Updating US Currency

[Jadow]

I was going through my wallet today and looked in my coin cup in my car and gotta say, our money is REALLY inefficient.

I propose We:
Eliminate the Penny
Eliminate the paper dollar bill and push dollar coins
Greatly increase circulation of the $2 bill to replace the paper $1
Create a $200 dollar bill

Thoughts?

This will save a lot of tax payer money in printing costs, make our money more in-line with the cost of goods, and help make my casino wad more manageable by using $200's instead of $100s

 

[bruceb]

Eliminate the Penny ... Yes, a very good idea.

Eliminate the paper dollar bill and push dollar coins ... Maybe, but they need to be well defined and not easy to confuse with quarters, as current ones are.

Greatly increase circulation of the $2 bill to replace the paper $1 .. Should be a good idea

Create a $200 dollar bill ... not needed, they could bring back the $500 bill

 

[Jadow]

Create a $200 dollar bill ... not needed, they could bring back the $500 bill

That'd be ok too, there is a 500 Euro, however they are having problems with counterfits, so doing away with it. I figured we'd learn from the EU's mistake and only go as high as $200 for now.

 

[bruceb]

I only suggest the $500 as we have a design already from about 15-20 years back. So it would need only some rework. US Gov't stopped making $500, $1,000, $5,000, $10,000, $100,000 gold certificate (only used fed reserve to fed reserve) bills to make it harder for drug smugglers to get their ill gotten money out of the country.

http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

• 500: William McKinley
• $1,000: Grover Cleveland
• $5,000: James Madison
• $10,000: Salmon P. Chase
• $100,000: Woodrow Wilson

 

[911paramedic]

Using these sure would make that new game show ($1M money drop) a lot less dramatic, lol.

 

[Bignate603]

Honestly, I have no use for bills over $20. If it costs more than $100 they better take a card or a check.

 

[Juked07]

Honestly, I have no use for bills over $20. If it costs more than $100 they better take a card or a check.

What about blookers and how?

 

[FelixDeCat]

Eliminate paper money? Worst idea ever!

Eliminate all those damn coins nobody wants and everybody has rolling around cars, couches and washing machines.

 

[Schadenfroh]

Eliminate all hard currency, issue national ID cards with built in E-currency. All your state records can be kept on the national ID (driver's license, insurance, vaccinations, passport, visas, etc.). We can then track criminal financial transaction easily and inflate our woes away by changing a value in a database...

 

[Bignate603]

What about blookers and how?

Paypal.

 

[Mike Gayner]

The first thing USA needs to do with its money is make it more blind friendly and change to a polymer note. Then eliminate the penny (surely USA is one of the last countries still using a 1c coin?) and ditch the $1 and $2 bills for coins.

 

[Bignate603]

Eliminate all hard currency, issue national ID cards with built in E-currency. All your state records can be kept on the national ID (driver's license, insurance, vaccinations, passport, visas, etc.). We can then track financial transaction easily and inflate our woes away by changing a value in a database...

Helllll no. While I do everything with plastic for the most part we should always have access to to something untraceable and physical rather than electronic.

 

[Juked07]

I'm not sure why increasing coin value is good? I like not having to worry too much about keeping track of change. Just toss it in a box when I get back and eventually deposit it. In the meantime I only leave the apt with bills (which fit in a wallet!).

 

[sandorski]

The Canadian Senate recently recommended elimination of the penny. Very good idea I hope passes, as myself and most Canadians just throw them in a jar and it costs way more than a penny to make them.

 

[Patranus]

Eliminating the Penny hurts poor people.
Can't have that.

 

[rudeguy]

we just need to drop the nickel, penny and dime. Round everything to the nearest .25.

How many millions or billions would that save?

 

[IronWing]

Ironwing proposal:
Eliminate penny
Eliminate nickel (re-designate all existing nickels to be worth 25 cents)
Eliminate dime
Eliminate current quarter, new quarter to be same build as current nickel.
Eliminate fifty cent piece
Bring back Sacagawea dollar
Eliminate paper dollar
Re-design all remaining paper currency to be less butt ugly.

 

[IronWing]

Eliminating the Penny hurts poor people.
Can't have that.

Does not. It's like a boost in the minimum wage; if you want to throw coins at bums it will cost you at least a nickel.

 

[Mr. Pedantic]

Ditching the penny is a good idea. Ditching the $1 bill is also a good idea. I never knew America even had a $2 bill, that should be done away with as well in preference for coins. As for larger denominations, to prevent forgery, it has to be worth less than it would cost to forge. So yeah. Polymer bills, watermarks, that sort of thing. But I don't see the point of a $100 bill, let alone a $500 one. I've never been into a store where a $100 purchase could not be paid with eftpos or credit.

 

[AgaBoogaBoo]

Just get rid of the penny - push something that can actually get done, somehow I think we'll chip away voters with everything that's added to that.

 

[Patranus]

Does not. It's like a boost in the minimum wage; if you want to throw coins at bums it will cost you at least a nickel.

If you ditch the penny, prices will be rounded up to the nearest 0.5 thus artificially inflating the cost of goods. Now, the elimination of the Penny does not mean that pay checks would see the same accounting tricks go in favor of the worker. You would still get paid in $0.01 but would be buying goods rounded up.

 

[IronWing]

If you ditch the penny, prices will be rounded up to the nearest 0.5 thus artificially inflating the cost of goods. Now, the elimination of the Penny does not mean that pay checks would see the same accounting tricks go in favor of the worker. You would still get paid in $0.01 but would be buying goods rounded up.

The free market will handle it. Round up and the customers stampede to the store that rounded down.

 

[nageov3t]

what's the impetuous for ditching dollar bills in favor of coins?

coins are heaver, a pain in the ass to carry, and not accepted in just about any vending machine I've seen.

 

[ElFenix]

why not plastic pennies?

 

[Jadow]

There definitely is a use for large bills, wanna buy something expensive on Craigslist, pay cash to a contractor to build you a deck, etc...

Not all transactions are done where the vendor has a credit card scanner...