Time for a Change ... Again?

No, I’m not talking about politics here – that’s a whole different debate. I’m talking about pocket change. Specifically, the new dollar coins.

A couple weeks ago I posted an article about the new dollar coin program. The presidential coins follow the model of the state quarter program, one dollar for each U.S. president, four coins released each year. The first four presidents are in circulation now. have you seen one?

That article led to a lively conversation about coins vs. paper and whether we need dollars (or physical money for that matter) at all. I mentioned that I had read coins cost more to make, but save the government money because of their longer lives.

Today I read the actual statistics and thought they’d be worth sharing.

The average dollar coin has a life of 30 years. The average paper dollar lasts 18 to 22 months in circulation.

The U.S. government will save approximately $500 million dollars each year … if they could just get the coins to catch on and replace paper dollar bills.

Interesting, huh? Of course, they’d save more money if they just made us all use debit and credit cards.

What are your thoughts on the state of our currency?

Take a look at my previous post about the new dollar coins at the link below.

http://www.gather.com/viewArticle.jsp?articleId=281474976911202

Comments: 18

donna h. Feb 28, 2007, 10:25am EST

I like all three actually. I do use coins as a way of saving without realizing it, I love the credit/debit cards for security reasons - the dollars are still needed also for transactions at places like flea markets/yard sales where a terminal would not be available. Plus we always need that paper fall back, if the electric were to go..so would your funds....remeber NYC 9/11

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Kevin (''The SiteWizard'') V. Feb 28, 2007, 10:38am EST

Thanks for the stats Eric. I commented on your prior article. Hopefully, the new US dollars will weigh less than their European counterparts.

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Deven L. Feb 28, 2007, 10:45am EST

bring on the coinage. I used one last night for tooth fairy money. I dig it.

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Sue * Feb 28, 2007, 11:02am EST

Interesting...I haven't seen the new dollar coins yet, I didn't use them the last time they tried this. My only real complaint is that coins make my purse too heavy-how is that for deep thinking! I do throw my coins in a jar, so maybe I would save more if the bills went away.

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flit . Feb 28, 2007, 11:37am EST

I've been throwing all my coins into a jar for ages... with our loonies and twonies I'd have lots ... if only hubby would stay out of my jar!

He always needs em for his store... leaves me paper in exchange, but somehow that usually ends up getting spent.

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tomi r. Feb 28, 2007, 12:15pm EST

Using a debit or credit card give the government access to what you buy and where, carrying only coins would get too heavy, paper money wears out.
Paper money may cost more dollar wise, but to me privacy is priceless!

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arlene (no shame in my game) w. Feb 28, 2007, 12:30pm EST

I don't think the dollar coins will ever catch on. They are just to heavy. Just try lifting my purse!

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flit . Feb 28, 2007, 12:36pm EST

that's exactly what people said about loonies and twonies when they were first introduced in Canada, arlene... but we all use them... now they're talking about $5 coins

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The Funny Guy D. Feb 28, 2007, 1:46pm EST

Hey Flit,
I know all about the Loonie and Twoonie. I'm from Canada as well. Like you said, we (Canadians) thought it would never work out - but it did. The worst part is when you get change back and they drop $10 worth of loonies ($1.00 coins for our American friends) to you.

It caused Vending machines to increase there prices to accept $1.00 (loonie) and $2.00 (Twoonie). What use to cost a .50 cents to buy a sticker from a machine - now costs a dollar.

It doesn't matter what "people" want, the government will do what ever they want to do.

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