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Inflation And Current Coin Denominations

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Earle42's Avatar
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10038 Posts
 Posted 01/25/2015  11:05 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
1. The weight issue has been discussed before and was shown by referring to out Canadian members to be valid.

2. The psychological factor is rarely mentioned. When the dollar is PERCEIVED (note that word) as pocket change it will (and did in Canada) mean prices immediately jumped upwards - and back then the 2.00 coin followed partially from the result since 1.00 would not buy what it did. This is one of my main arguments against the dollar coin also. I like to keep the money I make in my own pocket - how apropos in this case is Ben Franklin's old saying, "a penny saved is a penny earned?"

3. I especially hate the idea of the government FORCING us not to have the paper the populace obviously desires to keep. As I am getting older I am getting so very tired of the government becoming more and more oppressive. Things are done nowadays by authorities that would have been seen almost as criminal when I was younger.

So why not choose a solution that takes care of all of this?
Just redefine the values of our denominations and keep them as they are. They once were all useful and could be so again if a newer form of each coin was introduced and valued higher.
The psychological effect is averted and so is my having to give up more money out of my own pocket.
The cost to make a penny once again brings profit to the mint.
If values were raised to what they were in the 40-50s, people might even start to like carrying a heavier coin in their pocket - like a half dollar - since it would take care of lunch, etc. as needed on a daily basis.
It would also resolve repetition of the 2.00m then 5.00 coin also becoming pocket change - which would happen under the present monetary system..
And, at least to me, one of the most important things would e the government would seem to be working "for the people," "by the people," and would seem to be "of the people" instead of taking the position of a bully "for my own good." As I am getting older and older one of my professors named Mr. Experience keeps proving to me the government, when allowed to be a bully only makes a larger mess of things that end up NOT being for my own good. I never will understand why any American would want to be bullied by the government. And even the government is simply forcing a person to do something they agree with anyway, they should still be totally against government forcing ANYONE (we are not talking moral issues here or issues of crime/safety/etc.). This reminds me of the lightbulb sham where the government decided it wanted to outlaw incandescent bulbs.

But all of this will not work anyway unless there is a PM base - as proven by history.
How much squash could a Sasquatch squash if a Sasquatch would squash squash?
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CaptainFwiffo's Avatar
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 Posted 01/25/2015  11:06 pm  Show Profile   Bookmark this reply Add CaptainFwiffo to your friends list Get a Link to this Reply
20% inflation would result in a doubling of prices in less than 4 years; 30% in less than three. Describe any reasonable basket of goods that has doubled in price in that time.
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jbuck's Avatar
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 Posted 01/26/2015  11:36 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The weight issue has been discussed before and was shown by referring to out Canadian members to be valid.
Yet, they still did it and have kept it. They are still up there. Living peacefully. No revolutions, no civil unrest, no insurrections.


Quote:
When the dollar is PERCEIVED (note that word) as pocket change it will (and did in Canada) mean prices immediately jumped upwards - and back then the 2.00 coin followed partially from the result since 1.00 would not buy what it did.
[citation needed]


Quote:
I especially hate the idea of the government FORCING us not to have the paper the populace obviously desires to keep.
Paper money is not a Constitutional right. It is not really Constitutional to being with.



Quote:
Real inflation is around 20-30%
[citation needed]


Quote:
20% inflation would result in a doubling of prices in less than 4 years; 30% in less than three. Describe any reasonable basket of goods that has doubled in price in that time.
Exactly.
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tkbslc's Avatar
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 Posted 01/26/2015  1:49 pm  Show Profile   Bookmark this reply Add tkbslc to your friends list Get a Link to this Reply

Quote:
You know they've redefined how inflation is calculated about 30 times in just as many years? Real inflation is around 20-30%. Plus, 18 trillion in debt...it won't end good. Inflation is just the beginning.


Ummm, no. You've added an extra zero to both of those numbers. Not even education has increased at 20% and we all know how out of control that is.

18 trillion in debt is worrisome. Which is why it seems even more daft to keep demanding the mint produce worthless denominations at a loss and paper bills that only last 2-3 years.
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jbuck's Avatar
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 Posted 01/26/2015  2:09 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
18 trillion in debt is worrisome. Which is why it seems even more daft to keep demanding the mint produce worthless denominations at a loss and paper bills that only last 2-3 years.
Truth.
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AlbumAccumulator's Avatar
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 Posted 01/26/2015  3:29 pm  Show Profile   Bookmark this reply Add AlbumAccumulator to your friends list Get a Link to this Reply
I've been carrying around a few Ikes the last few days. I think this size would be perfect for a $10 or $20 coin.

Not sure how this would impact ATMs though.
Edited by AlbumAccumulator
01/26/2015 3:32 pm
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tkbslc's Avatar
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 Posted 01/26/2015  3:51 pm  Show Profile   Bookmark this reply Add tkbslc to your friends list Get a Link to this Reply
It would require some changes, but certainly there are automated change machines all over the world that handle coin dispensing.

Maybe in order to get more people on board, we could issue new $5 and $10 coins with 40% silver content in the size of old 50c and $1 coins (31 and 38mm). They would have a face value that is about twice the silver content to discourage hoarding, yet still provide some buffer against inflation. With that formula, a dime sized 40% silver dollar coin would work nicely too. Release copper 10 and 50c coins and you are all set.







Edited by tkbslc
01/26/2015 3:55 pm
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jbuck's Avatar
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 Posted 01/26/2015  5:22 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I've been carrying around a few Ikes the last few days. I think this size would be perfect for a $10 or $20 coin.
Yes. Yes it would.


Quote:
Maybe in order to get more people on board, we could issue new $5 and $10 coins with 40% silver content in the size of old 50c and $1 coins (31 and 38mm). They would have a face value that is about twice the silver content to discourage hoarding, yet still provide some buffer against inflation. With that formula, a dime sized 40% silver dollar coin would work nicely too.
As cool as it would be, it could never work. As soon as the world found out we had precious metals in our circulation coinage we would face a shortage. The precious metals in circulation ship has sailed, never again will it see port.
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tkbslc's Avatar
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 Posted 01/26/2015  5:26 pm  Show Profile   Bookmark this reply Add tkbslc to your friends list Get a Link to this Reply
I'm sure you are right, but it was fun to think about.

Not to mention there is no benefit to the Mint to issue PM coins because they sell for face whether they have 10 cents or $10 worth worth of metal in them.

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jbuck's Avatar
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SteveCaruso's Avatar
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 Posted 01/26/2015  5:34 pm  Show Profile   Bookmark this reply Add SteveCaruso to your friends list Get a Link to this Reply
To address some additional thoughts:


Quote:
1. The weight issue has been discussed before and was shown by referring to out Canadian members to be valid.


If they were properly-sized (i.e. dime sized) this would be effectively eliminated as they'd weigh about the same.


Quote:
2. The psychological factor is rarely mentioned. When the dollar is PERCEIVED (note that word) as pocket change ...


The plural of anecdote is not data and the data doesn't support this. The dollar *already is* pocket change.
Edited by SteveCaruso
01/26/2015 5:36 pm
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Earle42's Avatar
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10038 Posts
 Posted 01/28/2015  12:16 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:

Quote:
The weight issue has been discussed before and was shown by referring to out Canadian members to be valid.

jbuck's reply
Yet, they still did it and have kept it. They are still up there. Living peacefully. No revolutions, no civil unrest, no insurrections.

I think this is missing the main point here. The US was founded on by people who never wanted anything to do with tryanny. The very thought the government could force them, against their wishes, to do anything (again - this is not a moral issue or an issue of safety), would NOT have been palatable to them. nor is it to those of us who were around before our government became so outwardly oppressive that people have forgotten this.

What has not been taught in schools for so very long is that our form of government was founded to be the servant of the people. Our Constitution was written to limit its powers so it would not be able to bully its people into line. Our Constitution was once called the most important export or country offered the world b/c it showed people the way to true freedoms. And the sad part is we live in a day when people are more than willing to give up small freedoms, a bit at a time, thinking it is no big deal.

The other solution of making new coinage and with a higher value eliminates any way the government could be seen as overstepping its bounds and forcing the American people into something they overwhelmingly have shown they do not want.

I have yet to see anyone address why the new coinage concept, which eliminates government bullying is not the best way to go.



Quote:
When the dollar is PERCEIVED (note that word) as pocket change it will (and did in Canada) mean prices immediately jumped upwards - and back then the 2.00 coin followed partially from the result since 1.00 would not buy what it did.

citation needed]

The citation I have on this is having been a part of that era of Canadian history. Although living in the States, I was close to the border, and as a coin collector I was closely observing he impact of the Loony b/c the people then (many of my personal friends) were upset they were being forced into it. It is their arguments from back then I cite. But the degree to which eye witness accounts matter anymore seems of little value in today;s society unless it fits with desired notions. I am sure that if there were records of some sort kept concerning such things that homework on the issue would prove what was witnessed back then.

And, of course, now a new generation has come of Canadians who never experienced having a choice. in fact the Loony has become a sense of Canadian pride. But at the time it was being introduced, the Canadians did not want it - review previous threads with Canadians answering these issues. And the banks I used to visit told me they thought the US would be smart enough to learn by their mistake of the Loony, but instead we were going to make the Sac dollars (which I personal do like for collecting).

Our current society has devalued the uniqueness of what America was based upon. Like most other governments wordwide, the Canadian government can force its people to do its wishes (remember I love Canadians and see Canada like it is a second, unofficial home), however, in the US this is not supposed to happen. Again I cite in the last couple of years where the government intruded to make companies no longer produce incandescent bulbs. It is insane the government believed it had the "right" to do so.

The truth of most of this matter, as with all human discussions, is that emotions are what tends to drive the points people try to make.

There are two main emotions behind the points I am making:
1. I do not want to have to spend more of my hard earned money b/c of a government policy.
2. I am angered at the government when they think they have the right to force the US people do do something when there is an obvious solution which would not require this.

I see the discussion as being, therefore, a weighing out of emotional attachment.
Is the desire for a dollar coins so strong that we are willing to allow government to force their wishes (and the wished of a minority of the people) on the whole of the US (and overstepping the intended, original format of the US {note that} governent) ... especially when there is a very viable alternative?

And as long as I am writing a book...
Personally I like Loonies, Toonies, some Sacs, and some of the presidential coins to collect them. So I am glad they were made. I am thrilled that an Ike is coming out and am very much looking forward to the JFK (I like the halves and politics of the man - lets ignore the private life) Reagan dollar.

But I have weighed my personal emotional attachment against the bigger picture. It is very. very easy to give up some freedoms, but it almost takes bloodshed to get them back.

The current waste of money can be alleviated through a legitimate, alternate plan. So although I admit I may be mistaken, I see people advocating the government being allowed to force us into their wishes as peeping out from behind a set of blinders that are labeled, "I LIKE dollar coins." This metaphor is NOT derogatory.

And to me, globalism is a non-issue. I have no desire to live by another country's's standards. Let the rest of the world do what they want to. History proves the American way (of the People, By the People, for the People) has benefited almost every person on the face of the earth in some way or another. I am proud the US is different - and always has been - than the rest of the world. We are not "behind the times" because we don't have a dollar coin. We are behind the times in making OUR coinage and bills fit for OUR OWN own society.
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 halves
https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2
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Foxwoods Man's Avatar
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4901 Posts
 Posted 01/28/2015  1:02 pm  Show Profile   Bookmark this reply Add Foxwoods Man to your friends list Get a Link to this Reply
oops

Edited by Foxwoods Man
01/28/2015 1:03 pm
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jbuck's Avatar
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188952 Posts
 Posted 01/28/2015  3:03 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I think this is missing the main point here.
No, you missed it when I said that your having paper money is not a constitutional right.


Quote:
The very thought the government could force them, against their wishes, to do anything...
I am tired of being forced, against my wishes, to use expensive, rotten, germ infested paper money!

I am tired of being forced, against my wishes, to subsidize the minting of worthless cents and nickels because people do not understand math.

See how that works?


Quote:
The citation I have on this is having been a part of that era of Canadian history.
I can say the same thing, stating the exact opposite. So which one of us is right? Anecdote is not evidence. You made the claim, you need to give us the evidence.
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AlbumAccumulator's Avatar
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656 Posts
 Posted 01/28/2015  4:09 pm  Show Profile   Bookmark this reply Add AlbumAccumulator to your friends list Get a Link to this Reply

Quote:
I am tired of being forced, against my wishes, to subsidize the minting of worthless cents and nickels because people do not understand math.


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