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 Replies: 46 / Views: 6,107 |
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Pillar of the Community
United States
509 Posts |
Quote:To be fair, US coins are used in daily commerce overseas - in places like Ecuador or Zimbabwe. No they are not used in daily commerce, some merchants will accept them but they can't deposit them in the bank without exchanging them first. Quote:
A lot of foreign countries use the USD as their currency such as Ecuador, El Salvador, The Virgin Islands ect. Many other countries like that accept US currency as an alternative second currency. Do your homework before stating things as fact. This is not true. The U.S. Virgin Islands do use U.S. coins because it is a U.S. Territory. The Brittish Virgin Islands use various coins ALL of which are Queen Elizabeth II coins. Yes there a few countries that vendors except U.S. currency but there is no foreing government that designates it as an alternative currency.    A month of world travel doesn't make someone authority. I have been traveling for much of the last 60 years and I can not claim I know everything. But so far you have not called out a country I have not been to and had to exchange my U.S. currency for theirs. Nor did I complain that they need to change it so I can understand it. |
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Pillar of the Community
United States
509 Posts |
I changed my mind on posting. I can not tolerate people that want to change MY country to please foreigners that may even have been some of them using me/us as target practice. I feel like you should just move to their country.
Edited by jst1dreamr
09/06/2018 12:01 am
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Pillar of the Community
United States
2023 Posts |
Quote:
Yes there a few countries that vendors except U.S. currency but there is no foreing government that designates it as an alternative currency. https://en.wikipedia.org/wiki/Currency_of_Ecuador: Quote:
The present currency of Ecuador is the United States dollar. ... On March 9, 2000, Noboa signed a law passed by Congress, replacing the sucre with the United States dollar at an official exchange rate of 25,000 sucres per US$1. Both currencies were to circulate, the dollar being used for all but the smallest transactions. Only coins would continue in the local currency. Edit to add... https://en.wikipedia.org/wiki/El_SalvadorQuote:
In December 1999, net international reserves equaled US $1.8 billion or roughly five months of imports. Having this hard currency buffer to work with, the Salvadoran government undertook a monetary integration plan beginning January 1, 2001 by which the U.S. dollar became legal tender alongside the Salvadoran colón, and all formal accounting was done in U.S. dollars. Edited by Alpha2814
09/05/2018 11:13 pm
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Bedrock of the Community
13014 Posts |
Quote:
Do your homework before stating things as fact. I'm not the one who needs to be reading up and doing homework on the issue. Quote:
but there is no foreing government that designates it as an alternative currency. Completely false as several of the countries I named have it as their official currency. https://www.businessinsider.com/usd...rency-2018-5There's plenty of other information and official sources to confirm most of what's in that article but I don't feel like writing a thesis on the issue. Quote:
I have been traveling for much of the last 60 years and I can not claim I know everything.
But so far you have not called out a country I have not been to and had to exchange my U.S. currency for theirs Things change. If you want to base your opinion on dated information from going to a country decades ago that is your choice, information is everywhere about countries that have switched to the USD as their official currency, countries where it widely circulates, and how it is one of the sought after ones during collapses of local ones like what is happening in Venezuela. |
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Pillar of the Community
United States
3479 Posts |
Quote:
Stop making the cent and five cent, there you go, DONE. The half and dollar already don't circulate so we don't have to worry about them. If you drop the dollar note so the dollar coin circulates, and keep the half as not intended for circulation it still works. Saved money and didn't have to change anything. And the coins still work in the vending machines without having to modify anything. It would never be accepted by anyone except wall street traders who could arbitrage the differences. State and local sales tax percentages would have to be completely redone which requires voters to get onboard. Never would happen. Consumers would take the high hard one. Not to mention the billions banks would have to spend to completely overhaul their software. Along with the millions of other unintended consequences I haven't thought of in my 3 minute preponderance of consequences. Edited by MikeF
09/05/2018 11:48 pm
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Bedrock of the Community
 United States
11898 Posts |
Quote:
A month of world travel doesn't make someone authority. I have lived abroad for 12 years. I have visited countries in every continent except for Antartica. I don't hold myself out as an authority on anything. I solicited opinions on a question and also expressed mine. Thank you for expressing yours. It was really interesting.  |
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Pillar of the Community
United States
509 Posts |
Remember that Wikipedia is written by unofficial people like you and edited regularly by unofficial people like you. But even your wikipedia states the following (read the last sentence. Quote:
2000 Dollarization
Main article: United States dollar
US Dollar
Conversion: 1 US dollar = 25,000 sucres
The US dollar became legal tender in Ecuador March 13, 2000, and sucre notes ceased being legal tender on September 11.[citation needed] Sucre notes remained exchangeable at Banco Central until March 30, 2001, at 25,000 sucres per dollar. Ecuador now only issues its own centavo coins. By the way I said over the last 60 years not 60 years ago. Last travel was Feb 2018 to Argentina. |
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Pillar of the Community
United States
2023 Posts |
That doesn't change the fact that "The present currency of Ecuador is the United States dollar." And by the way, Quote:
I can not tolerate people that want to change MY country... It's OUR country. Please don't forget that. Edit to add: Wikipedia aside, did you read the link in basebal21's post? Quote:
The non-US countries whose official currency is the dollar are Ecuador, El Salvador, Zimbabwe, Timor-Leste, Micronesia, Palau, and the Marshall Islands. The dollar is also used in all US territories, such as Puerto Rico and Guam, and a couple of British territories in the Caribbean: Turks and Caicos and the British Virgin Islands.
On top of those places, there are plenty of countries that regularly use the US dollar alongside their own local currency. Those countries include the Bahamas, Barbados, St. Kitts and Nevis, Belize, Costa Rica, Nicaragua, Panama, Myanmar, Cambodia, and Liberia, as well as several Caribbean territories.
In Ecuador's case, the country adopted the US dollar in 2000 after a financial crisis forced citizens to abandon their own currency, the sucre. Edited by Alpha2814
09/06/2018 12:16 am
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Pillar of the Community
United States
509 Posts |
You are correct OUR country, noted. One thing for sure if you are correct which I will concede until next trip I make to S.A. but now then my point is even stronger. Our currency must be better so leave it alone or else they will have to change theirs again.  If they did change theirs it must have been so they didn't get caught trying to exchange it when they sneak into OUR counrty illegally. Edited by jst1dreamr
09/06/2018 12:58 am
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Pillar of the Community
United States
509 Posts |
Maybe we should call a truce because we are gonna get ourselves kicked off the forum if keep it up. We don't either one want that.
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Bedrock of the Community
United States
17884 Posts |
Quote:
It would never be accepted by anyone except wall street traders who could arbitrage the differences. What's to accept? If they just dropped the cent and five cent are people going to object so strongly that they stop using money? And with just dropping the two coins there is nothing to arbitrage. The coins are still legal tender so there are no differences in value to hedge. Quote:
State and local sales tax percentages would have to be completely redone No they wouldn't. There are state and local tax rates now the use 1/2 and 1/4%, do have to have Half Cents and mills to handle that? No because there is rounding, and there still would be. Quote:
Not to mention the billions banks would have to spend to completely overhaul their software. Their present software can already handle it. Frankly what is there to handle? Accounts can still be tracked to the cent even if there are no coins of that denomination. Interest due is already tracked to a fraction of a cent and then rounded to the final cent and there is no reason for that to change. As far as business go every electronic cash register out there already has the software built into it to allow it to round to the cent, five cent, ten cent or dollar. So the only people that would be affected are those still using manual cash registers or cash boxes. |
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Bedrock of the Community
United States
11898 Posts |
Everything seems to cost $x.99. Even with sales tax it comes to an odd number. If you suggest to people to round off their purchase to deny them their change, I don't think they would take it lightly. The response is sure to be well in excess of the impact that it would actually have in their lives. It's irrational in my mind, but people aren't always rational. Economists are wrong when they assume people behave rationally all the time.
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Pillar of the Community
United States
587 Posts |
Quote:
Accounts can still be tracked to the cent even if there are no coins of that denomination. As well as credit/debit purchases. I believe that's what Canada and Finland do. Quote:
No because there is rounding Or something really radical: including tax in listed prices. |
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Bedrock of the Community
United States
11898 Posts |
Quote:
Or something really radical: including tax in listed prices. The marketers and merchandisers will never allow that to happen. It would drive sales down to show people what things really cost.  |
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Pillar of the Community
 United States
5029 Posts |
Quote:
Would it be clearer to mark coins with the numerical denomination in large numbers? I just wanted to bring the original question the OP asked back to the forefront here. This is a question on par with getting rid of the 1 cent coin in my mind. Basically, it should have been a simple discussion about ideas or thoughts making our coinage more user friendly to ANYONE. From adding numbers, changing the size or even getting rid of some denominations. It should not have been a thread that was semi-hijacked by keyboard cowboys thumping their chest screaming 'Merica. If any want to cover the pro's and con's of The U.S. I will gladly accept any and all PM's, and we can share and exchange ideas and thoughts. The divisive comments are not needed and are really getting very tiresome. Let's remember this site is about numismatics, and bringing a large group of us together from around the world. It is not about this country or that country or any of the negative aspects in the world. We as a group have so much knowledge to share and learn. That is a positive. And that is where we should all focus. Common ground. Yes this is my rant. |
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Posted 09/05/2018 10:39 pm
