Will the Greenback be Replaced by the Dollar Coin?

Just convert all pennies to a new dollar coin. Recession solved.

Kinda like what Bernake did printing money, instead it goes to the citizens instead of his banker buddies.

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The Liberals GOP Twin wrote:

PrintSmith wrote:

The Liberals GOP Twin wrote: I hope so... and we need a 2 dollar coin... the US is so far behind in modernizing their currency. All the fancy security features that we've introduced over the last decade has been in place and used by most countries world wide for many years. And a dollar coin (hopefully a bimetal one) is almost impossible to counterfeit and saves a whole lot of money because they last many times longer than paper specie.

Is it possible to have paper specie? I thought specie was defined as money in coin.

Does anyone know if either of the bills call for putting a dollar's worth of metal in the dollar coin and thus start us back onto a road of actually having a stable specie? Specie does derive from the latin for "in kind" after all, so our coins should have contained in them a value equal to that which they are minted to represent. When we were minting double eagle gold coins the value of their metal content was equal to the denomination, $20, that the coin represented. I don't care if it's a dollar's worth of coin silver with nickel cladding or a dollar's worth of chromium steel - the dollar coin should have a dollar's worth of metal.

Should, could, would have... give it a rest PrintSmith... you're a prime example of why the libertarian party is... and always will be... the party of the future. Things change and there's a large difference between what you claim the way it should be and the reality of the way it is. And you could go on for paragraph after paragraph explaining the reasons behind you thoughts, but guess what... there has been over 225 years of thought, before you, thinkers who had a lot more experience at politics than you ever will. Things change, get use to it. MY grandmother use to cut her own apples for pie, if she was alive today, she would take advantage of a store made pie. Like money... it's all perception... money has value if it's accepted in trade. The metals market is as susceptible to variations in value as a piece of paper backed by nothing is.

And anyway, this discussion is about modifying the type of coinage and banknotes we currently use. If you have a problem with our monetary system, then don't use the damn things.

Some concerns.

6. Somehow LJ posted it it came up with GOPtwins name, someone should follow up on this because the reponse above has the standard "I am cornered, I don't want to discuss this or admit it, why don't you just..get over it." so clearly something is wrong with the 285bound servers or something. GOPtwin is a published writer, a master of words, and since specie does refer to paper money as it has been used commonly in the past, this cannot be him.

5. Who ever posted the above is a very sideways thinker. Why would someone curtail a discussion of value of money when disucssing the appropriateness of changing the currency form due to the changing .... value of money. echem.

4. It's cool that whoever it is was able to pull in some political name calling. So post 2010 :thumbsup:

3. Is the metals market really more variable than the dollars market? Of course something has value if you use it for trade, but some things, and get this, have less value and things that are known to have less value in the future will even have less value now unless you plan on trading them right away. It really seems like the last responder did not give the concept much thought and just wanted to argue with relatively empty words.

2. Um, let's see. Say the US decides to mix it up and make all new quarters. This time around there will be 2 runs. One will be the standard monopoly quarters that are usually minted and the second is a quarter that has exactly 25c worth of nickel and gold. They put them both into circulation and then we follow up in one year. Where do you think each respective coin would be? Which one would you encourage your kid to put in the piggybank?....even better and since your brought up the Libritarian word, let's take it up a notch.....How about I introduce a quarter (if I was allowed) the same time that the mint did. My quarter is made of 25c worth of nickel and gold and the US prints the same old quarter. In this new market of money that most could not even conceive of, but existed throughout human history in some shape or form prior, which money producer is going to move the most coins. Pick me apart if you want, but you get my point. If you did not figure it out, it is critical that the government be the only printer of money in order to allow the massive inflation to occur. Then you can be convinced that the only way to save money is to invest it in the "market" or inflation will eat it up.

1. If people are reasonably nice, others will react "in kind".

0. The eventual value of money which has no domestic competition and is printed at a rate beyond replacement of detoriated notes....regardless of the form, if it does not have an alternative reasonably stable benchmark, like agrictultural acres (let's not talk too much about long term gold policy, that crap is not to far out in space in massive qtys and will eventually tumble, even if it takes 400 years. If each country printed up one dollar for each agricultural acre, now there's a currency. Those acres are limited and getting eaten up every year, they are going up in percieved and REAL value, they can actually be used by just about any human to literally feed mankind at will, most cannot use an ounce of gold for very many practical things.