US $1 Coin, Take 4

[Lul Thyme]

Originally posted by snoopy369
Why the heck would you want to get rid of dollar bills for coins? Coins weigh a lot and cost WAY more to produce. Heck, a penny costs more than 1¢ to produce nowadays thanks to the cost of copper and such...

Coins last longer though.
If you only consider this perspective, coins are cheaper to maintain than bills so your argument actually goes the other way.
Get informed if you don't believe me.
This is actually the main reason a lot of countries (Canada and many European countries) have shifted from bills to coins (to save money that is).
I'll get you links if you can't find them yourself.

[Dauphin]

More relevent than changing coins for notes is when to abandon the penny piece. Round amounts to the nearest five cents or pence. Be sensible you lot!

[Dauphin]

I also look forward to Oyster cards having the E-Money facility.

[Imran Siddiqui]

Originally posted by Dauphin
More relevent than changing coins for notes is when to abandon the penny piece. Round amounts to the nearest five cents or pence. Be sensible you lot!

Why, so everything can round up to the next 5 cent mark?

[Kuciwalker]

Originally posted by Imran Siddiqui
I ****ing hate coins, that's why. I'm fine having a paper dollar. All my change ends up going into a big plastic box anyway (which gets emptied at a Coinstar when its full), since I hate carrying it around with me.

QFT.

[Kuciwalker]

Originally posted by Jaguar
I would vote against anyone who tried to put more coins and fewer bills in circulation.

JIAR

[Dauphin]

Imran, no, round to the nearest 5c.

Individual prices are the same as before, but when totalled you round up if it ends 3, 4, 8 or 9 and round down if it end 1, 2, 6 or 7. Saves you messing around with minting and using penny coins.

[Imran Siddiqui]

Originally posted by Dauphin
Imran, no, round to the nearest 5c.

Individual prices are the same as before, but when totalled you round up if it ends 3, 4, 8 or 9 and round down if it end 1, 2, 6 or 7. Saves you messing around with minting and using penny coins.

And the chances it ends in lowering the price?

They'll just round everything up.

[DanS]

Nowadays, they round to the nearest penny. It doesn't seem to cause any consternation, and I doubt rounding to the nearest 5 cents or 10 cents would cause any hassles. Indeed, it would reduce the trips to the Coinstar.

[Zkribbler]

Re: US $1 Coin, Take 4

Originally posted by Rufus T. Firefly
Maybe you all know about this, since the act was passed last year, but I only just heard: it looks like the US will be introducing a dollar coin again next year -- the fourth such attempt in my lifetime. This one is going to mimic the State Quarter series. There'll be five designs issued each year, and each design will feature a different (dead) US president on the front and the Statue of Liberty on the back.

Anyway, I'm prompted again to wonder why on earth it's so hard to launch a dollar coin in the US. Canada has 1 and 2 dollar coins, and the EU has 1 and 2 Euro coins; the Japanese have a 500 yen coin, which is currently worth about $4.50. We may be the only advanced economy that still uses paper for a denomination that small. Why are we so resistant?

Personally, I'd love to see a dollar coin take hold, and then see the $2 bill increase in circulation. I got a $2 in change the other day; it's a cool bill.

Dollar coins.

You have to understand. It's not about providing the American public with a usable coin. It's about selling coins to coin collectors. The more inept the Treasury is at designing a dollar coin, the more versions of it there are, and thus, the more coins bought by collectors.

BTW: Who's on the $2 bill? Jefferson??

[alva]

Originally posted by Imran Siddiqui


And the chances it ends in lowering the price?

They'll just round everything up.

If that means getting rid of those little coins, I'd applaud it.

A couple years ago one of those little buggers cost me +200€ to repair the washing machine.

Also, whenever a coin drops on the floor, you HAVE to check it, just in case it's a bigger one, which of course it never, ever is. It's always a 0.0000001 cent piece.

[Dauphin]

Originally posted by Imran Siddiqui


And the chances it ends in lowering the price?

They'll just round everything up.

Works just fine in Australia.

It'd be hard for it not to work in fact. Even in Yankdom. Individual prices don't change (i.e they are charged to the penny), it's only the total balance due that will be rounded and only when paying by cash. If you have that then you can't bring in inflationary price measures.

[Caligastia]

What I would like to see is tax included in all prices. You can look at the price tag and know that is exactly what you're paying.

[Dauphin]

Tax included with rather than in, that way you get to see how much you are paying, and how much you are overpaying.

[Kuciwalker]

Re: Re: US $1 Coin, Take 4

Originally posted by Zkribbler
You have to understand. It's not about providing the American public with a usable coin. It's about selling coins to coin collectors. The more inept the Treasury is at designing a dollar coin, the more versions of it there are, and thus, the more coins bought by collectors.

BTW: Who's on the $2 bill? Jefferson??

Lincoln.