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 Replies: 12 / Views: 2,307 |
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Valued Member
Canada
386 Posts |
In the last 16 years we have seen solid copper 1 cent and solid nickel 5, 10, 25, 50 cents 1$ and 2$ coins withdrawn from circulation. We will lose the penny completely next year and have seen the introduction of plastic bills.
What's next ? The complete withdrawal of coins and bills and replacement with electronic currency.
The chief benefit (for the government) of electronic currency is that every transaction can be tracked and taxed, with the actual savings of withdrawing currency from circulation being a secondary consideration.
Edited by 1945V
12/24/2012 06:44 am
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Pillar of the Community
Canada
1554 Posts |
 I don't enjoy or collect modern coins, so it wouldn't matter to me one way or the other. I don't believe we'll see it in our time, however, I feel there will definitely be a day when hard currency will be over, possibly be near end of this Century the way technology is going! New generations do not carry money in their pockets/wallets anymore. My teen sons had a party at my home last summer with appr. 50 teens attending. I mingled amongst the group and the topic of Numismatics came up. I asked how many of you kids use actual money for day to day purchases, only a handful acknowledged they did. The rest used debit/credit cards. And to think that debit cards, Paypal, e-cheques, ATM's, cell phone payment etc. are all new in our society. (less than past 30 years old) Can you imagine what the next 50-100 years will be like? Glenn  |
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Pillar of the Community
1844 Posts |
Thats easy Glenn there will be no money..The Gov..will issue everyone a card with a pre determined amount on it based on either that persons salary or what the Gov had decided to pay... So what you will see is millions of people who cannot control spending starve.. It will be a sad day for sure
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Valued Member
Canada
370 Posts |
I would have a problem with my bank and government knowing we're I spend ALL my money.
I don't really have anything to hide, I just think that there are some things you should be able to keep private.
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Valued Member
Canada
334 Posts |
The under ground economy will never let things function without hard currency of some kind .
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Pillar of the Community
Canada
1411 Posts |
Resisting urge to say that Youth like me are the future of Numismatics...
@Artdio
That would not work. Some would find a way to resist
<-- Like me!
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Pillar of the Community
Canada
2495 Posts |
I'm not that optimistic about the future of our hobby.
The average age keeps creeping up and there's not a lot of new blood to take our place.
I also believe we're going to have one more major coin collecting boom and that will happen when PM prices peak.
Sometime in the future. All the collectors who had bought PM's from 2008 and had stayed away from coin purchases will now cash in their over priced PMs and purchase coins at extremely low cost relative to their new found PM wealth.
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Pillar of the Community
Canada
1554 Posts |
 I used to remember back in the 1970's as a teenager, one afternoon I stopped into my local bank for my pre-weekend withdrawal before the 3:00 p.m. closure. By chance I happened to come across the bank manager and we got to talking. He told me he had just come back from a C.I.B.C. meeting in Toronto discussing the future of banking. He said that there will be in the near future a machine in the bank available to all customers 24/7 (365 days/year) where you can do much of your banking. You will be able to deposit/withdraw money, deposit/cash cheques and update your bank book. At that time I chuckled and told him he was watching too many episodes of Star Trek..............lol However, looking back 40 years ago, we now know he was talking about the Automated Teller Machines and he was right as to what they were capable of doing and we no longer have to rush to the bank before Friday close! The same goes for this thread, we are discussing over the improbability of losing hard currency as a result of demand , underground economy, public love of it etc. But, just as I laughed at my banker 40 years ago for telling me about these weird machines that will pump out money on demand, I believe there will be a time within the next 50-100 years where hard currency will no longer circulate/exist (accept in Collection/museum). Even today, paying with your cell phones is starting to pick up as the latest trend which will eventually make credit/debit cards obsolete within the next 20 years! Glenn  Edited by glenzy1
12/25/2012 10:46 am
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Moderator
 Canada
10458 Posts |
I already use my cell phone to keep my cafe Americano fix strong, at Starbucks....
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Valued Member
Canada
61 Posts |
I think bills & coins are there to last, they will only see their "market share" decrease as the payment methods mutiply.
Credit & debit cards are more and more popular, they've been around for a while, but the Mint & Bank of Canada are still striking a lot of coins and printing a lot of banknotes, meaning the need is still there.
Someone already mentioned the privacy issue, and that's the main "threat" for individuals.
By tring to impose electronic payment as unique for of payment, a government would encounter huge opposition from human rights organisations of all kind.
We would probably even see local initiatives, such as vouchers, barter, etc.
Not to mention the fragile status of these new forms of payment.
Today, a thief doesn't need to brake into your house or to hold-up a bank to get cash: all he needs is a good computer and the "right" knowledge.
Today, you don't see your cash, it's all virtual. It's there, but in fact it's nowhere.
Imagine if there was a major crash of such a payment method, so that it wouldn't work for days or weeks, or if a major breach occurs, how we would be happy we've kept hard cash.
Think even when the power is out for a long period, you can always deal with cash, not with cards.
Same think in isolated areas, cash is always a safe bet.
And remember, at last, that politicians will always need hard cash that cannot be traced for their campaings and organisations, and they're the one making the laws.
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Valued Member
Canada
299 Posts |
I can't see the governments bother even with plastic notes in the near future, let alone coins. Debase and inflate look like the only options ahead of us. Digital money looks like our future.
Edited by trimble
12/25/2012 7:31 pm
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Pillar of the Community
United States
655 Posts |
There will still be coin collectors no matter what. It's just that all the collectors will be collectors of ancient coins.
Bob
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Pillar of the Community
Canada
3692 Posts |
Electronic money exchanges are getting more popular, but it would behoove the Canadian public to perform a ritual bank run every so often as a form of public audit to keep the banks in check and to make sure the money is actually there and not being made up on the spot. The fact that electronic money can be traced isn't going to deter a criminal from using other hard currencies or commodities; it will simply punish the law-abiding. (I can think of another analogy but I won't get into it at the moment.) Money cannot be taken away completely. Criminals will simply use another money source to complete their transactions - and it would benefit society greatly if we allowed them to use "money" (an imaginary metaphor for value) instead of something that society uses like food or fuel. Imagine if illegal cartels took control of society's lifeblood to perform their dirty work.
But getting back on topic, I always think of dying coin designs as relics of the past. Even though we have books and catalogs that show our history of coins there's nothing quite like being able to take a piece of history from your pocket and prove a point to someone. That's how I value coins - through their histories. It's almost unbelievable how much history you can learn simply from a hobby as mundane as coin collecting.
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Replies: 12 / Views: 2,307 |
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Posted 12/24/2012 06:40 am
