Phasing Out The $1 Bill

**disneysteve** · 12-16-2010, 07:42 PM

Lots of other countries have done it without a problem. Canada has had a $1 and a $2 coin for years. As more and more transactions are handled with debit and credit, I think the transition would be a lot easier than it would have been 5 or 10 years ago.

It would be a bit of a pain because I don't carry change at all. When I do get change, I empty it from my pocket as soon as I get home, so any $1 coins received in change wouldn't get spent until I took my change to the bank and got cash for it.

**kork13** · 12-17-2010, 04:02 AM

Personally, I would much sooner prefer that the gov't phase out the penny. Its value (both denomination and utility) is no longer significant enough to merit production, and also costs more than its face value to produce--every penny made costs the US Mint approx 1.3 cents to produce.

I hate carrying coins around anyway, so I'd be disappointed to see the dollar bill go.

**bjl584** · 12-17-2010, 06:16 AM

I doubt that the dollar bill will be going away. It's been tried several times to introduce a $1 coin into currency, and it's been met with a lackluster or negative response everytime.

You probably won't be seeing the penny go away either. No more $9.99 sales, no more penny stocks, no more $2.99 gallons of gasoline. The penny is a valuable marketing tool if nothing else.

**jIM_Ohio** · 12-17-2010, 06:30 AM

shouldn't we remove the penny from circulation (which we lose money on making them)?

Unless you throw a bone to Illinois, the penny is staying in circulation.

Washington is already on a coin (quarter) and I believe he is on the dollar too... so if we do a dollar coin, which president gets put on the coin? I nominate Bill Clinton LOL.

**disneysteve** · 12-17-2010, 07:16 AM

Originally posted by bjl584 View Post

I doubt that the dollar bill will be going away. It's been tried several times to introduce a $1 coin into currency, and it's been met with a lackluster or negative response everytime.

That's because they didn't also withdraw the $1 bill. The only way to get people to start using $1 coins is to force the issue.

One problem that always comes up is that cash registers aren't designed with enough coin bins to accommodate the dollar coin so that would take a little adjustment for stores.

**EconoMutt** · 12-17-2010, 07:44 AM

If they do eliminate the paper dollar, I hope they make the coin distinctive.
The Susan B Anthony coin was confusing.

**bjl584** · 12-17-2010, 08:31 AM

Originally posted by disneysteve View Post

That's because they didn't also withdraw the $1 bill. The only way to get people to start using $1 coins is to force the issue.

One problem that always comes up is that cash registers aren't designed with enough coin bins to accommodate the dollar coin so that would take a little adjustment for stores.

They wreak havoc on vending machines too. Everytime they come out with those dollar coins they are almost the same size of a quarter.

**disneysteve** · 12-17-2010, 08:44 AM

Originally posted by EconoMutt View Post

If they do eliminate the paper dollar, I hope they make the coin distinctive.
The Susan B Anthony coin was confusing.

Yes, that was a bad decision. The gold dollar coins are much more distinctive and very easy to pick out.

**krantcents** · 12-18-2010, 02:46 PM

Originally posted by Angio333 View Post

I am a huge supporter of forcing the government running on a very strict budget, having limited power, and cutting waste.

I just read the new release fron the Citizens Against Government Waste (CAGW) press release. They are advocating increasing the production of $1 coins and stopping the production of $1 bills. According to CAGW, it will save tax payers about $522 million per year!

I hate change and would hate to see the bill phased out in favor of the coin. Then again, it would save a ton of taxpayer money.

If the numbers are accurate, I would be in favor of the change. What about you?

CAGW ISSUES SPENDING CUT ALERT ON THE DOLLAR COIN PROGRAM

One advantage of getting rid of the paper dollar is I would save more! I do not like to carry change so I put it in a jar. Then I put it in the bank when I save $50.

Phasing Out The $1 Bill