Congress looks at doing away with the $1 bill

Discussion in 'Politics' started by beretta304, Nov 30, 2012.

  1. beretta304
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    beretta304 BANNED

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    American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what's best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.

    Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.

    The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.

    The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.

    Congress looks at doing away with the $1 bill - Yahoo! News
     
  2. NoNukes
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    NoNukes Gold Member

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    In Europe we have one and two Euro coins.
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Dollar coins haven't really been popular in the past, why would they be now?
     
  4. TakeAStepBack
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    TakeAStepBack Gold Member

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    They wont be. And further more, at the rate of current monetary inflation, the idea would end up just like the penny before any "financial gains" could be realized. It's also fucked up that they are tryign to make money off our currency. Show how desperate they have become.
     
  5. beretta304
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    beretta304 BANNED

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    Only in the minds of government officials.
     
  6. Seawytch
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    Seawytch Information isnt Advocacy

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    It would be extremely difficult for strippers...
     
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  7. beretta304
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    Think of it as a coin slot and it won't be...:D
     
  8. blastoff
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    blastoff Undocumented Reg. User

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    It's true dollar coins have been a bust in the past. But there's always been the paper option that everyone's used to, so do away with the paper and we'll do away with the opposition to the coin.
     
  9. Meister
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    Meister VIP Member Supporting Member

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    I miss the Morgan and Peace dollars. As kids we would get them in change when I was living in Montana. I collect those....they are worth some good money these days.
    As for the rest of the coin dollars....they suck.
    Side note....they need to get rid of the penny.
     
  10. Oldguy
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    Oldguy Senior Member

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    How much money have they already blown on dollar coins? One suspects that if that cost were factored in, the "savings" from converting to coins would be much less.

    Where they always err with a new dollar coin is making it roughly the same size as our quarters. That's one reason for their unpopularity, no matter whose picture they put on it. Of course, this is done deliberately so the coin-machine operators won't have to re-tool their machines to accept larger coins. Since it seems the coin machine operators are the ones behind this scheme, let them bear the cost of using larger coins and see how much they like then.

    It's just another example of government of the corporations, by the corporations and for the corporations.
     

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