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Congress looks at doing away with the $1 bill. This article talks about the presidential 1$ coins that were sitting at Mint .
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Fixed your typo.

BEEFjerKAY (Dec. 11, 2012 @ 7:56a) |

This.

And the adhesive dried out on the back of the sticky note with my fw id and password. So it fell down and got kicke... (more)

BEEFjerKAY (Dec. 11, 2012 @ 8:01a) |

The two statements are not necessarily mutually exclusive.

Crazytree (Dec. 11, 2012 @ 2:16p) |

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Time to start hoarding now

I wouldn't hold my breath. The GAO makes that same recommendation every year.

The biggest resistance to eliminating the dollar bill is not the public, rather it's the Federal Reserve. The Federal Reserve keeps all seigniorage on the dollar bill, but the US Treasury keeps all seigniorage on the coins. There is a myriad of other factors too, mostly including lobbyists for various special interests.

I think you have all heard it from me before, the penny and nickel need to be discontinued, the dollar bill needs to be discontinued, ramp up distribution on the two dollar bill and the half dollar. Savings will mostly be associated with the handling costs of currency, not in the production of it.

At a House subcommittee hearing Thursday...Sure is nice to know that there are no more pressing issues to worry about in Washington. Oh, wait...

Think of the strippers!

/ you're thinking of the strippers right now.

I want to be at da club when the first rapper/athlete makes it rain.

Since compromise is all the rage in the news, why not split the difference and keep the $1 bill, but use polymer notes instead of the current "paper" version. It will last longer (achieving the desired cost savings), be more difficult to counterfeit (increase secure) and even is more hygienic (which should make the "dancers" happy).

depalma13 said:   I want to be at da club when the first rapper/athlete makes it rain.

strip clubs will just put in ATMs that spit out house cash (print their own money)

kamalktk said:   Think of the strippers!

/ you're thinking of the strippers right now.

They are too - last I looked, a $2-bill for a "tip" is better than a $1 bill.

depalma13 said:   I want to be at da club when the first rapper/athlete makes it rain.

Make it rain? I throw some dollar coins up and make it hail.

After reading the title, am I the only one who thought Congress is getting rid of the billion since trillion is the unit these days?

kamalktk said:   Think of the strippers!

/ you're thinking of the strippers right now.
Doesn't seems to be a problem up North... I'm not worried.

the strippers should be behind this all the way. $2 bills = double the minimum tip!

gatzdon said:   I wouldn't hold my breath. The GAO makes that same recommendation every year.

The biggest resistance to eliminating the dollar bill is not the public, rather it's the Federal Reserve. The Federal Reserve keeps all seigniorage on the dollar bill, but the US Treasury keeps all seigniorage on the coins. There is a myriad of other factors too, mostly including lobbyists for various special interests.

I think you have all heard it from me before, the penny and nickel need to be discontinued, the dollar bill needs to be discontinued, ramp up distribution on the two dollar bill and the half dollar. Savings will mostly be associated with the handling costs of currency, not in the production of it.


Replace the penny with the dollar coin.
Replace the dollar bill with the two dollar bill.
???
Profit!


gatzdon said:   There is a myriad of other factors too, mostly including lobbyists for various special interests.


LiquidSilver said:   use polymer notes instead of the current "paper" version.

The paper manufacturer in my state makes the special paper for currency. They're one of those special interests that can't bear to hurt at all.

http://www.crane.com/about-us/currency-paper

johnm4 said:   The paper manufacturer in my state makes the special paper for currency. They're one of those special interests that can't bear to hurt at all.

http://www.crane.com/about-us/currency-paper
Without a doubt they are probably the biggest hurtle in getting rid of the $1 bill. God forbid a few people lose their job to save a couple billion dollars.

Zaos said:   

Replace the penny with the dollar coin.
Replace the dollar bill with the two dollar bill.
???
Profit!


The last time we eliminated a coin (the half cent), a laborer made less than a dollar a day.
The minimum wage is over $50 a day, so can't we do without the quarter more easily than we could do without the half penny then?
I think we're overdue for retirement of at least the penny and the nickle, especially since 30 year old versions of both have more intrinsic worth than monetary worth.

What do we do about change if you can't use pennies? For example, if something costs 1.04?

cr3s said:   What do we do about change if you can't use pennies? For example, if something costs 1.04?

Round.

If you have nickels around, then it would round to $1.05. If they get rid of the nickel at the same time, then you'd round $1.04 down to $1.00.

In theory it should even out. I predict that retailers will pay games to always get the penny(-ies).

taxmantoo said:   Zaos said:   

Replace the penny with the dollar coin.
Replace the dollar bill with the two dollar bill.
???
Profit!


The last time we eliminated a coin (the half cent), a laborer made less than a dollar a day.
The minimum wage is over $50 a day, so can't we do without the quarter more easily than we could do without the half penny then?
I think we're overdue for retirement of at least the penny and the nickle, especially since 30 year old versions of both have more intrinsic worth than monetary worth.


Sure, I do think it makes sense. It'll also finally bring a semblance of sanity, to have larger denominations be physically larger. However, if it's so hard to get rid of 1 coin, imagine how hard it'll be to get rid of both. Also, 50 is only twice of 25, so it's not really as useful. It's hard to get rid of the quarter due to their presence in many unmanned points.

wpgabriel said:   cr3s said:   What do we do about change if you can't use pennies? For example, if something costs 1.04?

Round.

If you have nickels around, then it would round to $1.05. If they get rid of the nickel at the same time, then you'd round $1.04 down to $1.00.

In theory it should even out. I predict that retailers will pay games to always get the penny(-ies).


Retailers in other countries have rounded down the total, even for non cash payers. I guess it's not worth it for them to have to deal with complainers who waste staff time for a couple of cents, or these who get the bright idea to do a split tender and just have it rounded down.

I think the mint should find a way to get dollar coins out there. How about selling them online with free shipping? Also, to make it easier, accept online credit card payments for them.

Then they may have to rename the wheresgeorge.com website...

This is awesome I am going to start selling my dollar bills on eBay just like people sold twinkies on eBay once it was announced that twinkies were being done away with. I'm going to be rich!

wpgabriel said:   cr3s said:   What do we do about change if you can't use pennies? For example, if something costs 1.04?

Round.

If you have nickels around, then it would round to $1.05. If they get rid of the nickel at the same time, then you'd round $1.04 down to $1.00.

In theory it should even out. I predict that retailers will pay games to always get the penny(-ies).



Retailers already round. Think about fractional sales tax.

gatzdon said:    The biggest resistance to eliminating the dollar bill is not the public, rather it's the Federal Reserve. The Federal Reserve keeps all seigniorage on the dollar bill, but the US Treasury keeps all seigniorage on the coins.

By law the Federal Reserve must remit its entire profit to the US Treasury each year, so I highly doubt this is a valid argument. It would not effect the Federal Reserves operating budget either since its profits are in no danger of turning -ve even if it loses the seigniorage on dollar bills.

As fundamentally fraudulent and inflated a monetary system we have, very soon the dollar will only be worth one cent anyway.

We won't very well be needing anything worth only a penny, regardless of whether the supply is in coin or paper form.

lonestarguy said:   I think the mint should find a way to get dollar coins out there. How about selling them online with free shipping? Also, to make it easier, accept online credit card payments for them.

They weren't really sold, were they? They just got a temporary vacation and a return to the vaults.

orangecrushv said:   Then they may have to rename the wheresgeorge.com website...

Funny you should say that:

Wheresgeorge discussionText

LiquidSilver said:   johnm4 said:   The paper manufacturer in my state makes the special paper for currency. They're one of those special interests that can't bear to hurt at all.

http://www.crane.com/about-us/currency-paper
Without a doubt they are probably the biggest hurtle in getting rid of the $1 bill. God forbid a few people lose their job to save a couple billion dollars.


The same sorts of special interests are the ones that helped drive the insane coin policy that made millions of unwanted dollar coins without changing the paper bill distribution. The metal suppliers and their sort. The government decided to make them BOTH happy instead of making an actual decision or policy. This surprise anyone?

Germany phased the 5DM bill out over a long period. For a long time you COULD get them, but they were like $2 bills are now. Legal and out there, but it was common to "run out" and eventually everyone was using the 5DM coin.

They didn't decide to remove the one dollar bill while they were actually MASS PRODUCING coins, so they aren't about to do it now that its stopped. GAO just likes people to think they are actually doing something, IMO.

jd2010 said:   Obligatory stripper 2 dollar bill link.

http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.asp...


Now I will never be able to touch a $2 without thinking of where it might have been.


Stripper heels
Disclaimer
Tipping strippers won't be as fun I'd think. In Canada, the strippers wear heels with coins lots on the side for tips (looney & tooney). I sort of like putting the dollar where I want to.

BEEFjerKAY said:   jd2010 said:   Obligatory stripper 2 dollar bill link.

http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.asp...


Now I will never be able to touch a $2 without thinking of where it might have been.
We thought you were dead.

Crazytree said:   BEEFjerKAY said:   jd2010 said:   Obligatory stripper 2 dollar bill link.

http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.asp...


Now I will never be able to touch a $2 without thinking of where it might have been.
We thought you were dead.


He was taking a FWF sabbatical. Spending time with his family before 12/21/2012. Totally understandable.

Crazytree said:   BEEFjerKAY said:   jd2010 said:   Obligatory stripper 2 dollar bill link.

http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.asp...


Now I will never be able to touch a $2 without thinking of where it might have been.
We hoped you were dead.


Fixed your typo.

BradisBrad said:   He was taking a FWF sabbatical. Spending time with his family before 12/21/2012. Totally understandable.

This.

And the adhesive dried out on the back of the sticky note with my fw id and password. So it fell down and got kicked under the fridge.

BEEFjerKAY said:   Crazytree said:   BEEFjerKAY said:   jd2010 said:   Obligatory stripper 2 dollar bill link.

http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.asp...


Now I will never be able to touch a $2 without thinking of where it might have been.
We hoped you were dead.


Fixed your typo.
The two statements are not necessarily mutually exclusive.



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