GAO proposes eliminating $1 bill

[myp]

Just an amusing story I ran across today:

http://finance.yahoo.com/banking-bu...-1-bills-could-save-billions?mod=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....

 

[DodgeFB]

I like paper money. I don't want to walk around with 10 or 15 dollars in coins in my pocket.

 

[myp]

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

 

[DodgeFB]

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?

 

[obtuseobserver]

Just an amusing story I ran across today:

http://finance.yahoo.com/banking-bu...-1-bills-could-save-billions?mod=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

 

[David]

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.

 

[DodgeFB]

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.

 

[myp]

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

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.

 

[obtuseobserver]

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

 

[obtuseobserver]

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

 

[myp]

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/economistsview/2006/12/how_much_is_a_n.html