Losing the $1 bill?

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MissyJ's picture
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Losing the $1 bill?

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

[h=1]Congress looks at doing away with the $1 bill[/h]

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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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It is the norm Biggrin We have had the dollar coin for over 20 years, and the $2 coin as well Biggrin 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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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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I like our $1 and $2 coins. They are heavier yes, but they make the random bottom of the purse change worth more. Smile

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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"fuchsiasky" wrote:

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 Biggrin Every few months I try to roll them and take them to the bank, he gets all our pennies.

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"fuchsiasky" wrote:

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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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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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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"freddieflounder101" wrote:

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.

This is what I'm thinking. I hate carrying around coins! But i can deal with it.

I typically don't carry much physical money around with me anyway

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"KimPossible" wrote:

This is what I'm thinking. I hate carrying around coins! But i can deal with it.

I typically don't carry much physical money around with me anyway

I always come home from my trips to Canada loaded down with heavy coinage.....so heavy. So unfriendly to my pockets.

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"freddieflounder101" wrote:

I always come home from my trips to Canada loaded down with heavy coinage.....so heavy. So unfriendly to my pockets.

Haha, and then you have to try to sneak the Canadian dimes off on some unsuspecting and unobservant person....

(I grew up in OH, so Canadian dimes were fairly common. Only the dimes, I guess because they look so much like regular dimes. You aren't technically supposed to use them as money in the US, but people totally did. It was kind of like a big statewide game of Old Maid.)

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"Alissa_Sal" wrote:

Haha, and then you have to try to sneak the Canadian dimes off on some unsuspecting and unobservant person....

(I grew up in OH, so Canadian dimes were fairly common. Only the dimes, I guess because they look so much like regular dimes. You aren't technically supposed to use them as money in the US, but people totally did. It was kind of like a big statewide game of Old Maid.)

We always got a lot of Canadian quarters where I lived in Montana everyone used them as normal but you had to be careful not to stick them in a vending machine. When I was in high school my Dad ran a catalog outlet store and sometimes we would get people from Canada paying with Canadian money. We were only 60 miles south of the Canadian border and depending on the exchange rates sometimes it was cheaper for them to buy things in the US, so they would order it through the catalog and come and pick it up. It wasn't a big deal we would just call the bank to make sure we charged the right exchange rate and just deposited the money as usual. The banks there would exchange it no problem.

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Growing up only an hour or so from Canada, we used Canadian money all the time.

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"Alissa_Sal" wrote:

Haha, and then you have to try to sneak the Canadian dimes off on some unsuspecting and unobservant person....

(I grew up in OH, so Canadian dimes were fairly common. Only the dimes, I guess because they look so much like regular dimes. You aren't technically supposed to use them as money in the US, but people totally did. It was kind of like a big statewide game of Old Maid.)

Yeah, we get lots of US quarters dimes and nickels here. Tim Hortons takes them. That's all I care about.

Seriously, the loonie and twoonie aren't that big of a deal. I don't have that much more change in my wallet than I did before they were introduced. They'll pretty much last forever, eliminating having to reproduce them and take old ones out of circulation like paper bills.

Anyone else seen Canada's new bills? They are polymer. Yeah, they're partly plastic and have this clear window you can see right through. Plus, OMG you should see the anti-counterfeiting measures they're using on these bills. Insane. And yes, still colour-coded.

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I used to save the American coins I would get for my next trip across the border. There was also a time where the banks would take the American coins and exchange them for bills.

I worked at Canada's Wonderland many years ago and at that time we took American money at par (and I think our dollar was only worth $0.60). It was a pita for the managers so they allowed us to buy the American bills at par so that they would not have to deal with it.

I have yet to see the new $20s. The $100 bills really do smell like maple syrup, especially after being in your wallet for a bit Biggrin

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"mom2robbie" wrote:

I used to save the American coins I would get for my next trip across the border. There was also a time where the banks would take the American coins and exchange them for bills.

I worked at Canada's Wonderland many years ago and at that time we took American money at par (and I think our dollar was only worth $0.60). It was a pita for the managers so they allowed us to buy the American bills at par so that they would not have to deal with it.

I have yet to see the new $20s. The $100 bills really do smell like maple syrup, especially after being in your wallet for a bit Biggrin

They are so freaking smooth too that they almost stick together. Does that make sense? I haven't sniffed the $100 yet. Although, I did have to laugh when people were complaining about how they melted on the dash. If you're stupid enough to leave your wallet or a $100/$50 bill on your dash in plain sight you've got bigger fish to fry, me thinks.

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"ClairesMommy" wrote:

They are so freaking smooth too that they almost stick together. Does that make sense? I haven't sniffed the $100 yet. Although, I did have to laugh when people were complaining about how they melted on the dash. If you're stupid enough to leave your wallet or a $100/$50 bill on your dash in plain sight you've got bigger fish to fry, me thinks.

Do they really melt? I hadnt heard that, but that sucks. My DH always throws his wallet on the dash when he is driving, so I could see that being a problem.

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"ftmom" wrote:

Do they really melt? I hadnt heard that, but that sucks. My DH always throws his wallet on the dash when he is driving, so I could see that being a problem.

lol.... the thing i read was about people leaving their wallet or cash in the baking sun for hours and hours at a time.