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Video: Edmund Moy Asked About Higher Denomination United States Coins

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jbuck's Avatar
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 Posted 09/01/2015  10:56 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Seems to me that this is what SHOULD happen, coins should be able to purchase something instead of being used only for making change, which is the norm in the US. By introducing larger valued coins and increasing use of dollars and even half dollars by eliminating small value paper currency more use of coins and less in paper would occur. This has already been proven to save money, both to the government and private sector..


Having too much change in our pockets or waiting for it to accumulate in change jars is caused by that change have such low value. When money has value, it gets spent. It is way past time to make the change with our change.
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Earle42's Avatar
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 Posted 09/01/2015  3:39 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
The first poll linked to framed a mindset at the start...

Quote:
It is obvious that the change did not cause civil war or plunge your nation into total anarchy.

Thus is what I unofficially term a baited poll. Although the poll results CAN still be legit when this is done, it is proven to psychologically influence results. This is why the media uses this so often and major polls normally are way off of reality - especially during election times.

However - having said that

I remember both of these polls when they were taken.

As when the first poll linked to was taken, I submit again the validity (NOT THE RESULTS) of the first poll are not applicable to the current US situation anymore because Canadians were coerced into a coin long enough ago that Canadian economy is very influenced and full of spenders who do not remember a bill only economy.

They don't mind it as much b/c an awful lot of them have never had the choice. So it is not a legit thing to ask them of how they liked it when there were bills only.

The second link is one I asked them for the people who remember the ability to use bills and reading the responses you will find the people who had the bills have adapted (of course the country did not blow up - let's keep things sensible), but they preferred, overall not having heavy coinage. Also note there was not a presented mindset at the beginning - just straight questions showing no emotional attachment in either direction. This allows the people responding to have their own ideas come out more easily.

There was statements of getting USED to coin - but adpating is not favoring. There also was a post to CNN article of when - after the Loonie had been out already - the overall concept of the Toonie was not favored in a context that could be summed up as akin to a "not again" attitude.

And let's not forget this poll also which was not linked:
https://goccf.com/t/112046

And again note it does not specifically state for people who remember a bill only economy to answer. But we need all the cards on the table, so I incuded the link.

Where once again the concept of the coins is tolerated, but not favored. The facts, as shown by their own words are the the weight issue makes them not favorable overall.

Sure - IF people would only alter their way of thinking en masse the coins would not be in jars. Yes - people can change their habits - but history shows this does not happen in reality. Why should people HAVE to when there are other alternatives just as cost effective?

Again - theory is great - reality is different.

And once again the viable solution is offered suggesting revaluing our own coins and currency and using polymer notes. This is an efficient, cost effective solution (which will never be done anyway) and Americans (subtle?) still get to have their choice. The only people not liking it are those who, for some reason, are upset that we don't have coins like the rest of the world. Yankee Ingenuity needs more attention as it had done us well in the past and become a famous term worldwide.

On CCF we have been over cost effectiveness before and government reports for switching to coin did show a saving of taxpayer dollars - but not at the large rates they claimed due to oversights. But once again, where it hits home, the taxpayer dollars were save on paper in DC< whereas the costs at the consumer level go up and the little guy is again inconvenienced.

Just like Pavlov's dog, the coerced people don't die, but adapt. And as the polls here have shown, even to this day, the majority of people responding to the polls on CCF are not joyful or even passive about having this system forced upon them. There is no overwhelming - love.

So by all means - let's inconvenience everyone and have the same results. We will not die, we will adapt, there will be no civil war, and the few will be happy instead of the majority. I miss living in greater times when Americans were totally against allowing the government any more coercive powers than absolutely necessary. The camels nose is in the tent with people behind it trying to push it in.

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jbuck's Avatar
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 Posted 09/01/2015  4:56 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
And let's not forget this poll also which was not linked:
Both polls show a clear majority have no problem with the change.

So, to be clear:

Canada not only survived the change, but a very large majority accepts it.

I think we are just as capable. The change is certainly just as necessary.
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Earle42's Avatar
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10038 Posts
 Posted 09/01/2015  5:21 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
Canada not only survived the change...

You keep saying survived... I find it hard to believe someone as intelligent as you ever had any legitimate doubt the country would not continue.

Agreed - let's be clear...

Quote:
...but a very large majority accepts it

Um... no... were FORCED to accept it. Let's not get the word "accept" confused with words/ideas such as favor, happily use, desire, would not not want bills if given the choice.

Also remember:
Only one poll was taken which specified ONLY Canadians qualified to answer whether coins are better or not (actually lived before the change) was taken. And people who lived with both said they "accepted"them, but overall said it was better the old way.
The other two polls did not ask people who had never had life experience both ways to answer. It was open for all... and they are not jumping for joy either! Who knows how they WOULD react if given the choice? They never had it!


Quote:
I think we are just as capable.

Missing the point. Its not whether we are capable to be forced into something we don't want. I again find it hard to believe you think this would mean the end of life as we know it if we were forced. So of course we would be capable of being forced into it. This was never the issue.

The points are:
1. There is a solution based upon the majority being happy vs the few being happy.
2. Yankee Ingenuity has always set America apart as a leader - not a follower - and WE can solve the problem without coercion.

... so why play follow the leader and allow coercion when WE don't have to, and we STILL solve the problem while keeping government coercion to a minimum like it was designed (from our country's roots) to be?

I'd like to know.



edited for spelling
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 halves
https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2
Edited by Earle42
09/01/2015 5:25 pm
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jbuck's Avatar
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 Posted 09/02/2015  10:05 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
The Constitution gives the US government control over our monetary system. They are not obligated to make everyone happy (an untenable position), but try to do what is right for the common good.

Using your terminology...

They forced decimal coinage on us.

They forced us to stop using that Half Cent coin.

They forced the reduction of silver content on us and eventually removed it completely by forcing us to use debased clad coins.

They forced us to stop using money backed by precious metals.

They forced us to use zinc cents.


Every single one of those changes met some resistance, just as you offer today. But all of it was done for the greater good.


So, yes they certainly can...

Force us to get along without the cent.

Force us to use a one dollar coin instead of the one dollar note.


I understand how it works. You do not. That is fine. You do not have to accept it, but it still needs to be done.
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Earle42's Avatar
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 Posted 09/02/2015  2:04 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Missed the point.

A viable option to keep the majority happy is feasible. So why favor forcing?

Of course they have coerced in the past (not sure all of the cited examples are applicable to this situation - but its OK). This does not make coercion good or the right thing especially (focus here ) when there is a viable option to keep the majority happy

... why prefer coercion?
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 halves
https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2
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Earle42's Avatar
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 Posted 09/02/2015  2:06 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
BTW

Quote:
But all of it was done for the greater good.

Better put that in quotation marks.

I think both you and I agree the financial mess we are in is from fiat currency.
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 halves
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Pillar of the Community
United States
1913 Posts
 Posted 09/02/2015  2:28 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply

Quote:
But all of it was done for the greater good.

This brings to mind those in power forcing/coercing others to do things against their will and at their expense. Our government was setup to protect individual liberty, not to enforce the greater good. They had that in the old Soviet Union. I might be reading more in to this than you meant, so please take no offence if I did.

That said, the elimination of the cent is a no-brainer from my standpoint. It's a loser for the mint and is only kept around because some crony capitalist business owners bribe politicians to force it upon the American people. If individual businesses had to buy their coins directly from the mint, they'd find it easy to get by without them. This includes the vending industry which has few machines that use them anyway.

The problem with fiat currency isn't that it's worthless in a literal sense. It's that it can be manipulated by powerful politicians to force their will on the less powerful. If not for that, it would be preferred because the money supply wouldn't be tied to a metal which is dug up out of the ground and used for other purposes.
Edited by Bret
09/02/2015 2:29 pm
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jbuck's Avatar
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 Posted 09/02/2015  2:30 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
A viable option to keep the majority happy is feasible. So why favor forcing?
What is more feasible than getting rid of the cent? There is nothing we could use that would be cheaper since handling costs alone exceed one cent per unit.

What is more feasible than using a one dollar coin already minted in the billions, ready and waiting to be used? I know you like polymer, so let us use that for the higher notes, but concede that the one dollar coins is a better option (since the money has already been spent).


Quote:
I think both you and I agree the financial mess we are in is from fiat currency.
Our fiat currency system, as originally designed, is not necessarily a bad thing. As currently implemented, well...
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 Posted 09/02/2015  2:41 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I might be reading more in to this than you meant, so please take no offence if I did.
Yes, you probably did. I was speaking of the greater good for a functional representative democracy.

We elect leaders and they make the difficult decisions for us. We hope their acts make life better for the whole of society. You cannot please everyone, so the idea is to do what does the most good for the most people (and hopefully with the least cost).

Really, killing the cent and going with the dollar coin might make uncomfortable those who are averse to change, but they have no right to a one cent coin or a one dollar note. Not having certain notes or coins does not deprive one of life, liberty, or the pursuit of happiness.

This is unlike Soviet Russia where seizing private property and silencing (eliminating) dissenters was routinely done "for the greater good."

Speaking of dissent... I would not silence Earle42 for having a different opinion (wrong as it is, wink-wink, just teasing). On the contrary, I would buy him a Pepsi and together we would be thankful for being in a country where we can disagree without fear.
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Earle42's Avatar
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 Posted 09/02/2015  5:02 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
Speaking of dissent... I would not silence Earle42 for having a different opinion (wrong as it is, wink-wink, just teasing). On the contrary, I would buy him a Pepsi and together we would be thankful for being in a country where we can disagree without fear.

I agree - As long as I could follow it up by buying you one!

Yes, I guess people who don't know us would think we would get down to fisticuffs if in person. But be assured people, there is nothing further from the truth. jbuck and I enjoy exercising our debate skills with one another and have for a couple of years. When it comes down to it, we are kindred spirits. I find him unusually perceptive for a person in today's society and believe he is one of the major personalities to make this forum the great place it is.


Ok - back to the thread:

Quote:
I know you like polymer, so let us use that for the higher notes

Actually... I don't. I don't like the "feel" of them after using them up North. But, it would be more cost effective and be better in the long run rather than more short lived paper. Therefore I think it would be a good idea for saving money.

OK...Let's shift gears a bit here and discuss he waste of the already minted coins.

The number of the wasted/stored coins is (according to this article) just over a billion.
http://www.npr.org/2011/06/28/13739...nobody-wants

That's 1 billion (plus a bit more) coins in holding. But its not 1 billion dollars since according to this website:
http://coins.about.com/b/2008/05/10...us-coins.htm
it costs .16 to make a dollar coin or (1,300,000,000 X.16) = 20,800,000 wasted/spent taxpayer dollars being stored in coin form.

What percent of the national debt is this 20,800,000?

$20,800,000 / $18,154,932,588,744.92 = .000115 %
ouch! Pathetic we are that much in debt, and yet the wasted amount is not even large enough to be called a pittance (also pathetic that this is true).

How much money per taxpayer is wasted if we forget about the coins in stotage?
$20,800,000U / 321,658,197 )9/2/2015 @ 4:32 PM - number not rounded to ensure no fudge factor in favor of this post) = .06 (or less than the cost to make a nickel) per person.

Since the nickel and penny are considered trivial by people advocating the dollar coin usage - the wasted money over these unwanted coins itself is a trivial matter like they see the value of a nickel ("just round up").

Hey, I'd give a whole dollar and make 15.4 dollar coin advocates happy they were not in the group of people losing money... except it would cost me .42 to mail them their penny and nickel (which they would see both coins as worthless anyway).

The problem is we see 20 million as a a huge number when compared to the individual, but on the whole, and unfortunately, it stacks up with one of the coins people here say we need to get rid of and implement the dollar coin.

More number fun:
1. Looking up State Quarter mintages we find several that have mintage of over a billion per year!
http://www.coinnews.net/2007/09/17/...igures-3573/

2. From Wikipedia,
https://en.wikipedia.org/wiki/Presi...Coin_Program
the total amount of dollar coins minted up to 2015 is only about 2.6 billion circulation strikes (added up the numbers from the list rounding to millions) - so about half are now storage

Also a chart from Wikipedia shows that from the year 2000 to 2014, ANNUAL Quarter mintage totals went from 6.5 billion to as low as 347 million. Taking the time to average all of the numbers in the list shows the US mint has averaged minting 2.2 billion quarters per year.


So the trivial (if advocating dollar coins and eliminating pennies and nickels... but not trivial if we are advocating to force the majority into what they do not want) .06 cents per person is the issue now?

So it again comes down to a devaluation of current specie so it does not cost more to make a penny than its value, getting rid of cloth dollars for polymer, everyone being willing to say its OK to lose 6 cents from a bad decision (which we likely do anyway all the time in life), not throwing more bad money after something Americans have overwhelmingly said they don't want, and solving the problem so the majority of people can be happy.

Hmmm... .06

Government coercion... having to pay higher costs for services and handling volumes of metal vs. paper (polymer), inconvenience of too much change and weight, inevitable rise in prices overall from the "new" quarter in our pockets...

.06

the "trivial" penny

the "trivial" nickel


...










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 halves
https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2
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