Chicago Tribune editorial says kill dollar bill

From the May 16 editorial page:

Kill the dollar bill

Published May 16, 2005

The U.S. House has voted to create a new gold-color $1 coin, and the
U=2ES. Senate is likely to follow suit.

History suggests that this coin already is doomed. People have avoided
having to use the two previous dollar coins, featuring Susan B.
Anthony, the women's suffrage and abolitionist leader, and Sacagawea,
the Shoshone guide to Lewis and Clark. People stubbornly cling to that
green six-inch strip of paper with George Washington's picture on it.

This time, the $1 coin will have the faces of U.S. presidents. But
let's be honest, most of the greats--Washington, Lincoln,
Jefferson--already grace the sides of coins. The likes of James
Garfield and John Tyler won't inspire people to rush out and stock up.

There's only one way a dollar coin will be a success: Get rid of the $1
bill.

The U.S. Government Accountability Office has attributed the failures
of the Susan B. Anthony and the Sacagawea coins primarily to the
unwillingness of Congress to do away with the paper dollar.

"Until individuals can see that the coin is widely used by others and
that the government intends to replace the dollar bill with the dollar
coin, they will be unlikely to use the coin in everyday transactions,"
a 2002 GAO report stated.

Dump the dollar? Forget it. Congress has opted every time to dump that
idea instead. People just don't seem to like having to carry $1 coins
in their pockets.

OK, consider this: The GAO estimates that scrapping the paper dollar
would save the country as much as $500 million a year. Coins are more
durable than paper. Coins, for instance, survive washing machines
better. The U.S. doesn't have to replenish the coin supply as often as
it does the paper bill supply.

Still not convinced it's worth the discomfort of carrying dollar coins?
Then think about this. If you were around 30 years ago, you didn't
think twice about having a few quarters jangling in your pocket.

That's what the dollar is worth today--a 1974 quarter. It makes no more
sense to have a dollar bill today than it would have to print a 25-cent
bill back then. And there's no reason to think that if the dollar bill
disappeared, people wouldn't get accustomed to dollar coins.

The sponsors of the new dollar coin hope it will match the success of
the quarter series featuring the 50 states. Those quarters, introduced
in the 1990s, have generated $5 billion in profits for the government,
according to U.S. Treasury estimates. It costs less than 5 cents to
produce each 25-cent piece and the quarters have become popular
collectibles.

Saving half a billion dollars each year--even if it means jangling a
pocketful of Benjamin Harrisons--is good reason to dump the dollar
bill.

Copyright =A9 2005, Chicago Tribune

wrote in message
oups.com...
From the May 16 editorial page:

Kill the dollar bill

Published May 16, 2005

The U.S. House has voted to create a new gold-color $1 coin, and the
U.S. Senate is likely to follow suit.

History suggests that this coin already is doomed. People have avoided
having to use the two previous dollar coins, featuring Susan B.
Anthony, the women's suffrage and abolitionist leader, and Sacagawea,
the Shoshone guide to Lewis and Clark. People stubbornly cling to that
green six-inch strip of paper with George Washington's picture on it.

This time, the $1 coin will have the faces of U.S. presidents. But
let's be honest, most of the greats--Washington, Lincoln,
Jefferson--already grace the sides of coins. The likes of James
Garfield and John Tyler won't inspire people to rush out and stock up.

There's only one way a dollar coin will be a success: Get rid of the $1
bill.

The U.S. Government Accountability Office has attributed the failures
of the Susan B. Anthony and the Sacagawea coins primarily to the
unwillingness of Congress to do away with the paper dollar.

"Until individuals can see that the coin is widely used by others and
that the government intends to replace the dollar bill with the dollar
coin, they will be unlikely to use the coin in everyday transactions,"
a 2002 GAO report stated.

Dump the dollar? Forget it. Congress has opted every time to dump that
idea instead. People just don't seem to like having to carry $1 coins
in their pockets.

OK, consider this: The GAO estimates that scrapping the paper dollar
would save the country as much as $500 million a year. Coins are more
durable than paper. Coins, for instance, survive washing machines
better. The U.S. doesn't have to replenish the coin supply as often as
it does the paper bill supply.

Hmmmm. It seems that both paper and coin are being cranked out constantly year
after year. Coins may not wear out like paper, but they somehow disappear to
the extent we have to produce billions more every year. Regardless of how one
chooses to rationalize the utility and practicality of the dollar coin, the
dollar bill remains the only thing that will keep it gathering dust in storage
vaults-- no matter who or what appears on the coins.

Bruce

In article .com,
wrote:

From the May 16 editorial page:

Kill the dollar bill

Published May 16, 2005

Wow, a major newspaper editorial that got their facts straight! They
mentioned the savings and made the comparison between a 1974 quarter
and a 2005 dollar.

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

Paul Anderson wrote:
From the May 16 editorial page:

Link:
http://www.chicagotribune.com/news/o...,7998665.story

Kill the dollar bill

Published May 16, 2005

Wow, a major newspaper editorial that got their facts straight! They
mentioned the savings and made the comparison between a 1974 quarter
and a 2005 dollar.

It almost reads like a (well-edited) RCC post. Just about every salient
point that the pro-dollar coin anti-ragbuck faction typically makes is
represented in the article. I wonder who wrote it...

--
Bob

I say "kill the rag dollar and the new $1 coin." the Sac is good enough for
me. We need the dead presidents' coins like we need a hole in the head.


wrote in message
oups.com...
From the May 16 editorial page:

Kill the dollar bill

Published May 16, 2005

The U.S. House has voted to create a new gold-color $1 coin, and the
U.S. Senate is likely to follow suit.

History suggests that this coin already is doomed. People have avoided
having to use the two previous dollar coins, featuring Susan B.
Anthony, the women's suffrage and abolitionist leader, and Sacagawea,
the Shoshone guide to Lewis and Clark. People stubbornly cling to that
green six-inch strip of paper with George Washington's picture on it.

This time, the $1 coin will have the faces of U.S. presidents. But
let's be honest, most of the greats--Washington, Lincoln,
Jefferson--already grace the sides of coins. The likes of James
Garfield and John Tyler won't inspire people to rush out and stock up.

There's only one way a dollar coin will be a success: Get rid of the $1
bill.

The U.S. Government Accountability Office has attributed the failures
of the Susan B. Anthony and the Sacagawea coins primarily to the
unwillingness of Congress to do away with the paper dollar.

"Until individuals can see that the coin is widely used by others and
that the government intends to replace the dollar bill with the dollar
coin, they will be unlikely to use the coin in everyday transactions,"
a 2002 GAO report stated.

Dump the dollar? Forget it. Congress has opted every time to dump that
idea instead. People just don't seem to like having to carry $1 coins
in their pockets.

OK, consider this: The GAO estimates that scrapping the paper dollar
would save the country as much as $500 million a year. Coins are more
durable than paper. Coins, for instance, survive washing machines
better. The U.S. doesn't have to replenish the coin supply as often as
it does the paper bill supply.

Still not convinced it's worth the discomfort of carrying dollar coins?
Then think about this. If you were around 30 years ago, you didn't
think twice about having a few quarters jangling in your pocket.

That's what the dollar is worth today--a 1974 quarter. It makes no more
sense to have a dollar bill today than it would have to print a 25-cent
bill back then. And there's no reason to think that if the dollar bill
disappeared, people wouldn't get accustomed to dollar coins.

The sponsors of the new dollar coin hope it will match the success of
the quarter series featuring the 50 states. Those quarters, introduced
in the 1990s, have generated $5 billion in profits for the government,
according to U.S. Treasury estimates. It costs less than 5 cents to
produce each 25-cent piece and the quarters have become popular
collectibles.

Saving half a billion dollars each year--even if it means jangling a
pocketful of Benjamin Harrisons--is good reason to dump the dollar
bill.

Copyright © 2005, Chicago Tribune

Wow, to save less than $2.00 per US Citizen per year, we should carry
the infinitely less convenient dollar coin and do without the bill
that is the mainstay of the economy? I think I'll pass, thanks!

Lee

On 16 May 2005 17:17:09 -0700, wrote:

From the May 16 editorial page:

Kill the dollar bill

Published May 16, 2005

The U.S. House has voted to create a new gold-color $1 coin, and the
U.S. Senate is likely to follow suit.

History suggests that this coin already is doomed. People have avoided
having to use the two previous dollar coins, featuring Susan B.
Anthony, the women's suffrage and abolitionist leader, and Sacagawea,
the Shoshone guide to Lewis and Clark. People stubbornly cling to that
green six-inch strip of paper with George Washington's picture on it.

This time, the $1 coin will have the faces of U.S. presidents. But
let's be honest, most of the greats--Washington, Lincoln,
Jefferson--already grace the sides of coins. The likes of James
Garfield and John Tyler won't inspire people to rush out and stock up.

There's only one way a dollar coin will be a success: Get rid of the $1
bill.

The U.S. Government Accountability Office has attributed the failures
of the Susan B. Anthony and the Sacagawea coins primarily to the
unwillingness of Congress to do away with the paper dollar.

"Until individuals can see that the coin is widely used by others and
that the government intends to replace the dollar bill with the dollar
coin, they will be unlikely to use the coin in everyday transactions,"
a 2002 GAO report stated.

Dump the dollar? Forget it. Congress has opted every time to dump that
idea instead. People just don't seem to like having to carry $1 coins
in their pockets.

OK, consider this: The GAO estimates that scrapping the paper dollar
would save the country as much as $500 million a year. Coins are more
durable than paper. Coins, for instance, survive washing machines
better. The U.S. doesn't have to replenish the coin supply as often as
it does the paper bill supply.

Still not convinced it's worth the discomfort of carrying dollar coins?
Then think about this. If you were around 30 years ago, you didn't
think twice about having a few quarters jangling in your pocket.

That's what the dollar is worth today--a 1974 quarter. It makes no more
sense to have a dollar bill today than it would have to print a 25-cent
bill back then. And there's no reason to think that if the dollar bill
disappeared, people wouldn't get accustomed to dollar coins.

The sponsors of the new dollar coin hope it will match the success of
the quarter series featuring the 50 states. Those quarters, introduced
in the 1990s, have generated $5 billion in profits for the government,
according to U.S. Treasury estimates. It costs less than 5 cents to
produce each 25-cent piece and the quarters have become popular
collectibles.

Saving half a billion dollars each year--even if it means jangling a
pocketful of Benjamin Harrisons--is good reason to dump the dollar
bill.

Copyright © 2005, Chicago Tribune

Lee wrote:

Wow, to save less than $2.00 per US Citizen per year, we should carry
the infinitely less convenient dollar coin and do without the bill
that is the mainstay of the economy? I think I'll pass, thanks!

Lee

How are the coins less convenient? Remember that Pepsi ad from the
Super Bowl a few years back?

I still find the coins to be far easier and faster to use at work, too.

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________

I am a roller coaster buff. When i go to an amusement park, I
guarantee that any coins in my pocket will end up on the ground, while
any bills are safely tucked in my wallet. Also, it is much easier for
me to access my wallet while I am going through a fast-food drive-thru
than it is to fish for coins in the bottom of my pocket while sitting
down. Sure, the coins are nice in vending machines (that take them)
and much less likely to carry disease, but I have found if you need to
force the public to make a change for very little or no personal
benefit, it usually isn't worth the effort.

Lee

On Tue, 17 May 2005 12:38:51 -0500, "Michael G. Koerner"
wrote:

Lee wrote:

Wow, to save less than $2.00 per US Citizen per year, we should carry
the infinitely less convenient dollar coin and do without the bill
that is the mainstay of the economy? I think I'll pass, thanks!

Lee

How are the coins less convenient? Remember that Pepsi ad from the
Super Bowl a few years back?

I still find the coins to be far easier and faster to use at work, too.

Lee wrote:
Wow, to save less than $2.00 per US Citizen per year, we should carry
the infinitely less convenient dollar coin and do without the bill
that is the mainstay of the economy?

I would argue that the $20 bill is the current "mainstay" of the
American economy.

Dollar coins are more convenient, not less, than dollar bills. The half
billion dollar savings per year is gravy compared to the efficiencies
gainable by switching to dollar coins.

--
Bob

Wow, for someone on a coin collecting newsgroup, you sure do hate
coins.

Every other country on the planet has gotten rid of their low value
"paper" in favor of coins.

Are you saying Americans are 'way stupider' than everyone else on
earth. (OK, there is that metric system thing.)