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get's pretty annoying fast.
The vending machines jumped up to $1-$2 pretty much immediately after the switch as well.
The biggest reason I had to like the coins is I save my change at the end of the day. I put it all in a container then I add it up whenever I get a chance. It wasn't uncommon for me to have over 200 dollars. Mostly thanks to the coins.
There is no way I would carry around that much change but a few bucks here and there don't weigh you down that much.
The ONLY reason the susy-B failed was because it WAS THE SAME SIZE AS A QUARTER. Yeah yeah, spare me the "but it's a tenth of an inch larger" argument -- nobody cares if it's a tenth of an inch; people voted with their feet and wallets already!
What did the mint do? Did they learn anything? OF COURSE NOT!
So they introduced another dollar bill coin (the sack-of-jewhatever), and it failed AGAIN. Why? BECUASE IT WAS THE SAME SIZE AS THE PREVIOUS COIN, which was the same size (almost) as the quarter!
*DUH!* And now we're in line for a FAILED third dollar coin. Why? Because again, it's the SAME SIZE as the previous FAILED dollar, which was the same size as the previous PREVIOUS failed dollar, which was the same size as the quarter.
America really is getting dumber as time goes along. Especially the mint. This new dollar is dead before it even hits the streets!
So maybe this is an opportunity to skip coins and move straight on to electronic money.jhkjs
Why not update and kill the penny while we're at it too. Seriously. They're so annoying.
A: Because there's no incentive to make a loss, so loading cheaper drinks into a machine where there's no price differentiation maximises profit. The drinks that cost >$1 will disappear, or become $2. Electronic micropayments are the future for such systems, not coins.
Finally a wad of bills is worth something (not filled with useless $1's and $2's), and when you open your change jar, you can get a pizza and a couple of movies - how fun is that?
On a side note? Strippers love them as the minimum tip automatically becomes $5 - except for the cheap American tourists!
easy!
then we made all our notes out of plastic so they would last longer.
The real solution is pretty simple: stop printing $1 bills. That's all the government has to do if they want us to adopt the coin. Until that happens, it doesn't matter what is done to the dollar coin, it won't get used until the bills run out.
As for getting it accepted, its really a simple solution:
GET RID OFF THE PAPER 1$.
You think people in Canada are thrilled to carry coins like in the middle ages? You know how they came around to accepting this change?
They got rid of the ones then later the two dollar bills and people had no choice to use coins.
Hell, every year or so they throw out an opinion bubble to see if people wouldnt mind 5 dollar coins.
They did that for the $1 and $2 bills in Canada. Seems like it'd work her too, and kind of a no brainer.
If there were no paper dollars then everyone from a single person to the soda machine companies pretty much would have to accept them.
What is so hard about that?
Your reason for the the dollar coin saving the gov't money is wrong though.
The gov't dosent pay for the production of curency directly, the federal reserve does. it is a private bank. It is no more a government institution than FedEx.
But the gov't does pay for currency in the long run through intrest.
It would be less annoying to carry the new coins if we get rid of the penny and nickel and just round everything to the dime.
http://www.nowandfutures.com/key_stats.htmlds
Nor should they be involved in setting state tolls or city fares.
Dollar coins will not work as long as inflation is kept in check, you can simply buy too much stuff with a dollar.
That said I will probably try to collect them all, which will only straighten the dollar by removing species from the market.
You're already carrying around other change, its only a couple bucks.. and its not like you're carrying around a roll of $1 coins, but 4 at the most because then you have a $5 bill. I find it much more convienient, plus your paper money all looks the same, so its easily identifiable. As for prices going up, thats not true, becaue there are still dimes and pennies and what not. It just means you haVe one more kind of coin kicking around and one less kind of bill. I know i still have both a 35 and 40 cent pop machine by my house..
NO commercial company is going to lower their price of product period. if they are already getting $1.50 from you for a soda they will not reduce the price to a dollar.
Tolls are another thing that will not go down.
So in all reality you're asking for prices across the board to go up just so you won't have to do some basic math calculations such as adding.
You're like that annoying overachieving kid in class who asks for more homework or if you can answer everything in essay format.
You sir, should be punched. Very Very hard, somewhere soft.
Our paper money system works because we don't have to hold 100 1$ dollar bills to actually have $100. We can have two 50's or five 20's or whatever. You[the mint] can't just shit a new standard out and not complete the thought.
Protest the income tax!
The coin is simply inconvenient!
It is too heavy and too big.
This new $1 coin will share those terminal flaws and will also fail.
Get rid of the penny before adding a new coin
I'm from Canada and I don't mind the coins at all. Neither Europe nor Canada have a bill smaller than 5, and it works quite well. I find small denomination notes to be much more of a pain.
Now if we can just get rid of the penny...
your idea is one of those ideas that only works if everyone works together, which never happens.
In the south, they call all soda, "Coke."
Go figure.
And here in the UK it's POP not SODA.
Solution: Coin, or plastic money.
The worst-case scenario: They're trying to make anonymous cash more inconvenient so that more people will use electronic, traceable money, like debit and credit cards.
The government has a strong interest in seeing where people spend their money. Don't put this past them!
For the record I was just throwing out some ideas, I realize that tolls and SODA (I'm originally from Ohio where we called it 'pop') companies most likely will never lower prices if need be to implement my suggestion, but perhaps they wouldn't be opposed to using $1 increments (which would suck).
Also my apologies to all the Canadians who pointed out that I misspelled 'Toonie'...I thought you could spell it both ways.
What does everyone think the eventual nickname will be of this new American dollar coin? Evil heads, since all the Presidents look evil on the front?
And give the coin out at every government office/agency as change instead of $1 bills.
They have the means to change the currency - if they have the will...
I have a folder that I'm using to collect one each of the state quarters but I spend them all over the place because they're common.
I think I might have a Sacagawea dollar sitting in a drawer somewhere. I spend them when I get them but the only place I ever get them without specifically asking for them is out of the vending machines at the post office.
The reason the odd coins and bills fail has nothing to do with convince to the shopper. It has everything to do with the till in the cash register at the store you are shopping at. There is simply no place to put odd coins or bills. There are compartments in the drawer for $1, $5, $10, $20 bills and pennies, nickels, dimes and quarters. 4 compartments for bills, 4 for change. There is no place to put odd coins or bill except under the drawer and that is where they die, out of sight, out of mind. The size of the bill section is fixed by the size of the bills. The change compartments simply mimic the bill compartments in width. Change the cash register till if you want to add coins. Good luck.
“Dumb Ass!”
Also, I use dollar coins everyday in vending machines here in the states. Ones that don't accept them are very rare.
Dollar bills are dumb, I wish the states used coins like canada. I don't need my wallet full of dollar bills.. The lowly dollar deserves to ride freely in the bottom of my pocket, with the pennies, nickles, quarters and dimes.
Coins suck.
Paper money is sooo much more convenient.
I had to endure two years (while living in canadaland) of using a coin purse. It sucked: my pants hung off-kilter, and people take **forever** to drag their purse out to count $4.35 with (seemingly) hundreds of coins.
Coins that are the same size increase errors and are bad for use in the dark and by vision impared or blind people.
A new dollar coin has no substantial advantage over the already existing 50 cent coins and it's less useful than quarters which work in all vending machines.
That said, stop minting the penny and nickle they cost more to make than they're worth. Drop the $1 bill and just print more $2 bills.
You lack a basic understadning of not only economics but how the entire world works. I am sorry for being so harsh, but this is one of the most poorly researched articles I have ever seen written by someone who lacks Basic knowledge of their subject.
Also, by printing a new president every so often all they are doing is raising collectors interests, it does not look like the American mint has any intention for these new coins to be widley circulated.
Please do some reading and rewrite this article.
You carry 20s, 10s, fivers. Here in Australia we have $1 and $2 coins, and when your pocket gets a little heavy you spend those coins first before pulling out a note.
Frankly I find it ironic you guys are complaining about coins being the same size, when all your notes look almost the same. How do you differentiate between a 10 dollar bill and a 100 in low light?
Douche!
Previously submitted but not published:
The article's author writes, "I think the government is failing to realize that even though the coins could save them money in the long run (since they would have to re-print less bills),. . ."
What on earth would make you think that the government is the least bit interested in saving money?
The government has no money, but instead takes yours via direct and hidden taxes. Since it is spending YOUR money and not its own, perhaps that is why government wastes money on all manner of nonsense.
The government doesn't print the money, instead it generously pays the Federal Reserve (a private corporation) to do that, in violation of the Constitution. The government pays the printing costs, plus the face value of the bill, plus interest. How's that for a deal? If it was interested in saving money it could say trillions upon trillions by obeying the Constitution and printing its own money.
Do some research on the Federal Reserve. Read the Creature From Jekyll Island, written by G. Edward Griffin. Use Google and Yahoo to do some research on the Federal Reserve.
Also look up "I want the earth plus 5%" and "CAFR" (Certified Annual Financial Report). Wow aren't you going to get a surprise and an education!
P.S. Congress is about to approve an ADDITIONAL $140 BILLION for the Iraq war.
What would help is to turn the coin size for the half into a five spot. Then things will happen. Little OT here,,, lose the cent while your at it. It's already worth more than face, (so is the 5C) and when that happens people start hoarding. Which means we gotta print more money. ARRRGGG!!!!
What the !#*? are you smoking?????
to be specific- and they were the most convienient things I ever used. many vending machines cost 100 yen, and as for the 500 yen coin, it could buy you a meal, and you keep in in your coin purse. seriously, much more convinient than dollar bills.
1. Yeah, I love dollar coins lets do like Canada and get rid of our 1 dollar bill.
2. A lot of people cite the reason, strippers. Well, unlike Canada, lets keep our 2 dollar bill as a paper bill. Theres already enough of them, contrary to popular belief, there is hundreds of millions going around. This way at most, you would only have to carry one at a time.
3 Get rid of the penny, I hate that thing. To do this, every time the bank gets some, just destroy them. Thats how we got rid of 500 and greater notes.
4. The new coins do say in god we trust, it is written on the side.
I hate carrying around dollar bills. I wish they would quit making dollar bills, increase 2 dollar bills and then the coins would come into play.