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Dolla Dolla Coins Y’all.

March 12, 2011

In an effort to save even more money, the Obama Administration has proposed making changes to the very money we use. That’s right ladies and gentlemen, the $1 bill could be a thing of the past. According to an article I read on Yahoo Finance, the “U.S. Government Accountability Office (GAO)  issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years.” The agency cites the durability of the coin versus the bill as the primary reason for cost savings. While this is the fourth time the government has made this proposal, Washington’s new devotion to budget cutbacks and savings could make it stick. 

The estimated total transition time is about 4 years before the $1 bill is completely phased out.  The GAO does recognize that this new currency change will hit hard with Americans with the GAO report stating, “When given a choice between dollar coins and dollar bills, Americans always choose bills.” The likelihood of this actually happening is slim because it would take just as long to see the savings as it would to phase out the dollar bill. For fun though, lets imagine it has happened and now the $1 coin is king. Here are a few of my predictions:

  • First coin purses would be a lot bigger. I’m talking satchel size.
  • Prices would go up,  since bills are easier to carry everything that was once 99 cents is now $4.99.
  • Fanny packs would become all the rage again. Anyone working in a cash business would carry them, of course to handle the weight of the coins. A specialty line of fanny packs would be made, covered in glitter, fur, lace and leather. You know for the strippers who can’t carry the coins in their g-strings.
  • Every bank would take TD’s cue and get a penny arcade. Bank’s would battle over the prizes, making cashing your coins the new “it” thing to do.
  • The original dollar bill would have a Facebook and Twitter page complaining about how it misses hanging with Andrew Jackson and Abraham Lincoln.
  • No tip would be less an $5 dollars, even if your service was less than that, because do you want to be known as the person who left change as a tip???

While the humor in the situation would be almost enough to welcome the $1 coin, I can’t imagine people becoming excited about carrying more change. At GAI (www.gunwel.com) we would love to hear your thoughts on this fiscal fiasco. Would you give up your dollar bill for the coin if it meant saving our country money? Give us a call at 212-979-6830 or stop by for a visit so we can find ways to help you save money too! We are open Monday-Friday 8am-8pm and Saturdays 8am-5pm.

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