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 Replies: 20 / Views: 2,777 |
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Pillar of the Community
United States
1796 Posts |
So with the recent bogus move by the Treasury to limit $1 coin production, I've been thinking to myself: "We're all coin enthusiasts here. What do we all think about currency modernization, as that will ultimately affect our hobby in the long run?"
I, personally, see three -- potentially four -- things that we need to do to modernize our coinage, two of which I am all for, one of which I admit with regret, and one that I'm still toying with the idea of:
1) Kill the $1 note and expand the $1 coin.
This is the obvious choice from all angles (unless you're part of the paper lobby and like leaving out any mention of all of the benefits when you discuss it with other people). :-)
When educated about its savings, people love the $1 coin by a margin of 2 to 1. It costs 1/10th of what bills cost over a 30 year period, and $1 coins can be recycled, where $1 notes are simply shredded and clog up our landfills.
2) Start minting $2 and possibly $5 coins.
Eliminate more paper. The savings is a bit smaller as circulation would be smaller, but we're behind the UK, Canada, and a bunch of other countries with this.
3) Eliminate the penny.
I regret that this is a necessary step, as I love Lincolns, but they cost us a heck of a lot more money and time than they're even worth. All countries that have eliminated their 1/100th denomination coins have had no ill effect in pricing or charitable contributions at all.
4) Eliminate or debase the nickel.
I more lean towards debasing the nickel, as it's already (depending on the day of the week) worth more at melt than face, and taking into account labor and energy costs, twice its face value to manufacture. When the half-penny was eliminated in the 1800s, it had the relative purchasing power of a dime, so this sort of cull has happened already for our country. But... I'm also fond of Nickels... :-)
In any case, discuss!
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Valued Member
United States
297 Posts |
Eliminating paper or metal money will only lead to a credit economy (debit and credit cards) in which the goverment and the internet will track your every move (and I am not one of those government conspiracy therosist)
The dopeman will still get paid with some form of untracable cash, whether it is from your stolen big screen LED tv, stolen car, stolen coins, or whatever because it will be hard to run from the police with a pocket full of $400 in President $ coins when your pants are already around your ankles due to natural causes.
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Valued Member
United States
257 Posts |
Quote:
The dopeman will still get paid with some form of untracable cash, whether it is from your stolen big screen LED tv, stolen car, stolen coins, or whatever because it will be hard to run from the police with a pocket full of $400 in President $ coins when your pants are already around your ankles due to natural causes.  |
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Bedrock of the Community
 United States
12819 Posts |
good mental image there, cd_god. hahaha :)
Yes, the dopeman will get paid in that scenario but the dopeman gets paid now anyway. So really it's a wash. And they probably get paid in $20's anyway, which are in no danger of going away.
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Bedrock of the Community
United States
10034 Posts |
1. Not so "obvious" I have a long post here on what I have gleaned not only from reading, but from witnessing what happened when the Loonie was introduced in Canada. http://www.coincommunity.com/forum/...05005#8851592.Quote:
but we're behind the UK, Canada, and a bunch of other countries with this Your term "behind," in this context implies it is a certain fact that the point you are making is already correct. It is similar to a loaded question. In fact, and to clarify, I could actually say we are "ahead" of these other countries b/c our government (for once!) decided to listen to the voice of the American people. The majority of Americans do not want the dollar coin to begin with (or there would not be so many of them in vaults being stored at taxpayer expense). I also do not believe the "education" on taxpayer money "saved" which is used to back up the figures claiming 2-1 Americans favor the coin when they have been "educated" are revealing every angle either (such as leaving out the initial rise in prices, and the actual value/non-value of the "saved" money over a 30 year period - [number taken from the websites]). Canadians did not want their dollar coins when the program first started. I would also like to see what would happen up there if they went back to a dollar bill - from being there enough - I think (note that word) I know the answer. Your initial statement: Quote:
So with the recent bogus move by the Treasury to limit $1 coin production, already shows (form the term bogus), what you feel on the subject. Your first point then goes on to (indirectly) make others appear ignorant on the issue. Not the best way to start a discussion  The websites which list the "benefits" also tend to make their point of view more appealing by not giving all the information from every angle. Again, see the post I made on the other thread. Hypothesis vs. experience does not make an ipso facto position. When a system like the dollar coin is imposed, it is the little man in day to day life who ends up being taken advantage of (nothing new).
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 halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Pillar of the Community
United States
2651 Posts |
Halt $1 Dollar coins....
Back Money with Gold/Silver....
Sit back and watch our money actually gain value...
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Pillar of the Community
United States
584 Posts |
"When a system like the dollar coin is imposed, it is the little man in day to day life who ends up being taken advantage of (nothing new)" AMEN! Lincoln Cent Revolution Soon to come lol |
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Pillar of the Community
United States
1302 Posts |
My idea is this:
Understand that the 50 cent piece not circulating is the real reason why the dollar coin won't circulate either.
I'd make the zincoln worth 2 cents, eliminating the 1 cent denomination.
I'd change the size and shape of the fifty cent piece, make it golden like a half dollar, slightly larger and thicker than a quarter.
I also think phasing out the $1 bill is necessary to get the $1 coins in wide use.
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New Member
United States
11 Posts |
Im with Jayman931! He seems to have a firm grasp on the underlying problem.
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Pillar of the Community
Germany
1063 Posts |
The gold standard is fake, and benefits those who seek out a metal that to be honest should not represent the total worth of a nation.
Currency at present represents productivity. Say your productivity is 100, and the country next door's productivity is 50, then your currency is going to be worth a lot more than theirs. The more you are productive, the more you can go to less productive countries and have a good holiday. Seems that a capitalist country should really go for that, rather than "let's raid the incas and see how much silver they've got, eh, Pizarro?" "Which one?" "Oh, the one with the beard and the horse!"
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Pillar of the Community
United States
4132 Posts |
Quote:
Sit back and watch our money actually gain value... Deflation (which would indeed be the result of going back to the gold standard) would be an utter disaster for the economy. If money gained value while stuffed inside your mattress, what would be the incentive to invest it and put it to work? |
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Pillar of the Community
United States
2651 Posts |
The Dollar would have more buying power if it was backed by a precious metal. Gold is probably unfesible with the amount of Dollars the Fed has produced but there are many other precious metals...silver Copper and Aluminum.
Deflation Inflation would be the last thing that would happen if we backed our Dollar with precious metals. The only think that is backing it right now is Confidence and that is waining.
Do realize that Silver and Gold really haven't sky rocketed...The Dollar has dropped and is not worth as much so it takes more Dollars to buy the same amount of Silver and Gold (or any goods...Food....Gas..notice how everything has gone up alot?)
The Fed has doubled our money supply in the last 2 years. That deflates a currency which in turn inflates prices for goods and destroys the economy.
Think about this...If you had a choice between a shoebox full of $500 US dollar bills or a shoebox full of $500 worth of gold...you had to choose one and which ever one you choose you can't open it for 5 years....which one do you want?
Edited by Jayman931
12/14/2011 1:46 pm
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New Member
United States
11 Posts |
Wow augsburger so intrinsic worth is now fake and "currency at present" without any intrinsic value is real? I agree with your productivity claim but it seems to me that the ability to determine relative worth of currencies (of equal worthlessness) from various countries would encompass a much wider swath of variables such as military strength, political power, historical alliances, etc... and I must say I disagree that "currency at present represents productivity." As Jayman just said our US currency supply is increasing which does not seem to correlate at all with US GDP (production) in any manner. Does the money supply play any factor in your world, how about a world reserve currency and ability to produce it? Are you near Wiemar Germany by any chance?
Captainfwiffo I could pose an alternate question to yours: If a fiat currency with a constant increase in supply is present and is constantly loosing its purchasing power due to inflation what would be the incentive for anyone to be responsible and save money? And by the way that money in your mattress would not actually be gaining but merely retaining its value.
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Pillar of the Community
United States
4132 Posts |
Quote:
The Dollar would have more buying power if it was backed by a precious metal...Deflation would be the last thing that would happen if we backed our Dollar with precious metals. One of us is pretty confused. Quote:
Captainfwiffo I could pose an alternate question to yours: If a fiat currency with a constant increase in supply is present and is constantly loosing its purchasing power due to inflation what would be the incentive for anyone to be responsible and save money? And by the way that money in your mattress would not actually be gaining but merely retaining its value. This is one of the paradoxes in economics. Sometimes what is good for the individual is bad for the economy as a whole. Yes, it's good for your own finances to save money, but it's better for the economy if you spend it. Spending creates demand which creates jobs. Right now inflation is relatively low, which gives people little incentive to spend. If you expected higher inflation in the future, you'd be motivated to spend money now because your money will be worth less in the future. That's why banks with fractional reserves are necessary. That way part of the money people are saving can be invested in some sort of productive activity. Edited by CaptainFwiffo
12/14/2011 12:54 pm
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Pillar of the Community
United States
2651 Posts |
CaptainWifo- Not confused just wrote the wrong word...I type rather fast and barely ever check spelling or what I wrote.... Edit... deflation => Inflation
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Pillar of the Community
United States
4132 Posts |
But that's my point... Deflation would be bad - it would reduce the incentive to invest and to work, and would increase the burden of debt.
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Replies: 20 / Views: 2,777 |
Posted 12/14/2011 12:12 am
