To the extent that any cash still makes sense, $1 coins are long overdue.
Here in Canada, we like our Loonies and Toonies. A $5 coin is likely coming soon. Meanwhile, we just axed the penny. As another poster mentioned, if you compare the value of money today vs (say) the 1950’s, we should even have $20 coins — and probably no coin below a quarter. It’s either that, or have a currency revaluation — where you’d exchange (say) $50 for one Newbuck.
BTW, while a $1 coin weighs more than a $1 bill; it also weighs a lot less than four quarters. So long as we use coins for vending machines and parking meters; $1, $2, and even $5 coins will prove to be pocket savers.
“As another poster mentioned, if you compare the value of money today vs (say) the 1950’s, we should even have $20 coins — and probably no coin below a quarter. It’s either that, or have a currency revaluation — where you’d exchange (say) $50 for one Newbuck.”
Paper currencies are the monetary equivalent of penny-stock promotions on the Venture Exchange; if one persistantly dilutes the outstanding float, eventually a roll-back is necessary to go forward.
A 50-1 rollback would permit us to return to silver coinage and a gold-based paper currency. Goodbye welfare state - hello nickel beers!