US gov't claims it can save $500,000,000 annually if people switch from paper dollars to $1 coins

[amyamanda]

I found this interesting. Make A Lasting Change. It's a campaign by the US Mint to get people to use dollar coins instead of paper dollars.

I cannot find a link to anything supporting the claim of $500,000,000 annual savings. It sounds kind of farfetched to me. On the other hand, I wonder if it's further evidence that the US government is tightening its belt and trying to find new ways to save money.

What do you think?

[sanguine_speed]

Well, I guess it doesn't prove that it's evidence-based, but Canada has had a $1 coin for over 20 years and a $2 coin for, what, 15 years?
Our smallest bill is $5.
I can see, from my experience, how much hardier the coins are than the bills. Bills do have a relatively short lifespan versus coins...

Interesting that it's considered a choice. Our bills were removed from circulation.

[lolar2]

If anyone gave me dollar coins, I'd be happy to use them. I never see them.

[TiredX2]

Originally Posted by lolar2

If anyone gave me dollar coins, I'd be happy to use them. I never see them.

We get ours at the bank. We have to buy them in rolls (you can't get just a couple).

[chezlyryan]

Coins do last longer than paper. Money is money, coins just make your purse heavier. I usually use debit or credit cards so the type of currency doens't matter all that much.

[SeekingJoy]

I have heard this before ad always wondered why the mint doesn't just stop printing them. I never see the coins, but would use them. It doesn't really seem like a big deal.

[yeahwhat]

I don't even remember being given a choice up here in Canada. We were told we were switching to $1 coins, promptly called the looney due to the picture of the loon on it and people's disatisfaction with losing the dollar bill. Then dollar bills became fewer and fewer. A few years later, once we'd all stopped whining, we got $2 coins as well.

Not having $2 coins or bills would make the change much heavier in your pocket though.

[joyluc]

My DH who is a bit of a coin geek says that this is not a US Mint campaign although the argument that coins last longer is true. He says that the Mint has been really careful not to take a position on this issue.

The Mint is willing to ship dollar coins to people without any shipping or handling charges to get the coins into circulation for more information search for the Circulating $1 Coin Direct Ship Program.

[amyamanda]

Originally Posted by joyluc

My DH who is a bit of a coin geek says that this is not a US Mint campaign although the argument that coins last longer is true. He says that the Mint has been really careful not to take a position on this issue.

That is interesting, but I think he is wrong. I have here a money envelope from my bank - the kind you can get for free when you withdraw cash and need someplace to tuck the bills - and the same marketing text as that pdf file I linked above is on the back of the envelope, and at the bottom of the envelope it has the UNITED STATES MINT name and logo. It also says "Make a Lasting Change is offered by the United States Mint through a contract with MPI Coin..." 800 number, blah blah blah. Clearly this Make A Lasting Change thing is a U.S. Mint campaign.

[Tilia]

I would be all for it. Although, I do not use cash that much at all. Maybe once a week or so. Wait, I do use change in vending machines at work everyday. It would be a lot easier to keep the change in my pocket rather than trying to make sure my dollar doesn't fall out of my pocket before break.

I lived in Europe for a year and using the dollar and $2 coins was rather easy. I got used to it quickly.

[eclipse]

I think they should just stop printing the bills. I don't know why it has to be such a big deal that they waste even more money on an ad campaign about it. I know dollar coins were a bit a PITA when I was a cashier, but that was only because there weren't many of them. Here in Mexico, the smallest bill is 20 pesos - about 1.65 or so?

[hopefulfaith]

I'm all for liberty and all, but I think the Mint needs to just say "Hey, we're not printing $1 bills anymore. Here are your coins."

I lived on the Canadian border during the times of the looney and tooney (two-nee? sp?) changeovers, and I thought it was fine. I went to a U.S. university for nursing school, but we did our clinicals in Canada a few times a week --- we were over there most days and did a fair amount of spending at the restaurants/shopping centers, etc., and it just seemed like a good idea.

[Ola_]

So it would save all that money because the coins are more durable so they wouldn't have to reprint the bills when they're damaged? That seems like a very high number if that's all the savings is for.

They've just announced here in Canada that we're going to polymer (i.e. plastic) bills. They are supposed to be more durable and harder to counterfit. DH is a coin collector and he has some of these from New Zealand I think it is? They sure look neat! Wonder how much that would save.

[ashleyhaugh]

there are 1 and 2 eruo coins too. i liked it when i was shopping because id break a bill and throw all the change in my purse. sometimes when i pulled out 100 euro for a trip, id get home and have like 20 euro or more in my purse.

my change jar rocked

i wouldnt mind it at all if they did it here too

[fresh_veggie]

I'd totally be for it. Like PP said, they should just skip the campaign and just stop printing the $1 and use the coins instead. Why not?

[CariOfOz]

I moved from the US to Australia in 2000.. we have 1 and 2 dollar coins. I LOVE them. I can't think of a single good reason for the US not to go to coins? The dollar bills last a pathetic amount of time in circulation and end up falling apart.

And just think... when you GOTTA have a coke, there's no fighting with the (*&#$*&^*&#% machine to make it accept your ratty ole dollar bill
(confession.. I loathe coke... give me a good old sprite anyday though ) Our notes/bills are polymer anyway and we don't have that problem.. but it's a very relevant arguement in the states hehehe

[velochic]

Originally Posted by joyluc

My DH who is a bit of a coin geek says that this is not a US Mint campaign although the argument that coins last longer is true. He says that the Mint has been really careful not to take a position on this issue.

Um... yeah, the Mint *is* actively campaigning for coin usage. I actually learned about this topic AT the US Mint in Denver, Co. When we were getting a tour, they specifically asked, "How long do you think a paper dollar lasts?" I piped up and said, "Probably about one year." He said, "Yes, you are right. That's why we are encouraging everybody to learn more about the dollar coin and to use that instead. You can buy some on the way out, dollar for dollar. I hope you will all start using them. They will save the government millions of dollars if everyone starts using them."

This trip to the Mint was the reason we switched to using them. I have $23 of $1 coins in my purse right now because I just got a roll a couple of days ago. I usually try to keep $5 worth with me.

ETA: I thought I'd add to beware that some people don't think they are legal tender and will try to not take them because they are ignorant of US coinage... they have to take them, though.

[lalaland42]

In Switzerland there are 1, 2, 5 Sfr coins and honestly I find it to be a pita. Maybe it would be less so if I'd get a change purse. A $1 coin would be ok but the 2 & 5 are heavy and it frequently means I have 30 Sfr in coins in my purse.

[velochic]

Originally Posted by Ola_

So it would save all that money because the coins are more durable so they wouldn't have to reprint the bills when they're damaged? That seems like a very high number if that's all the savings is for.

On this same tour I mentioned before at the Denver Mint (where they actually only make coins, not paper bills), they were explaining that the "paper" that money is printed on is a very special cotton fabric blend that is very expensive to produce with the special filament fibers blended in. The ink is also expensive to make because it has some metals in it (IIRC). Then the running of the presses is also expensive. They didn't give an amount, but they did say that some monies actually cost more to produce than what they were worth. That may have been some of the coins, though. However, printing money costs the government more than one would think.

[cschick]

Originally Posted by lolar2

If anyone gave me dollar coins, I'd be happy to use them. I never see them.

I've seen them. I received them a couple of places the last time around they did a big push to try to move us from paper dollars to coins.

My problem was that cashiers at places were you'd logically spend them were very, VERY obviously unhappy about receiving them.