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Coins Act Reintroduced

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cladking's Avatar
United States
2271 Posts
 Posted 06/11/2013  1:26 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
That would be a mistake. You would just be repeating the error we currently are doing with the dollar coin. The twos would circulate while the two dollar coins would accumulate in storage. Forget the two dollar coin for now and just ramp up the two dollar notes. Since people DO prefer to use paper the twos WILL circulate and no one will ever have to receive more than one dollar coin in any transaction. This avoids the "coins weigh too much" problem. Especially since any time they have two they can swap them for a note. Then in say five to ten years THEN you can introduce a two dollar coin, but this time eliminate the two dollar note at the same time and ramp up the fives.


I agree.

Our experience here would be like all the countries that have done the rational thing and circulated the $1 coin; people would soon want a $2 coin as well since coins are far more convenient for small purachases than bills. Coins are less likely to carry disease and getting a coin out of your pocket or purse doesn't let pickpockets or muggers know where you keep your cash.

To make this work we need to eliminate the wasteful cent and convert the nickel 5c coin to a cheaper alloy like aluminum. The nickel can simply be demonetized by being good only for making change.

Everyone wins, the economy improves, and the taxpayers save lots of money.

I'd be one of the few real losers because the demand for quarters would drop well below the number in circulation forcing them into storage where they won't wear out. There would still be millions of nice XF 1992-D quarters around for 25 years.

Our economy is founded on waste so it's hardly a surprise our coins and currency are found on waste. The system is busted and I don't expect it to ever be repaired.
Time don't fly, it bounds and leaps.
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jbuck's Avatar
United States
188325 Posts
 Posted 06/11/2013  3:15 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
If these coins were the size of dimes you'd all be complaining that they're too light!
Preach on, brother!


Quote:
nickel seriously considered for discontinuation, but that would likely require killing the quarter too (and possibly going to a 20-cent piece).
I am all for nixing the nickel. As long as we have two dimes, there is no need for a Twenty Cent coin (just as two quarters has made the half dollar unnecessary, although I would not mind the half making a comeback). If the Twenty Cent coin is reintroduced, it has to be significantly different from the quarter.

I do think we can keep the quarter in circulation without the nickel. Sure, people will be confused but that is okay.

Yes, I am being selfish. Make them NIFC at least. As long as I get to finish my ATB album, I am good.
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tornandfrayed75's Avatar
United States
447 Posts
 Posted 06/11/2013  9:50 pm  Show Profile   Bookmark this reply Add tornandfrayed75 to your friends list Get a Link to this Reply
I worked an event in Louisville, KY this past weekend and was able to meet and talk with you S Representative John Yarmuth. I asked him about the future of the dollar bill and the penny. He let on that everyone in the House and the Senate realizes that eliminating them both is the thing to do but it seemed like he felt that the tension and hostility between the two parties makes getting ANYTHING agreed upon almost impossible.
So I say.....I'll believe it when I see it.
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SaintRidley's Avatar
United States
592 Posts
 Posted 06/12/2013  12:32 am  Show Profile   Bookmark this reply Add SaintRidley to your friends list Get a Link to this Reply

Quote:

Our economy is founded on waste so it's hardly a surprise our coins and currency are found on waste. The system is busted and I don't expect it to ever be repaired.


You sound like you've been reading some Žižek, namely that modern capitalism's only contribution to the world is waste (aquired through forced obsolescence). Of course, that's probably not where you were going with that, but it made me smile a little.

Absolutely on board with your post.
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matchbox's Avatar
United States
1007 Posts
 Posted 06/12/2013  5:38 pm  Show Profile   Bookmark this reply Add matchbox to your friends list Get a Link to this Reply
It's going to happen eventually.... the end of the paper dollar and stop minting the one cent coin for circulation.

However, it's the lobbyists fighting the change but will have to give in as more people become aware of the cost savings.

Unfortunately there are a lot of people frightened of progress and fight it every step of the way.
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ninamason's Avatar
United States
1227 Posts
 Posted 06/13/2013  8:53 pm  Show Profile   Bookmark this reply Add ninamason to your friends list Get a Link to this Reply
Okay, whoa, whoa, whoa, whoa, WHOA.

Who in here suggested A CASH CARD?

I'm one of the most liberal people you'll ever meet, and for me a large part of "liberal" means "the right to act as you will as long as it isn't hurting anyone" (which is why, much as I hate them, I support the right of the Westboro Baptist Church to have a website; picketing funerals should be illegal, but when it comes to what they put on the internet or carry on signs at ComiCon so everybody can laugh at them, First Amendment all the way). I don't want the government knowing when I pick up an extra $15 for babysitting or give two bucks to the saxophonist on the corner or make a potentially sensitive purchase (and in this day and age, a Planned Parenthood bake sale or a chalice for my altar could be a potentially sensitive purchase). It is, as one of my uncles would say, "nonna their ding-dong business."

Then, too, there is this: Mom sends teenage son to the corner store. "Pick us up some milk and bread," she says, and hands him cash. He comes back with milk, bread, change, and possibly a candybar. Now let's pretend she hands him one of these ID cards. Now what? He can't run his mom's errand because it's not his name on the card, and please, let's not waste time blustering over given situations, etc. I worked in a gas station for two years. You don't accept a credit card that has a name not belonging to the person using the card. Period.

And do you think for a single moment that vulture capitalism* wouldn't find a way to take advantage of this and scam the dickens out of people? If you do, you have a lot more faith in large-corporate America than I have.

It's an all-around bad idea and I hope it takes off about as well as a lead zeppelin. A change to our coinage I support; going to plastic? Never. I'd find a way to live on the barter system first and tell Big Brother to stay out of my life.




*not to be confused with free-market capitalism. I'm all for free-market capitalism. I'm against things like charging someone $900/month for a medication that cost $10/month to make when their options are "pay the $900, or die." Hence, vulture capitalism: circling and circling until you can collect off the carcass.
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nalaberong's Avatar
Canada
2805 Posts
 Posted 06/20/2013  7:35 pm  Show Profile   Bookmark this reply Add nalaberong to your friends list Get a Link to this Reply
I found out that Hong Kong has both a circulating 10-dollar (the name is misleading, 10 Hong Kong dollars is about $1.50) coin and bill. I wonder which one is used more?
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Conder101's Avatar
United States
17884 Posts
 Posted 06/21/2013  09:48 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
(the name is misleading, 10 Hong Kong dollars is about $1.50)

Not misleading, 10 Hong Kong dollars is 10 Hong Kong dollars. What it's exchange rate value is is immaterial. $10 Hong Kong is $1.50 US, but it is $45 Taiwan. And it is other amounts in the currency of other countries that use "dollars".
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augsburger's Avatar
Germany
1063 Posts
 Posted 06/24/2013  12:49 pm  Show Profile   Bookmark this reply Add augsburger to your friends list Get a Link to this Reply
The argument that you could end up with a very heavy wallet I think is actually wrong. I live in a place with banknotes down to the lowest denomination, and we hardly see coins here at all. I have a ton of these little, almost worthless banknotes in my wallet. Would that mean I'd have a ton of them if they were coins? No.

When I have lived in places with coins like this (being quite a few countries) I have either used them up to make my wallet not so heavy, they are easier to throw out of your wallet into your hand, and for those of a dollar or 2 dollars worth, you're far more likely to use the coins than the banknotes.
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