New U.S. Currency?

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http://news.yahoo.com/s/huffpost/721294

What do you think? Does America need to redesign their US Currency?

My view is no. I like the old school design and dont want anything that would resemble the Euro. Our currency stands out from others in a way that I like plus I think our current design does more against counterfeiting than the ideas that were planned (see link).

More pressing matters besides spending money to revamp the design of the denominations. The new pennies cost 3 cents apiece to make, that's bad enough.

I'll consider the idea as soon as Obama is not in consideration to be put on money. However, I think the design of the Dollar should serve the most practical purpose possible and making it artistic isn't useful.

I really like this one.

Just say no to monopoly money.

Obama would be more appropriately on the million dollar bill since that's what we'll be using to buy loafs of bread when we're done with his presidency.

We need a currency based on real commodities, not certificates of debt which is what a Federal reserve note is. I think we should base currency on two commodities: gold and oil.

If you grant my premise then we have to figure out what to call the new kinds of currency. Since gold is measured in troy weight it seem logical to call the unit of gold based money the trojan. And what about oil based money? Since most of the oil comes from the Arabian sheikdoms we perhaps should call the oil based currency the sheik. Then as we look into our wallets filled with trojans and sheiks we will know exactly what the bankers and the Arabs are doing to us.

ruveyn

I find the new design cute but on the other hand the money is for vaule not for cuteness. However I am not against the idea as long it is not a pricy idea.

No. We don't need to be spending more money just to create and put new currency into circulation. We're already in enough debt as it is, and we just redesigned dollar bills a couple of years ago.

I think it's a bad idea to put living people on currency or stamps, but I know that in the case of U.S. stamps, we don't do that, and to the best of my knowledge, we don't allow that on currency here either. Evidently the design with Obama on the $1 bill was a design submitted by a non-American, who may not have known about this policy (Of course, it could have been in an effort on the part of the designer to kiss butt.) I have read a few responses (particularly on the yahoo site where the survey was posted) that assumes this design is part of a plot by the Obama administration. This is just one person's proposed design that they submitted- nothing officially sponsored or advocated by any branch of government. So I don't think anyone needs to worry about having an Obama dollar bill, because it's simply against minting practices. Nor is it any conspiracy theory.

Last edited by ElfMusic on 19 Sep 2010, 1:01 pm, edited 2 times in total.

I do think it would be a good idea to finally retire the penny, considering it now costs more to produce than the value of the coin.

I must say I disagree; you know the saying " pennies makes dollars" and just consider pennies are use to give buyers and salers their right amount money and change, with out under paying in many ways it would be pay out more because the penny would be subsutited for the nickle.

Probably should get rid of the nickel as well.

Last couple of times I was in New Zealand I didn't miss the penny or nickel at all. Most people there pay with credit or debit cards anyway so removing the currency doesn't affect most transactions.

For transactions using coins/bills the TOTAL of all items is rounded to the nearest 10 cents. In this way it all averages out in the end. Sometimes it's rounded down, and sometimes it's rounded up. They still have stupid prices like $0.99 instead of $1.00 so they haven't grown out of that particular mental illness yet.

Say what you will about the colored bills, but I've lived in Canada for about three years now, and I find Canadian currency superior to US currency, just from a utilitarian perspective. When I first moved here, I didn't think I'd get used to the money-- but now that I have, I think the US could stand to improve its designs. Coloring the bills does make it easier to distinguish the different denominations, especially when you're in a rush and not necessarily looking very closely at what's in your wallet. I also personally like the $1 and $2 coins; they weigh more in your pocket, but they're very handy, especially for vending machines (they don't even have those annoying bill stackers that spit out wrinkled bills).

Not that any of this matters too much, since more and more of our transactions are becoming completely electronic.

It ain't broke and doesn't need fixing.

This is hilarious:

I like it, it would be extremely expensive. All the vending machines would need to be modified. All the old money would have to be collected, etc. On the other hand it would probably make counterfeiting harder, especially if we took are current counter-counterfeiting methods and added color. I do want to keep George Washington on the $1 bill, but at least Obama is better than another GW we all know and love.

All paper currency needs to be routinely updated, if only to keep ahead of counterfeiters and to make use of the latest security capacity.

Changes need to be significant and visible.

For example, when Canada first issued it's current $5 note, it did not have the reflective stripe, which was a later feature on the $10, $20, $50 and $100 notes. The $5 note was later redesigned to add the stripe, but this led to many merchants objecting to the old 5's, whereas $5 notes from the previous series continued to be freely accepted.

But a wholesale change is disruptive. Given that Americans have demonstrated themselves to be intensely unimpressed by $1 coins and the virtual invisibility of the $2 note, I think changes beyond the kind that have been seen on the latest series (e.g. the "Big Ben" $100 note) would be enormously unpopular.