 yearly. so how do the average US citizen really feel about these coins??? Quote Link to comment Share on other sites More sharing options...
ft.niagara Posted March 11, 2007 Report Share Posted March 11, 2007 After listening to a US radio program about how the US has issued a $ dollar coin and how the US banks don't like the coins and are trying not to let them out to the public. Most of the reason the banks don't like them is they are heavier than paper but they last 60 years and paper doesn't. Here is Canada we have coin $1 and 2$ with the 5$ in the future, the savings of having them is about $600,000 yearly. so how do the average US citizen really feel about these coins??? The idea of paper is it is lighter, and easier to carry. The idea of coins is for vending machines, but there is already the ability for vending machines to do paper. Change is easier to loose falling out of pocket laying down, or in a chair. The savings does not seem to be that big a deal. Quote Link to comment Share on other sites More sharing options...
jbg Posted March 11, 2007 Report Share Posted March 11, 2007 After listening to a US radio program about how the US has issued a $ dollar coin and how the US banks don't like the coins and are trying not to let them out to the public. Most of the reason the banks don't like them is they are heavier than paper but they last 60 years and paper doesn't. Here is Canada we have coin $1 and 2$ with the 5$ in the future, the savings of having them is about $600,000 yearly. so how do the average US citizen really feel about these coins??? The idea of paper is it is lighter, and easier to carry. The idea of coins is for vending machines, but there is already the ability for vending machines to do paper. Change is easier to loose falling out of pocket laying down, or in a chair. The savings does not seem to be that big a deal. I don't know what the "average" American thinks, but vending machines' acceptance of paper is balky. I would require that vending machines accept the $1 coin, and get them into circulation that way. My bet (if they also put George Washington onto the coin) is that they'd take over from the $1 bill fast. Quote Link to comment Share on other sites More sharing options...
Wilber Posted March 11, 2007 Report Share Posted March 11, 2007 Interesting the US still feels that way when everyone else has moved to coins. The smallest Japanese bill is 1000 yen or around $8.45 USD. UK 5 pounds =$9.65 USD. 5 Euros =$6.55 USD. When I have several bills in my wallet I feel like I have a bit of cash. Often when I am in the US I'll end up with a big wad of bills in my wallet but when I go to buy something, I find they are all ones from change I have received and I don't have enough money. It took a while to get used to but I wouldn't want to go back to 1 and 2 dollar bills. I have got Susan B dollars as change from government operated machines in the US. Quote Link to comment Share on other sites More sharing options...
mcqueen625 Posted March 11, 2007 Report Share Posted March 11, 2007 After listening to a US radio program about how the US has issued a $ dollar coin and how the US banks don't like the coins and are trying not to let them out to the public. Most of the reason the banks don't like them is they are heavier than paper but they last 60 years and paper doesn't. Here is Canada we have coin $1 and 2$ with the 5$ in the future, the savings of having them is about $600,000 yearly. so how do the average US citizen really feel about these coins??? The idea of paper is it is lighter, and easier to carry. The idea of coins is for vending machines, but there is already the ability for vending machines to do paper. Change is easier to loose falling out of pocket laying down, or in a chair. The savings does not seem to be that big a deal. I tends to agree with your remarks, and besides how much further ahead are we with these supposed savings, considering Chretien wasted how much on Sponsorship and the failed gun registry. As far as I'm concerned, it just gave the government more money to waste on other things that are of no importance to most Canadians. Quote Link to comment Share on other sites More sharing options...
Wilber Posted March 11, 2007 Report Share Posted March 11, 2007 I tends to agree with your remarks, and besides how much further ahead are we with these supposed savings, considering Chretien wasted how much on Sponsorship and the failed gun registry. As far as I'm concerned, it just gave the government more money to waste on other things that are of no importance to most Canadians. Thats one of the dumbest things I've ever heard. Quote Link to comment Share on other sites More sharing options...
Liam Posted March 11, 2007 Report Share Posted March 11, 2007 I'm American who hates a pocket of loose change, but I do wish we'd get a successful $1 coin. It's more durable and has to be replaced less frequently. Quote Link to comment Share on other sites More sharing options...
PolyNewbie Posted March 11, 2007 Report Share Posted March 11, 2007 This may be debt free currency produced by the government and therefore prevents the private bankers from collecting interest on every dollar denomination in circulation. If I am not mistaken the coins to not say "Federal Reserve" on them. Quote Link to comment Share on other sites More sharing options...
geoffrey Posted March 13, 2007 Report Share Posted March 13, 2007 I knew that was coming. Quote Link to comment Share on other sites More sharing options...
moderateamericain Posted March 13, 2007 Report Share Posted March 13, 2007 I knew that was coming. god finally, i dont mind the extra weight, well unless i drive my car off a bridge Kennedy style. I hate machines that take dollar bills, if you have them the least bit crumpled its a pain in the rear. Especially at those automated grocery stores now. Quote Link to comment Share on other sites More sharing options...
geoffrey Posted March 15, 2007 Report Share Posted March 15, 2007 We should just scrap the cash concept and pay with our cell phones. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted March 20, 2007 Report Share Posted March 20, 2007 I tends to agree with your remarks, and besides how much further ahead are we with these supposed savings, considering Chretien wasted how much on Sponsorship and the failed gun registry. As far as I'm concerned, it just gave the government more money to waste on other things that are of no importance to most Canadians. Thats one of the dumbest things I've ever heard. One of the best things I have read actually. Government waste is rampant, and the savings of making the coins seem to be outwieghed by the corruption that goes on in government. No progress is made here. Quote Link to comment Share on other sites More sharing options...
M.Dancer Posted March 20, 2007 Report Share Posted March 20, 2007 I'm a habitual coin saver. The loon and toon to me are, quite frankly money in the bank. Last year between my wife and I we saved over 2,000 in pocket change..... Quote Link to comment Share on other sites More sharing options...
Mad_Michael Posted March 20, 2007 Report Share Posted March 20, 2007 We should just scrap the cash concept and pay with our cell phones. My interest in liberty prevents me from ascribing to such systems. There is liberty in cash. History has taught us nothing if not that Governments can and will abuse every power you give them. Hand over everything you have to an electronic system and you will have to ask permission to use your own money. What if the government doesn't approve of your purchase? They will have the physical power to prevent the financial transfer. That is a loss of liberty. Quote Link to comment Share on other sites More sharing options...
geoffrey Posted March 20, 2007 Report Share Posted March 20, 2007 Fair enough, point taken. Quote Link to comment Share on other sites More sharing options...
jbg Posted March 21, 2007 Report Share Posted March 21, 2007 My interest in liberty prevents me from ascribing to such systems. There is liberty in cash. History has taught us nothing if not that Governments can and will abuse every power you give them. Hand over everything you have to an electronic system and you will have to ask permission to use your own money. What if the government doesn't approve of your purchase? They will have the physical power to prevent the financial transfer. That is a loss of liberty.Excellent. The only modification I'd make is relatively frequent replacement of currency with currency of new design, so as to weed out the "underground economy". Quote Link to comment Share on other sites More sharing options...
Wilber Posted March 21, 2007 Report Share Posted March 21, 2007 One of the best things I have read actually. Government waste is rampant, and the savings of making the coins seem to be outwieghed by the corruption that goes on in government. No progress is made here. I take it then that any attempt by those in government to save money is a waste of time. In that case I guess you would have no objection to giving them more. Quote Link to comment Share on other sites More sharing options...
Wilber Posted March 21, 2007 Report Share Posted March 21, 2007 We should just scrap the cash concept and pay with our cell phones. Not a bad idea to have some cash around in the event of power outages or some kind of disaster which makes electronic transactions impossible for awhile. Believe it or not there are places where money is required and cell phones don't work. Quote Link to comment Share on other sites More sharing options...
PolyNewbie Posted March 21, 2007 Report Share Posted March 21, 2007 The coins don't say "Federal Reserve Note" on them. Its likely they are like Canadian hard currency and not earning interest for the banks while in circulation, unlike electronic money in Canada and unlike all paper money and electronic money in the States. Every Federal Reserve Note in circulation is earning interest for the Fed. Quote Link to comment Share on other sites More sharing options...
Charles Anthony Posted March 21, 2007 Report Share Posted March 21, 2007 The advantage of coinage over paper currency is that it is practically indestructible. The Federal Reserve can blow up tomorrow or the minting stopped by raging anarchists but the existing currency can still circulate successfully forever and ever amen. The only modification I'd make is relatively frequent replacement of currency with currency of new design, so as to weed out the "underground economy".How would that weed out the underground economy? Quote Link to comment Share on other sites More sharing options...
August1991 Posted March 22, 2007 Report Share Posted March 22, 2007 Why is it that discussions of money bring out the whackos (or the whacko side of people)? In Canada, the Bank of Canada issues paper money. The Royal Canadian Mint issues coins. The Bank of Canada controls the "money supply" so that means only it can decide to print and issue more notes. The Mint trades coins in exchange for paper money. (In the US, the Federal Reserve issues paper money and the US Mint issues coins. Incidentally, it is the US treasury that in fact prints the notes hence the Secretary of the Treasury's signature. The Sec of the Treasury is roughly equivalent to our Minister of Finance.) The great advantage of cash over other types of money is that cash is anonymous. Indeed, anonymity is one of the great advantages of the market mechanism. The price mechanism allows multitudes to co-operate anonymously. The choice of what denominations should be in paper or metal is a trade-off between ease of use, cost of production, durability and tradition. Under $5, coins are better. Over $5, paper is better. The history of money in the US is fascinating. Until 1913, the US did not have a central bank as such although it had experimented with a quasi-central bank in the early 1800s. Here's an interesting fact about paper money. Quote Link to comment Share on other sites More sharing options...
Charles Anthony Posted March 22, 2007 Report Share Posted March 22, 2007 Why is it that discussions of money bring out the whackos (or the whacko side of people)?You mean: What are some of the great disadvantages of anonymity on the internet? The choice of what denominations should be in paper or metal is a trade-off between ease of use,I think this first trade-off between ease of use is completely destroyed by cashiers who give change by handing the paper bills in your palm and then piling the coins ON TOP of the paper. This always boggles my mind. Can somebody explain this to me? Quote Link to comment Share on other sites More sharing options...
jbg Posted March 22, 2007 Report Share Posted March 22, 2007 I think this first trade-off between ease of use is completely destroyed by cashiers who give change by handing the paper bills in your palm and then piling the coins ON TOP of the paper. This always boggles my mind. Can somebody explain this to me?As some sort of very temporary paperweight? Quote Link to comment Share on other sites More sharing options...
Charles Anthony Posted March 22, 2007 Report Share Posted March 22, 2007 Yes, I forgot to mention that I have a set five digits (two of them miraculously being opposable) attached to each of my limbs with which to clutch objects. Thank you. I should have been more clear. Quote Link to comment Share on other sites More sharing options...
jbg Posted March 22, 2007 Report Share Posted March 22, 2007 Yes, I forgot to mention that I have a set five digits (two of them miraculously being opposable) attached to each of my limbs with which to clutch objects. Thank you. I should have been more clear.Interesting. I do too. I lack opposable digits on my feet. There are primates with all four paws having an opposable digit. Quote Link to comment Share on other sites More sharing options...
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