http://moneyland.time.com/2011/06/29/inside-the-fed’s-vault-1-billion-worth-of-unused-coins/ So the Gov't has spent $300 million making these coins that no one wants. Part of the reason we are $14 Trillion in debt. Make sure you all get that Rutherford B Hayes one coming out soon. And if they run out of room, i'll take $5 million off thier hands. Don't want to be greedy.
The problem with the US is that they refuse to give up the stupid paper dollar bill, while offereing the dollar coins. If they would follow 90% of the rest of the world and not have anything smaller than a 5 or 10 then the use and acceptance of a $1 coin would happen, and in the long run save our government money as the coins hold up and can be circulated longer than a paper note can. Dumbazzes
6.6 billion in cash missing from Iraq War Yes, this is ridiculous. Here's another reason for the debt: http://www.orlandosentinel.com/news/nationworld/la-fg-missing-billions-20110613,0,6717003.story
Craig I know you are right but I can tell you I lived in Canada for 2 months and I had the hardest time getting use to carrying all those coins around. My purse weighed a ton!
Just take the time to count out the coins. I know that when I was in Europe (long before the Euro came into being) I never really had a ton of coins in my pockets, as I'd always dig them out to pay for stuff just to keep from carriing them around as did most everyone else. While yes it is easier to grab a $5 out of your wallet and pay for something, but it's just as easy to count the change out using $1 coins.
I'd use a $1 coin. Problem is I don't ever see any in circulation. You have to go to the bank and ask for them. I can't remember going to a restaurant or store and being given a dollar coin.
Once again the problem with this is that they are too close in size to the quarter and are easily confused when not paying attention. Something along the lines of a British pound would probably work weel as it is easily distinguished from the rest of their coins. An example of what I'm familiar with in British coins Or how about something along the Euro set?
I heard an analysis yesterday that said that paper money is now holding up a lot better than it used too (maybe no one can afford cocaine anymore) combined with the increasing cost of metal, that it is fiscally more responsible to print paper money.
I like the idea of $1 and $2 coins, I wish they would atleast make the $1 coin the standard and get rid of the paper. I've traveled through Italy, France & Switzerland and never minded using or carrying the dollar coins. I also spent plenty of time in Canada when they first introduced the Loonies, I used to always bring extras home to give to my cousins, they thought they were cool.
Another reason paper is holding up better is the advent that just about everywhere now accepts credit/debit cards eliminating the need for alot of people (myself included) to carry money. From the US Bureau of Engraving Website [FONT=geneva, arial, sans-serif]What is the average life span of a Federal Reserve Note? [/FONT] [FONT=geneva, arial, sans-serif]The average life span of a Federal Reserve Note varies by denomination:[/FONT] [FONT=geneva, arial, sans-serif]Denomination[/FONT] [FONT=geneva, arial, sans-serif]Life Span[/FONT][FONT=geneva, arial, sans-serif]$ 1 ............... $ 5 ............... $ 10 ............. $ 20 ............. $ 50 ............. $100 ............[/FONT][FONT=geneva, arial, sans-serif]42 months 16 months 18 months 24 months 55 months 89 months[/FONT] What is the life span of a coin? The approximate life span of a coin is 25 years. it's a long term no brainer to me.
We on vacation recently we used a change maker machine and it gave us 10 of these $1 coins. My 9 year old sons now has them and things they are super cool! I remember when my grandma used to give us $1 coins and $2 bills. I still have them.
I admit I do the same (drop a $10 bill in the soda machine at ATL) but if we keep saving them rather than using them they will never take hold.
I went to Lowes yesterday and saw the new pennies. A shield on the back instead of the Lincoln Memorial and the copper is mixed with aluminum. They are much lighter. I like the weight, but I'm very unhappy about not having the Lincoln Memorial on the coin.
