Sensible? You do realize every vending machine or machine operated money taker in the entire US would probably have to be modified to take $1 coins right? Last time I tried to pay at the grocery store self checkout with a $1 coin it wouldn't fit.
BlackedOut has a good point. Since no other countries in the world use dollar coins and have vending machines that take the coins, we should just dump this money-saving idea. The need to be able to use $1 bills in vending machines is just too important.
BlackedOut has evidently never had to shove a wrinkled, creased, ripped dollar bill into a vending machine and have it be rejected over and over again. Also, parking meters?
I think mandated dollar coins is a fantastic idea.
Oof. Coins of dollar-domination and higher are used the world round (see the Euro zone). Moreover, most countries require currency exchange so using foreign currency in local vending machines doesn't work. So that argument is bunk. The vending industry has had to make these updates before, including when manufacturers had to update their coin readers to accept coins made from the newest alloy-mix issued by the G'ment. However, they'll fund the causes to undermine the coin dollar under the guise of "patriotism" and "harming small business" when they are fighting to protect their bottom line from societal evolution and business changes. Toss in the paper companies, printing companies and the mining companies (metal for new coins) and you see the money at stake. Industries fight change and regulations with lobbyists. It's how the world works.
Coins would be a step up- they are more efficient for the U.S. mint in the long term, and it's sort of silly that an industrialized country like us uses paper bills for something as low-value as a dollar.
Honestly, the only downside I can think of would be how it would effect strip clubs. I guess you could put coins on stage, but even I admit that that wouldn't be the same. You can't fold a coin longwise and then put it on your friend's head for the stripper to snag, after all.
NPR's planet money did a pretty great podcast on this a while ago- massive amounts of dollar coins are in storage because no on wants to use them.
Canadian strip clubs get around this problem by selling scrip bills, so you can still slip a buck or two into G-strings. Also, did you know that Canadians call strip clubs "peelers"?
@14, as a former Canadian resident, yes, I knew this. I was very confused the first time I heard the term. Of course I assumed it had something to do with flaying, but that's another story.
I think mandated dollar coins is a fantastic idea.
so after a couple of times i had over $40 in coins
they're kinda heavy
and then I tried to use them to buy some trail mix at a convenience store in Phoenix
and the clerk wouldn't take them 'cause she thought they were fake
Honestly, the only downside I can think of would be how it would effect strip clubs. I guess you could put coins on stage, but even I admit that that wouldn't be the same. You can't fold a coin longwise and then put it on your friend's head for the stripper to snag, after all.
NPR's planet money did a pretty great podcast on this a while ago- massive amounts of dollar coins are in storage because no on wants to use them.
http://www.npr.org/blogs/money/2011/06/29/…