Those Hovercrafts

Floating with intention

Posts Tagged ‘Legal Tender

No One Likes Coins

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this is a penny

Last week President Obama made full use of the 21st Century by chatting with supporters and political pundits through a Google+ Hangout, a sort of video extension of FDR’s fireside chats that brought attention to a company whose employees and affiliated entities had donated over $800,000 to his reelection campaign. He was asked about his proposal to raise the minimum wage, the limits of executive authority to order targeted killings and immigration reform.

He was also asked about the penny, a coin that costs twice as much to be produced as it is worth. Obama was open to ending the penny. “Anytime we’re spending more money on something that people don’t actually use, that’s an example of something that we should probably change,” he said. “We’re constantly trying to reduce these inefficiencies.” He noted, however, that eliminating the penny would take legislation from Congress, and that was not likely to be coming anytime soon.

Change you can believe in, indeed.

Similarly, this weekend I put a ten dollar bill in a vending machine and got dollar coins for my change. I, like most, hate dollar coins. They don’t fit in my wallet, but are too precious to be lumped in with the hoi palloi change in my pocket. I forget them, I lose them, and money is wasted. Mass transit in the D.C. region used to host an ad campaign advocating for the use of dollar coins (they last longer and, supporters claim, would save the government money in the long run), but they have fortunately never caught on. The coins sit on my desk now, waiting for the moment I can pawn them off on some unsuspecting shopkeeper.


Written by thosehovercrafts

February 19, 2013 at 4:46 pm