Losing the $1 bill?
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Thread: Losing the $1 bill?

  1. #1
    Online Community Director MissyJ's Avatar
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    Default Losing the $1 bill?

    What would you prefer -- to keep the $1 bill or move to making a $1 coin the norm?

    Congress looks at doing away with the $1 bill


  2. #2
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    As we move to a less cash oriented society anyway with use of debit cards I'm okay with this. It states how much money the country can save so why would this be a bad move?

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    Posting Addict mom2robbie's Avatar
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    It is the norm We have had the dollar coin for over 20 years, and the $2 coin as well They last so much longer then paper money but they do weigh down your purse! I was a cashier in a grocery store during the change over, some people grumbled but everyone got used to it quickly.
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    Community Host wlillie's Avatar
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    I hate that they act like Congress should do somehting they know US citizens won't like instead of suggesting that the Republicans pushing this just explain how much money it saves.

    I think they should make both the penny and dollar changes after publishing the numbers.

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    Posting Addict fuchsiasky's Avatar
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    I like our $1 and $2 coins. They are heavier yes, but they make the random bottom of the purse change worth more.

    They are doing away with the penny here due to the cost of producing them compared to the value. I am fine with that too. Actually I haven't heard one complaint from anyone here about losing the penny.
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    Posting Addict mom2robbie's Avatar
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    Quote Originally Posted by fuchsiasky View Post
    They are doing away with the penny here due to the cost of producing them compared to the value. I am fine with that too. Actually I haven't heard one complaint from anyone here about losing the penny.
    Robbie was a little concerned if his pennies were still going to be worth anything Every few months I try to roll them and take them to the bank, he gets all our pennies.
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    Online Community Director MissyJ's Avatar
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    Quote Originally Posted by fuchsiasky View Post

    They are doing away with the penny here due to the cost of producing them compared to the value. I am fine with that too. Actually I haven't heard one complaint from anyone here about losing the penny.
    How can there not be a cheaper way to produce those? My concern about losing pennies is that right now, your total may be $7.23, $101.56; etc. While I know that may not seem like much -- the difference to the next 5 cent mark adds up over time. I understand that 'in theory' some amounts are supposed to be rounded DOWN -- but businesses won't be able to stomach those "penny losses" in revenue any more than consumers can. Their reality will be to mark items up to avoid those losses. THAT - in turn - will make other products and services rates get raised, and ultimately -- the WHOLE WORLD will end over pennies. (Ok -- perhaps not quite that dramatic, but I do wonder about the end impact on consumers. )

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    Posting Addict Alissa_Sal's Avatar
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    I thought it was interesting that they said that vending machine operators are championing it, because my main objection to the $1 coin we have right now is that you can't use them at most of the local vending machines and parking meters, and that is the main reason I keep any cash on me at all.

    If they do put this through, there will be an initial equipment cost to any merchant that uses automated vending machines (again, food vending machines, parking meters, laundromats, stuff like that.) But aside from my sympathy for those merchants, I don't really have a problem with it. I'm sure we'd all get used to it soon enough. It made me laugh in the article when someone was was objecting that we'll all get it confused with a quarter. I think we'll be okay. Also, we don't think of it this way, but a European friend of mine once told me that our paper money was confusing at first glance because it's all the same shape and color. So I figure if we can all learn to differentiate between a $1 and a $5 bill that is the same shape and color, we can also learn to differentiate between a $1 coin and a quarter, even if they are similar.
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    When I'm in Canada, I find the $1 and $2 coins a pain, I hate carrying around heavy change. But I'm sure I'd adjust.
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    Community Host wlillie's Avatar
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    The vending machines would make a ton more money off of people like me who consistently wad anything smaller than a 10 into my pocket. Then when it comes time to buy my junk, I can't get the machine to accept my wrinkled bill no matter how many times I try to straighten it out and curse the bill collector.

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