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Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins

 
Laura Bow
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11/30/2012 10:03 AM
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Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
WASHINGTON (AP) — 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.

More at [link to news.yahoo.com]

Last Edited by Laura Bow on 11/30/2012 10:04 AM
Anonymous Coward
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11/30/2012 10:07 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
Tht idea FAILED several times already....
andawg221

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11/30/2012 10:08 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
I got kicked out of a "gentlemans" club for making it "hail" with $1 coins.
Anonymous Coward
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11/30/2012 11:46 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
Did anyone note that the cost for the paper and the coin evens out over thirty life of a coin?!

Hmmm....
JUST HERE

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11/30/2012 11:50 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins


Last Edited by JUST HERE on 11/30/2012 11:50 AM
:glp sign:
Anonymous Coward
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11/30/2012 11:53 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
WASHINGTON (AP) — 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.

More at [link to news.yahoo.com]
 Quoting: Laura Bow

How many 30 year old coins are still in circulation? very few considering the amount produced.
Just more BS from Washington to try to sell us on a new Scheme to take more of our money. The economic costs of switching from paper $1 bills to coins in businesses are not considered.
The truth is that the dollar is going down the drain and soon a $1 will only buy what a penny did 50+ years ago. Instead of $1 stores they will be $10.00 Stores, then we wont need so many $1 bills anyway.
andawg221

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11/30/2012 11:57 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
WASHINGTON (AP) — 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.

More at [link to news.yahoo.com]
 Quoting: Laura Bow

How many 30 year old coins are still in circulation? very few considering the amount produced.
Just more BS from Washington to try to sell us on a new Scheme to take more of our money. The economic costs of switching from paper $1 bills to coins in businesses are not considered.
The truth is that the dollar is going down the drain and soon a $1 will only buy what a penny did 50+ years ago. Instead of $1 stores they will be $10.00 Stores, then we wont need so many $1 bills anyway.
 Quoting: Anonymous Coward 28216119


That's true. Just imagine carrying a few hundred dollar coins from the place every single day.

Not to mention upfront people will refuse the dollar coins. They'll say I'll take bills they are more convenient.
Anonymous Coward
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11/30/2012 11:59 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
Whatya reckon they will put obamas head on it too
Laura Bow (OP)

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12/01/2012 10:35 AM
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Re: Goodbye George! Congress looks at doing away with the $1 bill, replacing with dollar coins
Whatya reckon they will put obamas head on it too
 Quoting: Anonymous Coward 25801142


Wow, well I hope that's not what they'll propose.

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