Oct 26 - US Replacing 1$ bill with coin.

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 10-26-2011, 12:33 AM         #1
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hawkoner 
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Oct 26 - US Replacing 1$ bill with coin.
 

 

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WASHINGTON – A proposal to phase out the $1 bill and replace it with a $1 coin could be gaining currency as the "supercommittee" looks to find ways to save the government money.

Lobbying interests on both sides are ramping up their efforts in the expectation that Congress could decide the issue after more than 25 years of debate. Mining interests, vending companies and mass transit agencies support the coin. Paper and ink producers and some small retailers oppose it.
"You have this gigantic deficit. You have this supercommittee, and Congress is looking for savings anywhere they can," says former representative Jim Kolbe, R-Ariz., a longtime coin advocate.
The move to a coin would cost money in the short term, but eventually save money because paper currency lasts about 42 months — while coins theoretically last forever. Moving to a coin could save $5.6 billion over 30 years, according to the Government Accountability Office.
"You're not going to find that kind of savings that involves no tax increase and no cut to anybody's program," Kolbe says.
The 12-member Joint Committee on Deficit Reduction, created under the debt-limit deal in August, has held few public hearings. Its members are tight-lipped about what proposals are on the table, even as they approach a Nov. 23 deadline. But the savings from a $1 coin are miniscule compared to the committee's $1.5 trillion goal.
When Kolbe first started introducing $1 coin proposals in Congress in 1986, it was a way to help Arizona mining interests, he admits. Those proposals never got out of committee. Now, with most other Western economies replacing their lowest paper bill with coins, the time is right to modernize the currency system, he says.
Kolbe is honorary chairman of the Dollar Coin Alliance. The group has enough momentum that just this month supporters of the paper dollar formed a rival group, Americans for George. They're worried a $1 coin provision could sneak into the supercommittee's proposals.
"We've never been through a situation with the supercommittee before. It was always an issue that was looked at on its face as an individual issue," says Tom Ferguson of Americans for George, the former head of the Bureau of Engraving & Printing.
"A nation's currency is more than just paper. It is iconic. It is emblematic. It signifies the economy," he says.
The armored-car industry also opposes the coin. "It's primarily based on weight," Larry Sabbath of the National Armored Car a.ssociation says. "If you think of all our trucks carrying around that weight, that's obviously higher fuel costs for us, and more breakdown of trucks."
There's at least one supercommittee member on each side: Co-chairman Jeb Hensarling, a Republican congressman from Texas, is a sponsor of the $1 coin proposal. Sen. John Kerry, D-Mass., a committee member, has introduced a competing bill to stop production of the dollar coin. Paper for U.S. currency is made by Crane & Co. of Massachusetts.
Hensarling would eliminate the Susan B. Anthony $1 coin, whose size and color is often mistaken for the quarter, and get rid of the $1 bill in four years — or earlier if $600 million in $1 coins are circulating.
That's important because just minting the coins is no guarantee people will use them. About $1.1 billion in $1 coins sit unused in vaults, the GAO says.
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 Replacing $1 bill with coin could save $5.6 billion ‚€“ USATODAY.com

104 comments for "Oct 26 - US Replacing 1$ bill with coin."

 10-26-2011, 12:36 AM         #2
Lukeshuel  OP
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What will the strip clubs do?
 10-26-2011, 12:37 AM         #3
Chopzilla  OP
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 Lukeshuel said:
What will the strip clubs do?
this is why I love BX
 7 years ago '10        #4
Agentzer0oo0 215 heat pts215
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$69,294 | Props total: 27653 27653
 Lukeshuel said:
What will the strip clubs do?
:rolll augh:

You and tdub-zr0 quite possibly have the posts of the year.
 7 years ago '10        #5
SmoothTay 23 heat pts23
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$26,904 | Props total: 31933 31933
 Lukeshuel said:
What will the strip clubs do?
they gonna start giving these hoes fives ???


 7 years ago '05        #6
PussyFiend 
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 Lukeshuel said:
What will the strip clubs do?


 7 years ago '07        #7
Ham Rove 3520 heat pts3520
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cant wait to be whipping coins at bi*ches @ the club
 7 years ago '05        #8
swyshasweets 
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ones round here give you 2$ bills to give them in your change lol
 7 years ago '11        #9
whouthinkitis 19 heat pts19
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I ain't really read much of the OP but this sounds like the start of the Amero.
 10-26-2011, 02:37 AM         #10
Lukeshuel  OP
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Although the idea of flinging a coin across a club frisbee style is quite enticing, by the end of the day my pockets are loaded with change i don't want another coin to d!ck around with
 7 years ago '05        #11
Fauby 14 heat pts14
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$3,271 | Props total: 4849 4849
Canada uses coins for anything under $5 and i fu*king HATE it. $5 dollars in coins feels like you have 5 pounds in your pocket....wish we still used the bills
 7 years ago '06        #12
Kingme 10 heat pts10
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$11,601 | Props total: 9330 9330
No one uses them. From the susan b anthony coins to the gold dollars from like 2000. Ill only use $1 coins if john brown or fred douglas would be on them.
 7 years ago '04        #13
KiNgJaMeS305|M 58 heat pts58
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 Lukeshuel said:
What will the strip clubs do?
no bullsh*t i thought the same.. when i was in spain a couple years ago we was going to a strip club to c how it was, but the girls we were with decided to go somewhere else. But since then ive wondered how u would tip cuz euro only had coins up to it reached 5 euro

are u supposed to put a coin on a bi*ches thong or do they change the coins into bills at the strip club?
 7 years ago '10        #14
J AL7 1 heat pts
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 Lukeshuel said:
What will the strip clubs do?

Classic!


 whouthinkitis said:
I ain't really read much of the OP but this sounds like the start of the Amero.

^^^This is exactly what I was thinking, they already have samples of possible bills online.
Part of the plan!
 7 years ago '07        #15
Damagegadget 493 heat pts493
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 SmoothTay said:
they gonna start giving these hoes fives ???


no Ima bout to start makin it hail on them hoes...ping
 7 years ago '11        #16
Pakchoy 854 heat pts854
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$6,851 | Props total: 42991 42991
 Lukeshuel said:
What will the strip clubs do?
Make it hail on dem hoes
 7 years ago '05        #17
Freemind 41 heat pts41
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 Lukeshuel said:
What will the strip clubs do?
they already started giving you $2 bills up here

i ripped em in half and threw em at the bi*ches
 7 years ago '06        #18
Special Edd 172 heat pts172
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$27,454 | Props total: 11613 11613
thats the end. folks
 10-26-2011, 08:58 PM         #19
Got Cheeve?  OP
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 Pakchoy said:
Make it hail on dem hoes
haha perfect

imma put popping coins into shorties butthole on some arcade sh*t
 7 years ago '11        #20
Irishman08 
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$564 | Props total: 6 6
lol all the drug dealers going to be raging when they got 20 coins in there pocket
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