Re-tooling the vending machines does cost money, however, higher denomination coins are good for the vending machine business, because the coins are easier to use; very little is sold for just a quarter these days. Feeding a dozen quarters into a vending machine is rather tedious. (Although credit-card operated machines are an alternative.) Anyway, I don't believe that the vending machine lobby has any great clout in Washington.
The main reason why the Canadian loonie has become fully accepted and has completely replaced the Canadian paper dollar, while the US dollar coins have failed, is that the loonie is substantially larger than the quarter and is also a different color (bronze) so that there is no risk of mistaking it for a quarter, whereas the recent US version is only slightly larger than a quarter, and is the same color, thus it is easily mistaken for a quarter, which is annoying (there also used to be a very large American dollar coin, bigger than the loonie, which ceased to be used around 1964 when coins switched over from silver to nickel-copper).
Canada also has a two dollar coin now, introduced some years after the loonie (and informally known as the twonie) which is only slightly larger than the loonie, but is very easily distinguished from the loonie because it is in two colors, with a bronze inner section and a silvery outer section. Canada does not yet have a five dollar coin, but that does seem to be a likely development for the future. Coins are so much more durable than paper bills that they are a very attractive option.
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Re: What happened to the dollar coin?
Thu Mar 06, 2008 at 03:42:18 PM EST
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They ought to make one like the old ten franc piece that had a silver center with a sizable gold band around it. The smooth edges and gold collor of the Sacagawea dollar distinguish it from the quarter but I still found it too large and heavy for practical daily use.
It is easy to buy small plaster models of what you think life is like.
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Re: What happened to the dollar coin?
Fri Mar 07, 2008 at 09:33:22 AM EST
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Yes, the Sacagawea version should have worked. I have never actually seen one, I have been out of the US for too long.
There is some technical difficulty, as you point out, in carrying around coins which are large and heavy. I don't think that the weight is actually too much to carry. I don't know what the average weight of an American citizen is these days, let us say 180 pounds. If an 180 pound person had to carry an additional pound of coins (and a pound is really a lot, as coins go, usually you would have less) it would not make a real difference. But coins do tend to fall out of your pockets if you are not careful, and don't easily fit into the tiny coin compartments that many wallets have. I personally have a small but adequate coin purse, which is separate from the bill-fold in which I carry paper currency. It is a little pouch, closed by a zipper. I used to use those flat silicone ovoids that you just squeeze to open, but I find that over time they get progressively stiffer until they become unusable; also they are not quite big enough for the quantity of coinage that I often accumulate.
It is important to have some awareness of the quantity of coins that you are carrying, so that you don't just endlessly acquire more when you obtain change from purchases that you make with paper currency, without ever spending the coins. I spend them whenever I am buying something that is within the price range of my current coin supply, so they don't accumulate. I never have more than about $10 of coins at a time, and usually less.
Paper money has its own annoyances. It gets folded, wrinkled, torn, stained, written upon by inconsiderate people, it absorbs moisture, etc. It is terribly vulnerable to damage, as compared to coins. Coins can also be damaged, but not nearly as easily. So, I like coins. Of course, for larger transactions, paper is still better. Although for really large transactions we have to go to credit cards or checks. But coins have a useful role to play.
Pennies, however, I would not miss, were they to be eliminated. The actual value of a penny is now so small, after all these years of inflation, that it seems ridiculously petty to even bother with it. But we still do. If an item costs (let us say) $78.36, you have to pay every penny of that amount; $75.35 would not do.
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Re: What happened to the dollar coin?
Fri Mar 07, 2008 at 04:52:55 PM EST
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"Paper money has its own annoyances. It gets folded, wrinkled, torn, stained, written upon by inconsiderate people, it absorbs moisture, etc."
Oh, I'm going to be getting the misogynistic lamb-basting for this one, but...
I've seen far too many young ladies (and only young ladies) wad-up paper money and pretty much ruin it. Men and older women stick the bills in a wallet, and it probably lasts a lot longer that way.
OTOH, I've gotten lots of $20 bills that were stained with the dye-packs from robberies, and I'm told that many bills are tainted with cocaine residue.
For the time being, I'll just keep using a credit card.
there's only one way to find out...
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Umn, Sorry
Fri Mar 07, 2008 at 08:10:02 PM EST
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I've worked retail for the last couple years, and part of that at the cash register (less than 30 minutes a week, but it adds up over six years.) The money crunching you describe happens with both sexes, though if you wanted to say it was more common with the young, I'd have to agree. But I've stood there and watched some dude pull wads of cash out of a front pocket to pay for a video game more than once . . .
Worst story I've ever heard, on the "ruined money" line, was a gent who bicycled, and kept his money in his sock.
In Tucson, Arizona.
In the summer.
From what I was told, they let the bills dry for two hours before even trying to put them in a register.
Ex ignorantia ad sapientiam; e luce ad tenebras
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Re: What happened to the dollar coin?
Fri Mar 07, 2008 at 05:50:09 PM EST
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Yeah, I organize the bills in my wallet by denomination every time I have a transaction. My gf otoh will look at me like I'm crazy for doing this but then spend five minutes rooting through her wallet before pulling out a wad of crumpled up cash. As far as where they've been...Where's George? is a site that always seemed cool but could never really maintain my attention.
It is easy to buy small plaster models of what you think life is like.
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Re: What happened to the dollar coin?
Fri Mar 07, 2008 at 07:51:41 PM EST
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"Yeah, I organize the bills in my wallet by denomination every time I have a transaction."
Well, when I have to use cash, I do the same thing. Bills in the wallet run from singles in the front to 50s in the back. That's the way I learned it from my dad, and I can't escape it. That style has worked well for me for 54 years, so I see no reason to change. ;-)
there's only one way to find out...
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Re: What happened to the dollar coin?
Sat Mar 08, 2008 at 03:59:59 PM EST
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I can speak with some authority to this wad problem: I never had it until I recently bought the cutest little tiny red leather wallet that has these really neat, accordion-like slots for credit cards -- much easier to see them and remove them. Plus, the wallet is so small that it fits any handbag or even my pocket. And it has a picture slot for my DL on the outside...as well as a gussetted coin pocket.
But the problem, as you've already surmised, is that the only space for paper money is one in which you have to fold it. I hate that and am embarrassed when I pull out this mess of cash, dropping bills as I do so.
It's so stinking cute, though. Gosh, I love being a girl... well, okay, so no, I'm not in your demographic, sad to say. And at my age, my money might as well be wrinkled too.
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Re: What happened to the dollar coin?
Sat Mar 08, 2008 at 11:49:29 PM EST
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"Gosh, I love being a girl... well, okay, so no, I'm not in your demographic, sad to say. And at my age, my money might as well be wrinkled too."
God bless you, Sue. At least you're honest about it. It's just that I saw so many 20-something women where I used to work who literally wadded-up bills (not fold) that I could scream. It would be better if the dollar coin would catch on, though. They'd still fit in your little leather wallet. ;-)
there's only one way to find out...
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Re: What happened to the dollar coin?
Sun Mar 09, 2008 at 12:15:32 PM EST
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At least you're honest about it.
Not sure whether you're referring to my wrinkled wad or my...well, anyway, thanks.