Prev Next
Featured Quizzes
Politix Daily Headlines
Featured Debates
Issues

See all 19 issues

MONEY

Congress Considers Ending the Dollar Bill

Could the US save by using coins instead?

Next>

by PolitixMayday

Staff Writer t

Image: AP

It may be a good time to invest in steel, aluminum, and zinc, as congressional auditors tell a budget-conscious Congress that cutting dollar bills and replacing them with coins could save taxpayers some $4.4 billion over 30 years, the Associated Press reports.

But the coin has its opponents. Representatives Lacy Clay (D-MO) and Carolyn Maloney (D-NY) say coins would inconvenience citizens, causing problems from simple confusion to being uncomfortable to carry.

"If the people don't want it and they don't want to use it, why in the world are we even talking about changing it?" Maloney said, according to the AP.

For five years, the Mint produced Presidential $1 coins, totaling about $2.4 billion. But the coins didn't catch on, and a large portion wound up in Federal Reserve hands. Production ceased last year, the AP reports.

Congress is also mulling changes to coins like pennies and nickels as prices for copper and silver rise. Representative Steve Stivers (R-OH) suggest the government move to multiplated steel, saving taxpayers $200 million a year, the AP reports. The penny and nickel both cost more to produce than they're worth.

Via the Associated Press
Like this article? B Vote Up
?

Support $1 coins?

View results

62 Comments (view in Forum)

  • tomincali
    !
    and what good is the saving of the 4.4 if gov is just going to find a way to waste unless the saving will be passed right to the citizens?
  • Rocker
    !
    I one of the old timers everybody gets hacked at in the stores who does not use a debit card like they're trying to wear the numbers off of it. Don't even own one.
  • stepped_in_it
    !
    @Rocker To each their own! I, for one, don't like the hassle of carrying cash, the chance of losing it and the having to go to a bank/check cashing place to get it. By the way, though not an "old timer", I am fast approaching 60 yrs old and consider auto deposit/withdrawals/payments a "boon" to mankind....but that's just me, a 21st century man!
  • stepped_in_it
    !
    @Thunderchicken Same here. Pay very little to no interest on those cards (as I pay them off each billing cycle). Does wonders for your credit ratings, which, without a good ratings you pay more for anything you do buy on credit! Wonderful cash back bonuses....lol
  • Thunderchicken
    !
    @stepped_in_it

    "Does wonders for your credit ratings"

    Amen! A bit of weirdness, our credit cards are in my sweetie's name and even though I sign the checks, her credit rating is higher than mine. And she doesn't have a job.???

  • Load more replies >

  • Romney2012
    !
    I like the fact that it saves billions, but is it really worth it if I have to carry coins in my wallet all of the time? Next they will take the 5 dollar bill, then the ten. I don't care what Republicans say, paper one dollar bills have been a part of the system for so long, that it would cost more for everybody else than it would them! Vending machines would have to change, and so would cashier drawers, and a lot of other etc.
  • Nat
    !
    The only positive I can think of for carrying a wallet full of coins is that you can knock out the guy trying to steal your wallet. I don't think they thought this through. Either that, or they are working toward a totally plastic society. Watch out for that one.
  • stepped_in_it
    !
    @Nat And the bad about a totally plastic society is? I have been over 95% free of "paper" money for over 15 years. Have had no problems. Love auto deposit and withdrawal. Most of my bills come via e-mail and have never had a problem with any of it! As a matter of fact, I "started" auto deposit in 1980 and hate having to stand in a bank line to "give" them my money. Please don't tell me you are one of the "every Friday", stand in line and get C A S H from the bank or (forbid) one of those "check" cashing places (that charge you for your money)?
  • marine1
    !
    @Nat I have said for many years, the goverment goal is to do away with cash and the reason is very simple. They want to be able to track every dime spent soooooo, when you pay the boy 20 for mowing your yard, uncle thief will automaticly get his 20/20 %.
  • Politic-n
    !
    @marine1 BINGO! They have even tried experimenting with RFID devices in paper money, but many people microwave their money to avoid the privacy issues.

    Cash is king and always will be. Only fools buy into the cashless system.

  • Load more replies >

  • CanisCanemEdit
    !
    EVERY bank and EVERY retail outlet and EVERY fast food chain and EVERY convenience store will have to change out EVERY change drawer in EVERY cash register. EVERY vending machine and EVERY change machine and EVERY ATM will have to be recaliburated.

    That's the main reason the Susan B. Anthony and the Sacagawea dollar coins failed.

    It was way too big a pain in the ass.

    In the end, YOU and I will pay for the "change" in higher overall costs.
  • PoliticalSpice
    !
    I would favor a coin made of actual silver to replace, say, the 20 an 50 dollar bills. Although to the left on most issues I favor the constitution which requires silver and gold. I see need to expand money supply on occasion, to create jobs and get the nation through hard times, but when good times return inflation hits. That is the time to re-inject silver currency back into the economy. Nothing will keep inflation in check faster than reducing the amount of paper currency and replacing it with metal that has actual value.
  • Rocker
    !
    @jamie91 - of course, but now I can't figure out what to do with my wallet and clip there the paper used to be. Sooner or later they'll be antiques I guess - like the beer can opener, skeleton keys, etc
  • PoliticalSpice
    !
    It's about time strippers got paid more. They work so hard, they get you hard. Start giving them $2 bills and stop your whinning! The $1 coin is the first step toward helping the women who do the most for society. Wath now as all the folks who ised to support me raise hell, and those who always oppose me start voting me up...
  • Big-R
    !
    One dollar bills are about all I can afford to carry. I hate carrying change around. So I would be forced to use my debit card for every purchase. I think this would be just one more step towards the government eliminating the currency system. This would take us closer to using debit cards all the time. If there is No cash, there is no untraceable crime, or person.
  • PoliticalSpice
    !
    Sure you can lead the country on this issue. Its rather easy. A dollar bill last about 18 months, as they come in for incineration they burn em and stop producing new ones utting coins and the underutilized $2 bill into circulation instead. With less dollar bills available over time the $1 coin will take hold. Saving 4.4 billion dollars, if people are serious about cutting debt they shouldn't complian of saving from such a small inconveince.
  • seedtick
    !
    OK by me...however, why should we think they will get it right this time? It has been attempted several times and has proven to be a failure each time.
  • Libertyiskey
    !
    How about saving us money by not spending it in the first place when you don't have to? I'd like to know how much 4.4 billion is percentage wise compared to our 16 trillion dollar debt, probably not even 1 percent of it and that would be over 30 years from now where our debt will probably be more like 30 trillion. And 200 million probably isn't even half of a half a percent on 16 trillion dollars. How about proposed cuts that chips away at least 1 percent of 16 trillion dollars?
  • gammler
    !
    Using dollar coins does make a certain amount of economic sense, but I doubt we will ever see them in mass circulation. If they are minted they will go the way of the Susan B. Anthony or Sacajawea dollar.
  • Chromalord
    !
    All cash should be coins. Coins are heavy and take up a lot more space. So you wouldn't want to tote around a lot of them on your person. Toting less means losing less. Crime rate would drop significantly too. And all of the illegal cash-only businesses would be forced out of business or have to legitimize to survive. If you need more than what is convenient to carry- thats what debit cards are for. I say debit cards instead of credit cards because people should not buy things they cannot afford. People are always talking about our national debt, but it is our personal debt which is far more insidious and immediate.
  • Denizen_Kate
    !
    It's been tried more than once, it has failed more than once, so why are they even considering this? Who is really going to benefit? Not the people: women's purses will warp their shoulders, and men will have pockets full of dollar coins which will weigh their pants down and make them baggy (oh wait ... that's a style, isn't it?). Certainly not small business (seen as candidates for sainthood these days) who will have to make expensive changes to cash handling equipment like registers and cash drawers. This doesn't make sense to me.
  • Denizen_Kate
    !
    After reading another post, I'm now convinced that this is a diabolical plot on the part of strippers. All you cheap guys will have to come up with fives, tens and twenties to slip into their G-strings. ;-)
  • R Load more comments...