New $1 coin- would the changes make YOU use them?

[jstnrgrs]

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My proposed USA monetary system:

Coins:

25 cents, 1 dollar, 2 dollars

Bills:

5 dollars, 20 dollars, 100 dollars, 500 dollars

God this would be so much nicer its not even funny. You could even keep the $50 bill if you wanted. Actually, I'm a little unsure about coins. I want to round things to 10 cents, but that makes me get rid of the quarter and replace it with a 50 cent coin. But then 50 cent, 1 dollar, 2 dollars seems repetitive. I dunno what the right solution is.

Edit: Edited to change coins to 25 cents, 1 dollar, 2 dollars from 10 cent, 50 cent, one dollar, two dollars.

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I think it's stupid to have denominations that are only double the lower denomination since that makes it so that you only have to use one at a time of that denomination. I also think that it is stupid to have denominations that are not multiples of lower denominations. $0.01 is to little money to need its own coin, and dollar coins make sense to me.

My stytem:

Coins: nickle, quarter, dollar

Bills: $5, $20, $100 (I'd actually like to have a $25 bill instead of $20 just so that we could be conststent with the coins and be different from the rest of the world, but obvioulsy that wouldn't get any support.)

I think this would be an easy system that would work well.

[Shoe]

Unless they start putting on a new playmate of the year every 3 months, I won't be using them.

As long as dollar bills exist, these coins will never catch on. No country has ever successfully replaced a bill with a coin without removing the bill from circulation. That being said, I would support switching to the coin since they are cheaper to produce/replace long run. Dollar coins will also save the vending machine industry tons of money in repairs that the dollar bill readers need each year.

I also think we should get rid of pennies. We are at the longest point in our history without getting rid of a coin (I think we got rid of the half-penny in the early 1900's -- not sure though). And since it is illegal to melt down pennies and sell them for scrap, I have no use for them.

[lozen]

We use $1 and $2 coins in Canada and works great

Piggy bank yields great dividends

[chesspain]

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Dollar coins will also save the vending machine industry tons of money in repairs that the dollar bill readers need each year.


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Versus the cost of a bill reader, is it much cheaper to retrofit and service a coin drop in order for it to accept a new coin (and not accept slugs)?

[soko]

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We use $1 and $2 coins in Canada and works great

Piggy bank yields great dividends

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A dividend would mean you are making a profit somehow, do you normally throw your coins in the trash?

[Shoe]

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Dollar coins will also save the vending machine industry tons of money in repairs that the dollar bill readers need each year.


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Versus the cost of a bill reader, is it much cheaper to retrofit and service a coin drop in order for it to accept a new coin (and not accept slugs)?

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I'm not an expert on that, so I don't really know. I can't imagine it would be much different than what they would do to stop quarter/nickel/dime slugs though. Lots of vending machines already take $1 coins, all the ones I use do.

[Annorax]

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Dollar coins will also save the vending machine industry tons of money in repairs that the dollar bill readers need each year.


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Versus the cost of a bill reader, is it much cheaper to retrofit and service a coin drop in order for it to accept a new coin (and not accept slugs)?

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I'm not an expert on that, so I don't really know. I can't imagine it would be much different than what they would do to stop quarter/nickel/dime slugs though. Lots of vending machines already take $1 coins, all the ones I use do.

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I wonder if perhaps we're all looking at this the wrong way.

Most of the hardware physically can't accept a coin that's much physically larger than a $1 without extensive retrofitting. Most* of the modern bill acceptors I've seen get their bill images and other information digitally loaded in from a laptop or PDA or something and could easily be retrofitted to accept $2 bills.

*I don't see that many, I work in a call center and watch the vending machine guy work on the local caffeine machines

[Skoob]

I missed the part where it was explained how the current monetary system is flawed.

If it ain't broke, don't fix it.

[Schwatt]

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Higher bills than $100 should definitely be made again. ($1,000 for starters).

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Not to say I think it is a bad idea, but there is no way the drug-war fightin', terrorist-crazed Federal government is going to put $500 bills in circulation, let alone thousand notes.

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QFT

That is the main reason they went out of circulation to begin with, to make it harder to transport large amounts of cash acquired through illegal means.

[ICMoney]

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"Coins:

10 cents, 50 cents, 1 dollar, 2 dollars"


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By eliminating the penny and nickel, prices could not increase by only .01 or .05.

Wouldn't this increase inflation?