Should the US scrap the dollar bill and go to a dollar coin

Discussion in 'Political Opinions & Beliefs' started by LivingNDixie, Feb 22, 2014.

?

Which do you prefer: coin or bill?

Poll closed May 23, 2014.
  1. I prefer a dollar coin

    13 vote(s)
    46.4%
  2. I prefer a dollar bill

    15 vote(s)
    53.6%
  1. LivingNDixie

    LivingNDixie New Member

    Joined:
    Feb 15, 2013
    Messages:
    3,688
    Likes Received:
    21
    Trophy Points:
    0
    Me I am for it, I just prefer coins.

    So what does the PF readership think?
     
  2. Ethereal

    Ethereal Well-Known Member

    Joined:
    Jul 4, 2010
    Messages:
    40,617
    Likes Received:
    5,790
    Trophy Points:
    113
    I think the USD, like all FIAT paper monies before it, will fail due to its continual devaluation by the international banking cartel that controls it. If they were going to change it, then they should change it to something backed by real money like gold or silver. But they will never do that because FIAT paper money is an instrument of exploitation and theft that serves to enrich plutocratic bankers at the expense of productive individuals. Without the USD, they cannot inflate away their bad investments or use the new liquidity to originate more debt and debt securities.
     
  3. smevins

    smevins New Member

    Joined:
    Jun 7, 2013
    Messages:
    6,539
    Likes Received:
    34
    Trophy Points:
    0

    No but successful states with strong credit ratings i.e. red states, should start minting their own coins. They can coins, just not paper currency.
     
  4. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    I think we should eliminate the $1 and $2 notes and replace both with coins. We should also look to make all of our money out of polymer much like Australia does.

    The Red States are successful? Then why do so many Red states take in more federal dollars than they pay in taxes?

    Also, you have it backwards. The States cannot coin money, they could, conceivably print paper money backed by gold or silver. Coinage is specifically reserved as a power of Congress.
     
  5. Troianii

    Troianii Well-Known Member Past Donor

    Joined:
    Jun 7, 2012
    Messages:
    13,464
    Likes Received:
    427
    Trophy Points:
    83
    hmmm. Mixed feelings. We'd definitely needs $100 coins etc., and I'd be for them decreasing the size of the current $1 coin. That thing is so big and heavy for a dollar, if you walk around with 100 one dollar coins you're carrying about two pounds. They need to make the coins significantly smaller, then I'd prefer coins to bills.
     
  6. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    They can't really change the size of the coins from what they already are. They had to change the size of the coins after the Susan B. Anthony coin because blind people couldn't easily differentiate between a dollar and a quarter coin.

    I don't think we need a $100 coin, or anything above the $2 coin. We might not even need a $2 coin really, they're so rare that their lifespans are pretty long. A $1 bill only lasts around eighteen months, while a coin can last 30-some years. In the span of a coin, you'd need 20 bills to make the same span. The 20 bills would cost more to produce than the one coin.
     
  7. Troianii

    Troianii Well-Known Member Past Donor

    Joined:
    Jun 7, 2012
    Messages:
    13,464
    Likes Received:
    427
    Trophy Points:
    83
    And blind people can differentiate between a $1 bill and a $20 bill? :nana:

    I'm fine with just restructuring our whole currency system. We don't need to say that $1 coins must be bigger than quarters, or that quarters can not be changed [can you imagine the outrage if you took "In God We Trust" out ;) ]. And the poll didn't ask (which is more economical), though that is your response. I would actually prefer coins, but not if we only had $1 coins, and not if they stayed in their current size. I'd prefer smaller coins.
     
  8. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    I never quite figured that one out. I do have a neighbor that is more blind than me, so I could ask him.

    Oh, Like it was before the 1950s?

    As for the economic basis. I am all for something that is more economical. Having the dollar bill replaced with a dollar coin would be more economical. Other bills would be harder to justify their replacement with coins.

    Revamping the entire American currency system would have major issues, so I don't support that. The US Dollar is one of the most widely used currencies, if not the most widely used currency, in the world. Too widespread of a shakeup could see the Euro-dollar divide grow.
     
  9. smevins

    smevins New Member

    Joined:
    Jun 7, 2013
    Messages:
    6,539
    Likes Received:
    34
    Trophy Points:
    0
    Because they are smart enough to con the blue states out of it I suppose. Probably has nothing to with military spending, people retiring to the South where they do not pay as much income tax, blue states being the point of taxation for big businesses like Wall Street and Hollywood, or hurricanes and tornadoes ravaging red states. Probably also has nothing to do with total spending per state or the presumption of what is a "red state".

    Either way the people who rate bonds for the people who buy bonds do not look too favorably on California and Illinois. I guess when the rubber hits the road, investors look for states that are not closest to being bankrupt...I mean blue...I mean both...
     
  10. nom de plume

    nom de plume New Member

    Joined:
    Mar 28, 2013
    Messages:
    2,321
    Likes Received:
    17
    Trophy Points:
    0
    If you prefer coins, you're gonna be very pleased because the ... bitcoin is revving up to take the world by storm. :clapping:

    In many countries bitcoins are already the preferred "legal tender." And some businesses in America are accepting them as payment for products. They're popular where pot :weed: is legal. Bitcoins are cyberworld, digital, non-physical coins. They are not taxable because the government doesn't know how many you have or where you spend and stash them. In Austin, Texas there are ATMs for their electronic distribution.
     
  11. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    Did you just use "smart" to describe states that vote for Republicans? I just did a spit-take.

    Military spending might have something to do with it, most of the largest military bases we have are in the south, and yes, Florida is retirement capital of the world, but the South is also poorer than the North, and thus, their people rely on welfare programs from the federal government more than more urban blue states.

    When a population grows, without proper taxation, it is difficult to provide necessary basic services for the poor and remain solvent.
     
  12. smevins

    smevins New Member

    Joined:
    Jun 7, 2013
    Messages:
    6,539
    Likes Received:
    34
    Trophy Points:
    0
    There is no single reason. It just depends on the state. It is a reality that places like LA, New York, Chicago distort the figures as corporate income taxes for large corporations and such are paid at a big city (save perhaps Walmart, but I am not sure if their corporate taxes originate in Arkansas or if they have an office somewhere else for that purpose). Beyond that, it largely depends on demographics and federal spending. The federal government has spent a fortune of deepening harbors for super cargo ships. That money is going to be attributed to a coastal state. The government has some fairly large military bases in the South as that is where a lot of training occurs, so things like Fort Benning would be attributed to Georgia, not that Georgia itself gets the money. Likewise retirees tend to move to the south so things like their social security and government pension checks will be "red state" spending. There is the ungodly sums being paid to keep New Orleans from literally being afloat. The list goes on and on. Add to that the population differences, and the meme should radically change if the PPACA subsidies are attributed to the state in which the people live as opposed to the headquarters of the insurance companies (i.e. Memphis)

    Regardless, states should start creating their own "poker chips" to add velocity to their economy instead of trying to drive up state wages to drive up tax revenue to cause inflation to devalue the purchasing power of money in other states.
     
  13. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    Walmart, like most American corporations, are incorporated in the State of Delaware, but they pay taxes on where the business is done, therefore, Walmart only pays taxes on each state's business.

    By the way, California actually pays more than it gets in from federal taxes, Illinois and New York too.
     
  14. smevins

    smevins New Member

    Joined:
    Jun 7, 2013
    Messages:
    6,539
    Likes Received:
    34
    Trophy Points:
    0
    corporations pay their federal tax on profits from one location. It doesn't have to be where the state is incorporated. It is wherever their tax department is. (It is discussed on Page 4 in the tax collection v. Tax burden part of this report http://taxfoundation.org/sites/taxfoundation.org/files/docs/wp2.pdf)
     
  15. AboveAlpha

    AboveAlpha Well-Known Member

    Joined:
    Jun 20, 2013
    Messages:
    30,284
    Likes Received:
    612
    Trophy Points:
    83
    The whole $1 Bill or Coin thing is soon to be a non-issue as by 2023 Money will no longer exist physically.

    That is the date the U.S. Mint and Federal Reserve have set to phase out cash and coin.

    AboveAlpha
     
  16. LivingNDixie

    LivingNDixie New Member

    Joined:
    Feb 15, 2013
    Messages:
    3,688
    Likes Received:
    21
    Trophy Points:
    0
    Birmingham AL is about to be one of the largest cities to go bankrupt. Alabama is pretty conservative.
     
  17. Black Monarch

    Black Monarch New Member

    Joined:
    Aug 31, 2011
    Messages:
    1,213
    Likes Received:
    55
    Trophy Points:
    0
    We already have $1 coins. There are the ones with Eisenhower, and the ones with Mz. Anthony, and the ones with Sacagawea, and now we're just like "F--- it, let's put every president ever on them"
     
  18. ErikBEggs

    ErikBEggs New Member

    Joined:
    Oct 29, 2013
    Messages:
    3,543
    Likes Received:
    25
    Trophy Points:
    0
    Bull(*)(*)(*)(*).

    Why? Gold is meaningless.

    No, fiat money is the most efficient system of money so far. Money is currently pegged to oil. When oil loses its value, it will be pegged to another valuable resource.
     
  19. ErikBEggs

    ErikBEggs New Member

    Joined:
    Oct 29, 2013
    Messages:
    3,543
    Likes Received:
    25
    Trophy Points:
    0
    This is true of blue states with strong economies.

    The "liberals don't understand economics" is more right wing nonsense propaganda.
     
  20. ErikBEggs

    ErikBEggs New Member

    Joined:
    Oct 29, 2013
    Messages:
    3,543
    Likes Received:
    25
    Trophy Points:
    0
    Where the hell did you get the idea that California's financial situation was any worse than any other large state?

    The States with the worst total debt situation are California, New York, and Texas. What do these three have in common? It certainly isn't politics...
     
  21. AboveAlpha

    AboveAlpha Well-Known Member

    Joined:
    Jun 20, 2013
    Messages:
    30,284
    Likes Received:
    612
    Trophy Points:
    83
    I live in Massachusetts and I help run on occasion several now large Family owned Companies and we started tiny.

    Despite what some people might think...Massachusetts is comprised of a VERY Fiscally Conservative and Socially Liberal Population.

    We very often have a REPUBLICAN GOVERNOR to balance out a primarily Democratic Legislature and it was US that voted in Fiscally Conservative Senator Brown in the recently deceased TED KENNEDY SENATE SEAT.

    Brown was voted out last election but he was voted out because he did NOT vote along the views of the average Massachusetts voter as we were upset that Senator Brown who started out well voting along the lines of Fiscally Conservative and Socially Liberal issues....some how got swallowed up by the OVERLY SOCIALLY CONSERVATIVE GOP PLATFORM.

    Anyways....a while back our Republican Governor Mitt Romney brought in the brightest and the best in the Private Sector and with the help of the Mass Legislature....DEVELOPED ROMNEY CARE....and ever since Universal Healthcare has been instituted in Massachusetts we have been running BUDGET SURPLUSES EVERY YEAR!!!

    The REASON?

    The State was paying out more money to cover costs of Emergency Room and Ambulance Bills left unpaid by the uninsured as it is a FEDERAL LAW...no one can be turned away from an ER....so if a person had no insurance and could not afford a $50 to $100 Doctors Bill....they would bring in their kids or themselves to the ER with a COLD or a CUT or worse....AND MASSACHUSETTS with some Federal Help....HAD TO FOOT THE BILL!!!

    So...now that EVERYONE has Universal Healthcare...and remember we have been doing this since I think 2006 in Massachusetts....we have saved SO MUCH MONEY....we have a Budget Surplus every year....and we did this without Federal Help as the moment we created and instituted our own Universal Healthcare Plan...the FEDS stopped helping us pay for ER and Ambulance Costs.

    So...what is the result since 2006?

    Massachusetts has almost 100% of our population covered.

    We are running massive surplus budgets and the very first year and the very first quarter we saved $117 Million and now we are saving over $1 BILLION A YEAR.

    The Massachusetts Economy is one of the fastest growing economies in the Nation.

    Home Values are increasing at the highest rate of any state when you compare apples to apples....thus compare inland Home Values to another states inland home values.....and Ocean Shore Values with other states Ocean Shore Values.

    We are considered to have the BEST OVERALL HEALTHCARE QUALITY TO POPULATION IN THE WORLD!!!

    And...we have the Red Sox, Patriots, Bruins and Celtics...so....PLLLBBBBB!!! LOL!!

    AboveAlpha
     
  22. ringotuna

    ringotuna Well-Known Member Past Donor

    Joined:
    Jun 18, 2013
    Messages:
    2,502
    Likes Received:
    37
    Trophy Points:
    48
    We already do.
     
  23. My Fing ID

    My Fing ID Well-Known Member Past Donor

    Joined:
    Oct 26, 2009
    Messages:
    12,225
    Likes Received:
    128
    Trophy Points:
    63
    The dollar coin would need real value, so I say we make it by smelting 4 quarters and stamping the remains.











    Yes I'm joking.
     
  24. PTPLauthor

    PTPLauthor Banned

    Joined:
    Jul 12, 2013
    Messages:
    2,021
    Likes Received:
    16
    Trophy Points:
    0
    No, we don't have polymer banknotes. The United States dollar bills are all printed on 100% fabric material, a mix of linen and cotton.
     
  25. ringotuna

    ringotuna Well-Known Member Past Donor

    Joined:
    Jun 18, 2013
    Messages:
    2,502
    Likes Received:
    37
    Trophy Points:
    48
    Cotton fiber is 99% cellulose. Cellulose is a polymer.

    Linen fiber is cellulose. Again Cellulose is a polymer.
     

Share This Page