Hand over that cash, in coins

Last week I visited an Oakland restaurant for lunch.

Upon receiving my bill, which was… Last week I visited an Oakland restaurant for lunch.

Upon receiving my bill, which was $7.15, I reached into my back pocket and pulled out eight shiny gold coins to give to the cashier.

For what felt like the millionth time, my coins and I received “the stare.”

I proceeded to tell the confused man that what I just handed him was worth $8, and he responded with a less-than-enthusiastic “all right then.”

The employee was far from being the only person to be stupefied by the unfortunately rare form of payment.

See, I was using the newly minted presidential dollar instead of the traditional $1 bill.

The Presidential Dollar Coin Program is part of an act of Congress, directing the U.S. Mint to produce a series of $1 coins with engravings of U.S. presidents on the reverse side.

The program began Jan. 1, 2007, and, like the popular state quarter program, will not end until every eligible subject has been honored with his own coin.

The idea of having a rotating design was introduced to try and generate consumer excitement over the new coin.

You might be asking yourself why the government tries to force Americans to switch their spending habits every couple of years.

Our government has been minting $1 coins in America since 1794, and no attempt has ever really caught on – the most famous blunder occurring in 1979 with the introduction of the Susan B. Anthony dollar, which looked so much like a quarter, it was frequently misspent and given as incorrect change.

The fact of the matter is that the $1 coin just makes sense. According to the U.S. Mint, the elimination of the dollar bill from American circulation could save as much as $500 million.

The reason why?

The lifespan of a coin can be anywhere from 30 to 40 years, as opposed to the two to four years that the $1 bill usually lasts before getting ripped beyond recognition.

If you don’t believe me, try this test: Reach into your bucket of change, and pull out 10 coins. Chances are that you’ll find several from the ’60s, ’70s and ’80s.

Now find the same amount of $1 bills. I’d be willing to bet my bottom dollar (coin, that is) that you won’t find anything pre-1996 in your stash.

The short lifespan of the $1 bill means that they have to be produced at a much higher rate than the $1 coin, ultimately costing U.S. taxpayers an unnecessarily high amount of their own hard-earned dollars.

When I tell someone that I like to use $1 coins rather than bills, I receive not only “the stare,” but the accompanying “Why in the world do you do that?”

And of course, “Isn’t that really heavy?” Truthfully, no.

I go to the bank often and trade in a crisp $20 and a $5 for a $25 roll of coins. I usually carry the roll in my back pocket and simply peel away at the wrapping as I spend.

Not only is it not inconvenient, but it might actually be more convenient than carrying around paper money in the first place.

The coins work well everywhere (including vending machines), and seem to generate a bit of excitement every time people see them being spent.

America’s national debt is astronomical right now, chiefly because of the Iraq War.

Imagine being able to save $500 million and put it toward reducing the debt – or giving every American health care, for that matter – all for the small price of abandoning the $1 bill.

If it seems like a hassle at first, think about the good that can come from the transition.

The $1 coin is very popular in Canada (where it is known as the “loonie” because of the bird etched into it), Britain and in Euro form as well.

Americans aren’t always keen to change, but it’s time to try something new. In this case, a little can go a long way.

So, next time you’re at the bank, ask for a roll of presidential $1 coins.

Help save taxpayers’ money, conserve a few trees (imagine how many would be saved if we did away with the $1 bill) and generate a few “stares” of your own.

If nothing else, the looks on the cashiers’ faces are priceless.

Does Peter deserve a tip? Let him know at pbm1@pitt.edu.