Skip to comments.Senators McCain and Harkin seek to kill the dollar bill - replace with a coin
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 ...
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/
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?
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.
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.
They can stick their $1 coins up their backside!!!
They will be sooundly rejected as every other attempt has!!!
Yeah, cause that Susan B. Anthony coin was SOOOOOOOO popular. Everyone I know is clamoring for another $1 coin...not. Idiots.
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.
“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!
They hate the one pound coin in the UK. I know I did.
You Canahoodians just love yer coins, doncha? And all that funny colored paper monopoly money, too!
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.
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.
But the kids will love em for their games in the arcades. 1 coin for 4 plays on Pac Man or Tron. LOL
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.
Any “Harkin-McCain” bill is a bad idea.
$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.
They’ve got tons of minty Susan B dollar coins just waiting. (Right.)
I don’t know. I was in Israel in the fall and found the 1, 5, and 10 skekel coins really easy to use.
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".
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.
Harkins and McLame need to be put to pasture. This is a ridiculous attempt at saving nothing while inconveniencing everyone. Idiots.
Heads up regarding likely future inflation.
Here we go again.....
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.
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.
...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???
“...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?
A dollar coin made out of a silve copper alloy with a gram of silver in it per coin would be accepted overnight
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.
If everyone refused to accept them you won’t find any!!!!
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.
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 ~
What about the pocket weight of carrying around 10 or 20 dollars in one dollar bills as opposed to 10 or 20 $1 COINS?
Yeah pants pocket will weare out much faster!
Interesting, India is pursuing cashless society, involves biometrics.
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.
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.
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.
Imagine where coins will end in strip clubs...
More proof that this A..hole is so out of touch.
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.
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....