Moonrover
Sr. Member
Coin dollars:
Interesting discussion. Good points on both sides of the issue. We (the taxpayers) already have paid for a blue zillion one dollar coins that are warehoused in limbo. Matter of fact the contract to stamp them is still on-going. As mentioned, the reason for not releasing those coins is that they might be confused with presently circulated quarters. They are not the same size, just not so different as is the case with quarters and halves. Somebody made a crappy judgement in design size. So the newly resurrected idea of a one dollar coin now may be something with tinted metal, as well as a diameter that is easily distinguishable from a quarter. Probably wont have any precious metal content due to the price volatility of silver, gold or even copper. What's left? Anodized steel? Yeehaw ... metal detecting will now have to just be without iron discrimination. Don't want to miss any of those $1 iron targets. I'm trending off my thought here ... paper dollars in my opinion are too costly to keep printing, burning, replacing. Besides they are called "filthy lukers" for a reason. Dirty disease transporters. At least a coin will not support bacterial growth. The other side of this argument is bulk. Carrying $100 in coins (1, 5, 10, 20 denominations) obviously is heavier than paper. Look in your wallet right now. Are you lugging around much cash? Likely you deal with the credit card for large purchases. Personally my carry around cash is more like $50 or less. In coins that would not make me walk with a tilt. My wife lugs around a purse that to me looks more like a small suitcase. So a few coins added in lieu of paper dollars won't be much storage burden to her. Another issue is public acceptance of a new $1 coin, or even higher denominations. Vending machines, cash register drawers, coin counting machines, cash changers, even ATMs will have to be reworked. For every plus there seems to be a minus. To further dream this through, consider the impact on the tons of US paper currency now in foreign banks, private hoards (drug lord holdings), etc. Removing paper to replace it with coins is going to put a monstrous demand on our coin stamping production. Paper will be streaming into foreign banks for exchange to coins. Of course this is the ideal time to see who is pouring in the tons of cash. If any of you have been in the military in the Nam war days, you are familiar with what was called "C day conversion". It was done to hinder illegal accumulation of huge amounts of cash (from drug dealing, gambling, prostitution). Not so much of a burden on the GIs, but it would render worthless the illegal MPC paper script that the civilian locals had. During a C day conversion, civilians would frantically attempt to get any GI to swap their money for them. Bags of script were tossed over fences to GIs in hopes of getting them to run down to the unit C day conversion officer and return with the newly issued script. There was, of course, a stiff punishment for any GI who was caught trying to "fence money". Reason I mention the analogy to a C day conversion is the potential for financial chicanery if suddenly the US declares paper to be no longer tradable after a certain date. There has to be a very long phase out time. Meaning dual currency styles would be in play all that time. This would leave merchants with a conundrum of how to handle storing money in the drawers, and making change. The transition period would be an inconvenience at the least.
Interesting discussion. Good points on both sides of the issue. We (the taxpayers) already have paid for a blue zillion one dollar coins that are warehoused in limbo. Matter of fact the contract to stamp them is still on-going. As mentioned, the reason for not releasing those coins is that they might be confused with presently circulated quarters. They are not the same size, just not so different as is the case with quarters and halves. Somebody made a crappy judgement in design size. So the newly resurrected idea of a one dollar coin now may be something with tinted metal, as well as a diameter that is easily distinguishable from a quarter. Probably wont have any precious metal content due to the price volatility of silver, gold or even copper. What's left? Anodized steel? Yeehaw ... metal detecting will now have to just be without iron discrimination. Don't want to miss any of those $1 iron targets. I'm trending off my thought here ... paper dollars in my opinion are too costly to keep printing, burning, replacing. Besides they are called "filthy lukers" for a reason. Dirty disease transporters. At least a coin will not support bacterial growth. The other side of this argument is bulk. Carrying $100 in coins (1, 5, 10, 20 denominations) obviously is heavier than paper. Look in your wallet right now. Are you lugging around much cash? Likely you deal with the credit card for large purchases. Personally my carry around cash is more like $50 or less. In coins that would not make me walk with a tilt. My wife lugs around a purse that to me looks more like a small suitcase. So a few coins added in lieu of paper dollars won't be much storage burden to her. Another issue is public acceptance of a new $1 coin, or even higher denominations. Vending machines, cash register drawers, coin counting machines, cash changers, even ATMs will have to be reworked. For every plus there seems to be a minus. To further dream this through, consider the impact on the tons of US paper currency now in foreign banks, private hoards (drug lord holdings), etc. Removing paper to replace it with coins is going to put a monstrous demand on our coin stamping production. Paper will be streaming into foreign banks for exchange to coins. Of course this is the ideal time to see who is pouring in the tons of cash. If any of you have been in the military in the Nam war days, you are familiar with what was called "C day conversion". It was done to hinder illegal accumulation of huge amounts of cash (from drug dealing, gambling, prostitution). Not so much of a burden on the GIs, but it would render worthless the illegal MPC paper script that the civilian locals had. During a C day conversion, civilians would frantically attempt to get any GI to swap their money for them. Bags of script were tossed over fences to GIs in hopes of getting them to run down to the unit C day conversion officer and return with the newly issued script. There was, of course, a stiff punishment for any GI who was caught trying to "fence money". Reason I mention the analogy to a C day conversion is the potential for financial chicanery if suddenly the US declares paper to be no longer tradable after a certain date. There has to be a very long phase out time. Meaning dual currency styles would be in play all that time. This would leave merchants with a conundrum of how to handle storing money in the drawers, and making change. The transition period would be an inconvenience at the least.
