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 Replies: 74 / Views: 9,478 |
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Pillar of the Community
 708 Posts |
Doug58s, I thought it was stated that ALL vending machines made after 1979 were able to accept SBAs, but all that was needed to be done, was the flip of a switch, and a dollar coin tube added. jbuck also said that the same was true for halves, except, unlike for SBAs, the halves needed a half tube, a switch flipped, but also, a larger coin slot. So, obviously, those two coins ( SBA and half and even all GDs) are user friendly, or could be user friendly if the vendors would just update. |
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Bedrock of the Community
13014 Posts |
Updating costs money without gaining them anything which is why it wont happen
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Pillar of the Community
708 Posts |
Well, if the $1 bill is eliminated, and there are still a lot of machines that need to be upgraded to accept small dollar coins, I'm going to try to encourage them to upgrade for halves as well, seeing as, if they have their machines all taken apart for one coin, why not upgrade for two coins? And you don't need to say "Because they are not minted for circulation anymore" because that does not matter. What matters is, the half is STILL a current denomination. Also, the vending guy I ralked to, hasn't said "no" to me on the half upgrading issue yet, and hopefully my local Walmart and Meijer stores will heed my ideas for dispensing $2 bills and halves as needed, as well as Meijer actually upgrading to accept halves as well as dispensing them. The Meijer World HQ did say that they take customer issues very seriously, so mayne there is a chance. |
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Bedrock of the Community
13014 Posts |
The 3 cent silver is still current denomination if not being minted for circulation doesn't matter, a bit extreme but demonstrates the point. Being minted for circulation is everything for what money gets used. Companies dont spend money to accommodate things that arent made anymore. If the dollar goes thered be even less of a chance for a half slot as space would be at a premium for the dollar coin holders, bills take up far less room. Companies have to get something out of it to justify their action, in this case theres no gain only time and money lost
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Pillar of the Community
United States
998 Posts |
The Ike was pretty much a dead coin from the get-go as far as retail circulation goes. Remember that for the most part silver dollars were not really circulation coins, they were a way to monetize metals and store it conveniently, same for gold coin. A secondary use was for bulk transfer, most often for foreign trade. Before the 1930's when gold was removed from daily use and they stopped minting the silver dollar there was no such thing as electronic wire transfers. While paper money was abundant, gold and silver ruled the day for large transfers. Halves were the most important coin for circulation purposes, you bought groceries with a handful, a nice lunch at a diner with one and it was important to daily life. Fast forward to the 1960's and 70's. The dollar isn't worth what it was 30 and 40 years before. Halves were disappearing as fast as they could be made. Quarters had taken over as the big cheese for circulation. Silver has now been removed from smaller coins and reduced in the half. Someone thought it would be a good idea to make a large dollar coin again since the casinos were making their own tokens. The Ike was made of base metal, silver was removed from the half altogether and the casinos were happy to have a big coin to go clunk in a slot machine. Well, the Ike went over like a lead balloon outside of Vegas and lasted all of 9 years, 8 if you combine the two years they made the Bicentennials. No one wanted them on the street, they were too big and no one was used to having a dollar coin. Halves were all but forgotten as a circulation coin by then and after 1970 the ones left were being scooped up for the silver content. The SBA did what no one thought possible; It was reviled worse than the Ike. Yes, it was smaller but it looked like a quarter and they were circulated more as quarters than dollars. Casinos rejected them and kept the Ikes and tokens going. Another 20 years passed and the gold colored dollar coins were introduced. While more popular than the SBA at first, they really didn't take off. That pesky dollar bill was just too darn convenient. Can't stop making the greenback! Gotta have those Georges out there. Who cares that they are more expensive to use than coins, I want my folding money, darn it! Nowadays however it is a different story. Sure, we still love our dollar bills and don't want to use dollar coins. Our friend Fox is absolutely right; using a half dollar and dollar coin, as well as a two dollar coin would be a lot more efficient than a stack of bills and a pocket full of quarters. The problem is they are still too big. While Canada has had success with the Loonie and Twoonie (they can't get the half dollar used there either though), there still are a lot of complaints as to the size and weight of these coins. I think the USA should look at the UK for guidance here. The £1 coin is roughly the size of 2 nickels stacked. The £2 coin is slightly larger around but thinner. We could do something similar for larger coins. Imagine coins of similar sizes for the $1 and $2, a half dollar roughly the size of our current quarter, a 20 cent piece about the size of a dime. Make a 10 and 5 cent pieces copper colored roughly the size of our current penny and nickel. Eliminate the $1 and $2 bills. Sure, machines would need to be reworked, but that is a relative pittance anyway. Don't worry about coin phones, they are almost extinct these days. Just gotta get pop and candy machines to work with the new coins. Commerce would be easier, just gotta make enough before release to take over quickly, kind of like how Europe switched to the Euro. I think this would be a lot more acceptable than a revalue of the currency like I mentioned elsewhere, but it is radical enough. Time is short however, we are getting to the point where coins and paper money may be relegated to the history books so any changes to coins (other than design) could be a moot point. |
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Pillar of the Community
708 Posts |
basebal21,
They still Mint 3 cent silver coins? I never knew that. But if they are made out of precuiys metal (silver) and there is no 10 year stock pile of these coins in vaults, I don't think you can argue there. By your logic, dollar coins are noy being made either, because the Mint has a 10 year stock pile of dollar coins as well, and once they run out of both circulation dollars and halves, they Mint will mint more of each denomination.
As for the half having more trouble with the $1 bill gone, I agree. The dollar coin would take the half's place in cash registers, unless they had the type of drawer that allows you to convert to 6-coin slots, or if the penny goes the five slots would still work, but then, there is another issue to overcome: the $2 coin. Once that happens, there may not be room for the half in many vending machines, however, I did get a letter reply from NAMA stating that, if I could convince them that people still like using coins for small transactions, then a circulating, half dollar and $2 coin may in fact become a reality. Like I said though, if the vendors need room in their machines for $1 and $2 coins, besides halves, reduce the size of the half and make the new halves ditinguishible by looks and feel. If the half were a sided coin, and as I said, more extremely sided than the Canadian dollar coin and some of their pennies were, we could even keep the half silver colored, because, with either a smooth or reeded edge or partly reeded edge, the new sided half would be a shape that differs from a circle, and that shape would be a dead giveaway even to a blind person that that coin he or she is holding is a half.
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Pillar of the Community
United States
899 Posts |
Personally - I don't see the value in a $1 coin anymore. I'd expect to see a $2 coin and just skip the wasted time a $1 coin would be. Even a cup of coffee in the local gas station cost more than a dollar today... just sayin.
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Pillar of the Community
708 Posts |
Doug58s,
I'm sorry, but as much as I love halves, I'd hate to see the $1 denomination die, just as much. I would rather carry a dollar coin over two halves, or especially over four quarters, or two quarters and one half would be more annoying as well. I wouldn't mind adding a $5 coin to the half, $1, and $2 coins though with the $10 bill being our smallest paper (or preferibly polymer) denomination.
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Pillar of the Community
United States
998 Posts |
Fox:
Your thoughts of a $5 coin may well come about one day. With the ever decreasing purchasing power of the dollar it is more likely. We just have to get over the hurdle of the paper money lobby that is keeping the paper dollar around. It might take a decade or so from now but I wouldn't be surprised if coins are around that long...
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Pillar of the Community
708 Posts |
n9jig,
I hope that my thoughts of a $200, $500, and $1,000 bill are not far off as well. Like someone else was saying, those denominations are coming, but they will NOT be "more" money. They will just be the same bills as we have now, with larger numbers on them, due to inflation and the erosion of the U.S. dollar. I would hope we have at least $200 and $500 bills by the year 2020, but even the $1,000 bill should be reissued around that time, because, say you are buying a $3,000 car or rv, or boat off a prvate seller who does not feel comfortable with accepting a personal check, and wants cash. And most people are not going to go out and buy a credit or debit card machine for a few uses in a lifetime deals. Sure 6 $500 bills are way better than 30 $100 bills or 15 $200 bills, but, those 6 $500 bills are still a lot of bills to deal with. 3 $1,000 bills would be a lot nicer and much more conveinient, and so would the a $1,000 bill and a $2,000 bill, if they did the smart thing and issued $2,000, bills and reissued $5,000 and $10,000 bills, because, when you think about it, there are also private sellers who have boats, cars, rvs, and in this message board's case, expensive coins and currency that coould cost $10,000+. Think of something, like a rare 1943 copper penny. Wanna buy it? That'll be 5 $10,000 bills or so. And thats still a lot of bills to handle, but I'm not saying to make any bills larger than $10,000 again. At least, not in the near future, however, that lawyer I knew and used to talk to, agreed with me that the rich and wealthy would even get good use out of an actual REAL $1,000,000 bill. Thats right a reall ONE MILLION DOLLAR BILL, but we know thats not happening with the drug dealers, money launderers and counterfeiters and such. I wouldn't be opposed to a $20,000, $50,000, $100,000, $200,000, $500,000 and $1,000,000 bill, but "I" personally, would never see one, let alone use one. The Feds probably wouldn't even let you hold one without FBI agents holding onto your arms.
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Bedrock of the Community
13014 Posts |
Quote:
because the Mint has a 10 year stock pile of dollar coins as well, and once they run out of both circulation dollars and halves, they Mint will mint more of each denomination They wont though. When theyre gone their gone. The sad part is its going to take 100s of years to get through that 10 year backlog considering neither has been minted for years and it hasnt even out a dent in the supply. The only thing putting a dent in the half supply at all is Vegas. I dont know if other casinos use them or not but the only place I've ever seen the half get used is Vegas. Even then though it either obviously was lost to the house or 9 times out of 10 ended up part of the dealer tip so its not like it was really circulating but was seeing use acting as the 50 cent chip Quote:
if they did the smart thing and issued $2,000, bills and reissued $5,000 and $10,000 bills, because, when you think about it, there are also private sellers who have boats, cars, rvs, and in this message board's case, expensive coins and currency that coould cost $10,000+. Theres no real need for them. They dont make currency for things that happen once in a blue moon. But youre also forgetting the bigger picture. The government doesn't want you using cash. Cash makes things hard to track and fly under the radar. They want records of things they can use to get more taxes out of you Edited by basebal21
05/26/2013 01:47 am
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Pillar of the Community
United States
2311 Posts |
Quote:
The Feds probably wouldn't even let you hold one without FBI agents holding onto your arms I would rather them holding my hand then my arm.  |
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Pillar of the Community
United States
4901 Posts |
Quote:
Updating costs money without gaining them anything which is why it wont happen Correct....and: Quote:
I wouldn't be opposed to a $20,000, $50,000, $100,000, $200,000, $500,000 and $1,000,000 bill, but "I" personally, would never see one, let alone use one. Wow! .. How about a 99 cent bill or coin that could be used in states with no sales tax....That $2.99 item could be paid with 2 bills and no change...eliminating the need for the penny Edited by Foxwoods Man
05/26/2013 09:34 am
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Pillar of the Community
708 Posts |
Foxwoods Man,
First off, there are states with no sales tax? If so, thats news to me.
And second, the "99 cent bill or coin" idea could be fixed by just making that $2.99 iten $3 exactly, then hey, we could do as I suggested, and ressurrect the plans the Treasury orginally had for a $3 bill. There's your problem solved, and we can use ONE bill instead of two, and print even less bills and/or mint even less coins.
Third, I believe that there should be a law in place that you could only price things less than by the dollar if there was at least only a 25 cent difference. In other words, if you want to price something under $100, but want to make it look cheaper than $100, it should have to be priced at $99.75 at highest and even if you priced it at $99.76 you'd get in trouble, and get rid of this "$99.99 and $99. 95 crapola pricing, and make that iyem aciallu LOOK like its less than $100.
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Bedrock of the Community
13014 Posts |
Delaware, New Hampshire, Montana, Oregon and Alaska dont have any sales tax. The no sales tax thing makes the Delaware outlits very popular in the mid atlantic region for travelers.
Also the federal government should have no part of telling the private market how they can price their goods.
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Replies: 74 / Views: 9,478 |
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Posted 05/25/2013 8:02 pm
