There’s been some talk recently (and in the last several years) that we should get rid of the dollar bill and move to using a dollar coin. Most of that talk is pro dollar coin. And, for the most part, their argument makes a lot of sense. The dollar bill is an expensive bill to make, much like the penny is an expensive coin to make. Dollar bills quickly degrade and need replacing. And, really, what can you buy for a dollar anymore anyways?
In fact, it almost seems like anyone in the personal finance blogosphere really should like the idea of a dollar coin. But, I just can’t bring myself to like it. First, let me describe my relationship with cash, bill or coin. I don’t carry it. At any given point in time, I probably have a few dollars up to twenty or so dollars in my wallet. It’s probably been there for months. I don’t use cash. On most work days, I go to work, and, when I’m done with work, I return home. I have very little calling for spending money during the week. And I really have very little calling for it during the weekend as well. But, you know what I hate more than carrying cash around? Carrying coins around. They’re always weighing down your pocket, jangling around with whatever else is in your pocket. They fall out of your pocket, leaving themselves buried in somebody’s couch. They’re dirty. I just don’t like them. If I happen to end up with some, the first thing I do is either deposit them in the little tray at the counter or throw them in the console of my car.
So, as you can probably tell, if I had my choice between the dollar bill and the dollar coin, I would pick the dollar bill every time. And, in case your wondering, when I do spend money, I prefer to use my debit card. It only takes up one little old slot in my wallet and it’s “accepted everywhere I want to be”.
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I am iffy about a dollar coin, too. When I visited London (ages and ages ago) my mom and I really overspent, which was I suppose part of the point of the trip. But part of the problem is that it was just so easy to give out a pound coin to people on the street, where we would have hesitated to give a dollar. We ran through a LOT of pound coins that way because it was hard not to think of them as more like a quarter.
On the other hand, for those of us who save change in a jar, our savings would be amazingly ramped up!
Still, I just don’t like the idea.
We are in agreement. I don’t like coins, and also rarely use cash. However, Europe has apparently had success with dollar coins and so on. They have had it for a while, and I guess everybody is used to it now.
I have apathy toward the dollar coin, I don’t really feel one way or the other. However, coins in general do weigh my purse down so I try not to carry too many at once. As for cash in general, I hardly ever use it as well, debit cards are just much easier!
I find dollar coins to be much more convenient than dollar bills, especially in vending machines. Many purchases can be made just by reaching into your pocket and using coins, instead of having to get your wallet out also.
Taxpayers would save over $600 million a year by using dollar coins instead of bills.
And to those around in 1970, do you think a 25¢ bill would have been convenient? A dollar coin today serves the exact same purpose as a quarter did then. Every other country in the world has eliminated their low-denomination bills. People whine for a little while and then find out they like them better than the bills!
The Congress should get off their butts and do something sensible about this, and get rid of the 1¢ coin while they’re at it.
Paul
We are in agreement. I don’t like coins, and also rarely use cash. However, Europe has apparently had success with dollar coins and so on. They have had it for a while, and I guess everybody is used to it now.