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News & ArtsTuesday, January 31, 2012
Money Bipartisanship Isn't Dead!
Posted by Charles Mudede on Tue, Jan 31, 2012 at 12:57 PM
Sens. Tom Harkin (D., Iowa), John McCain (R., Ariz.) and two colleagues Tuesday are introducing legislation that would kill off the dollar bill in favor of dollar coins, touting the move as a way to cut costs over the long run.Will this spell the end of the gambler's roll? (Brendan Kiley explained to me that a gambler's roll is the opposite of the traveler's roll—I sadly only knew the gambler's roll from its racist name, which I picked up at my British standard all-boys school. It has always surprised and embarrassed me how colonial-era antisemitism was so easily adopted by black Africans.)“Promoting the dollar coin is a smart investment for our country that saves taxpayer’s money,” Harkin said.
1
In before: I don't want a pocket full of heavy coins!
Learn to make change, people, and you'll never have more than four in your pocket at a time. If you do, change them in for a fiver.
Learn to make change, people, and you'll never have more than four in your pocket at a time. If you do, change them in for a fiver.
2
You mean a "Kansas City bankroll" - a wad of ones covered by a large denomination bill like a $50 or $100?
4
That urban dictionary post has two exactly opposite meanings.
I love dollar coins. I just broke open another roll of them today to pay for breakfast. It was either that or break a $100 bill. I give several rolls to my cashiers to hand out as change on club nights, faster to count them. Nobody ever pays for a club cover with exact denominations. Everyone hits the ATM and hands over a twenty.
Yay for dollar coins.
I love dollar coins. I just broke open another roll of them today to pay for breakfast. It was either that or break a $100 bill. I give several rolls to my cashiers to hand out as change on club nights, faster to count them. Nobody ever pays for a club cover with exact denominations. Everyone hits the ATM and hands over a twenty.
Yay for dollar coins.
6
In Chicago, a large bill on the outside of a wad of singles is called a "Philadelphia roll." In Philadelphia, it's called a "Chicago roll." I call it stupid. Small bills on the outside, larger inside, for easier peeling off of singles to give panhandles and buying small items.
7
Ugh, can't we kill that penny at the same time? That damn coin that cost $0.017 to make. This will also free up a space in the cash register for the dollar coin.
8
As we move further away from currency to plastic these terms and their bigotry will become archaic. It's more and more about the color of your credit card. That horrible woman who advises other women on how to marry rich men warns her followers to be wary of men who pay the dinner check with a debit card.
9
It's more expensive to replace the penny. Every computerized cash register would need a software update to round to the nearest $.05 for cash transactions. You can't depend on cashier's to do that in their head.
10
What @1 said. I've never understood how people accumulate gallon pickle jars or 5-gallon water jugs of coins.
Whatever metal money you get during the day, put it back in your pocket in the morning instead of leaving it on your dresser, and use it whenever possible in transactions. Hate pennies? Leave them in the ubiquitous penny cups at registers.
Whatever metal money you get during the day, put it back in your pocket in the morning instead of leaving it on your dresser, and use it whenever possible in transactions. Hate pennies? Leave them in the ubiquitous penny cups at registers.
12
You know what would save taxpayers more money, Mr. Harkin? Making the rich pay their fair share in taxes.
13
@BagBag
Strip clubs are going to love this. They're going to have ATM's that spit out funny money. Dollar bills that can only be used in the club. Not only are they going to collect the $3 ATM fee, you're never going to leave with any money left in your wallet.
Strip clubs are going to love this. They're going to have ATM's that spit out funny money. Dollar bills that can only be used in the club. Not only are they going to collect the $3 ATM fee, you're never going to leave with any money left in your wallet.
14
I keep plenty of ones on hands for tips and smallish purchases and such like. I don't want those to all be heavy coins. Heading for a night out with a pocketful of 20 to 30 of those things. Too much hassle.
15
Charles,
Wow, I've never heard that term, "Jew roll" before today. Astonishing, some of these clearly bigoted idiomatic expressions.
Wow, I've never heard that term, "Jew roll" before today. Astonishing, some of these clearly bigoted idiomatic expressions.
16
@9 Can't tell if trolling. There would be no need for rounding. Items would have prices (after tax) that would end in $0.05 increments.
17
@heriswheremynamegoes
That wouldn't work. Because sales tax varies between states, cities, counties, etc. It would be extremely difficult to balance the prices so they all end in fives. Also, all electronic transactions would still contain pennies. This would only be for cash transactions.
That wouldn't work. Because sales tax varies between states, cities, counties, etc. It would be extremely difficult to balance the prices so they all end in fives. Also, all electronic transactions would still contain pennies. This would only be for cash transactions.
18
Splitting the bill in euros is insanely easy. At least here in Belgium, prices of individual items already include both tax and tip, so you know exactly what you owe just by adding up your items, often before you even get the bill. The coins jangling around in your pocket are often sufficient for small purchases (sandwich, waffle, beer), so you don't even have to get out your wallet. With dollars you can rarely even buy a coffee with the coins in your pocket.
20
@11: you took the words right out of my mouth.
Someone must know: in countries with small denomination coins (i.e. the one and two pound coins in the UK), is the situation described by @13 really what strip clubs do?
Someone must know: in countries with small denomination coins (i.e. the one and two pound coins in the UK), is the situation described by @13 really what strip clubs do?
21
@ 10 (rob!),
It goes into a collection jar at the end of the day for organizations that provide meals for seniors and less able bodied, and lunches for those who are living on the streets. It gets "spent" at a later time. Dollar coins are grand for public transportation, though.
It goes into a collection jar at the end of the day for organizations that provide meals for seniors and less able bodied, and lunches for those who are living on the streets. It gets "spent" at a later time. Dollar coins are grand for public transportation, though.
24
I hate this plan. They should encourage us to digitize money by subsidies things like RFID readers, moble tech, and what not. Not force us to use currency that American's universally hate. I read somewhere that the treasury has pallets and pallets of sacks of unwanted dollar coins.
25
Wait, I thought the Treasury just agreed to stop minting dollar coins a few months ago...there was a Planet Money podcast on the topic back in November or so...
26
In Australia we had one cent and two cent coins. Got rid of them years ago. No problems. We also had $1 and $2 notes as well. Dumped them too. Thank goodness.
27
That's a fine idea, kim (@21)!
I think most beverage-vending machines have been engineered to take $1 coins, useful because the paper-currency slots are so often on the fritz. I'd also like to be able to GET $1 coins in more places without having to make special trips to the bank.
I think most beverage-vending machines have been engineered to take $1 coins, useful because the paper-currency slots are so often on the fritz. I'd also like to be able to GET $1 coins in more places without having to make special trips to the bank.
28
@17 Here in the antipodes, we no longer have one and two cent coins. Every item has its price marked (including tax), and the register adds all the items, then automatically rounds the TOTAL price up or down to the nearest zero / five cents. Tips (if given) are handled seperately, and we don't have (or need) a real culture of automatic tipping.
29
@28 If we would end the practice of a lower minimum wage for workers who get tips then I think the automatic tipping would go away. But when the federal minimum wage for employees who get tips is 1/3 the standard minimum wage we've set up an environment where not tipping is actually pretty cruel.
30
@ 29 Noadi, I completely agree. Thankfully we don't have the ridiculous idea that the customers, rather than the employer, should be (directly) paying the employee's wages
As of July 2011, our national minimum wage is $589.30 per week (for a full time, 38 hour week'w work by an adult), or $15.51 per hour. Before you all jump on a plane, let me explain that the cost of living here is also markedly higher.
As of July 2011, our national minimum wage is $589.30 per week (for a full time, 38 hour week'w work by an adult), or $15.51 per hour. Before you all jump on a plane, let me explain that the cost of living here is also markedly higher.
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