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Replies: 40 / Views: 4,959 |
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Valued Member
United States
68 Posts |
There once was a time in American history where the currency had such power that denominations such as the half-penny and 3-cent piece were actually relevant. Unfortunately, over the past 100 years *cough END THE FED cough* the dollar has lost about 99% of its value, so coins like the penny are becoming much less relevant. I too fear that the penny will be ultimately phased out of existence.
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Bedrock of the Community
United States
20753 Posts |
Quote: How does using cash save anything?
I get cash back on my credit card, so it makes me money. Obviously stated by someone that does not attend flea markets, shows such as gun, knife, coin, electronics, etc. Also, garage/yard/estate sales. And some stores will tell you if you use cash, they will give you a % off the prices. Impossible to haggle a price when using anything except cash. Actually I've haggled down prices even in department stores by not using a card, only cash. My Son is a fantastic opposition to cash though. He owns his own buisness and uses credit/debit cards for everything possible. He says for documentation, it's the only way to go. Also, a small percent of those transactions get lost so sometimes things are free with plastic. Don't know if anyone has read about the latest scam with credit cards that have the RF chip built in. Scanners can be purchased that can read such cards even in a waller.
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New Member
United States
23 Posts |
I hear a lot of talk about getting rid of the penny and the nickel. The economic impact of that would be tremendous. Everyone from the farmer to the gas stations will be rounding up there prices which will drive the already out of control inflation even more crazy. you may think hey its just a couple cents but it will kill over time.
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Valued Member
Canada
449 Posts |
Indeed there is many pros and cons regarding currency. The fact that we are an ever evolving species means at some point perhaps we will come up a different system than money. Fact is though, it's been around since the beginning of time. Have pennies obsolete and too costly to make? probably. Can we eliminate the need for pennies? probably. But all coinage? I doubt it. The very foundation of fractional currency demands the inclusion of all decimals for it to work properly. Barring some unforseen mathematical equation of a tax rate that always comes up with a whole number, it would seem as though the current system will remain the way it is.
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Moderator
 United States
188440 Posts |
Quote: I hear a lot of talk about getting rid of the penny and the nickel. The economic impact of that would be tremendous. Everyone from the farmer to the gas stations will be rounding up there prices which will drive the already out of control inflation even more crazy. you may think hey its just a couple cents but it will kill over time. Untrue and uninformed. Rounding goes both ways, to the nearest not the highest. We already round to the nearest cent when calculating sales tax. I have mentioned this many times before, but a lot of places around me round totals on cash transactions down since they save money by not having to pay the surcharge on electronic transactions. One deli near me rounds down to the nearest dollar when I pay cash.  There is no need to shift the decimal point either. Just eliminate the cent and nickel, and bring on the dollar coin. The dime will be the new cent, the dollar coin the new dime, and the ten dollar note will be the new one dollar bill. It would also eliminate the need to have a "new cent" and "new dollar" with the new values (and eliminate the finite period for people to exchange their old money for the new money).
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Pillar of the Community
United States
1358 Posts |
Quote: The dime will be the new cent, the dollar coin the new dime, and the ten dollar note will be the new one dollar bill. It would also eliminate the need to have a "new cent" and "new dollar" with the new values (and eliminate the finite period for people to exchange their old money for the new money). Oy, don't get me wrong (I know what you mean), but that just sounds like inflation to me. XP
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Moderator
 United States
188440 Posts |
I hate to tell you, but the inflation has already occurred. If it had not, we would not be discussing the elimination of lower denominations or a shift in the decimal point. 
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Pillar of the Community
Australia
841 Posts |
 I've got to stop reading all this depressing stuff, I wish I could full on explain exactly what they are doing and what will happen as we have been there done that many years ago and people still don't except it but due to my brain injury and the lack of understanding I really couldn't be bothered. Sorry if I upset anyone but this is bull and nothing will ever change or get better while we all keep sticking our heads in the sand and saying it's all good..I'll come back in a few years when your all posting about what they're doing and how bad it is and I can say I tried to warn you I can tell you all from personal experiance, that like the old saying "you don't know what you have til it's gone" anyone that's been sick or injured knows exactly what I'm talking about as we all take way too much for granted, end of rant, thanks for your time and patience..be good to your selves and each other 
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Moderator
 United States
188440 Posts |
They quit minting Half Cent, large cent, Two Cent, Three Cent, and Twenty Cent coins; not to mention all of the classic designs from our past. Yet, people still manage to find a way to collect them. I always say, just because mint makes it, does not mean you have to collect it. It is also true that because the mint no longer makes it, does not mean you have to stop collecting it. I doubt that whatever the mint or the government does to circulating coins will destroy hobby. Change it, maybe, but never destroy.
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Bedrock of the Community
United States
20753 Posts |
Quote: I can tell you all from personal experiance, that like the old saying "you don't know what you have til it's gone" anyone that's been sick or injured knows exactly what I'm talking about as we all take way too much for granted, end of rant, thanks for your time and patience..be good to your selves and each other Do I ever know what you mean. Due to Cancer I lost my bladder, prostate, all nevers in that area and all associated lymph nodes. And as you said, they are really, really missed. But as to coins, although I don't think about them, I sort of do miss the old Tax Token type Mills. Wonder how many remember a $0.001 or $0.005 type coin. Although most were plastic.
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Pillar of the Community
Australia
841 Posts |
Good to see you still with us carl, just keep hanging in there mate as that's all we can do  WOW would anyone have a pic of a plastic coin they could put up please  very interesting I must say..you learn something everyday, cheers
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Rest in Peace
United States
9104 Posts |
 , Shnug and charlesjcoin! Another example of using cash is carnivals and festivals. I don't mean state fairs, where some people are essentially running retail stores, but the "little" events, where it's still possible to run millions of dollars over a few day event. Can you imagine the line to get an elephant ear using plastic?
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Bedrock of the Community
United States
20753 Posts |
Quote: WOW would anyone have a pic of a plastic coin they could put up please very interesting I must say..you learn something everyday, cheers
I would think someone here would have some of those plastic coins once used as tax coins or tokens. I think there was a discussion here once about the different ones made and used per State. The only ones I ever saw when I was a kid was the ones from Missouri. I remember green and red ones and a few of the metal ones that were the $0.005 ones.
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Bedrock of the Community
United States
17884 Posts |
Plastic coins Here is a set of 1913 "ivory" coins from Keeling Cocos. They also issued a set in red and blue plastic in 1968     This is the 1968 25 Rupee   I don't have images, but I do have a set of plastic New Zealand Decimal Practice Coins that were used in 1966 to train bank tellers and school children in the counting and handling of the new decimal coins that were coming.
Edited by Conder101 03/06/2012 12:29 pm
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Pillar of the Community
United States
2295 Posts |
Pretty cool, but plain looking plastic coins. Think they'd put a better design on them?
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Replies: 40 / Views: 4,959 |
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