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 Replies: 31 / Views: 3,595 |
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Bedrock of the Community
 United States
12815 Posts |
So, I have a quandary. I love using my credit card for purchases, because I get money back* on most purchases. In fact, I bought my Hot Springs puck on plastic. 2 bucks for me, yay. Should help defray the extra $100 I spent on the darn thing.
Money back is good.
However, it does nothing to further my pursuit of coin/money collecting. I love to catch the wild "where's George" bill or star note and search through the change I get back from a quarter pounder or cup of coffee at McD's. But I tend to just forgo cash and do plastic because it's easier so I don't get as many opportunities as I would if I just spent cash all the time.
What is the impact of this kind of behavior is on the hobby? And what is the future of coinage and paper money knowing that plastic is becoming more and more popular for transactions?
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Pillar of the Community
Canada
838 Posts |
I fear this is a very bad trend for the hobby. Coin collecting tomorrow may turn into what token collecting is today: when coins cease to be used, collecting them will probably attract a much smaller audience.
(I hope I'm wrong, though!)
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Bedrock of the Community
Australia
21786 Posts |
It IS possible that notes and coins might disappear altogether, but I don't think so. There are enough people out there who would prefer to not use plastic, one of the reasons being fraud.
In Australia in 2010, one billion dollars was defrauded electronically. That's nearly $100 each for every man woman and child in the country. (Taken from a current TV news item).
There will always be a numismatic market. Most collectors have extensive collections of coins that are no longer in circulation. For example, coins that have intrinsic value.
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Bedrock of the Community
United States
20753 Posts |
Look at the brighter side. In the near future we will all be credit/debit card collectors. Why collect heavy, metal objects that need protection from air, gasses, moisture when you could save space by collecting plastic cards? Plastic cards don't get tarnished, stained, corroded, pitted, etc. they just stay as they were when made. And you could carry several of them for buying anything. Imagine trying to buy a car with a pile of coins.  AND too just who would give you money back on purchases if you used that stuff called CASH. Of course we here would have to change the name of this site to Card or Plastic Community Forum. Being a Red Book collector I wonder if Whitman would make a book on Credit/debit cards.  On a serious note, I too am getting away from using cash for the same reason as noted previously. Cash back on each purchase. And temporarily, Bank of America is now giving 5% cash back as an attmept to make more people use them for everything. |
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Valued Member
United States
50 Posts |
That would anger a lot of the older timers that've been collecting gold and silver coins over the years.
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Moderator
 United States
187914 Posts |
It is seemingly inevitable. At some point governments will cease to print/mint new money. Electronic money will be the norm.
Every coin will then be collectible. Like the classics and ancients collected today, we will still have coins; and therefore, coin collectors. I am sure the hobby will survive long after all transactions become electronic.
I am also certain that "cash" will still be used among a small number of people, just as other commodities are favoured by some over the fiat currencies in use today.
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Valued Member
United States
320 Posts |
cash is still king. You want to move lots of money around without a paper trail? How about keep lots of money "off the books?
Cash is the only way to do it.
As long as there are rich and powerful people wanting to hide wealth, there will be cash. I could see it all going to currency rather than coin though.
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Bedrock of the Community
Australia
21786 Posts |
Secret Argent Man: Your post is consistent with your user name! Unfortunately crims don't like being followed by a money trail, either.
Nevertheless,
I pay all of my bills in cash. My salary is paid electronically into my account, but I draw cash from the bank, and present all of my bills at the Post Office next door. I pay lower bank fees than if I use my card.
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Bedrock of the Community
United States
20753 Posts |
I've mentioned this before. In the not to distant future there will be little to no use for our present monitary system. Even now Europe is attempting to standardize the monitary system with one type of money. However, soon enough governments will realize that intercontenental trading will demand a universal monitary system to simplify merchandise buying and selling.
Eventually all such monitary systems will be on some type of electronic basis so items in one country can easily be purchased in other countries without the problems of a monitary exchange rate.
Think of how in the future no matter what country your in, a plastic card will do all the work. Yes I know the arguments of how some will always want to use CASH but will not be possible when the rest of the World is using electronic systems. And yes I realize that many countries just do not have a computer system at all. Some don't even know what a TV set is but times are changing.
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Valued Member
United States
320 Posts |
Now the Euro is a sucessful melding of several currencies, but those in the euro zone are all more or less on the same page monetary-policy wise and it enhances trade. In effect it was good for everyone, more or less. I don't see a global currency, whether electronic or traditional, within any of our lifetimes because there has to be a significant benefit to all involved.
Thinking aobut a global currency,
What would be the incentive for any country to meld its currency with a nation significantly poorer than itself, with less opportunity to trade?
Alternately, what would be the incentive for a nation who likes to repeatedly devalue its currency to keep its government in power or for other purposes? (I'm thinking specifically of N Korea, though Mexico, Zimbabwe, Liberia, and others all come to mind)
And then what of trade embargos? How would powerful countries "punish" those rogue nations?
When both extremes have reason to resist, it makes it hard to meet in the middle.
Edited by Secret Argent Man
05/18/2011 11:15 am
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Valued Member
United States
337 Posts |
my girlfriend always hands me change when we are out somewhere getting groceries or anything for that matter
I always tell her I don't want it, so I can get change back from the self scan, or cashier
I only use my bank debit card when I have to and I run it as credit so I don't get charged
I am 21 and want to build credit but I can't get any company to give me a card
I've signed up for a bunch and they all deny me.
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Bedrock of the Community
United States
17884 Posts |
Quote:
I am 21 and want to build credit but I can't get any company to give me a card
I've signed up for a bunch and they all deny me. Get a pre-paid card, USE it for a year or two making sure you never pay it late, and it might be a good idea to carry a small balance for a month or two every so often so they think they will be able to make some money off you in interest but for the most part keep it paid off each month. This will let you build a good credit history and make it easier to get an unsecured card. Right now you are in the catch-22 situation that they won't give you a card because you have no credit history and you can't get a credit history without the card. I had the same problem when I tried to get a card. And if you think it is hard at 21, when they don't really expect you to have a credit history, try doing it at 46! Forty Six and no credit history? Well I always paid cash and didn't buy things if I couldn't afford to pay for them outright. |
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Moderator
United States
187914 Posts |
Quote:
I am 21 and want to build credit but I can't get any company to give me a card My parents co-signed for my first credit card when I was in high-school just before I went to college. It was a Texaco gas card. I had it barely a year before offers from different Visa/MC bank cards and Discover were coming in the mail. In this case, junk mail was a good thing. Another option is to get a credit (not debit) card from your own bank or credit union. Your account acts as collateral. The limit may be low, based on how much money you have historically deposited, but it is a start. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
What would be the incentive for any country to meld its currency with a nation significantly poorer than itself, with less opportunity to trade?
Alternately, what would be the incentive for a nation who likes to repeatedly devalue its currency to keep its government in power or for other purposes? (I'm thinking specifically of N Korea, though Mexico, Zimbabwe, Liberia, and others all come to mind)
You missed the point I was attempting to make. There would not have to be one or two or any amount of different currencies. The computer would just automatically exchange an item for what it is worth in the country it is being purchased and/or sold. By that I mean regardless of if you say it's to be sold for $1 in the USA and in Turkey it is (whatever they use) XXX, a computer would automatically do all the work and make it what ever it is. Then it would not be necessary to even know what they use or say in Turkey since the computer will either add or subtract the amount from your account. Presently my Son, has his own buisness, seldom if ever carries any cash. Everything he does or buys is done via a card. For tolls on roads he has that thing for the window that deducts every toll he passes. At gas stations he just waves it at the pump and away he goes. In stores everywhere it is all he uses. He told me he does have about a dollar in the car for an emergency otherwise he sees no need for cash at all. |
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Pillar of the Community
Canada
838 Posts |
carl: The system you mention just about already exists. I use my credit card (mostly) worldwide, and could almost universally use my debit card too (if it weren't for fees). Exchange rates are computed automatically; I get billed in CAD$.
chris & conder: I find it incredible that credit card companies dislike customers who don't carry a balance. I recall getting very mad about this 10 years ago, and phoning my Visa office to ask. Sure enough, they won't report very good credit without paying interest! That's when I was a student in the U.S. Back home in Canada, I made similar inquiries and it seemed they were more willing to report credit for no-interest users. But that's probably changed by now too.
Does anybody know more quantitatively how a credit rating is obtained? It strikes me that, if I pay off $5000 in debt in 32 days versus 30 days, I have essentially the same credit-worthiness. It's a travesty for a company to report credit based on "what's in it for us". Can you imagine if your monthly Electricity bill only reported positive credit if you were LATE making payments, but paid them their late fees?!?!?!
(Sorry to steer the thread in this direction. I like jbuck's response, by the way, that coin collecting will still go on after plastic is king. I agree, but it won't have quite the same audience, I fear.)
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Bedrock of the Community
United States
20753 Posts |
Quote:
(Sorry to steer the thread in this direction. I like jbuck's response, by the way, that coin collecting will still go on after plastic is king. I agree, but it won't have quite the same audience, I fear.)
Of course he's right. Today people collect spears, arrows, etc from as far back as they were made. The invention of the gun did not stop those relic collectors at all. People still collect Roman coins and they too are no longer made. Look how we try to find dinosaur remains from millions of years ago. If there is still only one coin left on Earth in the future, there will still be coin collectors. As to credit card companies not reporting someone that pays all balances right away. I heard that too so I always send a little more than the balance. If my balance is $100, I send $101. Not sure what this does to their accounting system but it's my way of being a pest. I do the same with many of my bills and usually it appears as a credit on the next one. They just don't care you know. |
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Replies: 31 / Views: 3,595 |
Posted 05/17/2011 05:59 am
