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Re-introducing The $5 And $10 Coin

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Valued Member
United States
300 Posts
 Posted 04/18/2014  12:35 pm Show Profile   Bookmark this topic Add Night Hawk to your friends list Get a Link to this Message
With the governments continuing failure to get people to use the $1 coin, I was wondering how people would feel about the re-introduction of $5 and $10 coins.

Unlike the $1 these would have a decent value behind them and in most cases you wouldn't be "stuck" with a pocket full of them like you could with the $1 coins.

Personally I'd love to see these in use and I think they'd be more accepted by the public then the $1 coins have been.
Pillar of the Community
United States
1307 Posts
 Posted 04/18/2014  2:14 pm  Show Profile   Bookmark this reply Add coinsearcher83 to your friends list Get a Link to this Reply
People would probably find some way to complain about being stuck with a pocket full of $5 and $10 coins also. There's no reason a person should have more than 4 $1 coins, or more than 4 cent coins, but they generally just don't spend change. Just pile it up and complain when they have too many lol
Pillar of the Community
United States
1531 Posts
 Posted 04/18/2014  2:22 pm  Show Profile   Bookmark this reply Add Cruisinfusion to your friends list Get a Link to this Reply

I would sure enjoy that.
Pillar of the Community
Canada
726 Posts
 Posted 04/18/2014  2:44 pm  Show Profile   Bookmark this reply Add persistnt to your friends list Get a Link to this Reply
I say its okay, a five and ten.....In canada here we resently shelved the 5.oo coin proposal...no plans until after 2015...For Canada and USA , this 5.oo coin will be in existance some year...Question is when....It has to come at some time- because of modernism and change and economy....In 1910 either NewYork or chicago Newspaper published an article that Maned Flight was a Million years away...3 months later it was a Fact..(Manned flight)....I say hope we get the coins before 2020...
Edited by persistnt
04/18/2014 2:45 pm
Pillar of the Community
708 Posts
 Posted 04/18/2014  3:49 pm  Show Profile   Bookmark this reply Add Fox to your friends list Get a Link to this Reply

Quote:
There's no reason a person should have more than 4 $1 coins,


Wrong. There is no reason why a person should have to carry more than TWO $1 coins (Do not forget the $2 bill, or possibly a $2 coin. But please, NO $2.50 coin again. The Quarter Eagle was before my time, but I still despise that denomination. Too odd and confusing)



Quote:
or more than 4 cent coins,


There are "4 cent" coins? Never knew about that denomination. (Just kidding, but you should have said four ONE cent coins)

Valued Member
United States
149 Posts
 Posted 04/18/2014  3:51 pm  Show Profile   Bookmark this reply Add adambur to your friends list Get a Link to this Reply
what I recall of the canada polling was that up to $2 people would spend bills or change, once it go to the $5 mark most people used debit or credit cards, not even $5 and $10 bills. so while there was still a place for currency at the $5 and $10 mark, its use was declining. I don't recall any notes on whether people preferred the $5 coin to the bill.
Pillar of the Community
United States
1300 Posts
 Posted 04/18/2014  3:55 pm  Show Profile   Bookmark this reply Add rupester to your friends list Get a Link to this Reply
If they quite making paper money the dollar coins would get used....
Edited by rupester
04/18/2014 3:56 pm
Pillar of the Community
United States
8028 Posts
 Posted 04/18/2014  5:43 pm  Show Profile   Bookmark this reply Add CoinCollector2012 to your friends list Get a Link to this Reply
I recently did a presentation for my coin club on the failure of the dollar coin and I found that the only reason the government makes them is because it costs them a lot less than the coin's face value to make. Nowadays they make even more of a profit because they sell them to us collectors for more than face. I think that we should do what Canada has done and get rid of the $1 and $2 bill and force people to use the coins.
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Valued Member
United States
317 Posts
 Posted 04/18/2014  6:04 pm  Show Profile   Bookmark this reply Add PennyPiggy to your friends list Get a Link to this Reply
Let me go find my money bag.
Pillar of the Community
United Kingdom
837 Posts
 Posted 04/18/2014  6:55 pm  Show Profile   Bookmark this reply Add DaytR to your friends list Get a Link to this Reply
On paper a $5 and $10 coin would be nice but two questions immediately cometo mind: (1)what will be the weight of the coins ? (2) what will be its metallic composition ?
Pillar of the Community
United States
1531 Posts
 Posted 04/18/2014  7:02 pm  Show Profile   Bookmark this reply Add Cruisinfusion to your friends list Get a Link to this Reply


There would be a lot of controversy if it was a copper-nickel clad because melt wouldn't be worth nearly the face.
Pillar of the Community
United States
5053 Posts
 Posted 04/18/2014  8:18 pm  Show Profile   Bookmark this reply Add jack jeckel to your friends list Get a Link to this Reply

Quote:
There would be a lot of controversy if it was a copper-nickel clad because melt wouldn't be worth nearly the face.


How much melt values does the paper of the $5 and $10 bill have?
Pillar of the Community
708 Posts
 Posted 04/19/2014  5:17 pm  Show Profile   Bookmark this reply Add Fox to your friends list Get a Link to this Reply

Quote:
How much melt values does the paper of the $5 and $10 bill have?


We won't know the answer to that question until we convert to polymer. A material that can actually be melted.
Pillar of the Community
United States
904 Posts
 Posted 04/19/2014  7:44 pm  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
Remember that back in the day the $5, $10 and $20 (gold) coins were not really circulation coins but a way to monetize metal and store value. With no way to verify the value of paper products and the wide variety of bank issued bills of dubious worth these coins were used as savings and backing for many of the paper products of the day. They were also used for large corporate transactions and international trade.

Now, in the current day, $5 doesn't buy much any more. It won't even buy a gallon of gas in some places. Also, with the ever expanding use and acceptance of electronic money (credit, debit and stored value cards, web transfers etc.) for even small amounts the need for large value coins and small value bills is declining rapidly. It won't be long before the vast majority of retail purchases under $20 will be cashless, I imagine it is already the case for larger transactions.

Walk into any 7-11 near a high school these days and watch the kids buy a soda for under $2.00 and use a debit card. With things like the Square device even person to person transactions are being made with plastic. ("Hey Billy, want to buy a joint for $5?" "Sure, here is my debit card, run it on your iPhone with the Square"...)

While us collectors would love to see more types of coins out there I think inflation and technology will overtake the need for larger denomination coinage. While I really agree with our young Mr. Fox that it would be fun to use half dollars and $2 bills, it will all be moot by the time the CongressCritters get around to setting up larger denomination coinage. What we have now will likely be the last coin and currency types used in the US and probably Canada as well.
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United States
83885 Posts
 Posted 04/19/2014  10:35 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
If they quite making paper money the dollar coins would get used....


The only way the five and ten dollar coins would ever be used is if they simultaneously killed off the five and ten dollar notes.
Bedrock of the Community
United States
19156 Posts
 Posted 04/20/2014  10:40 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I've said this many times. Coins and even curency is on it's way out. So why even attempt to make new things? Ever notice all the vending machines around. Who is going to fix them all to take a $5 or $10 coin? Who is going to educate all the people that hardly know what a $2 bill is or that there is such a thing as a Half Dollar coin?
Not sure what it's like all over the country but by me, debet and credit cards rule. And more and more of them are giving you %'s back on what you use them for. Example is BOA with their 1,2,3 % back on everything. And they have it so you can ether get the cash or transfer to one of their accounts and get additional 50% more. So why use cash at all? When at stores I see less and less people using cash. I've even seen people use a credit card for a purchase of less than one dollar.
Some day people will say "CASH, what's that"?
just carl
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