Thanks for visiting FatWallet.com. Join for free to remove this ad.
wpgabriel
Frivolous Member
posted: Nov. 30, 2012 @ 7:42a
Time to start hoarding now
gatzdon
Senior Member - 4K
posted: Nov. 30, 2012 @ 7:50a
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.
dcwilbur
Ancient Member
posted: Nov. 30, 2012 @ 8:08a
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...
kamalktk
Dwayne Elizondo Mountain Dew Herbert Camacho
posted: Nov. 30, 2012 @ 8:10a
Think of the strippers!
/ you're thinking of the strippers right now.
depalma13
Senior Member - 1K
posted: Nov. 30, 2012 @ 8:44a
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).
imbatman
Nerdy Member
posted: Nov. 30, 2012 @ 9:02a
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)
Glitch99
Senior Member - 10K
posted: Nov. 30, 2012 @ 9:05a
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.
autologic
Cranky Member
posted: Nov. 30, 2012 @ 9:51a
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.
fw101
Silly Member
posted: Nov. 30, 2012 @ 10:34a
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?
ZenNUTS
Deez
posted: Nov. 30, 2012 @ 10:53a
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.
miserly
Water Pirate
posted: Nov. 30, 2012 @ 1:53p
the strippers should be behind this all the way. $2 bills = double the minimum tip!
Zaos
Shopaholic Member
posted: Nov. 30, 2012 @ 6:59p
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!
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-paperWithout 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.
taxmantoo
Ancient Member
posted: Dec. 1, 2012 @ 9:51a
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.
cr3s
Handsome Member
posted: Dec. 1, 2012 @ 10:12a
What do we do about change if you can't use pennies? For example, if something costs 1.04?
wpgabriel
Frivolous Member
posted: Dec. 1, 2012 @ 10:38a
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).
Zaos
Shopaholic Member
posted: Dec. 1, 2012 @ 10:48a
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.
lonestarguy
Enthusiastic Member
posted: Dec. 2, 2012 @ 10:11a
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.
orangecrushv
Senior Member
posted: Dec. 2, 2012 @ 5:03p
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!
simpsons129
New Member
posted: Dec. 3, 2012 @ 4:08p
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.
ananthar
Senior Member
posted: Dec. 3, 2012 @ 4:27p
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.
tlvx
Senior Member
posted: Dec. 3, 2012 @ 11:15p
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.
IrishTomBunny
Tired Member
posted: Dec. 3, 2012 @ 11:22p
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.
IrishTomBunny
Tired Member
posted: Dec. 3, 2012 @ 11:23p
orangecrushv said: Then they may have to rename the wheresgeorge.com website...
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-paperWithout 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.
BEEFjerKAY
Pics?
posted: Dec. 11, 2012 @ 12:06a
jd2010 said: Obligatory stripper 2 dollar bill link.
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.
Crazytree
Senior Member - 9K
posted: Dec. 11, 2012 @ 1:45a
BEEFjerKAY said: jd2010 said: Obligatory stripper 2 dollar bill link.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
One-time set up
Avoid the hassle of entering your information every time you buy.
•
Instant Cash Back tracking
Since we complete the purchase, we can credit your Cash Back immediately.
•
Buy with just two clicks
One click begins checkout and another confirms your purchase.
Once set up, making a purchase with FW checkout is a breeze. FatWallet Checkout confirms the after-tax
price plus shipping and, after you confirm, completes your purchase for you.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
Click to copy code and go to .
