In spite of decades of studies showing the long-term cost benefits of dollar coins over Federal Reserve Notes, and the fact that most of the world’s leading economies have already switched to coins for similar denominations, the U.S. has remained steadfast in its use of printed dollar bills. So once again, lawmakers in the Senate are making the push to gradually make the transition from print to mint. [More]
Even though it’s referred to as “paper” money, most of the material used to produce U.S. banknotes is actually cotton. And with raw cotton costs at a 140-year high, it’s costing more money to print money.
While many other global economies — including the European Union — have ditched their low-value paper banknotes in favor of coins, the U.S. continues to churn out dollar notes while $1 coins take a backseat. But a new report by the Government Accountability Office urges the Treasury and the Federal Reserve to give renewed thought to the idea of making dollar bills extinct.
Visual Economics has a fun chart that shows how many of each denomination of U.S. currency is in circulation, as well as their average lifespans. For some reason, the $5 bill has the shortest lifespan. Also, seriously, we need to stop producing pennies NOW.
Have you seen them? The Europeans? They’re everywhere! In our fancy bistros, on line at the Apple store, spending their fancy-pantzy valuable Euros while we suffer through this intolerable non-recession. The patriots at the New York Times finally sounded the warning call over this European “invasion” that’s transforming New York into the “Walmart of hip.”
Amsterdam doesn’t want your stinking worthless U.S. currency. [Reuters]
If you liked Harold And The Purple Crayon, boy are you going to love the new $5 bill. Lincoln’s last stand after the penny will inherit the same counterfeiting countermeasures found on more valuable bills, and will come bruised with a large purple five “to help those with visual impairments distinguish the denomination.’ That’s right, never again will you confuse a $5 bill for a $50 bill.
Our beloved U.S. Mint has apparently redesigned the dollar coin to feature a rotating slate of Presidents. Each President gets a three-month stint on the coin. On Thursday, James Madison, our 4th Chief Executive, took his rightful place on the golden slab – but nobody seemed to care. Why?
According to reader Greg, Verizon reps are still confused about the difference between .002 dollars and .002 cents.
Considering their ability to convert cents to dollars, Verizon should have no trouble solving this equation.
George Vaccaro posted an open letter to Verizon after winning a public battle over his wireless bill, a fight that hinged on Verizon Wireless employee’s inability to tell the difference between .002 cents and .002 dollars.
Inside is the phone transcript of another user experiencing the same problem as George. Verizon told Peter he was to be charged .0015 cents per kilobyte for data usage. Instead, they charged him .0015 dollars.
It only took them five days, but somehow it got through to Verizon that they were wrong. They issued George an official apology letter and promised to teach their reps the difference between dollars and cents.
Peter goes through several employees who can’t understand the hundredfold difference between dollars and cents. He escalates to and wrangles with a supervisor. At the end, Peter asks for his charge to be refunded.