I also ask for them at my bank all the time (dollar coins and $2 bills) because that’s what the Tooth Fairy gives the kids in my house. The first few teeth are rewarded with gold dollar coins, and after age 8 come the $2 bills. Except if the tooth left under the pillow should have a cavity. Then I - uh, I mean the Tooth Fairy punches a hole in the $2 bill along with a warning message in a speech bubble coming out of Jefferson’s mouth.
As I said, this would be a political decision, and those are difficult, even when they show clear benefits. In other words, the Treasury Department can’t do this unilaterly, they need permission from Congress, and Congress can’t agree on anything nowadays.
I agree that they should eliminate the one-dollar bill in favor of a one-dollar coin, and also get rid of the penny and the nickel. That will make room in cash drawers for the one-dollar coin and also for another one, either two dollars or five dollars in value.
The currencies I can think of with near equivalency to the dollar, Canadian Dollar and Euro both have a $2 coin. We would either need to create this as well or print more $2 bills.
Living in Europe for a year it was quickly apparent that without the 2 Euro coin it would be quite easy to quickly amass an unwieldy pocket full of change in no time flat. As it was, even with the 2 Euro coin, the day usually ended with a fistful of coins in my pocket.
Some do, some don’t. I don’t buy things from enough different vending machines to be able to guess a proportion, but I know that the ones I typically use at my office take them while some others I’ve seen recently don’t.
It’s traditional in the airline business to tip the hotel van driver a dollar for the ride to/from the airport.
One guy I used to work with always carried the gold colored Sacagawea dollars. He’d hand one over to the driver with a flourish and a hearty “Here Matey, have a gold doubloooooon!!” in his thick Boston accent. Always good for a laugh as the (often immigrant) driver tries to figure out whether this is really money and what the hell a doublooooooon might be.
You were a stripper?? :eek:
I’ve seen vending machines that accept dollar coins. Mostly ones for public transportation or stamps but some snack and soda machines accept them as well.
I got a bunch of airline miles out of them.
I didn’t abuse the system, though. I just used dollar coins for every cash transaction, thus funneling all my cash transactions through credit card spending. I’m sure that whoever I paid just took them to the bank.
I’m all in favor of moving to a 1,2,5,10,20,50 progression like the Euro has, and just dropping coins and bills off the bottom whenever they become not worth messing with. But lots of people are absolutely sure that every business is going to screw them out of $0.02 per transaction (:rolleyes:), so it seems unlikely to ever happen before alternate payment systems effectively replace cash anyway.
The Euro also has the convenient factor that the prices listed include VAT, so you know what it will cost for one or two items and can get your coins ready.
I love dollar coins. I wish there was a $5 coin.
Canada wanted to do away with dollar bills, so they stopped printing them and started minting loonies (dollar coins). Eventually, the bills took over. Some years later they stopped printing $2 bills and made a new coin that inevitably got called a twonie (or maybe toonie). Originally, the dollar coins were supposed to have a voyageur on them, but when they mailed the die to the mint in Winnipeg, it disappeared in the mail. It eventually reappeared, I think, but they assumed it had been duplicated so they made a new one with a loon on it and it called a loonie. Sometimes I wonder what it would have been called with the original voyageur. Probably just a buck. When will they save money and lose the penny?
How did having more coins help you end up with fewer coins?
It also costs money to mint coins, and money to store coins that aren’t being circulated, plus the money they will still spend printing paper money. So yeah, it will save some “waste”, though economically it probably would be better to force a switch to dollar coins and kill the penny. If we can ever kill the penny, we’ll open up people’s minds to killing the nickel and dollar coins. I think they’re related. We’re to stuck on “that’s the way it’s done”.
I got one with Millard Fillmore on it. Yeah, I didn’t spend it - it’s too novelty. “What is this, some kind of token?”
Most do. I’ve run into some that the coin slot isn’t big enough, but a lot do take them.
Most do now, and also accept $5 and sometimes $10 bills, giving you $1 coins in change. I’d rather put a $1 coin in a vending machine than thread in an old dirty paper dollar.
In Japan, the largest value coin is, I believe, still 500 yen, which is now worth about $6.50 or so. I know they don’t make 100 yen paper bills any more, and I think it’s pretty hard to find 500 yen paper bills.
All that said, the $1 coin is rather large and heavy. I think they should make it smaller, between a quarter and a nickel. Then it would be easier to carry 4 or 5 of them around without so much bulk and weight. The size/value ratio doesn’t hold with a dime vs. a nickel, so I think we could get used to a new smaller size $1 coin.
I have three in my pocket now, all James Garfield. What’s up with that?
Higher value coins let you get by with fewer physical coins. Instead of getting two 1-Euro coins, you can get one 2-Euro coin.
Just imagine how getting change would be if we only had pennies and bills.
Heh. I love that the Tooth Fairy gives the bill a cavity and a warning. Maybe the Tooth Fairy should leave a toothbrush and some boring toothpaste instead of cash for teeth with cavities.
And yeah, we should just stop printing $1 bills, period. Let the banks keep removing them from circulation, as they do now, and if people want increments of money not evenly divisible by five bucks, then it’s coins or nothing.
If you accumulate ¤5.27* in coin, it’s easier to carry if it’s made of 2x ¤2.00, 1x ¤1.00, 1x ¤0.25 and 2x ¤0.01 (for 6 coins total), than if it’s composed of 21x ¤0.25 and 2x ¤0.01 (23 coins total).
[sub]*note cunning use of the "generic currency sign’, ¤ [/sub]
And we’re doing similarly with the other non-coin denominations as well–replacing paper banknotes with plastic ones that are supposed to last 2.5 times longer. Apparently the banks are on an accelerated schedule to take in the old paper notes as equivalent plastic ones are issued, and forward the paper ones to the Bank of Canada to be destroyed. So low denominations have been replaced with coin, and higher ones will be replaced with plastic. Now we just have to get rid of the penny.
I agree that the only way to get people to actually use the dollar coins is to eliminate the dollar bills, but this decision makes me very sad.
I have been collecting the dollar coins since the program began, and have enjoyed thinking about the history related to each president as they were issued. I even had a necklace made with the coins from the first five presidents.
I know they will still be producing coins for collectors, but they will be expensive and difficult to obtain, and will probably sell out quickly (I’ve had no luck getting my coins directly from the mint).
I do try to use dollar coins in commerce, and often get funny looks or questions about what they are. I will miss them.
We’ve just had an economic briefing at work from someone from the Reserve Bank of Australia. While discussing the problems within the US economy he mentioned this issue in passing. It seems that other central banks around the world (particularly the Canadians) have been having a good laugh at the expense of the US and its inability to introduce dollar coins.