Dollar bill or dollar coin?

House GOP wants to cash out dollar bill
By Pete Kasperowicz - 09/27/11 01:13 PM ET
Several House Republicans have introduced legislation to retire the dollar bill and replace it with a mandated dollar coin. A couple of senators, however, have introduced a competing measure to protect the paper dollar from, as they say, the "unpopular one dollar coin."

Rep. David Schweikert (R-Ariz.) and two other House Republicans — including supercommittee co-chairman Jeb Hensarling (R-Texas) — introduced legislation last week aimed at retiring the paper dollar. Schweikert said his bill would save $184 million a year and $5.5 billion over 30 years by transitioning to a dollar coin in four years, or as soon as $600 million worth of dollar coins are in circulation.

Schweikert said three billion paper dollars are shredded every year, and the constant need to destroy these dollars and create new ones is a cost the government can no longer bear. He said metal coins would last longer and therefore save money.
"At a time when we are staring down a record-breaking $1.3 trillion deficit, any commonsense measure that cuts billions needs to be given serious consideration," he said of his Currency Optimization, Innovation and National Savings (COINS) Act. "That is exactly what the COINS Act will do and why I am introducing it."

But Sens. Scott Brown (R-Mass.) and John Kerry (D-Mass.) introduced a competing bill over the weekend, the Currency Efficiency Act. That bill is aimed at protecting the paper dollar from what the senators call a "massive overproduction" of the "unpopular one dollar coin."

"The one dollar coin is misleading because it costs taxpayers so much more," Brown said. "In fact, we have over $1 billion worth of extra one dollar coins sitting idle in vaults and that's set to double over the next several years."

The Brown-Kerry bill would prevent the minting of $1 coins when a surplus exists. The two senators argue that $1.2 billion worth of dollar coins is sitting in the Federal Reserve's vaults, not in circulation, which is adding to the Fed's storage costs.

The Dollar Coin Alliance, which favors the House bill, says the two Massachusetts senators have a specific reason for wanting to protect the dollar bill, arguing that the Senate bill is aimed at protecting Massachusetts-based Crane & Co., the sole-source supplier of paper used to produce dollar bills.

"Unfortunately, it seems the senators have chosen to protect a local business at the expense of the American taxpayer," said Jim Kolbe, the honorary chairman of the alliance and a former congressman from Arizona. "At a time when the government needs to be looking to save every dollar, we can't continue to play the same Washington game of serving narrow special interests with half-measure legislation."

While there were no signs of movement on either bill this week, supporters of the House bill were optimistic that the COINS Act could move, particularly given Hensarling's support for it. The supercommittee on which he serves is charged with finding $1.5 trillion worth of deficit savings over the next decade.
http://thehill.com/

One big potential problem if the paper bill goes away; How are we going
to tip the strippers. Maybe we will have to go to the 2 dollar bill or the dancers
will need to have a coin bag attached to thier G-strings.

Back to a serious note, we should probably get rid of the penny. Costs a nickel
to make a penny, did you know that ????

There is a credible argument for the coin. I seem to remember the average life Spanish of a coin is 25 years or so and the paper dollar about 9 months. So in essence you get more bang for your buck! Yes the pun was intended

There is a credible argument for the coin. I seem to remember the average life Spanish of a coin is 25 years or so and the paper dollar about 9 months. So in essence you get more bang for your buck! Yes the pun was intended Originally Posted by Rakhir

I agree I would like the dollar coin myself but didn't we do the Susan B. Anthony thing before? Why did we stop I wonder ?

Oh shit, Coolpops is right, no dollar bills for strippers! Well, it looks like I like the paper bills now lol!

We've screwed up the design for the dollar coin.
I'm for it.
But as soon as you can take a handful of change and put it in your pocket and readily identify the dollar coins, it will continue to be a failure.
Remember the pound coin in England. Was thicker and you could feel the difference of the texture on the rim.

Susan B. Anthony

Sacagawea

There have been a few over the years. It is rare to encounter them these days.

What was wrong with the Eisenhower dollar?

This may be of interest to you...

http://en.wikipedia.org/wiki/Eisenhower_Dollar

I remember the Eisenhower dollar, I think I got a few when I was in 2nd or 3rd grade and I remember I was supposed to save them but I don't know what I did with them.

I happen to have a few of the Eisenhower dollars in pristine never circulated condition hermetically sealed. For some reason I can't remember I purchased them as a kid and have hung on to them ever since. I did do a search on what they might be worth and the have increased by a factor of about 10, but when you only have a dozen of them...... Well I am sure you can do the math. LOL

Still can't believe I've managed to hold on to them for so long.

I think the dollar bill should be discontinued with a dollar coin taking it's place. The USA first minted a dollar coin (silver dollar) under Federal minting authority in 1794 and off and on since. Coins on average last longer and are more durable.. It can take decades for a coin to wear down compared to a few years for a bill.

I think the main reason that the dollar bill continues is that the company that supplies the paper/material to the Gov't to print the bills would lose too much business ($$$) as I believe the highest volume bill is the $1 bill and the company has a lot of influence with the US Gov't.

I think the dollar bill should be discontinued with a dollar coin taking it's place. The USA first minted a dollar coin (silver dollar) under Federal minting authority in 1794 and off and on since. Coins on average last longer and are more durable.. It can take decades for a coin to wear down compared to a few years for a bill.

I think the main reason that the dollar bill continues is that the company that supplies the paper/material to the Gov't to print the bills would lose too much business ($$$) as I believe the highest volume bill is the $1 bill and the company has a lot of influence with the US Gov't. Originally Posted by Irish Cream

Yes, one of them that's protecting the Massachusetts paper mill is John Kerry(D) and the other is Scott Brown(R)

I have been paying providers for their panties with Silver dollars for quite some time. The value today is around $35 and goes up and down. It is low today but should go up towards $50 early next year. I enjoy telling them I will give them a dollar for the panties they are wearing. I keep them as a trophy.

I do agree, get rid of the dollar bill. Get rid of the penny. Make the dollar coin stand out by putting a hole or something in it. But no to the two dollar coin. I just got back from the UK and I hated all the change in my pockets. I'll be damned if I'm going to carry a change purse with me. There is nothing funnier than watching a guy pull out a velcro wallet with a pocket on it full of change. He was buying a pint. It made me build up a thirst just watching him count out his change.

They have gone to the dollar coin before, its a bad idea whose time has come.