Quote:
Originally Posted by GM10
For some reason I just love carrying heaps of cash around. It makes me feel richer than I really am.  |
Well cash remains popular. USA has doubled their currency supply since the end of 2002, and the population has gone up a little more than 10% and inflation is not very high.
Literally the only country in the world that is reducing the amount of cash they circulate is Sweden, who has dropped theirs by 25% in the last five years. But they are still going ahead with plans to issue an entirely new series of banknotes and mint new coins later this year. Unlike northern America there is a vocal grassroots movement there to get rid of cash and go all digital.
It's been two years since Canada stopped making the penny. IN those two years USA has actually increased production by an additional two billion pennies. They are only losing 67% on each penny instead of 99%. Production of pennies peaked in the year 2000 at 13.67 billion.
2014 7,920,000,000 (-67%)
2013 6,610,000,000 (-83%)
2012 5,835,000,000 (-99%)
2000 13,6681,000,000
USA has been losing money on pennies and nickels for about ten years now. Most countries stop making their smallest coin when they begin losing money.
Basically dimes and quarters are worth $20 a pound, and the mint can make them for $7 to $8 a pound. So the production of these coins are profitable. Pennies, nickels, half dollars, and dollar coins are a disaster.
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