Paper, coin, or polymer?
I have been meaning to write about this for a while: phasing out the $1 bill in favor of a coin. It has been in and out of the news the last couple years, and proponents say it would save billions. Coins last 30 years or longer (I have been given 1940s “Wheat” pennies as change) while paper bills wear easily and replacements are constantly being printed. I read this LAT article today and thought it was high time to pipe in.
Yes, I will concede that phasing out the $1 bill in favor of a coin would save a lot of money in the long run. However, the price of metals is skyrocketing and the $1 coins we already have are very unpopular. Nobody uses them. Everyone knows we have them, but there is always the uncertainty about acceptability. The rare occasions when I have used a dollar coin for purchases, I have wondered if it will be accepted. It always was, but it elicited a pause from the cashier, as if he thought, “Whoa! Somebody is actually using this?” Then there is the question about vending machines. Do they accept $1 coins? Do the coins even fit since they are slightly larger than the quarter? I have never had the guts to press my luck.
Since 2007, the US Mint has been cranking out a President and First Spouse series of $1 coins at the behest of Congress. As of last year there is a stockpile of 1.1 billion uncirculated coins — an amount which, if stacked, would rise seven times higher than the altitude of the International Space Station. Many in Congress think it is a waste of money and resources to mint coins no one likes or uses, and I agree. Obviously, replacing the $1 bill with a coin seems like a welcome and easy option.
The debate will rage on, something idiotic will be decided, and everyone will roll their eyes because no one is satisfied except the handful who benefit. I would have no problem using dollar coins, but I suppose I will morn the loss of the flimsy bills they will replace. But there is an alternative nobody has proposed.
Instead of printing bills on “paper” (which is actually 75 percent cotton and 25 percent linen), why not use the indestructible polymer used in many countries?
Back in the day, I somehow stumbled on this YouTube video after discovering that Australia has used “plastic” banknotes for a long time (direct link):
I think it is pretty cool. The catch is polymer money probably costs a lot more to print. I cannot find any definitive research or comparison, but rest assured that any process involving a five-story high bubble is guaranteed to cost a ton.
Polymer may be a good option for larger denominations, but given the situation and circumstances, the dollar coin seems like the most viable and efficient choice.
Yes, I will concede that phasing out the $1 bill in favor of a coin would save a lot of money in the long run. However, the price of metals is skyrocketing and the $1 coins we already have are very unpopular. Nobody uses them. Everyone knows we have them, but there is always the uncertainty about acceptability. The rare occasions when I have used a dollar coin for purchases, I have wondered if it will be accepted. It always was, but it elicited a pause from the cashier, as if he thought, “Whoa! Somebody is actually using this?” Then there is the question about vending machines. Do they accept $1 coins? Do the coins even fit since they are slightly larger than the quarter? I have never had the guts to press my luck.
Since 2007, the US Mint has been cranking out a President and First Spouse series of $1 coins at the behest of Congress. As of last year there is a stockpile of 1.1 billion uncirculated coins — an amount which, if stacked, would rise seven times higher than the altitude of the International Space Station. Many in Congress think it is a waste of money and resources to mint coins no one likes or uses, and I agree. Obviously, replacing the $1 bill with a coin seems like a welcome and easy option.
The debate will rage on, something idiotic will be decided, and everyone will roll their eyes because no one is satisfied except the handful who benefit. I would have no problem using dollar coins, but I suppose I will morn the loss of the flimsy bills they will replace. But there is an alternative nobody has proposed.
Instead of printing bills on “paper” (which is actually 75 percent cotton and 25 percent linen), why not use the indestructible polymer used in many countries?
Back in the day, I somehow stumbled on this YouTube video after discovering that Australia has used “plastic” banknotes for a long time (direct link):
I think it is pretty cool. The catch is polymer money probably costs a lot more to print. I cannot find any definitive research or comparison, but rest assured that any process involving a five-story high bubble is guaranteed to cost a ton.
Polymer may be a good option for larger denominations, but given the situation and circumstances, the dollar coin seems like the most viable and efficient choice.
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