Surely by now you’ve seen some of these dollar coins floating around.  First came the George Washington coins, then John Adams, Thomas Jefferson, and now James Monroe is in production.  These coins didn’t replace the Sacagawea coins, but rather are supplementing them.  They’re gold-ish in color, and slightly larger than a quarter.  Before anyone freaks out ( as some have ), the phrase “In God we trust” is on the coin, though it’s on the edges rather than the front or back.

Paper money doesn’t last

My wife and I give our 9 year old son $10 in allowance each week.  Whether that’s too much, too little, or just right – I don’t know.  But it’s what we decided, and we’re sticking with it for now.  Previously, we would just give him a $10 bill on Sunday.  Inevitably, the entire amount would be gone by – get this – Sunday evening.  That one single bill would burn a hole in his pocket, and it had to be spent immediately.  The only time it would last is if we didn’t go out on Sunday.

The switch to coins

I want to instill the importance of saving to my son.  I spent my early adult life making financial mistake after mistake.  One after another culminated in a crushing amount of credit card debt, that I’ve only recently managed to move past.  I am still working on building a solid saving foundation.  With my son, I want him to understand from a young age that saving is important.  So instead of a single $10 bill, I’ve begun giving him 10 $1 presidential coins.  For one, he thinks they’re really neat.  More importantly, it’s easy for him to set several aside in a “piggy bank” before blowing the rest on crap.  He’s a kid after all, so I’m ok with him doing just that.  It’s just that this way, he’s enjoying his money and saving at the same time.