Skip to comments.Congress looks at doing away with the $1 bill
Posted on 11/30/2012 7:10:34 AM PST by upchuck
[Snipped pretty severely to meet posting guidelines.]
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
At a House subcommittee hearing Thursday, the focus was on two approaches:
Moving to less expensive combinations of metals like steel, aluminum and zinc.
Gradually taking dollar bills out the economy and replacing them with coins.
Equipment would have to be bought or overhauled and more coins would have to be produced upfront to replace bills as they are taken out of circulation.
Rep. Lacy Clay, D-Mo., said men don't like carrying a bunch of coins around in their pocket or in their suits. And Rep. Carolyn Maloney, D-N.Y., said the $1 coins have proved too hard to distinguish from quarters.
"If the people don't want it and they don't want to use it," she said, "why in the world are we even talking about changing it?"
Rep. Steve Stivers, R-Ohio, said a penny costs more than 2 cents to make and a nickel costs more than 11 cents to make. Moving to multiplated steel for coins would save the government nearly $200 million a year, he said.
(Excerpt) Read more at news.yahoo.com ...
How are we going to tip strippers? :)
i refuse to tip a 5 when they only earned 3. No more tips I guess. When they start auto-taking a tip, then I stay home, PERIOD.
This is an annual boob-doggle announcement.
4.4 billion over 30 years? Do the math; it’s a milliliter in the ocean.
Morons. With all the real issues that need attention these slackers in congress come up with this nonsense?
There are no words.
I meant “boon-doggle” but, reviewing some of the earlier replies, I guess I’ll keep it.
You tip your stripper with a measly dollar bill? Cheapskate!
An excellent example of what one must not do if we are expected to live in a civilized society.
There are three major reasons why strippers (male or female) should not be tipped with Susan B. Anthony dollars:
Not only do strippers gyrate more than your average working person, but one may often find them hanging upside-down, careening from the ceiling, and/or sliding seductively down long metal poles. While a habit of frequenting these types of activities is alone enough to prohibit most individuals from carrying pocket change, the stripper’s decision to wear little or no clothing further complicates the matter, as s/he has no pockets.
Most strippers maintain possession of their tips through the use of an elastic strap known as a garter. Said garter is placed around a leg or an arm and is designed by garter design specialists to accommodate loose dollar bills of any denomination. However, most garter manufacturers never intended their devices to be employed to harvest legal tender in coin form, and thus engaging such activity would undoubtedly void the garter’s warranty.
Only top-of-the-line, tailor-made garters provide a coin purse option, which is usually intended only for novelty purposes, such as providing individuals with “change” for their tip, or for the storage of a small tube of lipstick (and/or tabs of Ecstasy). And due to the added technology (additional silk, spandex, microprocessors, servos, etc.) required for the production of these high-end garters, they are highly expensive items and thus one is much less likely to find a stripper equipped with such a device at his or her local house of burlesque.
As a result, handing a stripper one or more Susan B. Anthony dollars (or any coins, for that matter) places said stripper (who is, presumably, nude) in the unfortunate position of having to hold the money in her hand, mouth, or some other area for the duration of the performance. This can be terribly distracting for both the stripper and the audience.
The image of Susan Brownell Anthony was placed on the US dollar coin in 1979 in recognition of her years spent fighting for what we today call “women’s rights,” but what at the time were called “basic rights everyone with a dick already has.” Anthony was a leader in the women’s suffrage movement, the abolitionist movement, and other progressive campaigns.
And you want to take this beacon of hope and strength, this memorial of one of the United States’ greatest heroes—you want to take her shining face and shove it into some stripper’s nether regions?
You sick, twisted perv. You may think you’re being all ironic and cute, but you’re really just a dumbass with some kind of coin fetish who probably beats his wife with a claw hammer. We have a place for people like you; a van will be by shortly to collect your worthless ass. Please be out front, packed and ready to go.
The problem with Susan B. Anthony dollars was that they looked and felt about the same size, shape, and color as a US quarter. This is why they were eventually discontinued and replaced with the gold-colored Sacagawea dollar coins, which are the same size, shape, and color as a US quarter that has been urinated on.
Regardless of what culture you’re from, according to contemporary stripping etiquette, tipping a stripper US$0.25 is the moral equivalent of giving your mother a nicely wrapped turd for her birthday. It’s simply not done; it is not only considered rude, but a slap to the face of morality itself.
And since your Susan B. Anthony dollar is very likely to be mistaken for a quarter (as explained above), the act of tipping said stripper with said coin is very likely to offend said stripper, who has done nothing but be nice to you, generously taking the time to display her breasts (or his dick, depending on what kind of joint you like to frequent) for you. Offending a person in this vulnerable position would likely prove to be an unwise move, as it may result in you receiving a stiletto heel to the forehead, a trauma that several case studies have revealed to be one of the leading causes of learning disabilities in America.
So in conclusion, don’t do it. Before you go to the strip club, hit the ATM, ask your mom, or go knock over a convenience store. Do not just use the local laundromat’s change machine. As a result, your stripper will be happier, one of the greatest women’s rights activists won’t be spinning in her grave, and you’ll still be able to read and process the English language when the evening is over. Trust me: you’ll thank yourself later.
I heard Timmy Turbo Tax is planning on getting rid of the penny and the nickel in January. Everything will go up by 10 cents. That won't contribute to inflation. /sarc
government costs need to be cut...
I do not like the dollar coins, but if it saves cash, then we have to get used to it..
Wasnt this crap tried b4?
Only place I see the xisting ones is the self service car wash?
Place was turned into a coin wash
My thought exactly ... not that I would EVER frequent such a place
Why eliminate something that has no real value anyway?
oops, found that on the internet and so it must be true. I should have read it in it’s entirety first and left some out;/
I figure the real reason they want to get rid of the dollar is not to replace it with a coin, but to be able to print the gazillion dollar bill so we won’t need a wheelbarrow to buy a loaf of bread.
With all the real issues that need attention these slackers in congress come up with this nonsense?
The Beast on the Potomac exists for itself. This is theater.
I just figured out a way to make a fortune! (well, if not a furtune, at least a lot of money)
I’ll sell plans on crafting wheelbarrows purely out of $1 bills. The metal parts will consist of pennies and nickels.
LOL 4 billion over 30 years.
How much would we save over 30 years if we stopped funding bike paths and hiking trails? How much will we save if we weren’t subsidizing failing green energy over the next 30 years? How much would we save over 30 years if we stopped subsidizing public transportation. How much would we save if we stopped funding the EPA and a whole alphabet of other federal agencies?
I haven’t even touched entitlements and could go on for a while and could still cut hundreds of billions before getting anywhere near politically sensitive issues.
And watch 6% sales tax round up to 10%.
Great idea! Get rid of the filthy things. They carry germs, viruses, all sorts of junk. They only last about 6 months, then are shredded and dumped into landfills. This nation needs to be an austerity budget. Every $ counts. Just don’t spend a lot of time on it. Make the decision, and move on.
Just another unintended consequence of the Federal Reserve Act. I have read that the American dollar is worth approximately 96% less than what it was in 1910. I think it is worth less than that.
A big thank you to Theodore Roosevelt, Woodrow Wilson, all th early twentieth century progressive movement and all the enlightened big government bastards that followed them.
The fundamental problem is devaluation. When pennies don't purchase anything, people don't use them, and they just come to fill change jars across the country. The same is starting to be the fate of the nickle, and soon I assume the dime.
In a greater sense, the same thing has occurred with the dollar. You don't purchase things with a dollar so much, as receive it in change.
When I was a kid, pennies actually purchased things, and a quarter would get you a soda and a candy bar. And that was 50% inflation over when my father was a boy. In fact, pre-1945 the problem with the penny was that it was too much for small items, such as a piece of gum. This was solved by some locales issuing fractional pennies.
All that said, I like coinage. I would personally like to see coinage up to $50.
Find something else that really needs changing
It’s time once again to trot out my currency and coinage reform proposal.
Given that there has been ample inflation on the order of 10 since the last change, and we have an excessive array of confusing coins and low-value currency, it is time for a practical simplification.
First, denominations need to proceed in a proportional way without large value ratios or crowded ratios. The classic 1-5-10-50-100... progression with ratios of 2.0-5.0 is ideal as a minimum, with denominations of 2, 20, etc. being optional for important valuations.
Second, we want to avoid coins of such low value that they are more trouble than they are worth. Economic waste occurs with the extra time wasted dealing with needlessly small coins. A dime is worth less than a minute of labor at minimum wages, and no currency transaction requires anything smaller than this denomination. The penny and the half-cent served well as the smallest denominations when their values were that of today’s dime. (Note to any economic imbeciles: electronic transactions are often conducted in smaller units than our smallest coin, and that cash registers have been “rounding” - without bias up or down - to the nearest small coin for sales tax purposes for generations. Google sales tax rounding if you have doubts and read a few articles).
Third, we want to set the coin/currency transition at a practical level that avoids our wallets being overstuffed with small bills, or our pockets with too many coins. Coins should be suitable for purchases like a magazine, a coffee, a lunch, or a brief cab ride.
Fourth, the ratio between the largest and smallest coin should be limited to a practical factor. Consider that the economy functions effectively with coins at 0.05, 0.10, and 0.25, with pennies treated as trash, and larger coins generally not used. That is a factor of 5 between the largest and smallest coin. A factor of 10-50 may be ideal, and a factor of 100 (as in actual current coinage) is excessive.
Fifth, we need bills of adequately high value for large cash purchases (consider the largest Euro note has a value of about 6.5 times that of the largest US note.)
Sixth, coins should be sized approximately proportional to their value for ease of recognition and use.
$0.10 (slightly smaller than the current dime)
$0.50 (slightly smaller than the current nickel, larger than the penny)
$1.00 (slightly smaller than the current quarter dollar, larger than the nickel)
$5.00 (slightly smaller than the current half-dollar) Or it could be set at $2 to avoid overlap with a $5 note.
Our current 6 coins are replaced with 4.
Our current 7 notes are replaced with 4-6.
If you want to talk about making coins out of silver or gold, I’m even more enthusiastic:
$1000 gold coin (1 oz)
$500 gold coin (1/2 oz)
$100 gold coin (1/10 oz)
$20 silver coin (1 oz)
$10 silver coin (1/2 oz)
$2 silver coin (1/10 oz)
$1 copper or base metal coin (1/2 oz)
$0.50 copper or base metal coin (1/4 oz)
$0.10 copper or base metal coin (1/10 oz)
It’s more fun to tip with 10 ones than one ten. So I’ve heard.
So this is consuming their time? What about that legislation to pour $7 billion into the study of Phorid-Humpbacked Fly mating habits?
With pennies. Lots of 'em!
What is the governments fixation with forcing the people to carry metallic dollars? It’s a loser of an issue and they have spent billions of dollars on metal dollar coins that no one wants.
The stripper can just carry a little bag around her waist to hold the coins.
It will hang down like a ball sack.
I'd sort of like to get my collection done past James A. Garfield.
It will never happen. Every few years, they bring up the idea, but it doesn’t fly with the public. We didn’t use the Sacajawea coins, and we won’t use some other dollar coins. You may convince Euroweenies to carry coin purses, this is America.
“How are we going to tip strippers? :)”
Magnetized breast implants and g-strings?
I’m pretty sure the “ladies”would find a way to accept coins...could actually get very interesting.
I hate change! Everytime they talk about this it makes me angry.
this is about harmonizing coins with the rest of the world.
It is a BS argument.
This is a distraction effort just like any time the conservatives get close to amending the constitution they insiders poison the effort with a “flag burning” amendment.
Nobody will ever round down though, so it’s just more inflation dumped on us dopes. A drop in the bucket compared to the rest of the inflation that’s coming our way, perhaps, but still nothing to be happy about.
I remember getting a $5 coupon book to use at McDonald’s in my Christmas stocking. It’s hard to believe it would take a couple of trips to eat enough burgers and sodas to use up the book.
Yeah, well it would save us 4.4 million if the Greedy Hogs didn’t go to Hawaii on our dollar..
Yeah, well it would save us 4.4 million if the Greedy Hogs didn’t go to Hawaii on our dollar..
“I do not like the dollar coins, but if it saves cash, then we have to get used to it..”
Hahaha! Let’s run the numbers that they publicized, and we can assume that those numbers are greatly inflated!
Savings = $4.4B
Time used to calculate savings = 10 years
Annual savings = $4.4B/10 = $0.44B or $440M
Fed budget = $3.8T or $3,800,000,000,000
Annual savings by % = 440,000,000 / 3,800,000,000,000 or 440 / 3,800,000 = 0.00011 or 0.011% of the budget
If you look at my tag you will see that I do care about every penny, but I also start reductions with getting the biggest bang for the buck. We’d get to this action a few decades from now!
“An excellent example...”
Goes too show me I should read all comments before posting.
Yours is a LOT better than mine...
and that is the plan. The MSM has us talking about this non-starter issue (see lead trial balloon) rather than the fact Boehner LAUGHED at Obama’s eunach Geitner delivering a joke of a proposal.
Do better. Eliminate penny and nickel and round to nearest dime. Other countries like New Zealand do that.
Make them the “Reagan Dollar.” I’ll go for it! :)
“Well, there are (or at least at one time were) a lot of $2 bills in storage...”
I know. My friend order $100 of them from the bank a week before we hit the strip joints. Been doing it for years; works great, actually. It’s a nice gimmick for playing.
And watch 6% sales tax round up to 10%.