Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

Why the US Keeps Minting Coins People Hate

samzenpus posted about 4 years ago | from the how-I-learned-to-love-the-$1-coin dept.

The Almighty Buck 89

CeruleanDragon writes "In hidden vaults across the country, the US government is building a stockpile of $1 coins. The hoard has topped $1.1bn — imagine a stack of coins reaching almost seven times higher than the International Space Station — and the piles have grown so large the US Federal Reserve is running out of storage space."

cancel ×

89 comments

Sorry! There are no comments related to the filter you selected.

I'm happy to help! (1)

Superchip (1874486) | about 4 years ago | (#33215496)

I can probably find storage space for a couple hundreds of thousands.

Re:I'm happy to help! (1)

iamhassi (659463) | about 4 years ago | (#33216084)

But of course yearly storage fees for a couple hundreds of thousands would be... a couple hundreds of thousands

Re:I'm happy to help! (0)

Anonymous Coward | about 4 years ago | (#33267224)

Actually, most people could fit that in their bedroom.

Where to get them... (2, Informative)

johndiii (229824) | about 4 years ago | (#33216542)

If you want some dollar coins, they are commonly dispensed in vending machines in the post office. After spending some time in Canada, I think that they work well - despite my initial surprise. It would be helpful to have a two dollar coin as well, one that is clearly distinguishable from the one dollar.

I have a few of them laying around - Monroe, Washington, and a couple of Madisons, as well as a few of the Sacagaweas, Eisenhowers, and Anthonys. I think that I'm going to start using them.

Re:Where to get them... (3, Interesting)

CaptainNerdCave (982411) | about 4 years ago | (#33217640)

When I deposit paychecks, I ask for a couple rolls ($25 rolls). I've been using this latest dollar coin when going to restaurants. My reasoning is that using it as tip money will get it into more people's hands than just spending them in businesses (which I also do).

I developed an appreciation for bigger value coins after spending a month in Germany a couple years ago.

Re:Where to get them... (1)

batquux (323697) | about 4 years ago | (#33218260)

You can also get them straight off the US Mint for $1 each, and they pay shipping. They come in increments of $250 though.

http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=8100&wt.ac=TriAd-pre$1directShip [usmint.gov]

Re:Where to get them... (4, Interesting)

mythosaz (572040) | about 4 years ago | (#33245828)

Actually, since the Treasury accepts credit cards, you can use reward cards to get as many free points as you'd like.

A quick internet search will show hundreds of people cycling these for cashback.

Re:Where to get them... (2, Interesting)

JWSmythe (446288) | about 4 years ago | (#33225126)

Americans are used to the fact that $1 and up are paper currency, and anything less than $1 is coinage.

    It took me all of a whopping few seconds to become familiar with the Canadian Loonie [wikipedia.org] and toonie [wikipedia.org] , even though every time I say it, I think of Looney Tunes [wikipedia.org] . :)

    I think part of the American aversion to the $1 coin is the fact that they can't be used in any automated equipment. I can't say that I've seen any American vending machines that support the $1 coin. Out of habit, I'm sure most store clerks hand out the $1 paper currency, even if they may have the $1 coin in their drawer.

    I ended up getting quite a few $1 coins from a few places, and found them hard to use. Not that *I* had any problem with them, but clerks (like, young kids working a cash register as their first job) would refuse the $1 coin, because it wasn't real, or they "only accept American money".

    The only way the $1 coin will ever be adopted is if they stop circulating the $1 paper currency. Additionally, it will require vending machine companies to replace all their coin slots to accept $1 coins, rather than having the $1 bill slot. While it shouldn't be an impossible task, since coin slots are available in other countries, and there should be an easy migration route, it would still be an expense.

    Really, that wouldn't be a bad thing. It's pretty rare to have a coin slot get confused about a coin unless it's badly damaged. It's pretty common to have a bill slot that gets stuck or confused because there's a slight wrinkle, bend, crease, or stain (etc, etc) on the bill.

    it would seem to make sense to use $1 coins. Coins last a lot longer than paper currency, so they don't have to be shipped back to the mint for disposal as frequently. Since the $1 bill is the most common bill in circulation. [quazen.com]

    On the other hand, how long would it take if every bank in America were to only take in $1 bills, and only give out $1 coins? Obviously, there would be a migration period, but it's reasonable to believe it could happen fairly quickly. None of us hold onto the money in our wallets very long. $1 currency comes and goes rather quickly.

    There are problems though. Either it would reduce the tips in strip clubs, since you couldn't pay in $1 bills, or it would increase their revenue since you'd now be paying with $5 bills. No girl likes coins tossed at her. I knew this girl once though that could do something pretty neat with a roll of quarters. I'll leave the rest up to your imagination. :)

Re:Where to get them... (1, Informative)

Anonymous Coward | about 4 years ago | (#33225168)

Every vending machine I've used in the last five years has accepted both the old Susan B's and the new gold dollars.

Re:Where to get them... (1)

JWSmythe (446288) | about 4 years ago | (#33225194)

    I need to go where you are. The largest coins I've seen accepted locally in vending machines are $0.25 .

    Next time I'm out and about, I'll pay more attention to vending machines. I don't use them too often, unless I'm doing a lot of shopping and end up with change in my pockets. I never start the day with coins in my pockets.

Re:Where to get them... (1)

Flea of Pain (1577213) | about 4 years ago | (#33228378)

Come to Canada. I can't remember ever seeing a vending machine accept bills. All of ours take coins, up to and including the $1 coin and the $2 coin.

Re:Where to get them... (2, Funny)

hipp5 (1635263) | about 4 years ago | (#33227636)

The only way the $1 coin will ever be adopted is if they stop circulating the $1 paper currency. Additionally, it will require vending machine companies to replace all their coin slots to accept $1 coins, rather than having the $1 bill slot. While it shouldn't be an impossible task, since coin slots are available in other countries, and there should be an easy migration route, it would still be an expense.

Ehh it's not too big a deal. I remember when they came out with the toonie and the vendors complained about having to update their machines. They got over it though.

There are problems though. Either it would reduce the tips in strip clubs, since you couldn't pay in $1 bills, or it would increase their revenue since you'd now be paying with $5 bills. No girl likes coins tossed at her.

Funny you should mention that. I've heard tell from my oil field buddies that there are strip clubs in Alberta where the girls have set up a little game. The game works like this: they tape stuff to their nipples (usually posters and such), and the audience throws loonies at them. If you knock the object off with your loonie you get to keep it as a prize.

Re:Where to get them... (0)

Anonymous Coward | about 4 years ago | (#33235974)

Ehh it's not too big a deal. I remember when they came out with the toonie and the vendors complained about having to update their machines. They got over it though.

Same thing with the loonie. They stopped making dollar bills, and people snatched up the remaining ones to save the memory. I still have one. Vending machines started carrying the "Accepts loonies" stickers, and it was all over really quickly.
 
 

Funny you should mention that. I've heard tell from my oil field buddies that there are strip clubs in Alberta where the girls have set up a little game. The game works like this: they tape stuff to their nipples (usually posters and such), and the audience throws loonies at them. If you knock the object off with your loonie you get to keep it as a prize.

Yeah, that's what I grew up with. When I went to the states for a while, strippers just weren't as interesting, it's like your just handing them money. I prefer playing games with them. There's also another game where they lick a fridge magnet and stick it to their skin (in interesting spots). You win a poster if you can stick a loonie to the magnet.

Re:Where to get them... (2, Informative)

Hognoxious (631665) | about 4 years ago | (#33249256)

There were similar complaints when the "Thatcher" pound coin was introduced in England. I worked in a pub at the time and people used to confuse it with the five pence piece, despite being gold coloured and about three times as thick.

Now the colour I can excuse - the warm lighting makes them all look yellow - but how they didn't notice the thickness is beyond me. Maybe because all the others were roughly the same, so it wasn't a factor previously?

Before that, there were the same complaints [bbc.co.uk] when they phased out the ten shilling (i.e. half a pound) note. Plus ça change...

Re:Where to get them... (2, Insightful)

JWSmythe (446288) | about 4 years ago | (#33250656)

    It may have been because you worked in a pub. After a few too many drinks, people get confused about all kinds of things. :)

    Last night, on the way home from a bar, we saw a big piece of something blowing around in the turn lane we needed to get into. As we came up on it, it wasn't a something, it was a lady laying in the road. We stopped, blocking the road, so no one would hit her, and got her out of the road. She was confused between a bed and a highway. She wasn't hurt, she just said that she must have tripped. Hmmm, tripped and fell asleep on a major road.

Re:Where to get them... (0)

Anonymous Coward | about 4 years ago | (#33258172)

$1 coins (SBA's) are accepted in the vending machines for a public transit system in South Florida called Tri-Rail. But that's just fine since nobody in South Florida uses public transportation anyhow. I took it once just to try it and when I bought my ticket I got a pile of SBA's as change from the machine. Gee, thanks!

Re:Where to get them... (1)

Joce640k (829181) | about 4 years ago | (#33269580)

Modern vending machines use software to distinguish between different coins and I'm sure upgrading the firmware once would be a lot cheaper than forever including $1 bill reading mechanisms in the machines.

As for "how long would it take?"...here in Europe the complete switch over from local currency to Euros took about three days. The shops had instructions to only give change in Euros so once you spent the money in your pocket that was it.

Re:Where to get them... (0)

Anonymous Coward | about 4 years ago | (#33290752)

maybe strippers could help get $2's into better circulation....

quit printing $1 notes (3, Insightful)

Anonymous Coward | about 4 years ago | (#33217032)

and the problem goes away real fast.

Re:quit printing $1 notes (1)

Syberz (1170343) | about 4 years ago | (#33229890)

That's what we did in Canada for the 1$ and then 2$ coins. Since you couldn't get the paper version at the bank anymore, you didn't have a choice. Only took a few years to phase out the paper versions.

Plus they were designed in such a way that they could easily be identified in your pocket, that helped too.

Re:quit printing $1 notes (0)

Anonymous Coward | about 4 years ago | (#33283302)

Sure, go ahead, destroy the strip club industry overnight. No one will mind...

Engage the Pentagon. (1)

Seumas (6865) | about 4 years ago | (#33217770)

I'm sure they could engage the pentagon to create an extremely lethal weapon based around these pieces of ammunition.

Re:Engage the Pentagon. (1)

sjames (1099) | about 4 years ago | (#33232064)

We could stamp them from depleted uranium...

Re:Engage the Pentagon. (1)

jack2000 (1178961) | about 4 years ago | (#33250644)

I would pay good money for a weapon that fires $1 coins depleted uranium or not.

Railgun ammunition? (3, Funny)

euyis (1521257) | about 4 years ago | (#33218186)

Imagine soldiers firing compact railguns with these dollars as ammo at the bad guys... extremly effective if the enemies run to pick up the coins.

Dumb coins (4, Insightful)

PCM2 (4486) | about 4 years ago | (#33218454)

One reason Americans have resisted dollar coins is because the Mint has made dumb decisions about the coins.

The Eisenhower dollar was large and heavy. Its diameter made it uncomfortable to put in a change pocket. So when they created the Susan B. Anthony dollar, they decided to make it smaller -- small enough, in fact, that it was easily mistaken for a quarter. People ended up handing out quarters when they were looking for dollars and vice versa. You couldn't easily tell which was which just by reaching into your pocket.

The new dollar coins are gold-colored instead of silver, but they retain the dimensions of the Susan B. Anthony dollar. That's smart in one sense, because it means vending machines that take the old dollar coins can still take the new ones. But it's also stupid, because almost no vending machines take Susan B. Anthony dollars, since nobody uses them (or if they do accept them, they register as quarters). So in the end, consumers see the new coins as just gold versions of the old coins, and they don't want to get burned again -- leading to the problem cited in the article, where customers and businesses alike are reluctant to accept them. Most people I know aren't even totally sure if the dollar coins are genuine legal tender or if they're just some kind of passing fad that will be unusable in a few years, like out-of-date postage stamps (and this doubt is exacerbated by the fact that they keep changing the pictures on the front, so they seem like collector's coins).

Contrast this to the UK and EU, each of which took pains to differentiate their highest-value coins from the others. Both the 1 Euro and 1 Pound coins are notably thicker than other coins, in addition to being a unique size, which makes them more easily recognizable by touch. (As an aside, European notes tend to have specific sizes for each denomination, too, while the U.S. notes are all the same size, making it difficult for blind people to choose one from the other.)

If the U.S. Mint would just smarten up, maybe it wouldn't keep wasting money like this.

Re:Dumb coins (2, Interesting)

Mr. Flibble (12943) | about 4 years ago | (#33222368)

The US Mint needs to do what the Canadian Mint did. Back when the Loonie came out, they stopped making $1 bills. I admit I hated it at the time, but it saved taxpayers loads of money as there was no alternative to the loonie as the dollar bills began to degrade. The same thing happened when the Toonie came out and replaced the $2 bill as well.

Just making coins but continuing to make paper bills of the same value is dumb.

Re:Dumb coins (2, Insightful)

RobinH (124750) | about 4 years ago | (#33224398)

There's just a huge cultural difference between the US and Canada when it comes to change (no pun intended). When things in the US change, the populace attacks the current government for being in office at the time. In Canada, the view is just, "whatever, I guess that's progress... sure is going to wear out your pocket a bit sooner." Heck, they just pushed through the HST in Ontario and nobody batted an eyelash.

I think that in Canada we *expect* to delegate decisions like this to the government, and we go along with the choices because it's their job to research the options and make good choices. Plus it's easily verifiable: it costs less... so ok. In the US, any change imposed from above is "evil" because every political battle is based on emotion now, not logic. I think maybe the emotion in play is fear. Let's face it, the US is "on top" right now, and when you're big, you get scared because you have a lot to lose. You lose agility because everyone's afraid that any change will disrupt the delicate balance that put you where you are. Unfortunately that means you stop progressing too, and if history is any lesson, the underdog always catches up.

The US will never change to metric or to a dollar coin. Not while it's on top anyway.

Re:Dumb coins (1)

operagost (62405) | about 4 years ago | (#33243006)

I think that in Canada we *expect* to delegate decisions like this to the government, and we go along with the choices because it's their job to research the options and make good choices.

That's not a good thing. Besides shirking the civic responsibility for debate, it indicates the concerns of the minority are being disregarded. Even if you elected the representative in question, you have a right to question his decisions. Naturally, in a republic your true power is in the ballot box, but keeping speech as free as possible is the best way to limit government power.

Re:Dumb coins (1)

MichaelSmith (789609) | about 4 years ago | (#33256136)

The situation here in Australia is similar to Canada I think. One thing about the US is that they have this one guy for whom the buck stops at his desk. He (or she) seems to get stuck with all sorts of stupid decisions which should never get to his level. In Australia the mint or the note printing people release new notes and coins from time to time. They commission artists to do the artwork and that creates interest. It doesn't become an issue for the Prime Minister so there is a minimum of stupid argument.

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33262448)

Just posting as a USan in favor of the "stop printing $1 bills" idea. Same for the penny ($0.01 coin). You don't have to outlaw them and recall them all, just stop making new ones. The supply will dwindle as they wear out, get dropped, etc. People will adjust. We'll get over it.
And that HST news is interesting, we don't have hypersonic transports in Ohio yet. Makes Ontario look pretty desirable.

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33250234)

The US Mint manufactures coins. The US Treasury manufactures bills. Different agencies. They would have to agree to work together, and that is unlikely to happen unless Congress forces them to.

Re:Dumb coins (1)

YoshiDan (1834392) | about 4 years ago | (#33224818)

We have 1 dollar coins in Australia. They are the same size as a 10c coin. We have 2 dollar coins, they are the same size as a 5c coin. Nobody here seems to have a problem confusing them. Maybe Americans are just a bit thick.

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33225080)

I remember, though, that there was all sorts of resistance at the time they were introduced - and stupid stories going around about how they would weigh so much when stored en mass that the banks would have to reinforce their floors. But why isn't the USA just getting rid of the notes? That's what they did in Australia, and the hullaballoo died down quickly.

Re:Dumb coins (1)

scuzzlebutt (517123) | about 4 years ago | (#33234592)

I have a feeling that we don't get rid of the dollar note because it has George Washington's face on it. We can't get rid of George!

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33238604)

George already has the quarter (and some of the dollar coins this article is talking about). We should give someone new a shot at $1. I'd bet all the Republicans would vote to replace the dollar bill with a $1 Reagan coin.

Re:Dumb coins (1)

MichaelSmith (789609) | about 4 years ago | (#33256156)

George already has the quarter (and some of the dollar coins this article is talking about). We should give someone new a shot at $1. I'd bet all the Republicans would vote to replace the dollar bill with a $1 Reagan coin.

The gipper! I thought he was going to get the billion dollar note?

Re:Dumb coins (1)

JWSmythe (446288) | about 4 years ago | (#33225164)

    There are "thick" people in any country. Most of us can look at our money and know what we have.

    I was in Canada for a while, and liked the Loonie and Toonie. It would be nice if they were adopted here. Then again, 10 $1 bills are always going to be lighter than 10 $1 coins, and the bills will always fit better in your wallet. :)

Re:Dumb coins (1)

halowolf (692775) | about 4 years ago | (#33225774)

They were however thicker and made to have a gold colour instead of the silver 10c and 5c coins. Still people had a good old fashioned whinge about them. The government stood their ground and sure enough the whinging stopped and people moved on with their lives. Plus there was the big old stink about removing 1c and 2c coins from circulation. People have better things to do then worry about coins.

It should be noted however that people would glue 10c and 5c coins together and paint them gold to pass them off as $1 and $2 coins. They don't pass close scrutiny, though pubs and clubs and other less than well lit venues got the brunt of those types of fraud.

Australia's neighbour New Zealand is the biggest problem really. Some of their coins are quite similar to ours and get easily mistaken for Australian currency. I've been shortchanged countless times by New Zealand currency (mostly from vending machines). One time I noticed I was given a New Zealand 20c coin rather than an Australian one and the guy at the counter got rather aggressive when I insisted that I get my change in Australian currency instead of New Zealand currency, telling me that it didn't matter. I told him that if it didn't matter then he could take back the New Zealand coin and give me the Australian one. He didn't like that one fucking bit.

Re:Dumb coins (1)

YoshiDan (1834392) | about 4 years ago | (#33234468)

I get New Zealand 20c and 10c coins all the time. It doesn't bother me at all, because all shops will take them anyway. Once I did get one coin that was the same size as a 10c coin, I think it was a peso or something like that. How stingy do people have to be to glue 2 10c coins together and use it as a dollar, geez it's only a dollar it's not like it's some huge sum of money that you just can't afford to spend...

Re:Dumb coins (1)

MichaelSmith (789609) | about 4 years ago | (#33256164)

NZ have totally replaced the coins which looked like Australian coins. Their new coins are smaller than ours now and better IMHO.

Re:Dumb coins (1)

operagost (62405) | about 4 years ago | (#33243056)

Here in the USA, our straw men are exceedingly thick.

Re:Dumb coins (1)

OrigamiMarie (1501451) | about 4 years ago | (#33225536)

Actually, there is one class of vending machines that handles Susan B's correctly: postage stamp machines in post offices. And the way they give change for amounts over a dollar is to clunk it out in Susan B's.

The other problem with dollar coins (which was not pointed out in the article) is that lots on cash registers don't have a slot for them. So they don't get stocked, and the clerk has to plunk them in with something else when he/she gets them.

I'd like to buy some money (0)

Anonymous Coward | about 4 years ago | (#33230904)

So in the end, consumers see the new coins as just gold versions of the old coins, and they don't want to get burned again

Now everyone using the money (ie a "money user" - which is everyone.. but the Amish.. i think) is called a "consumer"!?

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33233660)

Be careful what you ask for, you may get it.
The Vending industry lobbied for the size of the Susan B. Anthony dollar. It was the largest that a standard 25 cent coin acceptor could be modified to accept.
This would allow vending companies to save big dollars on updates.
20 years later they all take dollar bills.
Choosing the correct size would have saved Millions of real dollars, not theoretical ones. In less you make dollar bill acceptors in which case good deal.

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33234432)

There's not only one euro coin, but also two-euro coin (worth over 2.5 dollars at the moment). And the whole coin series are clearly discernable even by the blind, and on basis of size and feel, basically everybody. I bet there's some evil socialist plot behind this all, if you ask those Americans...

There's one simplification some Euro countries have chosen to adopt and others not: one- and two cent coins. They're accepted everywhere, but in some countries (for instance here in Finland) rounding is done to closest five cents.

Some particularly backward countries (think of Southern Europe) have been nagging the loss of small banknotes, but thankfully the central bank hasn't extended the system downwards from the five euro note. I typically have already dozen euros or more in coinage in my pocket, what on earth would I do with two- and one-euro banknotes? They would mostly enjoy a very short lifespan being chewed out by the big coins in the pocket.

Re:Dumb coins (3, Funny)

Hognoxious (631665) | about 4 years ago | (#33236444)

Contrast this to the UK and EU

You were doing so well up until that point. Don't you know it's unAmerican to do what other countries do, even if it's demonstrably superior?

I can imagine the headline if theodp saw your post in a news story: "US plans to adopt Euro!".

Re:Dumb coins (1)

MichaelSmith (789609) | about 4 years ago | (#33256186)

Contrast this to the UK and EU

You were doing so well up until that point. Don't you know it's unAmerican to do what other countries do, even if it's demonstrably superior?

I can imagine the headline if theodp saw your post in a news story: "US plans to adopt Euro!".

Now you've got me going. I am going to have to read Distraction [umich.edu] again.

Re:Dumb coins (1)

operagost (62405) | about 4 years ago | (#33242940)

But it's also stupid, because almost no vending machines take Susan B. Anthony dollars, since nobody uses them (or if they do accept them, they register as quarters).

I've never heard of this. Modern equipment is far too discerning, or else the old slugs would still work. Besides, the slot would be too small. I'm not an expert, but I did work for Mars (MEI) for a short time so I had the privilege of learning about some of their coin acceptors.
Also, the SBA had an octagonal rim, the Sacajawea has a smooth edge, and the (ugly!) Presidential dollars have lettered edges. These features all differ from the dollar and half dollar.

Re:Dumb coins (0)

Anonymous Coward | about 4 years ago | (#33290952)

I use US dollar coins in vending machines all the time and they register as dollars, not quarters. I would rather use them than try to feed $1 notes through bill readers. A change machine at work dispenses them in exchange for large bills instead of quarters, so they're easy to get too. They are bigger than quarters and don't have ridges on the rim, so it's easy to tell them apart when fishing around for coins in a pocket. I have also never had a problem with a business not taking them.

Good for (2, Interesting)

bill_mcgonigle (4333) | about 4 years ago | (#33219130)

  • Tooth Fairy deliveries
  • Tips while travelling
  • Buy a soda
  • Feed into a vending machine (coins >>> bills).

With the dollar having lost more than 7X its value in the past 50 years, there's no reason now that dollar coins can't act like quarters and five dollar bills take the lowest-denomination paper spot, relative to how people used to behave. People leave pennies and sometimes nickels behind - that's an indication of value. Trouble is, a decimal system of money makes inflationary policy cumbersome.

The non-use of the coin dollar in favor of the paper dollar, might actually be a tribute to the value of the coin dollar according to Gresham's Law [wikipedia.org] .

Re:Good for (2, Interesting)

zoney_ie (740061) | about 4 years ago | (#33225590)

I find it very difficult to use American change - as even if there was more widespread use of the dollar coin, the quarter is a bit awkward compared to having both 20c and 50c coins.

Also one wouldn't end up with so many pennies if there were 2c coins.

In general I'm a bit fan of the euro coins, even if they are a bit more regular than the old Irish pound coins (on the plus side, a small 2c rather than the gigantic 2p coin). I miss the 50p coin, which was seven-sided like the UK's.

Anyway, cash in the US is a pain, the coin problem compounded by having notes all the same size and in subdued shades (albeit they are now better than all-green). Crazy that a dollar note is the same size as $50!

Re:Good for (1)

bill_mcgonigle (4333) | about 4 years ago | (#33230088)

Crazy that a dollar note is the same size as $50!

Well, they're both intrinsically worthless! Say, how do vending machines over your way handle processing of multiple bill sizes?

Re:Good for (2, Insightful)

sjames (1099) | about 4 years ago | (#33232144)

On the other hand, having all our bills the same size is hard on blind people.

Re:Good for (1)

Hognoxious (631665) | about 4 years ago | (#33236226)

Say, how do vending machines over your way handle processing of multiple bill sizes?

I've used unmanned filling stations in Italy and bought metro tickets in Belgium and they work just fine, actually.

Since Yoorpians are clearly inferior due to the fact that they are not number one, I can only conclude that they don't employ technology to solve this insurmountable problem; there must be a midget hiding inside.

Re:Good for (1)

bill_mcgonigle (4333) | about 4 years ago | (#33242112)

I don't get your weird paranoia thing. Care to answer the question of how they handle multiple bill sizes? Variable straightening guides? Some sort of auto-straighteners?

Re:Good for (1)

WegianWarrior (649800) | about 4 years ago | (#33250248)

Optical readers in the visible and invisible spectrum and software that can allow for edges that aren't razor straight? It's a reasonable guess.

As far as I know, all modern banknotes - except for the US dollars - works on the system that more valuable notes are physically larger than less valuable ones. Since the world outside the US has vending machines capable of accepting banknotes, it stands to reason the solution is trivial to implement - and I'm assuming it involves UV light for the fluorescent print, backlighting for the watermark and safety thread and so on. Most banknotes these days (for instance, the Norwegian notes [norges-bank.no] ) are packed full of safety features, some you won't find on older US bills still in circulation.

On a tangent, printing bank notes of different value on different size paper completely eliminates the problem of counterfeiters bleaching the bills and overprinting them as a higher denomination - that is a problem you'll only encounter with US dollars.

Re:Good for (1)

bill_mcgonigle (4333) | about 4 years ago | (#33251484)

Optical readers in the visible and invisible spectrum and software that can allow for edges that aren't razor straight? It's a reasonable guess.

Yeah, I guess the rollers could just be wide enough to handle the largest note on the diagonal. I've got a laser printer that if you don't feed in the paper with the straighteners will make a spitball out of the paper. I'd love to have one that could deal with paper on an arbitrary skew.

Easy, they use a big slot... (1)

Joce640k (829181) | about 4 years ago | (#33269662)

So long as the slot is big enough for the biggest note then what does it matter?

nb. Compare the size of a crumpled banknote with a new one - the crumpled on is smaller! Oh, noes...!

Re:Good for (1)

Hognoxious (631665) | about 4 years ago | (#33249162)

Well, they're both intrinsically worthless!

Yes, stupid GP for suggesting the value should be proportional to the size! Oh hang on, he didn't say that, did he?

This 200 buck beach towel is bloody awkward, I'd better go change it for a stack of A4 sized tens.

Re:Good for (1)

bill_mcgonigle (4333) | about 4 years ago | (#33249296)

Yes, stupid GP for suggesting the value should be proportional to the size! Oh hang on, he didn't say that, did he?

Oh, snap, and neither did I! He said it was crazy that they were the same size. I made a tangential joke towards about that. Happy Easter, yo.

Re:Good for (1)

residieu (577863) | about 4 years ago | (#33230842)

My wallet's enough of a mess without the bills all being different sizes.

Re:Good for (1)

zoney_ie (740061) | about 4 years ago | (#33251944)

The 50 notes fit comfortably in wallets here (including pre-euro) and other denominations are all smaller (5 is dinky). You won't usually have 100/200/500 notes (at least here in Ireland. People here do use large amounts of cash at times, but wads of 50s are more usual, only occasionally 100s).

Re:Good for (1)

operagost (62405) | about 4 years ago | (#33243116)

The USA used to have 20 cent coins, but they weren't popular. Then again, that was something like 130 years ago.

Re:Good for (1)

tnordloh (462939) | about 4 years ago | (#33228854)

sounds like they are good for paying my kids' allowance, so they have a barrier from buying junk food from snack machines.

Wha?? (0)

Anonymous Coward | about 4 years ago | (#33245556)

"With the dollar having lost more than 7X its value in the past 50 years,"

So, the dollar is now worth -600% of its orignal value? How is that possible?

Re:Good for (0)

Anonymous Coward | about 4 years ago | (#33247076)

People leave pennies and sometimes nickels behind - that's an indication of value^H^H^H^H^Hstupidity.

FTFY

Why not just make more quarters instead? (1)

MakinBacon (1476701) | about 4 years ago | (#33224680)

FTA:

Yet the piles have continued to grow because the law requires the US Mint to issue four new presidential coins each year even if most of the previous year's coins remain in government vaults.

The 50-states quarters that they spent the last decade were a pretty big success, and there were alot of people collecting them (at least I remember seeing alot of special kits for holding all your quarters on sale), so why not do a "44 presidents" set?

Better yet, we could just repeal this stupid law, but that's just too damn logical for Congress.

44 Presidents (1)

dazedNconfuzed (154242) | about 4 years ago | (#33238114)

why not do a "44 presidents" set?

They are. [usmint.gov] It's been running since 2007. The article summary even says "the US Mint [issues] four new presidential coins each year". And they're going absolutely nowhere except "government vaults."

I'm starting to think this is a strategy to salvage/prolong our faltering money supply: print/coin huge piles of cash, then stash it (either by creating something the public wants so much they hoard it, or creating something the public doesn't want so it sits in vaults, or just create it and don't even offer it for general use), creating a financial ballast to counteract the ever-extending debt. Don't have the whole theory worked out, but there's got to be something to making that much cash and stashing out of the public's hands.

Re:Why not just make more quarters instead? (1)

TangoMargarine (1617195) | about 4 years ago | (#33251576)

Yes, obviously the best way to get dollar coins into circulation is to come out with a collectible series of them. Oh wait...

Almost interesting ... (1)

RockDoctor (15477) | about 4 years ago | (#33226990)

The wife like me to bring back coinage from when I go to work abroad. I'll have to see if I can get hold of some of these for the collection.

Numismatists of the world, unite and take on those damned scriphophilists!

It's simple, really. (2, Funny)

djlemma (1053860) | about 4 years ago | (#33227748)

You can't easily slip a $1 coin into a stripper's g-string.

Re:It's simple, really. (0)

Anonymous Coward | about 4 years ago | (#33231034)

Just ask to use the coin slot.

Re:It's simple, really. (1)

Forethought (1822710) | about 4 years ago | (#33234130)

The strippers here have games where you throw loonies at them, shits hot.

Re:It's simple, really. (1)

operagost (62405) | about 4 years ago | (#33243164)

It's all fun and games until someone has a concussion.

Re:It's simple, really. (0)

Anonymous Coward | about 4 years ago | (#33251294)

OK, what the hell is a "loony" and WHY is shit hot?

Re:It's simple, really. (0)

Anonymous Coward | about 4 years ago | (#33245086)

You mean they're not slot machines?

Re:It's simple, really. (0)

Anonymous Coward | about 4 years ago | (#33267556)

Oh, I thought this is why they come with coin slots in the front.

Strippers are smart... (1)

Joce640k (829181) | about 4 years ago | (#33269724)

I'm sure they'll come up with a place for you to insert the coins.

Besides, lots of heavy coins would make underwear droop downwards - more coins=more droop!

The Canadian example (1)

Drakkenmensch (1255800) | about 4 years ago | (#33228454)

A lot of people initially resisted the change from paper bills to dollar coins (and later the same for the 2$ denomination), but how did the government make sure usage happened by the public? Simple. They did not give them a choice. Paper bills were retired and new ones were not issued, forcing people to adopt them. While it seems harsh in retrospect, it did make the switch a success. Because there was no other option!

Re:The Canadian example (1)

Capt.DrumkenBum (1173011) | about 4 years ago | (#33231904)

As I recall the $2 bill was retired many years before the $2 coin was brought out. Other than that you are quite correct.

Re:The Canadian example (1)

Gothmolly (148874) | about 4 years ago | (#33259474)

When in doubt, have your government tell you what to do !1!!

money bin (0)

Anonymous Coward | about 4 years ago | (#33230422)

I would personally approve of the construction of a several Scrooge McDuck-style money bins around the country.

The real question (1)

operagost (62405) | about 4 years ago | (#33243268)

Why did the mint insist on making dollar coins this UGLY?

Re:The real question (1)

jack2000 (1178961) | about 4 years ago | (#33250692)

Just slap a pair of boobs/ass on em.

VISA PayWave (0)

Anonymous Coward | about 4 years ago | (#33252720)

I don't use cash if I can help it. It is unsanitary, and not having a record of my every transaction in my online bank account login is unthinkable.

My suggestion .... (1)

Archangel Michael (180766) | about 4 years ago | (#33269376)

New currency, bit shifted to the left. $10 becomes the new $1. Coinage would be still "penny, nickel, dime quarter" just have new issues.

Nobody wants or cares about "pennies" (cent) anymore. nickels and dimes are almost there too. To fill up tires costs $.50 at most gas stations. It HURTS. But if it were ... $.05 why that wouldn't hurt as much. We could simply move a decimal point, issues some new currency over one month, and be done.

And all the counterfeiters would have a brief field day, and all the drug cartels with US $$ stuffed away would be up a creek trying to redeem all those millions in currency.

Okay, it is a simple idea, it would never work, and if it would work congress would never adopt it. Silly me.

Speaking as a Canadian... (1)

jenningsthecat (1525947) | about 4 years ago | (#33270678)

...I can say that I truly HATE $1 and $2 coins. Having ten one-dollar bills in my wallet was never a problem. Having ten one-dollar coins in my pocket, (along with other assorted change), is a major PITA. Hold on to your paper singles, America! Folding money rules; one-dollar and two-dollar coins just suck!

Resistance is reasonable business (1)

slashdotard (835129) | about 4 years ago | (#33277036)

Businesses resist the new dollar coins because they are still easily confused with quarters and the costs of accomodating the new coin is high. People who handle money all day do not stop and look at the coins every single time they make change. They go by feel and location. It will cost businesses money to adapt to new coins: They will have to change their cash drawers, coin counting and dispensing devices and eat the costs of mistaking dollar coins for quarters.

The brilliant political decision to make the newdollar the same (or closely similar) size as the quarter is real-world moronic and because it is such a brilliant political move we're stuck with it regardless of the real-world consequences. If the size were different and it were clearly distinguishable from every other coin it may have a better chance of being adopted. Until then don't expect businesses to readily accept them even if the dollar bill goes away.

Check for New Comments
Slashdot Login

Need an Account?

Forgot your password?

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>