The U.S. Mint is now putting out dollar coins with the George Washington's face on it. This is the 3rd or 4rth attempt to get us to use them. Don't they realize American's don't like carrying around change?
2006-11-21 08:28:19 · 15 answers · asked by tribe2437 2 in Politics & Government ➔ Government
I guess for ladies it's different but as for guys, I don't think there's a lot of us who want to walk around with coins in our pockets all day. Where do you even put them if your a guy? I can't stand keeping change in my wallet.
2006-11-21 10:23:21 · update #1
Because...
Ever pay toll? Keeping track of quarters is such a pain in the tuckus! Dollar coins are so much easier. Dollar bills also wear and tear pretty easy and end up being more expensive in the long run...since there are SO many of them (moreso than other denominations)...so a dollar coin might be more resilliant and worth while.
But that is just my guess...
2006-11-21 08:33:20 · answer #1 · answered by Thera 9 4 · 2⤊ 0⤋
Not quite. The trillion dollar coin is actually just exploiting a legal loophole to circumvent the debt ceiling and nothing else. In that sense, it is not any different from open market operations of the Fed, whereby the Fed buys bonds issued by the Treasury. The trillion $ coin would be sold from the Treasury to the Federal Reserve for a trillion $. The Federal Reserve would in turn just sell part of its Treasury Bond holdings into the market to raise the cash to give to the Treasury. It's in fact a transaction from the left hand to the right hand. It would not have any impact on the monetary base. Even if the Fed would decide not to sell Treasury Bonds into the market, but instead credit banks with additional reserves that they can convert into paper cash if they choose, has exactly the same effect, so that even huge increases in the monetary base (reserves plus cash) do not create inflation at all. In any case, expanding the monetary base in an environment where short term interest rates are close to zero has no impact on inflation because the transmission mechanism of the monetary policy is interrupted. As a result, the policy options of the Fed are currently very limited under any circumstances.
2016-05-22 09:44:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The simple truth is that paper money is very expensive to make, and the average life of a dollar bill is between 6 months and two years. A coin, on the other hand, generally can be counted on to last between 20 and 30 years in circulation. If the Treasury could convince Americans to use $1 coins, just as the British use 1- and 2-pound coins, it would save the country literally billions of dollars. Makers of vending machines and coin/bill operated machinies would likewise save a tremendous amount of money if complicated, frequently faulty bill-reading machines could be eliminated in favor of the much simpler coin mechanisms.
2006-11-21 08:40:11 · answer #3 · answered by Chris W 2 · 1⤊ 0⤋
It has to be a money making scheme somehow. They already know the coins wont catch on. But the one person who mentioned tolls has a point. The last time I went through a toll booth it gave me the dollars as change. It's the same thing at the post office when buying stamps out of the machine. You get the dollar coins. Maybe giving change is their only purpose.
For the guy who mentioned the penny and copper. Guess what? The penny isn't copper anymore. It's copper plated zinc.
.
2006-11-21 08:39:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well, it's part of the federal government. What else would you expect except pure stupidity? Why in the world would be want to replace the ten or twelve one-dollar bills conveniently held in our wallets or comfortably folded up in our pockets for ten or twelve heavy, cumbersome gold coins that will only wear holes in our pockets and easily fall out and get lost?? -RKO-
2006-11-21 08:51:15 · answer #5 · answered by -RKO- 7 · 0⤊ 0⤋
Actually, what I can't figure out is why they didn't stop printing the $1 bills. That's the only way to get people to change - by eliminating the alternative.
Basically, they're wasting our time and our money. They need to make the change happen, the useless bastards, or just stop with the coins. First, Susan B A Harpy, then Sack of Jemima. They need to shït or get off the pot. Damn government!
2006-11-21 08:42:30 · answer #6 · answered by Anonymous · 0⤊ 1⤋
It is for political reasons the ore manufacturers put political pressure on that keeps the coins coming. Just as the copper industry keeps the penny in circulation.
2006-11-21 08:33:12 · answer #7 · answered by Rorshach4u 3 · 0⤊ 0⤋
They do it for money!
Really. That is, collectors buy this crap and take it out of circulation. The Treasury makes 3 to 4 billion by doing this. Collectors pay with currency in circulation for this crap and the buyers take this money out of circulation.. therefore, the U.S. Treasury is ahead. Sure beats being taxed more.
2006-11-21 08:43:22 · answer #8 · answered by Anonymous · 1⤊ 0⤋
for the nerds that love to collect them and so you can annoy the hell out of retail people by putting 500 dollar coins on the counter when your buying your brand new LCD TV.
2006-11-21 08:36:10 · answer #9 · answered by Average_JOE 2 · 0⤊ 0⤋
Hello,
That is interesting to me since it looks like we are heading towards a "Cashless Society" real soon.
I mean, we are starting to pay more with our debt cards and not carry cash as much anymore.
Maybe our government just wants to see how stupid we are and if we will use the coins. If we use them, then good for us and bad for them.
Soon, very soon, we are going to be a "Cashless Society" like the Bible predicts.
Hope this kinda helps you.................................. :-)
2006-11-21 18:56:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋