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user_92562's Blog

13 Jan 2018

Dollar Coin VS Dollar Bill

Coins-United States | user_92562

Today, we have two types of dollars circulating. Dollar bills and dollar coins. The dollar bill is commonly used in everyday transactions and the dollar coin is sometimes used in vending machines or by kids who got them from the “tooth fairy”. My questions is, if one of these dollars had to be taken out of circulation, which should it be? For each Section, there is one winner and whichever dollar wins the most section wins the competition.


SECTION 1: COST TO PRODUCE

-In 2017, the cost to produce a dollar bill was 5.6 cents

-The dollar coin cost about 10 cents to produce in 2017

WINNER: Dollar Bill  


SECTION 2: TIME IN CIRCULATION

-The dollar bill lasts about 4.9 years and may be taken out of circulation after only 22 months

-The dollar coin lasts about 30 years in circulation

WINNER: Dollar Coin  


SECTION 3: WEIGHT

-Dollar bills weigh about 1 gram, 454 dollar bills weigh about one pound

-A dollar coin weighs 8.1 grams, so you need about 56 coins to equal a pound

Weight Ratio: 8 dollar bills for every dollar coin

WINNER: Dollar Bill  


SECTION 4: THE PUBLIC

-Many people prefer the dollar bill over the dollar coin. This is because they are unfamiliar with the coin and think they are to heavy

WINNER: Dollar Bill


SECTION 5: COST SAVINGS

-If the U.S. government only made dollar coins and stopped making the bills, they could save 4.4 billion dollars over 30 years

WINNER: Dollar Coin

FINAL SCORES:

Dollar Coin: 2 Sections

Dollar Bill: 3 Sections


Did you know that the government has actually made recent attempts to boost the popularity of dollar coins? One bill that was run through congress would have done this but it had a one percent chance of making it through and of course it never happened.


QUESTIONS AND ANSWERS


WHICH DOLLAR HAS BEEN AROUND THE LONGEST?

The Dollar coin started its mintage in 1794 in Philadelphia. The first dollar bills were printed in 1862.


WHY DOES THE U.S. GOVERNMENT MAKE BOTH A DOLLAR COIN AND DOLLAR BILL?

Well, there’s really no reason. If they completely phased out the paper version of the dollar, they would be saving 4.4 billion dollars over 30 years. Currently there may be more than 1 billion dollar coins in federal reserve banks.


WHICH DOLLAR IS MORE COLLECTED BY NUMISMATISTS?

Since coins are more collectible than paper currency, more people collect the dollar coin than the bill.


Thanks for reading! Which version of the dollar do you like more?

Comment Below.


Comments

I'd also like to see the dollar succeed, but agree that the dollar bill will have to "go away" and they the folks who work at the BEP would be complaining. Also, I think the colonists from 1776 would be amazed that today Americans prefer paper over coin. Remember the trouble they had with continental currency?

"SUN"

Level 5

I like to see the government quit printing $1 bills. A person should not have more than 4 dollar coins in their pocket at one time. Not that much weight. With a coin you reach into your pocket and grab it. A bill, you reach for your wallet , open it grab a bill, the close the wallet and put it away in your pocket. More time consuming.

Longstrider

Level 5

We will never use dollar coins in regular life. America just doesn't want it. No matter how many times the government tries. Our government sold a boat load of Sacagawea dollars to Ecuador to get lid of them. They love them there. Thanks

Kepi

Level 5

This is a great blog! Really interesting. I would like to see a $1 coin come back, but I agree with CoinLady, as long as the Mint makes paper dollars we won't have a true coin option.

user_92562

Level 2

Me too

user_74781

Level 3

This was very interesting. I would use dollar coins if they saved the U.S. that much money over the long run.

Mike Burns

Level 6

Dollar coins don't fit everywhere. They make your pocket a lot heavier they are not popular with the public never were. And I don't like the possibility of carrying a change purse instead of a wallet. Now I could go on but I really don't think it would make things easier. I do appreciate the blog and information but those are my personal opinions . Great blog but this is another argument that has been going on for years. Take care and thanks. Mike

CoinLady

Level 5

I spent time in Canada years ago. It's easy to get used to using $1 coins, $2 coins too. I'd love to see circulating $1 coins in the US, half dollars too. But as long as $1 bills are still being made, it won't happen.

user_92562

Level 2

Me too