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Turfscape (37.06)

Currency and Change

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August 11, 2010 – Comments (5) | RELATED TICKERS: MON , E , Y

I've previously extolled the virtues of the €1 and €2 coins. And, shared my affection for the "gold dollar" coin. I happen to like the single dollar denomination as a coin. For me, it's effective and efficient.

And, lately, I've been thinking (or over-thinking, as my wife reminds me) that it is unfathomable that we have not pushed forward as a country to rid ourselves of the paper dollar! We live in a time when news and commentary is virtually owned by talk of debts, deficits, government spending and government waste. We all know that the dollar coin is more efficiennt (lasts 10 times as long as a paper bill) and is  less costly to the American taxpayer to produce than the dollar bill (estimates are a cost-savings of $500 - $700 million per year). Yet, dollar coins remain uncirculated and unaccepted in American society.

Pushing to switch from the bill to the coin should be a slam dunk. What valid reason is there to oppose it?

"Well, people don't like it!"

People didn't like seatbelts either. People didn't like the redesigned currency when that came out (thinking it looked like monoply money, or worse...European money). But, people will adapt.

This is the low-hanging fruit! I know that $500 million per year is barely a sneeze in the budget...but it's a VERY EASY $500 million. Why are those who are so opposed to wasteful spending also so opposed to changing money for the better?

One last note: When US currency becomes worthless and we're all back to tribal feudalism (as the pessimists among pessimists predict), wouldn't you rather have a usable metal coin that could be melted down into arrow points and bullets instead of a raggedy worthless scrap of paper?

5 Comments – Post Your Own

#1) On August 16, 2010 at 12:34 PM, lemoneater (77.28) wrote:

Admit it, Turfscape, you want to start your own line of leather coin purses and you need to create demand:)

Interesting idea. If it happened, I would invest in a men's clothing company, because more pockets would get ripped until customers realized their need for coin purses.

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#2) On August 16, 2010 at 1:21 PM, Turfscape (37.06) wrote:

I'll admit, I get a little envious when I see that old man in front of me in the checkout line, searching through that coin purse for a couple pennies. It just makes him appear so independent and confident, not caring at all what the people behind him really think of him...

Funny enough, the most common response I get when I bring up the push for the dollar coin is: "what about strip joints? are guys supposed to throw coins at the strippers now?"

Really?!? That's a concern? What'll you stuff down a stripper's intimates? That's worth $500 million a year in taxes? I'll tell you what you give the strippers: nothing! The industry will adjust, I assure you!

I guess people just really don't like change...in all senses.

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#3) On August 16, 2010 at 9:43 PM, truthisntstupid (86.94) wrote:

You're making too much sense, so there is no chance.  No chance at all.  I'd sure like to be rid of bills.  So much easier to pocket your change instead of having to put it in your wallet. 

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#4) On August 17, 2010 at 1:14 PM, Pick1es (21.06) wrote:

too bulky, i like a slim wallet. I don't like carrying heavy coins in my pockets.

I'm just a very selfish person I guess...

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#5) On August 17, 2010 at 2:29 PM, Turfscape (37.06) wrote:

fearandbullets wrote:
"too bulky, i like a slim wallet. I don't like carrying heavy coins in my pockets."

I believe a couple companies have already found a solution for that: V , MA, AXP

 

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