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 Replies: 23 / Views: 3,593 |
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Pillar of the Community
United States
3077 Posts |
Has it ever been discussed that our modern dollar coin is the same size as a large cent with about the same buying power at their time of use?
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Valued Member
United States
214 Posts |
But the large cent had more melt value.  |
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Pillar of the Community
 United States
5828 Posts |
 I never realized that! $0.01 is worth more than $1! |
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Pillar of the Community
 United States
3077 Posts |
thats why we HAD a Half Cent I think any thing under $20 or even maybe $50 should be a coin with a $500 dollar bill and a $1000 as well. |
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Pillar of the Community
1153 Posts |
If purchasing power is the same, then I will trade my Presidential dollar for your large cent :) |
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Pillar of the Community
United States
997 Posts |
The Large Cent's purchasing power in 1793 was more like what a quarter has today, probably closer to 20 cents from 1857 when it was replaced by the FEC.
Regardless, this is a good indicator that the cent has outlived it's usefulness and should be eliminated. The alternative would be to revalue the dollar and that will never happen...
There is no need for larger bills as checks, plastic and electronic transactions are much better suited for large purchases. Go into a store today to buy a $2000 TV or laptop with cash and see what happens...
Edited by n9jig
10/31/2015 7:58 pm
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Moderator
 United States
187702 Posts |
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Regardless, this is a good indicator that the cent has outlived it's usefulness and should be eliminated. Of course, I agree.  |
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Pillar of the Community
United States
606 Posts |
I think they would look at you funny, call a manager and take your money. lol
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Pillar of the Community
United States
5199 Posts |
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Go into a store today to buy a $2000 TV or laptop with cash and see what happens. What happens is the retailer saves $60 on credit card fees. That is the problem with this country nowadays. Every over extended shouldn't have been given credit in the first place since they already have $25K in credit card debt slug goes out on a buying spree with every free money preapproved credit card they get in the mail because they can't live within their means like the few responsible "if you can;t pay cash for it you don't need it" people like myself. Edited by jack jeckel
11/01/2015 10:37 pm
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Bedrock of the Community
United States
10034 Posts |
I use cash. I personally have no reason to use CCs etc. But I don't spend much money anyway. If I were in a large city it would be different I am sure. Quote:
The alternative would be to revalue the dollar and that will never happen... That depends on whether or not someone in power could make a bundle for themselves over it or not.  On a serous note, I personally don't see why revaluing cannot be done vs. just making higher denomination coins. In fact I would think the mint would lobby for devaluation b/c it would mean a redesign of all denominations and therefore they get to make more profit. But... this is all speculation on my part. I admit to not understanding the mechanics & politics of it all. |
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Pillar of the Community
United States
4963 Posts |
Mexico revalued, so why can't we?
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Pillar of the Community
Canada
4911 Posts |
If the reason for you guys still having the cent is partly because people like good old lincoln, why not just put him on another denomination and scrap the cent. That way you don't have the cent and you still have lincoln. This is just my opinion since I hear alot how they don't scrap the cent cause of lincoln.
Feel free to call me Will.
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Pillar of the Community
United States
997 Posts |
Revaluing the US dollar would make coins a more viable token of commerce, harkening back to the days of actual usability instead of a means to make change.
This is however not a realistic or necessary possibility. The chaos it would cause worldwide would be monumental and not worth the hassle. Remember that the US Dollar is the top currency worldwide and almost every other currency depends on it. Changing the math would create an uproar worldwide, the likes of which have never been seen before, even with the creation of the Euro.
What will work would be the elimination of smaller denominations and eventual creation of larger denominations to replace bills in smaller amounts. We have experienced the former already with the elimination of the half-cent.
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Moderator
United States
187702 Posts |
Revaluing the dollar is unnecessary and will never happen unless some special interest can fund the lobby and get rich from it.  Instead, just tell your rep about the Jbuck plan! Kill the cent. Kill the nickel. Dime is the new "cent." Kill the quarter when ATB ends. Yes, end it; do not go for round two unless it is NIFC. Half Dollar is the new "nickel." Optional: new size, colour, shape.  Kill the one dollar note. One dollar coin is the new "dime." Kill the two dollar note. Introduce two dollar coin with Jefferson. Kill the five dollar note. Introduce five dollar coin with Lincoln. Ten dollar note is the new "one dollar note."  Easy-peasy. |
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Bedrock of the Community
United States
10034 Posts |
@n9jig I can see what you are saying, but am not sure about whether it would cause all the confusion. The reason being b/c the world had to adjust (and easily did) when we went from out old looking bills with small portraits to the new "Monopoly Money" (as I heard people calling it when it debuted. If new issues with different appearance were made (finally get some color on the bills), I am not sure it would cause chaos. A new 1.00 would be worth an old 5.00, etc. I think, from traveling, that US currency is mainly what circulates in other countries. So the new coins would not be as big an issue either. But again, I am no business major either. I might be missing something. @jbuck and so the price of Pepsi goes up to 5.00 a glass  Just think, if we devalued, it could be a nickel again   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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Moderator
United States
187702 Posts |
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Just think, if we devalued, it could be a nickel again  I can only barely remember when it was a dime. Nickel pop was before my time. |
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Replies: 23 / Views: 3,593 |
Posted 10/31/2015 12:36 pm
