How come we do not use our 2 dollar bills or our one dollar coin?

[The Nature Boy]

The younger generation is increasingly carrying debit cards in lieu of actual cash. I suspect that in 20 years, very few will be using any currency.

[dfwmapper]

With a couple of credit cards that give me good cash-back rates with no fees, nearly everything I pay for is with plastic. It's foolish not to, as long as you actually pay them off, and that's what auto-pay is for. I've probably made close to $1000 in cash back over the last 3 years.

[route17fan]

It's interesting. For me, the $2 bill seems so rare that I tried to snag them (only 3 though) and I gave them to my siblings as "gifts" so to speak of a "poor man's run" of old style bills ranging from 1 to 20. (this may seem weird, but my siblings really liked them) I have not seen an old $50/$100 in years - I know they probably exist but I have not run across them.

[Scott5114]

Old $100s are not too terribly rare. I'd estimate I see one every other strap or so. But then you have to be in a position to look through entire straps of hundreds...

[Pete from Boston]

Old $100s are not too terribly rare. I'd estimate I see one every other strap or so. But then you have to be in a position to look through entire straps of hundreds...

Every now and then I'm in possession of a check that I want cashed ASAP (such as from someone I don't trust to have the funds for long) and I'll get the occasional 1980s bill.  It astounds me how many different styles of currency we've had in the past twenty years after almost no change in much longer than that previous. 

[Pete from Boston]

My nickel (rounded up from 2c . . . ), FWIW.

It currently costs more than face value to mint cents and nickels, so the U.S. Mint is losing money by making (this) money.  The cent should be discontinued and the nickel re-alloyed, perhaps with the zinc available from the cent.  There is enough copper and nickel (the metal) in the dime and quarter to keep the mines churning.

....

I'm not sure it's as simple as just re-alloying the specification. From what I read about the introduction of the Sacagawea dollar, including on the Mint's website, apparently many vending machines can somehow recognize the alloy's electromagnetic properties–the Mint went to some pains to ensure the Sacagawea had the same electromagnetic properties as the Susan B. Anthony in order to be sure vending machines could accept both coins interchangeably. The same is true of the presidential dollar coins issued some years later, of course.

That leads me to assume if you changed the specification for what metals are used in any existing coin, you would introduce unintended problems. Of course the cost of refitting vending machines isn't the government's problem, but (as noted earlier in the thread) it's part of why changing anything to do with money always becomes contentious.

So that's how they figure out real from counterfeit.  How do they tell when twenties and fifties are fake?  Be very specific.

[Duke87]

I got a series 1986 $5 bill in change recently. I was a bit impressed and didn't want to spend it, but I settled for taking pictures of it before spending it.

[1995hoo]

I have an old $20 saved. I thought it was a much more dignified-looking bill than either of the newer styles, what with all the scrollwork and such. Of course I recognize the value of combatting counterfeiting and of using color to help distinguish the different denominations, but I thought the old $20 was the best-looking of the US banknotes I've seen over the years with the possible exception of the old $2 that had Monticello on the back.

[rickmastfan67]

I know I have tons of star notes saved, especially several $1's.  Still remember the one day that I got 4 $1 star notes in order and un-circulated as the grocery store just got them.

[bugo]

I have quite a few $1 star notes and $2 bills, a few old $5, 10, and $20 bills. One of these days I'll pick up an old $50 and $100 for my collection.

[bugo]

As to coins, the Canadian government mandated the phase-out of the $1 and $2 bills when they introduced the coins. The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots). Phase out the bill so people have no choice and it becomes easy as the bills wear out.

As for why Canada had success with a $2 bill and we don't, who knows. I always figured its pinkish color helped distinguish it.

BTW, the Susan B. Anthony wasn't the first dollar coin. Among many others, recall the very large Eisenhower dollar.

Don't forget the old silver dollars like the Morgan dollar and the peace dollar. Some Eisenhower dollars were 40% silver, but they weren't intended for circulation.

[mgk920]

A few notes:

-Inflation from long ago to today is grossly under reported by the feds.  From 1933 (end of the gold standard) to 2014, the 'true' rate has been about 80:1 - it's the only figure that works when running comparable things.

Examples:
-Decent room in a downtown hotel: 1920 - $2 -- 2014 - $100-200
-A really nice room:  1920 - $3 -- 2014 - $250-300
-Good beer in a bar:  1919 (*illegal* in 1920) - $0.05 -- 2014 - $4-5
-A decent lunch:  1920 - $0.05-0.10 -- 2014 - $5-10
-Dinner in a restaurant for the family:  1920 - $0.40-0.50 -- 2014 $30-40
-Daily newspaper: 1920 - $0.02-0.03 -- 2014 $1.50-2.00
-Snailmail letter stamp: 1920 - $0.03 -- 2014 - $0.49 (snailmail is an absolute *BARGAIN* today!  If adjusted for 'true' inflation, a First Class letter stamp should now be about $2.50.)
-etc.

And yet, the USA's slate of normal coins/banknotes was the same then as it is today.  Yes, the 'penny' of 1932 and before had about 80¢ in buying power in 2014 money (and on up through the rest).  Nearly all everyday commerce was in coins *only*, half dollars (about $40 each in 2014 money) were more common in circulation than were quarters and to have even a single $1 note in the wallet was to be carrying 'real' money around.

-Every time I see someone swiping a card for little things (I saw someone swiping a credit or debit card card for 25¢ increments of dryer time at a laundry a couple of weeks ago.    ) makes me think of two things - 'What happens should the power go out?' and 'account security'.  Yes, if I drop a $20 somewhere, I'm out that $20.  OTOH, I'm out that $20 and nothing more.

-Right now, I'd drop all coins below 25¢.  Quarters are now only barely useful for any legitimate commerce anymore, the only things that I can now buy with only one are 20 minutes from a downtown Appleton parking meter or 10 minutes of dryer time at that laundry, everything below that is only useful for fine parsing of state and local sales taxes.  To bring the balance back to pre-1933 standards, we'd have to have coins for $1 (nothing smaller) to $50 and banknotes for $100 on up.

-I really like those foreign 'plastic' banknotes and agree that it is well past time for the USA to follow suit.  I also like the variable sized notes that they use in places like Australia and the Eurozone - it solves the 'tactile differences' problem as well as the problem of criminals 'bleaching' lower notes to use the paper to print up fake larger ones (the reason for the most recent USA$5 note redesign, it was to enhance the security of the $100).

Mike

[PHLBOS]

Regarding the dollar bill/coin debate . . . I am not sure if new $2 are printed as regularly as the $1.  I don't see too many with series dates other than 1976 or 1995.

The fore-mentioned $2 bills I got while at the Oregon State Fair several years ago, I believe, were 2002 series.  I will check when I get home tonight.

Update: I have a couple of $2 bills that are Series 2009 and 2003A.

[bugo]

There is a small convenience store in the apartment complex I used to live in. I got to know the owner while I lived there, and he stuck back any coin larger than a quarter that he received for me. I got lucky and got a 40% Kennedy (1968) one day and I got an Ike but it was mostly post-1970 halves that he stuck back for me. Today I was visiting my friend who still lives in that complex and walked to the store to buy a Coke. The owner wasn't there, instead a woman was working there. I heard her talking to another lady behind the counter and it was obvious her English wasn't very good. She rang up my Coke and I asked her if she had any "big coins" and she said "yes". I thought she just didn't understand me at first. I was thinking maybe she had a clad Kennedy or possibly an Ike if I was lucky. She pulled out a large coin and my heart started racing. I thought it was an Ike (which would have still made me happy) but my jaw hit the floor when I saw that it was an 1884-O Morgan! I said "I want it!" and gave her 4 quarters for it. It is obviously nowhere near AU condition but has a tad bit of yellowish toning. This beats any of the finds I made at my old job at the convenience store by a long shot.  I'm still in shock but I'm buzzing. I'm guessing it's VF or XF, what do you think? Is it worth from $30-$40? This was the find of a lifetime.

[realjd]

A few notes:

-Inflation from long ago to today is grossly under reported by the feds.  From 1933 (end of the gold standard) to 2014, the 'true' rate has been about 80:1 - it's the only figure that works when running comparable things.

Examples:
-Decent room in a downtown hotel: 1920 - $2 -- 2014 - $100-200
-A really nice room:  1920 - $3 -- 2014 - $250-300
-Good beer in a bar:  1919 (*illegal* in 1920) - $0.05 -- 2014 - $4-5
-A decent lunch:  1920 - $0.05-0.10 -- 2014 - $5-10
-Dinner in a restaurant for the family:  1920 - $0.40-0.50 -- 2014 $30-40
-Daily newspaper: 1920 - $0.02-0.03 -- 2014 $1.50-2.00
-Snailmail letter stamp: 1920 - $0.03 -- 2014 - $0.49 (snailmail is an absolute *BARGAIN* today!  If adjusted for 'true' inflation, a First Class letter stamp should now be about $2.50.)
-etc.

And yet, the USA's slate of normal coins/banknotes was the same then as it is today.  Yes, the 'penny' of 1932 and before had about 80¢ in buying power in 2014 money (and on up through the rest).  Nearly all everyday commerce was in coins *only*, half dollars (about $40 each in 2014 money) were more common in circulation than were quarters and to have even a single $1 note in the wallet was to be carrying 'real' money around.

-Every time I see someone swiping a card for little things (I saw someone swiping a credit or debit card card for 25¢ increments of dryer time at a laundry a couple of weeks ago.    ) makes me think of two things - 'What happens should the power go out?' and 'account security'.  Yes, if I drop a $20 somewhere, I'm out that $20.  OTOH, I'm out that $20 and nothing more.

-Right now, I'd drop all coins below 25¢.  Quarters are now only barely useful for any legitimate commerce anymore, the only things that I can now buy with only one are 20 minutes from a downtown Appleton parking meter or 10 minutes of dryer time at that laundry, everything below that is only useful for fine parsing of state and local sales taxes.  To bring the balance back to pre-1933 standards, we'd have to have coins for $1 (nothing smaller) to $50 and banknotes for $100 on up.

-I really like those foreign 'plastic' banknotes and agree that it is well past time for the USA to follow suit.  I also like the variable sized notes that they use in places like Australia and the Eurozone - it solves the 'tactile differences' problem as well as the problem of criminals 'bleaching' lower notes to use the paper to print up fake larger ones (the reason for the most recent USA$5 note redesign, it was to enhance the security of the $100).

Mike

Security is exactly why I use my credit card for most purchases. You lose your $20, you're out $20. I get my credit card number stolen, I'm out absolutely nothing and have a replacement card sent overnight. Since you aren't liable for fraud on your card, and you have the right to dispute/reverse transactions, credit cards are a much more consumer friendly way to pay than cash.

[Scott5114]

If anyone should be bumped, it should be Andrew Jackson. Whatever successes he had (which, in my opinion pale in comparison to most of the others depicted on money) are overshadowed by his implementation of the Trail of Tears.

I agree. Living in Oklahoma and knowing many Native Americans, I care deeply about their plight despite having no Indian blood of my own. Andrew Jackson was a monster. Replace him with Teddy Roosevelt or Dwight D. Eisenhower.

There's a petition up on the White House petitions site right now advocating that Jackson be bumped in favor of Martin Luther King, Jr.

[bugo]

I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.

[hotdogPi]

I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.

Eisenhower is already on the 1971-1978 $1 coin.

[bugo]

I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.

Eisenhower is already on the 1971-1978 $1 coin.

.

Lincoln is on the penny and the $5 bill. Jefferson is on the nickel and the $2 bill. Washington is on the quarter and the $1 bill. Franklin (was) on the half dollar and the $100 bill.

[formulanone]

Eisenhower is already on the 1971-1978 $1 coin.

Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.

[vdeane]

Eisenhower is already on the 1971-1978 $1 coin.

Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.

He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.

[oscar]

Eisenhower is already on the 1971-1978 $1 coin.

Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.

He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.

Which means they are practically "defunct" the moment they're issued.

I look forward to the Tricky Dick dollar coins coming out in 2016.  I'll get a few, to razz the Nixon fans I know, and give to other friends with whom I had a lot of fun hating him (in a very pro-Nixon community) in the early 1970s.

[bugo]

This is a little off topic, but I bought this a few days ago. It's a Czechoslovakian 100 korun coin, and yes, that is Stalin. It's made of 50% silver. There was never a coin minted with Hitler's ugly face on it, but there were plenty of Nazi coins with swastikas and Soviet coins with the hammer and sickle on them.

[Scott5114]

Eisenhower is already on the 1971-1978 $1 coin.

Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.

He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.

They are actually put into general circulation, they just don't generally circulate. I get people bringing them to me to change into paper dollars at least once a week.

[kkt]

Eisenhower is already on the 1971-1978 $1 coin.

Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.

He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.

Which means they are practically "defunct" the moment they're issued.

I look forward to the Tricky Dick dollar coins coming out in 2016.  I'll get a few, to razz the Nixon fans I know, and give to other friends with whom I had a lot of fun hating him (in a very pro-Nixon community) in the early 1970s.

It's just wrong to put the faces of every president on coins, no matter how bad a job they did.  Makes me wish they'd go back to Walking Liberties.