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Senators McCain and Harkin seek to kill the dollar bill - replace with a coin
The Hill ^ | February 1, 2012 | Josiah Ryan

Posted on 02/01/2012 6:46:31 PM PST by opentalk

Sens. John McCain (R-Ariz.) and Tom Harkin (D-Iowa) have introduced legislation that would permanently discontinue the $1 dollar note and replace it with a coin.

Harkin and McCain penned The Currency Optimization, Innovation and National Savings (COINS) Act in response to reports from the nonpartisan Government Accountability Office (GAO) that indicate that abandoning the note could save around $5.5 billion over the next 30 years. Specifically the COINS Act would require that Federal Reserve Banks discontinue the $1 note four years after enactment or once circulation of $1 coins exceeds 600 million annually.

(Excerpt) Read more at thehill.com ...


TOPICS: Government; US: Arizona; US: Iowa
KEYWORDS: antistripjoint; arizona; iowa; johnmccain; mccain; tomharkin
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1 posted on 02/01/2012 6:46:35 PM PST by opentalk
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To: opentalk

They can get half the population using a classic “Heads and Tails” coin ~ like this one~ https://store.nwtmint.com/product_details/2095/Heads_or_Tails_Female/


2 posted on 02/01/2012 6:49:21 PM PST by muawiyah
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To: opentalk

Why not just write in the amount with a magic marker on knock-out slugs from outlet and junction boxes and save taxpayers even more of our valuable money?


3 posted on 02/01/2012 6:50:56 PM PST by WorkingClassFilth (I'm for Churchill in 1940!)
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To: opentalk

It’s weird how this stupidity pops up every 10 years or so. I can understand a couple of losers like McCain and Harkins still trying to beat this dead horse to death.


4 posted on 02/01/2012 6:51:33 PM PST by FlingWingFlyer (Hey America! Your President's DOJ is taking the Fifth Amendment! How do you feel about that?)
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To: opentalk
could save around $5.5 billion over the next 30 years.

If they'd retire we could save more than that in a week.
5 posted on 02/01/2012 6:51:35 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: opentalk

This is an effort to push the public harder into debit cards, thereby forcing an electronic record of EVERY purchase.

They have rich data showing the public hates such coins.

The move makes sense once you accept that treachery is a core DC value.


6 posted on 02/01/2012 6:51:41 PM PST by gaijin
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To: opentalk

They can stick their $1 coins up their backside!!!

They will be sooundly rejected as every other attempt has!!!


7 posted on 02/01/2012 6:52:47 PM PST by dalereed
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To: opentalk

Yeah, cause that Susan B. Anthony coin was SOOOOOOOO popular. Everyone I know is clamoring for another $1 coin...not. Idiots.


8 posted on 02/01/2012 6:52:53 PM PST by my small voice (A biased media and an uneducated populace is the biggest threat to our nation.)
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To: opentalk

One thing I like to do, when Americans come into my store and are confused by Canadian money when trying to pay for stuff, I pick up the toonie and tell them, “This is a penny. I need 186 of them to pay for your coffee.”

They catch on real quick that the toonie is not a penny.


9 posted on 02/01/2012 6:53:26 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: gaijin

“This is an effort to push the public harder into debit cards, thereby forcing an electronic record of EVERY purchase”

I won’t use a debit card under any circumstance, I use credit cards but will never accept using a debit card!


10 posted on 02/01/2012 6:55:24 PM PST by dalereed
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To: opentalk

They hate the one pound coin in the UK. I know I did.


11 posted on 02/01/2012 6:55:38 PM PST by ButThreeLeftsDo (...And I'm All Out Of Gum.)
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To: Jonty30

You Canahoodians just love yer coins, doncha? And all that funny colored paper monopoly money, too!


12 posted on 02/01/2012 6:55:50 PM PST by Past Your Eyes (I'm not cut out to suffer fools like this.)
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To: opentalk

I’d prefer to see them get rid of the penny, nickel, and dime (which have negligible value these days) and put a half dollar in large circulation. Then they can round everything to the nearest quarter dollar.


13 posted on 02/01/2012 6:56:32 PM PST by ElkGroveDan (My tagline is in the shop.)
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To: Past Your Eyes

It’s gotten better.

Now our money has crystal clear parts and it’s made of plastic.

Impossible to tear, but it melts just fine.


14 posted on 02/01/2012 6:58:10 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: my small voice

But the kids will love em for their games in the arcades. 1 coin for 4 plays on Pac Man or Tron. LOL


15 posted on 02/01/2012 7:00:04 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: ElkGroveDan

It makes sense to get rid of pennies, but nickels and dimes still have reasonable purchasing power.

There are a lot of things you can get for under a dollar.


16 posted on 02/01/2012 7:00:51 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: opentalk

Any “Harkin-McCain” bill is a bad idea.


17 posted on 02/01/2012 7:01:05 PM PST by iowamark
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To: FlingWingFlyer

$1 buys as much today as a dime did in 1950. The Fifty cent piece was twice as large as the quarter, and I usually had one in my pocket, every time I broke a dollar bill.


18 posted on 02/01/2012 7:01:22 PM PST by RobbyS (Christus rex.)
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To: opentalk
What the hell is wrong with them?
Don't they have more important things to do.
19 posted on 02/01/2012 7:02:16 PM PST by novemberslady
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To: opentalk

They’ve got tons of minty Susan B dollar coins just waiting. (Right.)


20 posted on 02/01/2012 7:02:27 PM PST by SiVisPacemParaBellum (Peace through superior firepower!)
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To: muawiyah

I don’t know. I was in Israel in the fall and found the 1, 5, and 10 skekel coins really easy to use.


21 posted on 02/01/2012 7:02:48 PM PST by cotton1706
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To: opentalk
Dollar coin? That sounds like a good idea. Should we use it to celebrate a woman such as Susan B. Anthony?

Or a diverse woman such as Sacagawea?

Or our country's great (and not so great) leaders?

I'm sure this time, when DC says "use this coin", we'll listen ... as well as when they said "switch to metric".

22 posted on 02/01/2012 7:02:48 PM PST by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: opentalk
Great more confusion at the checkout. I wonder just how much loss due too mis-identification of the new quarters and nickles has cost businesses? I know it's not just me I used to be able to visually tell the difference with no problem not even a second look. Now I watch clerks having too look closely. I find myself when paying for items having too look cliosely. Does one of these clowns have a relative or high dollar donor standing too make a fortune retrofitting vending machines or something?
23 posted on 02/01/2012 7:03:30 PM PST by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: opentalk; WorkingClassFilth; FlingWingFlyer; dalereed; my small voice; ElkGroveDan

I for one would love this to come to fruition. I am a metal detectorist and I would love to start to find $1 coins more regularly.

Besides it does save money when the cost is about double what a bill costs and yet has 30X lifes span.


24 posted on 02/01/2012 7:03:30 PM PST by pennyfarmer (Even a RINO will chew its foot off when caught in a trap.)
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To: opentalk
That is a savings of only $180,000,000 a year. The federal government borrows that much every hour of the day, 365 days a year.

Harkins and McLame need to be put to pasture. This is a ridiculous attempt at saving nothing while inconveniencing everyone. Idiots.

25 posted on 02/01/2012 7:03:36 PM PST by Lawgvr1955 (You can never have too much cowbell !!)
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To: blam

Heads up regarding likely future inflation.


26 posted on 02/01/2012 7:04:30 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: opentalk

Here we go again.....


27 posted on 02/01/2012 7:05:02 PM PST by Protect the Bill of Rights
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To: opentalk

They would be smart to get rid of pennies and nickels too. Round up or down to the nearest 10 cents. Other countries do this.


28 posted on 02/01/2012 7:05:34 PM PST by tips up (Living is easy with eyes closed, misunderstanding all you see.)
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To: ButThreeLeftsDo

In West Germany we had the pfennig, one-mark, two-mark and five mark pieces. The five mark piece grew rare as the value of the mark increased. I had a coin purse to carry my coins. Often has as much as 20 DM in it.


29 posted on 02/01/2012 7:05:39 PM PST by RobbyS (Christus rex.)
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To: SiVisPacemParaBellum

30 posted on 02/01/2012 7:05:53 PM PST by SiVisPacemParaBellum (Peace through superior firepower!)
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To: opentalk
we already have a $1 dollar coin!!!!!!

...Its worth about $26 bucks according to Gresham's Law!!! http://www.coinflation.com/coins/1921-1935-Silver-Peace-Dollar-Value.html ...Think about it..whos scamming Who???

31 posted on 02/01/2012 7:05:59 PM PST by M-cubed
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To: opentalk

“...abandoning the note could save around $5.5 billion over the next 30 years.”

Ah-huh. Minus the cost of refitting all existing vending machines to take the new coin, for starters.

Besides...if there are no more $1 bills, how are we going to show our appreciation to pole dancers?


32 posted on 02/01/2012 7:06:11 PM PST by DemforBush (Are you any better off than you were $6 trillion ago?)
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To: opentalk

A dollar coin made out of a silve copper alloy with a gram of silver in it per coin would be accepted overnight


33 posted on 02/01/2012 7:07:15 PM PST by muir_redwoods (No wonder this administration favors abortion; everything they have done is an abortion)
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To: opentalk
Regardless of how unpopular people think it will be, fiscally, it just makes sense. A coin has about a 30 year, or potentially longer, life span, where a “rag” dollar's is an average of 18 months. A poster above is also correct that we should abandon the cent and nickel, since it costs more to make both of them than their worth (Seigniorage). Both of these ideas would save billions of dollars.
34 posted on 02/01/2012 7:07:28 PM PST by Bi-ped Carbon Unit (Paid, non-lawyer spokesperson)
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To: opentalk

Imagine the weight and the fuel to transport this currency. Not to mention the cost to re-fit machines.

Lived in the UK and HATED the pound coin. (Sorry Brit FReepers). Too heavy, imho.


35 posted on 02/01/2012 7:07:37 PM PST by RushIsMyTeddyBear (A MUST WATCH: http://www.youtube.com/watch?feature=player_embedded&v=KeOLurcQaqI)
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To: pennyfarmer

If everyone refused to accept them you won’t find any!!!!


36 posted on 02/01/2012 7:08:45 PM PST by dalereed
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To: dalereed
McCain has a track record of sponsoring bad or harmful legislation.

NDAA, Supreme court ruled against part of his Campaign finance bill, he introduced a Dietary Supplement Safety Act of 2010, to give FDA control over supplements - later withdrawn.

He called the tea party Hobbits, because of their concern over government spending. Romney endorser.

37 posted on 02/01/2012 7:08:56 PM PST by opentalk
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To: Pollster1
Sacagawea: Think about it this way ~ what could be more emblematic of America than a teenage girl with a baby ~ a live baby too!

I like that.

She was probably a Chippewa ~ they are the Indians with the greatest incidence of the Sa'ami "X Factor Gene Sequence". That means they are of ANCIENT European and East Asian ancestry.

We have rolls of those coins around the house ~

38 posted on 02/01/2012 7:10:46 PM PST by muawiyah
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To: opentalk

What about the pocket weight of carrying around 10 or 20 dollars in one dollar bills as opposed to 10 or 20 $1 COINS?


39 posted on 02/01/2012 7:10:56 PM PST by VideoDoctor
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To: ElkGroveDan
The last U.S. coin denomination we got rid of was the half cent in 1857, so everything had to be rounded to the nearest cent. The half-cent from then is worth about 11.5¢ now so the lowest coin was worth 23¢ in current money. Your suggestion to eliminate the penny, nickel and dime leaving the quarter as the lowest coin is almost the same.
40 posted on 02/01/2012 7:12:57 PM PST by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: VideoDoctor

Yeah pants pocket will weare out much faster!


41 posted on 02/01/2012 7:15:00 PM PST by Empireoftheatom48 (Let's get the hell rid of Zero)
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To: gaijin

Interesting, India is pursuing cashless society, involves biometrics.


42 posted on 02/01/2012 7:15:08 PM PST by opentalk
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To: opentalk

India already has HUNDREDS OF MILLIONS who live day to day in a cashless society, and without fear of their trouser pockets getting holes worn in them by coins.


43 posted on 02/01/2012 7:17:44 PM PST by muawiyah
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To: cripplecreek

Mercy you are right - how about half of our idiot politicians retire and we save much more than that in both salaries and stupid legislation. Have to say that includes both Republicans and Democrats.


44 posted on 02/01/2012 7:17:57 PM PST by Deagle
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To: opentalk
Well, that should just about cover the cost of the Secret Service taking care of the Obama Family for the next thirty years.
45 posted on 02/01/2012 7:19:20 PM PST by Kickass Conservative (Liberals, Useful Idiots Voting for Useless Idiots...)
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To: Jonty30

I went to Canada this last summer. The Canadian dollar at that time was worth about 1.16 US Dollars. Exchanging money in Canada was an eye opener as to the devaluation of the US Dollar.

I believe the Canadian Dollar is now worth 1.0028 US Dollars. According to the XE Currency converter.

Of course when I visited Romania about eight years ago I converted $30.00 to one million lei.


46 posted on 02/01/2012 7:19:32 PM PST by Yulee (Village of Albion)
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To: opentalk

Imagine where coins will end in strip clubs...


47 posted on 02/01/2012 7:19:59 PM PST by Keith in Iowa (Willard Romney, purveyor of the world's finest bullmitt. | FR Class of 1998 |)
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To: opentalk

More proof that this A..hole is so out of touch.


48 posted on 02/01/2012 7:20:45 PM PST by deweyfrank
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To: dalereed

Yes they are painstakingly close to a quarter.

I would also like to say that I have found upwards of 8 quarters in a pocket spill, so any argument that people would not carry 10 of them in their pocket is bunk.


49 posted on 02/01/2012 7:21:00 PM PST by pennyfarmer (Even a RINO will chew its foot off when caught in a trap.)
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To: Deagle

It costs money for them to even propose this crap.

They pay someone to write a proposal and then dozens if not hundreds of copies are printed up and given to colleagues....


50 posted on 02/01/2012 7:21:43 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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