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Congress considers replacing $1 bill with coin

submitted on November 30, 2012 by DebsFreebies in "Member's Lounge"
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.

"We continue to believe that replacing the note with a coin is likely to provide a financial benefit to the government," said St. James, who added that such a change would work only if the note was completely eliminated and the public educated about the benefits of the switch.
1. Would you rather have a coin than the $1 bill?
 or See Results 


  • 164698
    Posted by YanBz on December 1, 2012 [reply] 0 0
    Yesterday NPR had a podcast on this subject, which is actually a re-broadcast of an older podcast.
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    Posted by Solstice on December 1, 2012
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    This is an old debate, and it the idea never seems to come to fruition.

    Another one that has sprung up from time to time is rounding purchases up or down to the nearest nickel/5-cent increment. Studies showed that it pretty much all came out in the wash, with no tangible loss or gain for the consumer over time.
  • 164764
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    Posted by mooncow728 on December 2, 2012 [reply] 0 0
    The 2 professions I see most affected by this are waiters and strippers. Waiters would have sooooo much change weighing them down if dollar bills were turned to coins and how would strippers get tipped? I can't see tucking a coin into a strap so would they make less, or would people start giving them $5s?

    On a more serious note, I say switch to $1 coins. I think enough people including myself would not just let the coins pile up in a jar. Heck I can't even afford to let my change sit around til there's $5. I think the poorest people would spend the coins easily, and the middle class would start using change in general more frequently. If you have to carry $1 coins then why not start spending other change too right?

    I agree with getting rid of pennies though. I think they can just be done away with entirely and round everything to a dime to be honest. Having 2 little ones I notice that people drop nickels and pennies all the time and never bother to even pick them up like it's no big deal. It makes my kids happy as can be but I've always found it a little crazy. Every cent adds up if you ask me. I think if things just got rounded to the nearest tenth though that it wouldn't change much. After all you don't pay attention with gas. Typically gas is priced by the thousandth of a dollar and it seems the thousandth is always 9 so basically gas is almost a penny higher per gallon than it says but no one complains. You can't use pennies in any kind of vending machine, parking meter, pay phone, or anything similar anymore, and a nickel doesn't do much either.

    Personally I hate nickels more than any other change. It's bigger, feels like it could be a quarter when fishing around in your pocket, and takes way too many to do anything. The average soft drink in a vending machine here is $1.50 so that would take 30 nickels to pay. I imagine the coin box would be full fast on that machine if people used mostly nickels. Why not just do away with them? I occasionally see things 10 for $1 but when was the last time you saw anything for a nickel? Also prices normally end in a 9 so why not just round them a penny and do away with nickels?
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    Posted by CouponNut on December 12, 2012 [reply] 0 0
    Our bank has this posted with a vote box with banking customers to say what they think.
    • YanBz
      Posted by YanBz on December 12, 2012 [reply] 0 0
      I wonder how the vote splits. Judging by our own poll, so far Buxr members prefer the coin.

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