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Valued Member
United States
460 Posts |
Quote:
Maybe a 99 cent piece since everything we now buy seems to be $x.99 ?  But who would be on the obverse...Sam Walton of course!! That is one of my biggest annoyances. That and taxes not being added into the price before checkout. Have anyone else notice that people would rather give up 5 pennies then 1 nickel? The nickel is probable the least used of the 1,5,10,25. Just my observation. |
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Moderator
 United States
188560 Posts |
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I'd like to see you pay cash for something $1.06 then. You would have to give them $1.10 and lose 4 cents on the transaction. That could add up fast Wrong... First, transactions are rounded up or down, to the closest ten cent boundary. Your sales tax is already rounded to the nearest cent, it is not difficult. Second, electronic transactions will still be accurate to the cent. Third, businesses will eventually round all cash transactions down as an incentive and a competitive tactic. Also, they would not have to pay a percentage to the Visa/MC/etc. for the electronic transactions (the precedent being that many convenience stores and gas stations already offer cash discounts). |
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Valued Member
United States
277 Posts |
They aren't going back to silver and especially not going back to gold. I vote they go to whatever saves the government some money so we can cut the deficit and save some taxpayers money (as long as it isn't plastic, keep them metal any type of metal pls)
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Valued Member
United States
271 Posts |
The composition of coins is sure to change. Its not a matter of if, but when. I expect that Alum will most likely be the new metal of choice for cents and nickels. I think even ceramics may be a viable option. Although I don't expect we will get away from metal compositions just yet, reason being primarily retooling costs. That's my Two Cents.....actual value to be determine  |
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Valued Member
United States
89 Posts |
That would be sooo sweet if they went back to 90% silver :D
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Moderator
United States
188560 Posts |
The only way they could return to silver is if they revalue the dollar. That would have the same affect as eliminating every current denomination below five dollars now, considering a 90% silver dime is worth almost $2.50.
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Bedrock of the Community
United States
20753 Posts |
Quote:
And no more dead Presidents
Back to Symbols of Liberty, Honor and Freedom
Just My 2 Cents
AAHHHhhhhh, truer words were never spoken. And by me the sales taxes are 10.25%. Now if you buy something for $1.00, you end up paying $0.1025 more. So how is this done? simple, your charged a total of $1.13. I wonder where all the excess goes. I voted no since I have a friend with a vending machine company. If they changed the metal or made coins from Plastic or something else, all his machines would have to be massively modified. So who pays for that? And I wonder how many other vending type machines would be effected. Ever go with a kid to those place full of all kinds of games that require coins? Publich transportation places too have machines to take your coins for fares. |
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Pillar of the Community
United States
842 Posts |
I do not consider paper money to be real money, but I must use it (to my dislike) because I can not carry around several pounds of coins to buy things.
If the government reduced our coinage to materials such as ceramics or plastic I would no longer recognize U.S. currency as having any value, or as a form of currency at all. Any ideas on what I could use for currency if this happens?
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Pillar of the Community
United States
565 Posts |
 My thoughts exactly. I remember my father's vending machines. How he hated the price change in candy. It got to a point where the cost was so high to replace the coin mechanism he went out of business. |
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Pillar of the Community
United States
2661 Posts |
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Have anyone else notice that people would rather give up 5 pennies then 1 nickel? Yes I have! I pick them up at work every single day. I work with a bunch of kids fresh out of high school and immature men. They throw pennies at each other on both shifts, picked 4cents out of my machine just this morning. The more civilized ones will dump them on the break room tables for someone, mainly me, to pick up. I sometimes come home with as much as $1 in pennies that were thrown or discarded in the break room. When they asked what I do with them I tell them that they go in penny jug, It holds 15 liters of cents. |
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Pillar of the Community
United States
7629 Posts |
The actual realistic answer I have is the following:
Re-base the dollar at 1/10 of its current value....so $10 old dollars = $1 new.
Keep the cent, nickel, dime, and quarter. Keep $1, $2, $5, $10, $20, $50 and $100 notes. Stop the half and dollar coins altogether. They are a complete waste of time, energy, and money.
Change the designs of ALL coins to more regal, LIBERTY based designs that are fresh and new, yet very artistic.
Go back to the multiple hubbing technique so coins are coins again, not just washers with a little bit of relief like they are now.
Make all coins out of copper, keep the colors the same as now, except for the 5c coin. It should be larger than the 1c and copper in color. This means a 1c change back to a copper base, which would extend their life by about 5 times. Remember, the debasing makes them worth the current dime, so there would still be cause to produce them.
Make all notes out of polymer (rip-stop plastic). They would be twice the cost to produce and fifteen times the life-span of our current linen notes.
as a side note, ANYONE looking to change our coins to silver is looking to absolutely ruin what's left of our economy. It's not even close to realistic.
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Pillar of the Community
Canada
3692 Posts |
LOL 99 cent piece! Made out of recycled garbage bags.
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Valued Member
United States
310 Posts |
"Re-base the dollar at 1/10 of its current value....so $10 old dollars = $1 new"
This will never float in the US. Many Nations have been forced to do this in the past, and it's never a good thing.
The logistics are rough, as all kinds of contracts would have to adjusted to reflect the new base. Also, since the dollar isn't based on anything anyway, why would people accept it? The general population could care less about the money. They care how much they have of it. People who make 20k a year, would be ticked they were only making 2k a year, no matter how far that new dollar goes.
The biggest problem I see with re-basing the currency, is that the rest of the world would see that as a sign of weakness. The US dollar is already losing it's credibility in the world market, a De-basing would just exacerbate that thought. The US dollar would probably lose it's reserve status, and we'd end up no better off than we are now, if not worse.
I'd like to see the penny and nickel stay, but if they have to make radical changes, then it's time for Abe, and Tom to go. we'd need a new design. Seeing Abe in aluminum wouldn't be right.
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Moderator
Australia
16830 Posts |
Changing the composition only delays the inevitable; no coin design or denomination lasts forever. Eventually, the cent, nickel and even the dollar will be rendered so worthless by inflation that they can't make them out of any kind of material and still be profitable. At that point they either have to reform the currency or stop issuing that denomination.
And if they kill the low-value coins from circulation, I hope they kill them from the sets as well. There's nothing more pathetic than a denomination that lingers on in "mint sets" long after it's been withdrawn from actual use. A "mint set" should contain examples of the coins actually struck for circulation, preferably using coins pulled from the actual production run and not some idealized fantasy set containing coins specially made just for the set. If I wanted that, I'd buy a proof set.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Moderator
United States
188560 Posts |
This is where Sap and I can disagree.  I would like to see the discontinued cent and nickel remain in both mint and proof sets, considering the fact that the NIFC half dollar is still being made for both sets. The continuation would appease those with pre-dated holes in their albums (Dansco, Whitman, etc). They could go ahead and stop minting them or eventually phase them out, but I see no reason why if the mint continues to sell full sets to happy collectors at a nice profit. After all, this is about the bottom line.  Oh, and while they are at it, they might as well make those NIFC cents in 95% copper. |
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Posted 03/15/2011 6:54 pm
