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Old March 24th, 2011, 03:27 PM   #1
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GAO proposes eliminating $1 bill

Just an amusing story I ran across today:

http://finance.yahoo.com/banking-bud...d=bb-budgeting

Apparently switching to a $1 coin could save us some money. Probably wouldn't be long before the metal outvalues the coin though....
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Old March 24th, 2011, 04:12 PM   #2
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I like paper money. I don't want to walk around with 10 or 15 dollars in coins in my pocket.
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Old March 24th, 2011, 04:52 PM   #3
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Originally Posted by DodgeFB View Post
I like paper money. I don't want to walk around with 10 or 15 dollars in coins in my pocket.
The way things are going, virtual money will probably be the ultimate replacement. But I agree in terms of carrying physical money- only as long as the paper money is still worth something though
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Old March 24th, 2011, 06:39 PM   #4
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The way things are going, virtual money will probably be the ultimate replacement. But I agree in terms of carrying physical money- only as long as the paper money is still worth something though
Most of my money is virtual now. Direct Deposit to my bank. Then I pay most of my bills on line. Since gas went up again today I can't be running around paying bills.

Wonder if I can live on virtual groceries?
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Old March 24th, 2011, 08:51 PM   #5
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Quote:
Originally Posted by myp View Post
Just an amusing story I ran across today:

http://finance.yahoo.com/banking-bud...d=bb-budgeting

Apparently switching to a $1 coin could save us some money. Probably wouldn't be long before the metal outvalues the coin though....
been meaning to write a blog on how much is lost on the $1 bill.... pennies for that matter

the special mintings are intended to reduce their supply in circulation
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Old March 25th, 2011, 07:16 AM   #6
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Quote:
Originally Posted by obtuseobserver View Post
been meaning to write a blog on how much is lost on the $1 bill.... pennies for that matter

the special mintings are intended to reduce their supply in circulation
As I understand it, pennies cost 2.5 cents each to make (they're only worth 1 cent...). Seems a bit pointless to me.
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Old March 25th, 2011, 07:32 AM   #7
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Quote:
Originally Posted by David View Post
As I understand it, pennies cost 2.5 cents each to make (they're only worth 1 cent...). Seems a bit pointless to me.
Sounds like something only the government would do.
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Old March 25th, 2011, 07:49 AM   #8
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Quote:
Originally Posted by David View Post
As I understand it, pennies cost 2.5 cents each to make (they're only worth 1 cent...). Seems a bit pointless to me.
Much like how the metal in nickel is worth 6+ cents if I remember correctly

Quote:
Originally Posted by DodgeFB View Post
Sounds like something only the government would do.
They might be off the hook on this one as originally this wasn't the case. It's just that they've inflated the currency so much that 1 cent/5cents is worth so much less than it used to.
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Old March 25th, 2011, 01:19 PM   #9
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Quote:
Originally Posted by David View Post
As I understand it, pennies cost 2.5 cents each to make (they're only worth 1 cent...). Seems a bit pointless to me.
because they get used more than 2.5 times they pay for themselves
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Old March 25th, 2011, 01:20 PM   #10
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Much like how the metal in nickel is worth 6+ cents if I remember correctly
If the metals in coins were worth more than the coin people would be melting them down left and right
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Old March 25th, 2011, 01:35 PM   #11
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Originally Posted by obtuseobserver View Post
If the metals in coins were worth more than the coin people would be melting them down left and right
When it comes to the nickel it is- it is a pretty well known fact that the metal is worth more. A quick search turned up this post from the popular Economist's View blog from a few years ago: http://economistsview.typepad.com/ec...ch_is_a_n.html
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