replacing the dollar note with a coin would save $5.5 billion over 30years

On 10/14/2011 8:27 AM, Jerry Dennis wrote:

Just for laughs, I put brass buck mintages on a spreadsheet using the
Red Book numbers and the Mint's website for circulating coins. There
are almost $4 billion ($3,996,931,110.00) in brass bucks right now
(through Hayes).just begging to be used. I'd say that's a fair start.

Had you read the GAO report, you would have seen that they did that
work for you and took it into account. They assume that 3 billion of
those coins are being held by the public, and that 1 billion of those
would reenter circulation in addition to those being held by the Fed.

--
Mike Benveniste -- (Clarification Required)
Its name is Public opinion. It is held in reverence. It settles
everything. Some think it is the voice of God. -- Mark Twain

On Oct 14, 11:10*am, Mike Benveniste wrote:
On 10/14/2011 8:27 AM, Jerry Dennis wrote:

Just for laughs, I put brass buck mintages on a spreadsheet using the
Red Book numbers and the Mint's website for circulating coins. *There
are almost $4 billion ($3,996,931,110.00) in brass bucks right now
(through Hayes).just begging to be used. *I'd say that's a fair start..

Had you read the GAO report, you would have seen that they did that
work for you and took it into account. *They assume that 3 billion of
those coins are being held by the public, and that 1 billion of those
would reenter circulation in addition to those being held by the Fed.

--
Mike Benveniste -- (Clarification Required)
Its name is Public opinion. It is held in reverence. It settles
everything. Some think it is the voice of God. -- Mark Twain

At 41 pages I didn't have time to read the report this morning as I
needed to get ready for work. Having read it, now, I agree with
you.

What I found funny is that the GAO couldn't come up with the mintages
for Ikes, but they're readily available in the Red Book. And in less
than one minute I google-searched and found many websites. Here's
just one:

http://eisenhowerdollarguide.com/eis...llar-mintages/

We all agree that there are roughly four billion dollars coins struck
and available for circulation. Since I have no reason to doubt the
report, I'll concede there are one billion held by the Fed. And with
312+ million people in the U.S., that works out to about 10 coins
per. Granted, most of us evil coin hoarders have more than one in our
collections, so that figure seems reasonable.

Jerry

"Some Guy" wrote in message
...

"Richard L. Hall" wrote in message
...
I don't see any reason why we should stop at a $1 coin. Lets replace both
the $2 and $5 bills with coins also. We are about the only major economy
in the world that still uses paper for its basic currency value. At least
I can't think of another.

Brasil is a major economic player and the residents there do not like to
use coins.
Haven't been there recently, so I don't know if their basic unit is still
available as paper.


According to Wikipedia, the 1 real note still circulates infrequently
because the government stopped printing 1 real notes in 2006 in favor of a 1
real coin. Eventually, I would guess that the 1 real notes will just wear
out and not be seen except in collections. I think I will have to see if I
can buy an uncirculated note at a reasonable price somewhere.

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


--
Richard
http://www.richlh.com
The happiest people in the world don't necessarily have the best of
everything. They just make the best of everything they have.


Back in the 80s when Brasil was going through one of its periodic spells
of hyper-inflation, it got to the point that the lowest denomination bills
wouldn't be picked up off the street by even the most poverty stricken
resident.
At the same time, they had a subsidiary coinage worth fractions of the
lowest denomination bill, which would have made the lowest denomination
worth about 1/500 of a US cent.
The coins were struck in aluminum and were probably worth more as metal
than as currency.

Thanks for pointing me to the Wiki article.
In my journeys to Brasil, I have used second cruziero, cruzado, third cruziero,
cruzeiros real, and real.
I figure the 100,000 second cruziero note I got there in 1985, if it could be
exhanged (which it can't), would be worth about 1/100,000 of a US cent.
The odd thing about living in Brasil's hyperinflationary economy is that
everything more or less went on as normal.
People went to work each day, restaurants served food, public transportation
worked.
Everybody would either get a stable currency (the US dollar was king) or put it
in the banks, which were offering incredibly high interest rates to keep up with
inflation.
Of course, eventually the government couldn't print enough money or the
denominations got incredibly large, then they'd institute another currency
plan - usually exchanging the currency at a 1000 to 1 ratio.
In the mid 80s, the American dollar was unbelievably strong vis-a-vis the 2nd
cruziero.
A couple could go to the finest restaurants in Rio and spend maybe US$20 or $30
for a fancy meal, wine and tip.
A good lunch at one of the numerous lunch stands away from the beach areas could
be had for $1.

In article , Some Guy wrote:
Thanks for pointing me to the Wiki article.
In my journeys to Brasil, I have used second cruziero, cruzado, third cruziero,
cruzeiros real, and real.
I figure the 100,000 second cruziero note I got there in 1985, if it could be
exhanged (which it can't), would be worth about 1/100,000 of a US cent.
The odd thing about living in Brasil's hyperinflationary economy is that
everything more or less went on as normal.
People went to work each day, restaurants served food, public transportation
worked.
Everybody would either get a stable currency (the US dollar was king) or put it
in the banks, which were offering incredibly high interest rates to keep
up with
inflation.

Why did the banks pay interest greater than inflation?

US banks don't feel compelled to do so. My savings account pays 0.1%
APR, and before I landed at my current credit union, I had to keep moving
my money out of banks that kept deciding to charge for savings accounts.

--
"Remember when teachers, public employees, Planned Parenthood, NPR and PBS
crashed the stock market, wiped out half of our 401Ks, took trillions in
TARP money, spilled oil in the Gulf of Mexico, gave themselves billions in
bonuses, and paid no taxes? Yeah, me neither."

"Paul Ciszek" wrote in message
...

In article , Some Guy wrote:
Thanks for pointing me to the Wiki article.
In my journeys to Brasil, I have used second cruziero, cruzado, third
cruziero,
cruzeiros real, and real.
I figure the 100,000 second cruziero note I got there in 1985, if it could be
exhanged (which it can't), would be worth about 1/100,000 of a US cent.
The odd thing about living in Brasil's hyperinflationary economy is that
everything more or less went on as normal.
People went to work each day, restaurants served food, public transportation
worked.
Everybody would either get a stable currency (the US dollar was king) or put
it
in the banks, which were offering incredibly high interest rates to keep
up with
inflation.

Why did the banks pay interest greater than inflation?

I didn't say they did.