The transition was very easy. Banks stopped releasing the $2 Bill and anything being brought into the banks weren't released again I believe. I still have about half a dozen of them along with some early mid 30's dollar bills. The early toonies weren't the greatest quality and the center of the coin could come loose and fall out.
At least in Canada they had a plan in place to replace the paper dollar with the Loonie....The USA just coins 1.4 billion coins ( exact specs as a Loonie) with no plans to retire the paper bill.
then add the twonie after the loonie and $5 is the smallest bill.
$2 bills used to circulate well here, like in the 40's and 50's , when $2 was like $20 now and a fiver was like a 50 spot. Half dollars worked well also, sort of like $5.
I'm not old enough to remember this ( born in 1963) , but the numismatic evidence is there to prove $2 bills and halves circulated very well. Half dollars are not even made for circulation anymore, they make them for sale to collectors at a premium, just like the dead Prez dollars will revert to.
Canada's RCM is the master at this..... CFL Loonies, why not corporate Loonies too ?
then add the twonie after the loonie and $5 is the smallest bill.
$2 bills used to circulate well here, like in the 40's and 50's , when $2 was like $20 now and a fiver was like a 50 spot. Half dollars worked well also, sort of like $5.
I'm not old enough to remember this ( born in 1963) , but the numismatic evidence is there to prove $2 bills and halves circulated very well. Half dollars are not even made for circulation anymore, they make them for sale to collectors at a premium, just like the dead Prez dollars will revert to.
Canada's RCM is the master at this..... CFL Loonies, why not corporate Loonies too ?
I can just imagine ASE's with the borrowed design from the WL half on the obverse and a Dallas Cowboys/ NY Yankees reverse. etc.
That shit would sell really well.
USPS gets it right with commemorative stamps of everybody from Bugs Bunny to Babe Ruth, much like the RCM does business.
US mint is catching up.
I could see a Geico quarter someday....
That shit would sell really well.
USPS gets it right with commemorative stamps of everybody from Bugs Bunny to Babe Ruth, much like the RCM does business.
US mint is catching up.
I could see a Geico quarter someday....
They just might get around to using those coins, perhaps, maybe ?
<header class="entry-header"> dollar coin y'all </header> [h=1]Senators Continue Push To Ultimately Replace Dollar Bill With $1 Coin[/h] By Chris Morran June 6, 2013
(frankieleon)
In spite of decades of studies showing the long-term cost benefits of dollar coins over Federal Reserve Notes, and the fact that most of the world’s leading economies have already switched to coins for similar denominations, the U.S. has remained steadfast in its use of printed dollar bills. So once again, lawmakers in the Senate are making the push to gradually make the transition from print to mint. Iowa Senator Tom Harkin, along with John McCain of Arizona, Mike Enzi of Wyoming, Oklahoma’s Tom Coburn, and Mark Udall of Colorado, have introduced a second stab at the Currency Optimization, Innovation, and National Savings Act (yes, it spells COINS), which would promote and ease in the distribution of dollar coins. It also sets a timetable for dollar coins to replace Federal Reserve Notes of the same denomination.
According to the Act, the Federal Reserve would be allowed to continue putting $1 bills into circulation for four years after the law goes into effect or when the rate of $1 coins being put into circulation passes the $600 billion/year threshold, whichever comes first.
For one year following that point, the Fed may continue to put dollar bills into circulation, but may not order any new dollar bills be printed.
As in previous attempts to push similar legislation through, backers cite decades of Government Accountability Office reports showing that because coins are more durable than printed money, the initial costs to mint new coins would ultimately be offset by anywhere from $200-500 million/year savings. Harkin points to Canada’s decision to replace its printed dollars with coins, saying that the savings ended up being ten times larger than initially projected.
Even after dollar bills are taken out of circulation, they would continue to hold their status as legal tender.
“The benefits of the dollar coin have long been recognized by reputable sources such as the GAO as a smart investment for our country,” said Harkin in a statement. “The experiences of countries around the world reveal that transitioning to dollar coins will generate significant savings to taxpayers without disrupting businesses or consumers. I am hopeful that this bipartisan legislation will continue to gain traction in Congress.”
In a 2011 GAO report on the subject, researchers wrote that one of the biggest roadblocks to the adoption of a dollar coin is resistance to change (pun intended) and lawmakers’ and regulators’ hesitance to simply pull dollar bills from circulation.
It cited similar pre-transition worries in Canada and the UK that ultimately proved to be much ado about very little.
“Officials from both countries told GAO that this step was essential to the success of their transition and that, with no alternative to the note, public resistance dissipated within a few years,” reads the 2011 report.
Harkin and McCain first gave the COINS Act a shot in 2012, but like many pieces of legislation, it died in committee.
[h=3][/h]
<header class="entry-header"> dollar coin y'all </header> [h=1]Senators Continue Push To Ultimately Replace Dollar Bill With $1 Coin[/h] By Chris Morran June 6, 2013
(frankieleon)In spite of decades of studies showing the long-term cost benefits of dollar coins over Federal Reserve Notes, and the fact that most of the world’s leading economies have already switched to coins for similar denominations, the U.S. has remained steadfast in its use of printed dollar bills. So once again, lawmakers in the Senate are making the push to gradually make the transition from print to mint. Iowa Senator Tom Harkin, along with John McCain of Arizona, Mike Enzi of Wyoming, Oklahoma’s Tom Coburn, and Mark Udall of Colorado, have introduced a second stab at the Currency Optimization, Innovation, and National Savings Act (yes, it spells COINS), which would promote and ease in the distribution of dollar coins. It also sets a timetable for dollar coins to replace Federal Reserve Notes of the same denomination.
According to the Act, the Federal Reserve would be allowed to continue putting $1 bills into circulation for four years after the law goes into effect or when the rate of $1 coins being put into circulation passes the $600 billion/year threshold, whichever comes first.
For one year following that point, the Fed may continue to put dollar bills into circulation, but may not order any new dollar bills be printed.
As in previous attempts to push similar legislation through, backers cite decades of Government Accountability Office reports showing that because coins are more durable than printed money, the initial costs to mint new coins would ultimately be offset by anywhere from $200-500 million/year savings. Harkin points to Canada’s decision to replace its printed dollars with coins, saying that the savings ended up being ten times larger than initially projected.
Even after dollar bills are taken out of circulation, they would continue to hold their status as legal tender.
“The benefits of the dollar coin have long been recognized by reputable sources such as the GAO as a smart investment for our country,” said Harkin in a statement. “The experiences of countries around the world reveal that transitioning to dollar coins will generate significant savings to taxpayers without disrupting businesses or consumers. I am hopeful that this bipartisan legislation will continue to gain traction in Congress.”
In a 2011 GAO report on the subject, researchers wrote that one of the biggest roadblocks to the adoption of a dollar coin is resistance to change (pun intended) and lawmakers’ and regulators’ hesitance to simply pull dollar bills from circulation.
It cited similar pre-transition worries in Canada and the UK that ultimately proved to be much ado about very little.
“Officials from both countries told GAO that this step was essential to the success of their transition and that, with no alternative to the note, public resistance dissipated within a few years,” reads the 2011 report.
Harkin and McCain first gave the COINS Act a shot in 2012, but like many pieces of legislation, it died in committee.
[h=3][/h]
The "paper" has to be durable for certain, it does get recycled when the note is retired. It's time to just reform our money and kill the penny, nickel and dollar bill all at once, then round everything to the nearest dime for cash customers !
just have dimes, quarters, dollar coins and bills for $5 on up !
just have dimes, quarters, dollar coins and bills for $5 on up !
The first article is garbage. Does not mention one time that the long term cost savings of $1 coins is substantial. It costs the fed a boatload to count, shred, and reprint $1 bills. The article is presented as if the gov't is screwing the tax payers, but in reality it is the tax payers that are screwing themselves by using $1 bills.
The taxpayers aren't really screwing themselves. People are creatures of habit and everyone alive is used to a paper $1 unit. Even the real large size silver dollars of 1935 and earlier circulated poorly and were only made for political reasons having to do with dealings with the silver mining operators.
The average citizen never really got to use these things, never got them in change. We've had the small size dollar ( Susan B Anthony) since 1979, long before Canada copied it from us in 1987.....but they had enough sense to stop making paper bills. It works fine there and in every other country that has killed it's equivalent low value note for a coin.
The company that makes the "paper" for the bills is probably crying to the gov't. A lot of countries have killed their ultra low value coins as well, Canada being the best example.
They will get rid of the cent ....eventually. The value is so low that there is no metal that you can make it out of anymore and keep production costs within reason. It costs about 2 cents to make a penny with all costs figured in and that is for copper plated zinc. 5 billion + a year are produced.
The zinc people and unions at the mints probably are what keeps it going. Nickels are just as bad, cost about 10 cents to make and contain 5 cents or so in raw metal.
We had a half cent coin until 1857, it was eliminated as being too low value. A half cent then would be like a dime or more today in buying power, so essentially the smallest denomination in 1858 ( one cent) was like a quarter today in buying power.
NFL: Any new taxidriver tales ?
NFL coins could certainly be made as a comemmerative coin for sale to collectors in silver as a dollar or half dollar and at a premium price to those that want it. It provides money to the gov't via the surcharges and has been going on since at least 1892, in the early days to raise funds for something deemed worthy.
I can't think of a US sports team coin except for some Olympic stuff, I think Canada has some hockey coins...THE RCM is shameless in what it will produce for profit.
No reason these items can't be made by the US mint to sell to collectors/ fans...they would likely be somewhat like ASE's and have a denomination and be legal tender. Pay for this stuff if you want it.
It's always about the money. If the US mint and the NFL can agree , it's like " build it, and they will come ! "
has to be a silver commerative though, You can't have NYY quarters and such in circulation....what's next after that ?
Walmart
Amazon
Taeget
?
I don't think they should be like the state quarters and circulate.
