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In the Treasure Corner - Death of the Dollar Bill?


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#1 Dan Hughes

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Posted 27 October 2011 - 05:46 AM

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If certain members of congress get their way, the one-dollar bill could soon become extinct. There is a serious move afoot to replace the paper dollar with a dollar coin.

Dollar coins have been tried and rejected before. Compared to the Susan B. Anthony dollar, the Ford Edsel was a roaring success.

But this time around, the dollar coin would be forced upon us, because the dollar bill would no longer be made.

And by the way, did George Washington really throw that silver dollar across the Potomac River? You'll hear that story here, too.

Listen at http://thetreasurecorner.com.

#2 fredm

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Posted 10 November 2011 - 02:46 PM

Dan paper currency and coinage have been changed many times...what is the big deal?

I personally wish they would eliminate paper ones and issue 1 and 2 dollar coins...

and either get rid of costly but worthless pennies or make them with copper so they last more than a day or two in the parks and on the grass. The zinc coins start corroding while you hold them!

If they would just make the switch all the whiners would have to adapt or use their atm cards...with the switch to metal coin hunters would be able to pay for their detectors and gas if dollar and two dollar coins were used here.

fred
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#3 Dan Hughes

Dan Hughes
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    I do three podcasts (metal detecting, softball, old-time radio).

    More than you care to know about me: http://danhughes.net

Posted 10 November 2011 - 03:50 PM

Dan paper currency and coinage have been changed many times...what is the big deal?

fred


I guess the big deal is that this would be the first time in the history of the United States that there were no one-dollar bills.

#4 Reno Chris

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Posted 10 November 2011 - 11:53 PM

I guess the big deal is that this would be the first time in the history of the United States that there were no one-dollar bills.


That's just totally untrue.

The first dollar bill (paper) appeared in 1862 during the height of the civil war as the government needed its gold and silver to buy war supplies, but in those days people were smarter and knew that gold and silver were money and paper was just ground up wood pulp with a little ink. The paper bills were much larger than those we use now. In those days, the dollar bill was as poorly accepted as we accept the dollar coins now - gold and silver were real money (just as they are now). Everyone knows of silver dollars, but for a time in the 1800s there were gold dollars as well - they were tiny.

The dollar bill in the general form and design as we know it and in the size we know as well, first appeared in 1929 - that's only 82 years ago.

So if the US went to dollar coins it would be the first time in 82 years there was not a dollar bill as we know it.

By the way, a dollar coin is far cheaper than making paper dollars as they last years longer. So by keeping paper dollars, we encourage government waste, something the Feds are experts at.

#5 Dan Hughes

Dan Hughes
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    More than you care to know about me: http://danhughes.net

Posted 11 November 2011 - 05:56 AM

Thanks for the history lesson, Chris. I didn't know dollar bills were so new.

As for the cost of coins vs paper money, I do discuss that in the show.

---Dan

#6 fredm

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Posted 15 November 2011 - 09:57 AM

I do miss the sound of silver clinking on the counter...always musical and clear unlike the dross used in coins today...now, detecting little gold dollars would really get me excited...bring on the real money!!!!

fred
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