Currency and Change
August 11, 2010
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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?
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