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Congress looks at doing away with the $1 bill

Congress looks at doing away with the $1 bill

By KEVIN FREKING | Associated Press – 2 hrs 32 mins ago

WASHINGTON (AP) — American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what's best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.

Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.

The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.

Read more: http://news.yahoo.com/congress-looks-doing-away-1-bill-08341...



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Let them

This will bring about the barter economy faster than ever...

____

"Take hold of the future or the future will take hold of you." -- Patrick Dixon

To the knucklehead in Congress Rep. Carolyn Maloney, D-N.Y.

who complains about the Sacs and Presidential tokens being too easily mistaken for a quarter:

#1 - extensive testing was done on this size, weight, and the texture of the rim. In no case did anyone confuse these coins with Quarters. Additionally, when asked to pull either coin specifically out of their pocket, the success rate was 100%. Also, it is really difficult to mistake a brass coin for a cupro-nickel one. One is yellow/brown, the other is silvery looking. You'd have to be a pretty dense individual to get those two mixed up even at a quick glance.

#2 - The obvious solution is to make a properly sized Dollar coin—one that weighs 26.72 grams total, is 38.1mm in diameter, and contains 371-4/16 grains pure silver, the balance in pure copper. I assure you, no one will EVER mistake that coin for a Quarter Dollar. It is four times the weight of the Quarter—as it should be.

However, without additional changes to subsidiary coinage, these proper Dollars won't circulate much.

Therefore I humbly suggest Congress mint appropriate subsidiary silver and copper coinage, and while you're at it, gold coinage as well.

Of course, I'd advocate abandoning monetary units all together, and simply minting whole ounces and fractions thereof, or whole grams and multiples thereof.

Either way, lots of problems solved.

See, that wasn't so hard.

I think that article is incorrect on the point of production

being suspended.

Certainly, 2011 and 2012 dollar tokens appeared in mint sets, and were available for circulation. I have some in my collection I got at a bank.

Certainly, they may be making less than before, but they haven't cut out production of the coins entirely.

True!

I have a few of them tokens as well..

The Cashless Society is Coming…

The Cashless Society is Almost Here – And With Some Very Sinister Implications

http://go213mph.wordpress.com/2012/12/02/the-cashless-societ...

Time To Get Congress To Authorize Ron Paul Gold Coins...

$50 Dollar 1 oz. Eagles
$25 Dollar .50 oz. Eagles
$10 Dollar .25 oz. Eagles
$5 Dollar 1/10 oz. Eagles

You know what would save

You know what would save money? Making Congress work on $1/year salaries. Thats what stockholders do to CEOs when the company is in trouble. Why is Congress any different?

Please visit and subscribe to www.libertyentrepreneur.com!

Strip Joints?

What are the strippers going to do?

donvino

1 and 2 dollar coins

They cost less then paper money and last longer.

The only good thing about this

is that coin that is minted is not controlled by the fed and its not debt based. That will put more non debt money in circulation along with the quarters dimes nickels and pennies. Unfortunately it is still only a tiny little fraction of the money supply.

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    Then They'll Eliminate the Dollar Coin...

    Then the $5 bill,
    then the $10...
    then the $20...
    then the $100..
    then all old denominations greater than $100...
    then they'll start taking a note from Zimbabwe and start issuing:
    $1,000,000 bills
    $10,000,000 bills
    $100,000,000 bills
    $1,000,000,000 bills
    $10,000,000,000 bills
    $100,000,000,000 bills
    $1,000,000,000,000 bills
    $10,000,000,000,000 bills
    etc...

    Cyril's picture

    Either that or ... EBT cards

    Either that or ... EBT cards for everybody, and more "FREE STUFF up in da house".

    Obama phones, etc.

    . . .

    Nevermind and strike out your rights and freedoms, though.

    THE STATE will provide for you, darling slaves.

    "Cyril" pronounced "see real". I code stuff.

    http://Laissez-Faire.Me/Liberty

    "To study and not think is a waste. To think and not study is dangerous." -- Confucius

    No more

    No more one-eye on the top of pyramid at the back of the one-dollar bill?
    No more Roman numerals revealing 1776, the year of the founding of the Illuminati?
    No more NOVUS ORDO SECLORUM below the pyramid?
    No more stars on top of the engle that make up the Star of David?

    No more Freemason symbolism on the $1 bill?

    The eye on the pyramid

    Is the eye of God. And not the Freemason "god".

    1776 is the year of the founding of America.

    "Novus Ordo Seclorum" means "New Order of the Ages". Not New World Order. The Founders believed that the founding of America would bring in a new order, one of liberty.

    Freemasonry changed a lot after the seal was designed. Look it up.

    “It is not our part to master all the tides of the world, but to do what is in us for the succour of those years wherein we are set, uprooting the evil in the fields that we know, so that those who live after may have clean earth to till." -J.R.R. Tolkien

    deacon's picture

    if its the eye

    of god,then why is it on top of a pyramid?
    that signifies egyptian's deity,as well as the owl
    on the same bill
    some of the founders have been shown wearing masonic garb
    masons have more than 1 god
    the washington monument is built after the egyptians
    phallus

    If we deny truth before your very eyes,then the rest of what we have to say,is of little consequence

    WhooWee! 4.4 billion over 30 years !?

    It probably cost them 4.4 billion just to figure that out...

    death by a thousand cuts, we're going down folks.

    you know what would save even

    you know what would save even more taxpayer money? actual spending cuts.

    And you know what would enforce that?

    Real money.

    It's a win-win all the way around for everyone save those wishing to get rich off the hard work of others.

    Pennies and nickels are going away too, I hear.

    Here is a little lesson in "value." In 20 years, people will have old $1 bills stashed away, and even if they are in "mint condition" they will be worth about 1 ply of toilet paper. Other folks will have a bag of pennies they stashed away, and those pennies are going to be worth...? A copper penny is already worth 2 cents.
    http://www.coinflation.com/coins/basemetal_calc.php

    Love or fear? Choose again with every breath.

    Internet hoax. Some group advocated it then someone wrote

    a fake article saying Tim Geithner announced it back in April or so that they would be removed from circulation starting next year.

    But none of that is true.

    He can slow down production, and he can cull mutilated or worn coins, but he can't remove them all from circulation and stop making them entirely. If he could, he would have already.

    The report the article above talks about will recommend newer and cheaper alloys for the Five Cent and One Cent coins so they cost less, not more, than face value to produce and distribute. Thus, the only claimed reason to get rid of them will be gone.

    That's so funny

    quote:

    "...as lawmakers begin exploring new ways for the government to save money by changing the money..."

    Umm, the Constitution already gives Congress control over the money. They can save money by not having to borrow it at interest from the Federal Reserve which they've abdicated their responsibility to.

    Exactly.

    Nationalizing the Fed and printing U.S. Notes would save us nearly 100 billion dollars a year, and slow inflation.

    Jack Wagner

    But the issue with that is

    But the issue with that is that it leaves the government even more open to monetizing the debt. At least with the current system someone has to want to buy the treasuries, which to some extent at least ties the hands of the government to engage in hyperinflatino.

    The reason why I think

    most don't like $1 coins is because they are made with cheap metal and look cheap too.. maybe they should have never took the silver outta them? lol Fake gold is not gunna do it.

    “When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James

    Well...

    I guess there will be one less place we'll have to look at the words "Federal Reserve Note", though, so maybe it's not so bad!

    What would the Founders do?

    Damn.

    I'll miss tuckin' 'em at the club... what do you do with a COIN?!

    ; )

    What would the Founders do?

    Belt Coin Changer

    The entertainers at your favorite club will have to wear a belt coin changer. Alternatively, the club could come up with a credit card system that prints out club scrip as a receipt of sorts. Nature abhors a vacuum...

    That's what the "slot" is for!

    In the Vending Machine! ;)

    LOL!

    :)

    What would the Founders do?

    Tuck

    fives.