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 Replies: 41 / Views: 3,721 |
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Pillar of the Community
Russian Federation
5172 Posts |
Quote:
But in South Korea, they haven't had the heart to retire their lowest denominations from uncirculated sets, no matter how worthless (1 won = ~0.1 cent, and the 2013 set has 1, 5, 10, 50, 100, and 500). To me, it's a sign of weakness! In Russia, coins of 1 and 5 kopek denominations (circa 0.03 and 0.15 US cents respectively) were continuously minted, for circulation, up to 2009 (they still technically circulate, though rather rarely - just today I asked for 1-kopek coins in a shop, and got a 2009 among others; and I still occasionally get 5-kopek coins in change even without asking for any). There were none minted in 2010 and later though (not even for sets). However, 10-kopek coins (0.3 US cents) are, to the best of my knowledge, still minted to this day; and they certainly still circulate (though aren't particularly well accepted in many places). I know Belarus makes most of their commemorative coins with a denomination of 1 ruble, however low that would actually be (it's 0.012 cents last time I checked); indeed banknotes of 1 ruble (and 5 and 10) have, I believe, been since demonetized. IIRC it's a common idea for countries with a business in commemorative coin making to do their commems, unless (and often even if) of a precious metal, with ridiculously low denominations; Belarus is a funny "exception" in that, with the sheer low value of their currency, the official release price isn't all that high either (as low as 50-70 cents for some cupronickels - no idea whether they can actually be bought anywhere near so cheaply, but that's what the official bank website says). |
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Pillar of the Community
 708 Posts |
jbuck,
The four penny issue is a reason I wish we still had a 2 cent coin, like the Euro people do. But minting a 2 cent coin now, makes about as much sense as minting a 1 cent coin does now (which if we did still have 2 cent and/or 3 cent coins, I'd be in favor of eliminated the 1, 2, 3, and 5 cent coins)
As for the 20 cent coin, I wonder how long it would take most people to realize that they have a 20 cent coin and not a qyarter. Also, should we call this 20 cent coin a "fifth" since its a fifth of a dollar? (-;
As for the sales tax making any pricing scheme pointless, why not figure in the yaxes with the price of the item so that you ABSOLUTELY know what you are paying when you buy something.
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Bedrock of the Community
13014 Posts |
Merchants price things without sales tax to make them look cheaper and because the price of the goods changes from time to time. People are more likely to buy something for 2.99 with the 2 in front than 3.16
Also keep in mind the larger your smallest denomination is the larger price increases have to be. If you have a 20 cent piece as the smallest a 9 cent increase just turned into 20 for anyone with cash because you cant make change
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Moderator
 United States
187446 Posts |
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As for the 20 cent coin, I wonder how long it would take most people to realize that they have a 20 cent coin and not a quarter. Ask someone from the last quarter of the 19th century, around 1875 would be fine.  Quote:
Also, should we call this 20 cent coin a "fifth" since its a fifth of a dollar? I have always called it a fifth.  Quote:
Also keep in mind the larger your smallest denomination is the larger price increases have to be I have said it before, I will say it again, and I will probably have to say it twenty times before the winter solstice. If we get rid of the cent, nickel, or dime as circulating coins, we will still have prices to the cent since the majority of all transactions will still have the ability to tender totals to the cent (electronic). |
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Pillar of the Community
Russian Federation
5172 Posts |
Quote:
I have said it before, I will say it again, and I will probably have to say it twenty times before the winter solstice. If we get rid of the cent, nickel, or dime as circulating coins, we will still have prices to the cent since the majority of all transactions will still have the ability to tender totals to the cent (electronic). I've spent quite a bit of time in Israel, so I can certainly say it's true. That country got rid of the 1 agora denomination back in the mid-1990s, and of the 5 agorot denomination around 2008 (leaving the 10 agorot as the smallest coin). Nevertheless, that hadn't stopped prices being up to the single agora (pre-2008, a surprisingly large amount of them ending in .99; I think there's been less of that as of my last visit in 2012, but it was still very common). It helps that 1) this 1 agora/cent would still matter if you buy several products at the same time and 2) if it's a per kilogram/pound price it's going to be multiplied by an irregular amount anyway. |
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Bedrock of the Community
13014 Posts |
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I have said it before, I will say it again, and I will probably have to say it twenty times before the winter solstice. If we get rid of the cent, nickel, or dime as circulating coins, we will still have prices to the cent since the majority of all transactions will still have the ability to tender totals to the cent (electronic). I completely agree but that doesn't help people who want to use cash. I would also add though whats the point of doing the dime too then if the new system just encourages cash to not be used. The penny and probably nickel can save money so you can justify that either way, but the dime is still a money maker and presumably the idea of the reorganization is going to encourage cash being used again. Cheaper credit card prices works against using cash. |
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Pillar of the Community
Canada
2805 Posts |
People have been pretty confused about the penny, so there are little posters everywhere saying how to round amounts. Some folks think they're not even legal tender, and gave them away to me for free - they even refused payment when I offered...
And yes, the cent remains as an accounting unit, although I've noticed one difference: prices that used to be X.99 are now X.98! I have no idea why.
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Valued Member
United States
410 Posts |
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Like I said, lets face it, $1,000 is and is NOT a large amount of money. $1,000 is large for that average American to go shopping at the conveinience store, but that $1,000 is not much if you want to buy a car, rv, boat or other expensive items from a private seller who wants COLD HARD CASH). Last fall we paid $17,000 for a used car with cash and I was surprised and how small the stack was. I was also surprised at how long it took to get our money from the bank even though we called the day before at let them know we would be withdrawing $17,000 in cash. First the manager tried to talk us out of taking cash, then she had to go get the cash and count it out to the cashier, then the cashier had to count it out to us. In all it took about 45 minutes Quote:
how in the world is a person going to pay a private person at a house for a car, boat, rv, appliance, garage sale items, etc? That technology already exists. Both Square and Paypal make card readers that plug into a smartphone that allow you to accept credit cards. The hardware is free and they don't charge a monthly fee. The companies make money by charging a percentage of the sale. I've noticed most vendors at the farmer's market we frequent have them now because because many people don't carry any cash. If the vendor doesn't accept credit cards they don't make the sale. |
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Moderator
United States
187446 Posts |
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I completely agree but that doesn't help people who want to use cash Sure it does. Round everything down. Home Depot does it, so can you. Quote:
I would also add though whats the point of doing the dime too then if the new system just encourages cash to not be used. The penny and probably nickel can save money so you can justify that either way, but the dime is still a money maker and presumably the idea of the reorganization is going to encourage cash being used again. Cheaper credit card prices works against using cash. I am with you on this. For the record, I want to keep the dime. However, the percentage of electronic transactions is only gong to increase with time. We cannot stop that. Quote:
And yes, the cent remains as an accounting unit, although I've noticed one difference: prices that used to be X.99 are now X.98! I have no idea why. Psychology. |
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Bedrock of the Community
13014 Posts |
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For the record, I want to keep the dime. However, the percentage of electronic transactions is only gong to increase with time. We cannot stop that. I completely agree which is why I dont see the value of trying to redo the entire system for cash when its becoming less common. I can see the argument for the penny since it loses money but a complete overhaul seems like it would just push more people to electronic transactions instead of dealing with the new system |
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Moderator
United States
187446 Posts |
True. A complete overhaul would be futile. My page two post was a little complicated. Here is the KISS version... Kill the cent, nickel, and one dollar note; call it a day. |
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Replies: 41 / Views: 3,721 |
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Posted 06/25/2013 4:29 pm
