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 Replies: 27 / Views: 3,176 |
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Valued Member
United States
268 Posts |
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Pillar of the Community
 United States
2295 Posts |
Also, I think why many people, don't want to get rid of the cent, is because it is the basic unit of our decimal monetary system. It is hard to imagine having a monetary system without the cent, since it has been around so long. I imagine we'll see some change in the next year or two. It probably won't be ideal, but it might be an improvement. I'm really geared up to make a movement, if others will follow. I can't do it all by myself.  |
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Valued Member
United States
410 Posts |
I believe the mint is looking at changing the composition of all coins, not just the penny and nickel.
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Valued Member
United States
268 Posts |
I think they should use stainless steal for all of the "New" coins the mint makes  |
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Bedrock of the Community
United States
17884 Posts |
Quote:
Also, I think why many people, don't want to get rid of the cent, is because it is the basic unit of our decimal monetary system. The basic unit of our decimal monetary system is the dollar not the cent. the cent is the smallest fractional part of the basic unit. Quote:
I think they should use stainless steal for all of the "New" coins the mint makes The problem is that Stainless Steel would probably cost MORE than the alloys already in use. This could be absorbed by the dime and quarter but would result in even greater losses on the cent and five cent. |
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Pillar of the Community
United States
2651 Posts |
We waste alot more in copper bullets.... :/
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Pillar of the Community
Germany
992 Posts |
By the way, where are the figures for the JFK Half Dollars hidden in this report. Probably in plain sight, but I can't find them (or recognize the figures as such)  Edited by redlock
02/08/2012 04:17 am
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Pillar of the Community
United States
997 Posts |
No matter what composition they come up with the 5 cent piece and the cent are going to be hard to produce for less than face value, including the labor and supplies. It's only a matter of time I believe for the same thing to occur to the dime.
The only way to make small coins worth anything again is to increase their buying power, this would mean a devaluation of the dollar. Now, we all know this would never happen, and there are a million and one reasons why it shouldn't, but just bear with me a minute here. I
f the US Dollar was devalued by a factor of 10 a "New Cent" would be worth 10 "Old Cents", a new 5-Cent Piece would be worth 50 of our current cents etc. This would solve several issues. Coins would have purchasing power (albeit by fiat, not metal value...) the dollar bill would be more reasonably useful and less pieces of cash would be needed to hold the same value.
On the downside, we would have to reinvent the entire coinage system (Think Great Britain at Decimalization...) as we would have to distinguish between new and old coins and bills. The vending machine people would freak. But then we would have an opportunity to correct some issues like making paper money value apparent to the blind by using different sizes, having coin's values more commensurate with the sizes (like they were when made of precious metals...) and new designs all around.
If nothing else it would be an interesting if chaotic time for our currency!
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Bedrock of the Community
Australia
21788 Posts |
Looks like the days of the Cent and the Nickel are numbered.......
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Bedrock of the Community
United States
10038 Posts |
Revamping the entire system would be a good idea. Yes, it would sting a little to begin with, but it IS possible to weather. Look at the chaos the Euro caused with individual countries when it was first introduced. And I know the Euro is in trouble - so is everyone else.
As for stainless steel coins - yes they would cost more to begin with - but I wonder how they would hold up to use?
In the Carnegie Museum in Pittsburgh you can see a stainless steel car that was made in 1936. It is in as pristine a condition as the day it was made. I do not know if the hardness of stainless is good enough to hold up on coins that are handled daily or not - metallurgists out there?
But if stainless coins would endure, the initial cost, being covered by larger denominations, would be a one-time outlay with smaller amounts of replacements needed for loss etc.
Of course, ALL the problems would be solved if we got rid of the fiat money system.
How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Bedrock of the Community
United States
17884 Posts |
Stainless steel will hold up very well, but if you are using it for very low value items like the cent that don't circulate you don't benefit from its durability because you are still having to constantly replace them which just increases your expenses. For larger denomination that actually have purchasing power and which will stay in circulation there would be a benefit, but they aren't really superior to coppernickel in durability and may be more expensive. Quote:
By the way, where are the figures for the JFK Half Dollars hidden in this report. I don't believe they give a breakdown of costs on those, but their profits are included in the Bullion and numismatic sales figures because they are not made for circulation. I did a little work with the numbers And I come up with a seigniorage profit per coin for the half dollars of 23.5 cents. Edited by Conder101
02/08/2012 3:14 pm
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Pillar of the Community
United States
4132 Posts |
Coming up with a "new" dollar isn't really necessary, at least, not for a good long while. The basic unit of Japanese currency is the Yen, and it's only worth about 1.3 cents, and works just fine. They just use coins as large as ¥500 and bills as large as ¥10,000 (about $130). Cupronickel is plenty durable enough. Even though they're worn, the Buffalo nickels and even V nickels you find in circulation would be in good enough shape to serve as circulating coins if they weren't more interesting numismatically. Sometimes they're corroded, but usually only if they've been buried or something; most are fine. I don't think stainless would actually be cheaper, and it wouldn't have the antimicrobial properties of copper alloys. |
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Moderator
 United States
188513 Posts |
Quote:
If the US Dollar was devalued by a factor of 10 a "New Cent" would be worth 10 "Old Cents", a new 5-Cent Piece would be worth 50 of our current cents etc. This would solve several issues. Coins would have purchasing power (albeit by fiat, not metal value...) the dollar bill would be more reasonably useful and less pieces of cash would be needed to hold the same value. There is no need to do this. Kill the cent and nickel; the dime becomes the new cent. Kill the one dollar note and the dollar coin becomes the new dime. While we are at it, kill off the two and five dollar notes as well. The new two dollar coin would be an approximation of the "quarter" and the five dollar coin will be the new half dollar. See, we can get "half dollars" to circulate again.  In the end, the ten becomes the new one.  The government never has a problem doing things without permission or public approval. I see no idea why they cannot just do this a be done with it.  |
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Pillar of the Community
United States
4132 Posts |
New $2 and $5 coins to replace the corresponding bills could feature Thomas Jefferson and Abe Lincoln - the same presidents on the current bills of the same denominations, and the same presidents that would be displaced by the elimination of the nickel and cent. No president fans have to be offended.
The $2 coin could be a bimetallic like the toonie, and the $5 could be bimetallic but with the insert in the shape of a shield, symbolic of Lincoln's preservation of the union.
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Moderator
United States
188513 Posts |
I like how you think, captainfwiffo! |
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Replies: 27 / Views: 3,176 |
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Posted 02/02/2012 09:42 am
