Sen. McCain on Dollar Coins: Good for America, and for Strippers!

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AP


There are lots of reasons to like dollar coins: They last a lot longer than paper bills, are easier to stick in a vending machine, are more cost-effective to produce, and don't have all that weird Masonic stuff on the back. And switching over to them will save the country about $184 million a year.

But if you don't like those reasons, Sen. John McCain has another one: According to the Arizona legislator, they'll encourage people to give strippers better tips.

Sen. McCain is a sponsor of the COINS Act, which calls for a phase-out of paper singles within five years. Of course, as some critics have noted, the more unwieldy coins would be awkward for some uses -- including tipping strippers. When a reporter from The Hill asked McCain about complaints that the coins would be "awkward" for exotic dancers, he quickly responded, "Then I hope that they could obtain larger denominations," later going on to expound: "Fives, tens, one hundreds!"

As DailyFinance reporter Matt Brownell recently pointed out, the move to dollar coins is one of several proposals on the table to improve America's currency. Here are our favorites:



Bruce Watson is DailyFinance's Savings editor. You can reach him by e-mail at bruce.watson@teamaol.com, or follow him on Twitter at @bruce1971.

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Brian

Halting the dollar bill will lead to inflation, being that many believe that a coin is not enough for a simple tip; just leave \"Fives, tens, one hundreds!\" Cashiers don\'t like them and they\'ll make holes in your pockets. It isn\'t uncommon in Canada and even other countries in Europe to end up by the end of the week with a 20 dollar jar full of coins. And I\'m not convinced that the strippers won\'t have to turn in their coins with a wheel barrow. Those Anthony dollars just sit in a droor for the average Joe and the half dollars rarely circulate as it is. ... By George, maybe the public doesn\'t like coin dollars?!

September 21 2013 at 10:07 AM Report abuse rate up rate down Reply
murphy1182

The headline was inaccurate. The sen. just answered a question. He in no way endorses the bill to help strippers. HP you should be ashamed!

July 27 2013 at 3:16 PM Report abuse +2 rate up rate down Reply
amani4000

I have to agree with hg. Nothing over a two dollar note though, I would feel funny leaving a coin tip to anyone.

July 26 2013 at 5:08 PM Report abuse -1 rate up rate down Reply
hgeorgech

Time to modernize our currency and eliminate paper bills that are used most commonly .. coins last a LOT longer

Canada eliminated the penny earlier this year, they have a $1 and $2 coin ... their #1 paper bill discontinued long ago

The Swiss - who know a thing or two about money abandoned small paper bills LONG ago their smallest paper is CHF10 - or about $11 US

Everything less is coin

Canada found a solution to the "rounding" problem of penny manipulation ... it works

The US should enter the 21st century ... do away with the $1 and $5 bill ... coins (which can and do last 25-50+ years) are the sane way to go ... and they work just fine in vending machines, parking meters, rr ticket machines, etc., etc., etc

July 26 2013 at 4:37 PM Report abuse rate up rate down Reply