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Old 11-09-2014, 11:04 AM
 
Location: Vallejo
13,487 posts, read 15,125,332 times
Reputation: 11957

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Quote:
Originally Posted by fairlaker View Post
I don't think "No" counts as an actual thought. Otherwise, half-cents were minted in the US through 1857, and at the time of their discontinuation had roughly the purchasing power that a dime would have today. Kind of suggests that nickels should go away as well. Pennies meanwhile have clearly outlived any usefulness and have become a nuisance, with huge numbers of them simply sitting in jars someplace waiting for someone to find the time to dump them into a CoinStar or some such. But they have emotional support from nostalgics who are reluctant to see things like "a penny saved is a penny earned" undermined, even though it could be changed to "a quarter saved is a quarter earned" which would actually restore the original meaning.

And with dollar bills, it's the same story. Silver dollars were minted through 1935, but were large, heavy, and increasingly expensive to produce. Production of large, heavy, less expensive dollar coins resumed in 1971 (Eisenhower), and of smaller, lighter versions in 1979 (Anthony, Sacagawea, and Presidential). None has been any better received or used than $2 bills. Or fifty-cent pieces for that matter.
So have nickels and dimes.

Anything less than a quarter is basically just a nuisance now. The only time you actually like having them is when you're buying something with cash. That's usually when you don't have any of them since they're useless except for their ability to prevent you from getting more of them.

But the treasury likes that. I've probably got $100 of useless money stashed away at home that I paid for.
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Old 11-09-2014, 12:57 PM
 
Location: San Jose
574 posts, read 558,745 times
Reputation: 732
IMO we need to:
  1. dump the penny
  2. dump the nickel
  3. dump the dime
  4. dump the dollar bill (for a dollar coin)
  5. dump the 2 dollar bill (for a two dollar coin)

Our currency is outdated and impractical. We're too sentimental about our currency, which is preventing us from making much-needed changes.
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Old 11-09-2014, 02:20 PM
 
Location: Sector 001
7,169 posts, read 5,996,907 times
Reputation: 8123
Even better... I would round everything to the nearest quarter and then have one and 5 dollar coins with the wallet for larger bills. Id be much more apt to pay with cash instead of using a credit card to avoid getting pennies and nickels as change. Sadly we'll probably still be using the penny in 10 years at the rate the government gets anything done.... which means Ill just swipe a card for most transactions.
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Old 11-10-2014, 04:50 AM
 
1,862 posts, read 2,886,324 times
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As a georger (www.wheresgeorge.com), I would hate to see the dollar go.
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Old 11-11-2014, 07:12 PM
 
Location: Upstate NY
30,750 posts, read 9,194,138 times
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Quote:
Originally Posted by stoutboy View Post
As a georger (www.wheresgeorge.com), I would hate to see the dollar go.
Lol, don't worry; George isn't going anywhere soon.
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Old 11-14-2014, 09:58 AM
 
Location: Liminal Space
1,018 posts, read 1,168,532 times
Reputation: 1294
I frequently travel to Norway, where the smallest unit of currency available is the 1 krone coin, worth about 15 US cents. In the early 00's I would occasionally encounter 1/2 krone pieces but even then most merchants rounded change to the krone.

Norway stopped minting 10 kroner paper bills, worth about $1.47 (in today's exchange rates), in 1984. The lowest unit of currency available in paper form today is 50 kroner, which is about $7.39.

Their economy seems to get along fine - better than ours in fact.
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Old 11-15-2014, 03:43 PM
 
Location: Staten Island, New York
3,676 posts, read 5,870,788 times
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Quote:
Originally Posted by stoutboy View Post
As a georger (www.wheresgeorge.com), I would hate to see the dollar go.

I'm a Georger too!
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Old 11-15-2014, 03:49 PM
 
Location: Staten Island, New York
3,676 posts, read 5,870,788 times
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I find this discussion quite amusing, so I'm going to add my 2 cents, (giggle, chuckle, snort).

I used to work for JC Penney. About 2 years ago, prices were lowered, then rounded up resulting in even dollar prices. For example, $18.00 instead of $17.99. As cashiers, we loved it.

The public HATED it.

We got so sick of the majority of our customers complaining that we were stealing $.01 on every item (completely disregarding the 40-50% savings on the lowered prices, but that's another thread). We were stealing their hard-earned pennies.

I can't imagine what they'll say when .95 is rounded up to 1.00
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Old 11-15-2014, 03:57 PM
 
Location: Texas Hill Country
8,956 posts, read 4,879,409 times
Reputation: 7715
Quote:
Originally Posted by stockwiz View Post
......eliminate the paper dollar and have people use the coins instead. They should do both at the same time, so the change drawers at stores won't be affected.

What do you people think? I suspect the resistance to eliminating the dollar has to do with vending machines. ...........

I dislike dollar bills in my wallet as much as pennies in my pocket. I don't mind dollar coins and would rather dig one out of my pocket for a vending machine than try to stuff a crumpled up bill into one and have it spit it back out half the time. Bills should be for larger transactions, and coins for smaller. The cent has outlived it's usefulness, as has the dollar bill.

Oh, and it would save the government lots of money.

Thoughts?
You know, you would destroy the stripping industry.

Seriously, I know a lot of people who depend on dollar tips for their livelihood. How much better would it be for them if instead of the light dollar bill, they had to use the heavier coin?

AS IT IS, I do use the dollar coin for tips, but then I am playing a part in Renaissance Faires.

But weight is a concern. Carrying around $25 of the modern dollar coin is nothing. Carrying around the same in Eisenhower dollars, however, is a different story. As it is, I have $66 of the latter to play the part. Dollar coins are not that easy to get from bank tellers since they are not in use; one takes what they can get and my bank on that day had the Eisenhowers.

What do I think? Spoilsport!
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Old 11-16-2014, 12:39 PM
 
Location: Type 0.7 Kardashev
10,577 posts, read 6,865,873 times
Reputation: 37347
Regarding coinage, why stop with the cent? Scrap the entire second decimal point, which also means discarding the nickel and the quarter. Reform the fifty-cent piece, making it halfway between the size of the cent and the nickel.

As for currency, you can then make the new dollar coin halfway between the size of the nickel and the quarter.

$4.90 in change could then be less mass in the pocket than four quarters, a nickel, and four dimes is now.

Of course, this makes way too much sense for it to ever be implemented.

Look, it's not like we haven't been here before. In 1950, the purchasing power of ninety cents - which can only be represented in coins - was greater than the current purchasing power of several dollar bills. Go back to 1900 and ninety cents was the equivalent to more than $20 today in terms of real purchaing power. Somehow, we survived...

And people who complain that they can't differentiate between similarly, but not identically, sized coins? Oh, please... ...all our currency is exactly the same size and weight - and, somehow, I can tell the different between a one and a twenty. People who complained that Anthony dollars were too hard to tell apart from Washington quarters were apparently people in desperate need for something, anything, to whine about.
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