patching...
Welcome back, Patch Blogger!

TELL US: Should $1 Bills be Replaced with Coin?

Can we learn to love the $1 coin, if it will save billions?

 

Americans have resisted the dollar coin. We like our small denominations in paper.

But phasing out the dollar bill and replacing it with a coin will save an estimated $4.4 billion over the next 30 years, Congressional auditors say.

For savings like that, can we learn to carry them?

On the pro-side of the change, the coin has a longer shelf life. Coins can last decades, where the paper bills typically have to be retired after four or five years, according to a report in the Boston Globe.

On the negative side, the paper bill would have to be completely eliminated for the savings to accrue. And it would take several years and up-front expenses to produce the coin.

Advocates point to the recent experience in Canada, where the $1 coin has proven a huge hit. And now a $2 coin has been introduced.

Should the U.S. drop the dollar bills and make the switch? Tell us what you think in the comments section.

....

Related Topics: Talker

Eileen Cushing-Craig

8:26 am on Sunday, December 9, 2012

I remember the government introducing Susan B. Anthony dollar coins several years ago, and they were not widely accepted then. I think my problem with them then was that they looked and felt too similar to quarters, and were often confused with them. I like the idea of replacing some paper money with something else, because of the saving in paper. I would just say that in order to gain wide acceptance, the replacement would have to be easily distinguishable from all existing coins...maybe a different color or shape. I know other countries have square coins and hexagonal coins. So maybe that would be a consideration. My ultimate preference, however, would be for my government to focus on other issues, such as the economy and jobs, before tackling this issue. I can live with paper dollar bills till then.

Reply

Anna Bucciarelli

9:57 am on Sunday, December 9, 2012

I don't think so ... too heavy to carry in my purse is all I'm thinking. Plus, agree with Eileen, coins need to be distinguishable from each other ... I remember the Anthony coin as well and had the same experience. Also, other issues of importance take preference. Last, the dollar bills serve my purposes well, i.e. quick tips and to reward some little people I know.

Reply

Leave a comment