... Actually Dollar Coins Y'All. Just received these as change from the vending machine.
In Switzerland and most of Europe (Euro countries, Great Britain, etc.), they have coins for currency up to 5 dollars (or their equivalent). At first I was a little weirded out by it because I was not used to carrying so much change but then I got used to it. Now I must admit that I prefer it. I can wash my clothes without fear that I am tearing/losing money left in my pockets. I can easily use the coins in vending machines. Let's just face it - Metal is stronger and more durable than paper. Also, the Europeans may be smarter than us in respect to at least one thing.
Our country could save some dinero using more coins and less bills.
Let's do the math:
- Life Expectancy of a Dollar Bill: 18 to 22 months
- Cost of Production: 4.2 cents
- Life Expectancy of a Coin: 25 years
- Cost of Production: Goden Dollar (21.14 cents); Half Dollar (16.97 cents); Quarter (7.33 cents); Dime (3.14 cents); Nickel (4.56 cents); Penny (0.93 cents).
The cost of one dollar to be in circulation for 25 years in bill form = 57.27 cents (given a generous 22 month life expectancy).
The cost of one dollar to be in circulation for 25 years in coin form = 21.14 cents.
That is a savings of over 50%!!!
Granted, I am not running for office. But if I were I would use this as part of my platform.
And no, I am not an American that believes that America knows the best way to do everything. I am not being unpatriotic. I just believe that we can all learn from each other.
(information provided by The United States Mint)