Another Dollar Coin

[rahmota]

Well Feb 15th the US Govt is going to be releaseing another dollar coin into the general circ. This one is a gold dollar (gold clad actually) based on the states series only featuring the presidents. Starting with good ol george washington and ending with reagon. As the rules say that a president has to have been dead 2 years before they can be on the coin. The bad thing though is that they will not be stopping the printing of the regular dollar bill. Which means as usual this dollar coin will go into collections or sit in the banks unused.

If the US is ever going to have a dollar coin go into general circulation and be used we are going to have to remove the bills from circulation.

[TheRoo]

I agree. Personally I like the dollar coin. It is very convenient for vending machines, buses, etc. It makes economic sense, because they last an average of 30 years instead of the year and a half of dollar bills.

I remember the last time they came out with a dollar coin, and if you tried to give it out in change, people would get upset and ask for a "real dollar". There will be two groups of people with this new dollar. The collectors, who have to have each one, and the rest of Americans who won't like it. Neither group is going to spend it.

[rahmota]

Hmmm I must be in that little known third group that actually likes and at least tries to use the dollar coins.

Like I mentioned on CS I loved the sacajawea gold coin for the nice pirate dabloon gold pieces jingle. Sounds like the way money should.... Unfortunately I'd get people reacting liike i was trying to pay with a bus token or somethign. Thats why we need to pull the papr dollars out of circulation. Like you said about a year year and half on average for a bill. And when they get near that end ever try and use one in a vending machine? Impossible its like shoving wet spaghetti though a straw uphill.

One of the biggest arguments I've heard by folks is that it would increase the amount of stuff a person has to carry. Um how often does a person carry enough singles that it would weigh you down that much?

[Dreamstalker]

The dollar coins would force me to use up the singles I always seem to amass instead of stuffing them in a pocket and forgetting about them until I find my wallet will no longer stay closed.

For each dollar coin put into circulation, one bill should be removed. That would seem to make more sense in terms of introduction.

But (and I seem to recall this coming up on CS pre-hack), register drawers would need one more coin divider. That might not be an issue for some (my store uses drawers where the coin dividers can be repositioned), but stores using trays that are permanently fixed might have a complaint about it.

[rahmota]

True there would be issues and changes required. but I'm sure american society wouldnt collapse overnight from it.

My cash runs through too fat for me to accumulate much unless I go out of my way to hide it from myself and everyone else.

Where there many horror stories when canada did away with their paper dollar that way back when?

[Rapscallion]

The UK got away with changing over to a pound coin instead of notes some time ago. We grumbled for a year or two, but who's going to throw away spendable money? You get used to it very quickly.

Rapscallion

[BusBus]

Where there many horror stories when canada did away with their paper dollar that way back when?

I was seven at the time, so I can't say for sure....however, the coins are working out well. It's easier throwing in one loonie into a vending machine/parking metre than fishing out 4 quarters. Besides, the loonie and twoonie confuse the tourists

[rahmota]

hehe. I know the benfits do outweight the hindrances of a dollar coin. One other problem I thought of is what to do at a strip club? No more dollar bills in the G string gotta move up to the next bigger or that could be interesting.

[Rapscallion]

Well, true, and I hear the coins are a bit cold for the young ladies involved...

Rapscallion

[Barefootgirl]

Its inflation - pay the girls $5 and don't be cheap !

Raps is right though - we whined and moaned about the replacement of the pound note with the pound coin. People whined about things like needing reinforced trouser pockets, and having to buy bigger purses, and not being able to enclose a pound coin in a birthday card....and then they got over it. We survive quite happily with our pound coins now.

Just wait until we join the Euro. it'll be the end of life as we know it.

[AFPheonix]

I'll bet money cakes are more fun now

(or did I have the only mom who'd bake coins into birthday cakes?)

[Banrion]

I like dollar coins. Some industries around here are trying to promote them. Carwashes are one, the self serve ones around me ONLY take the dollar coins. The vending machines at work will accept them, and if you put in a dollar and hit "change return" will give you a dollar coin as oppossed to the paper money back.

It's been a while since I cashiered, but I seem to remember an extra coin slot built into my drawers anyways. Maybe a throwback from the Susan B's.