Waiting2BwithHim Posted December 1, 2012 Group: Advanced Member Followers: 1 Topic Count: 248 Topics Per Day: 0.05 Content Count: 373 Content Per Day: 0.08 Reputation: 113 Days Won: 5 Joined: 04/18/2011 Status: Offline Birthday: 09/10/1963 Share Posted December 1, 2012 Congress has gone back and forth so many times about the fate of the $1 coin, it might as well just flip one to decide. At a hearing of a House Financial Services subcommittee Thursday, lawmakers again pondered the question of phasing out the greenback and replacing it with a dollar coin — even though $1.4 billion one-dollar coins are now piled up in Federal Reserve vaults because no one likes using them. In its testimony, the Government Accountability Office estimated that the federal government would save about $4.4 billion over 30 years by switching to dollar coins. It reiterated an earlier recommendation that the United States phase out the dollar bill over a four-year transition period. The underwater economics of minting pennies is well-known: It costs about two and a half cents to mint a cent, primarily due to the cost of the copper and zinc that go into each coin. But dollar coins don’t cost more to produce than they’re worth, and they last about 30 years, versus less than five years for a dollar bill. http://www.nbcnews.com/business/kill-bill-us-says-dollar-coins-would-save-4-4b-1C7350149 Link to comment Share on other sites More sharing options...
Waiting2BwithHim Posted December 1, 2012 Group: Advanced Member Followers: 1 Topic Count: 248 Topics Per Day: 0.05 Content Count: 373 Content Per Day: 0.08 Reputation: 113 Days Won: 5 Joined: 04/18/2011 Status: Offline Birthday: 09/10/1963 Author Share Posted December 1, 2012 I prefer the dollar coin mostly because the dollar bill of any denomination a lot of times stick together. This situation has happened to me twice yesterday and convinces me more for the coin over the dollar. If it saves mony by billions of dollars wouldn't it be more smart to have the coin then? Link to comment Share on other sites More sharing options...
Oh Hamburgers! Posted December 1, 2012 Group: Diamond Member Followers: 1 Topic Count: 10 Topics Per Day: 0.00 Content Count: 2,144 Content Per Day: 0.34 Reputation: 163 Days Won: 1 Joined: 02/02/2007 Status: Offline Birthday: 11/05/1985 Share Posted December 1, 2012 I'd be fine with either. I've also heard that doing away with the penny and the nickel would also save a bunch of money, since they cost more to make than they're worth so we lose money every time we make them. If these things save money, I'd be fine with any of those. Link to comment Share on other sites More sharing options...
Tinky Posted December 1, 2012 Group: Diamond Member Followers: 1 Topic Count: 200 Topics Per Day: 0.04 Content Count: 1,602 Content Per Day: 0.30 Reputation: 291 Days Won: 8 Joined: 10/24/2009 Status: Offline Birthday: 01/01/1986 Share Posted December 1, 2012 It doesn't really matter. We'll soon be a cashless society. Link to comment Share on other sites More sharing options...
Guest Editor1 Posted December 2, 2012 Share Posted December 2, 2012 I like it. Canada has $1 and $2 coins. Pretty convenient, but you need a larger change pocket. Link to comment Share on other sites More sharing options...
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