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You are here:    Latest News arrow Trade Press arrow VT: Ahead of The Times arrow Study Suggests Americans Still Prefer $1 Bills; State Rep Seeks To Limit $1 Coin Use

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Study Suggests Americans Still Prefer $1 Bills; State Rep Seeks To Limit $1 Coin Use Print E-mail
VENDING TIMES Ahead of The Times
Written by VENDING TIMES Ahead of the Times   
Wednesday, 16 April 2008
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U.S.A. — Seventy-six percent of Americans prefer $1 bills to $1 coins, according to a new Harris Poll survey. Harris said the public continues to show "a strong reluctance... to use $1 coins," and noted that only 25% of those surveyed said they had ever seen the coinage. The study did not address possible correlations between exposure and acceptance.

In related news, Massachusetts state representative Denis Guyer (D-Dalton) recently proposed legislation to limit use of $1 coins with vending machines run by the Massachusetts Bay Transportation Authority. Guyer described the new money as "the most unpopular and inconvenient form of currency ever devised," and wants venders to dispense banknotes when giving more than $5 in change (they currently pay back $1 coins). Critics of the bill point out that the supplier of paper used by the U.S. Mint for its bills happens to be based in Guyer's home town, and believe that this has influenced his position

For more of the story, visit: Vending Times


Longtime observers of currency trends note that the United State remains the only industrialized nation that has not replaced its lowest-denomination notes with coins. Reasons suggested for this range from political opposition generated by the lobbying efforts of the paper industry, to memories of the rollout of the Susan B. Anthony dollar in 1979. The new coin was generally rejected by the American public due to its "cheap" appearance and the economic conditions at the time.

The U.S. also has been the only country to continue producing both a coin and a banknote of the same denomination. Canada, the United Kingdom and the European Union nations that adopted the common euro currency all ceased production of bills at a specified time, when transitioning the banknote to a coin.
Last Updated ( Wednesday, 16 April 2008 )
 
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