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Old 11-19-2014, 11:24 AM
 
Location: Fairfax, VA
3,829 posts, read 2,656,747 times
Reputation: 3670

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Quote:
Originally Posted by stockwiz View Post
This is something I have personally wanted for years... to eliminate the lincoln cent and round everything to the nearest nickel, and 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. As for pennies, I don't see how they are of any use anymore and it costs more to make them than they are worth. I just throw them on the ground when I get them or I'll give them, along with nickels and dimes, to small kids as I pass by them in the grocery store, or set them where they will see them and pick them up. I'm curious what people here think about this?

A nickel now has less buying power than a penny in 1950 and they got by just fine. You're not going to go broke from having to pay 3 extra cents in a transaction.. over the course of a year you might lose 10 bucks and that's a very liberal estimate, probably more like 2 bucks. Whoop de doo.

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?

I would like to eliminate ALL paper and coin currency. Many people who deal only in "cash" are criminals or those that are trying to hide something from the IRS or their family.
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Old 11-19-2014, 11:39 AM
 
Location: Texas Hill Country
8,857 posts, read 4,826,319 times
Reputation: 7680
Quote:
Originally Posted by LetsRock View Post
I would like to eliminate ALL paper and coin currency. Many people who deal only in "cash" are criminals or those that are trying to hide something from the IRS or their family.
On the other hand, if one visually saw how much one was spending, purchase after purchase, maybe people would be less likely to go into overspent debt, would find ways to live within their means month to month.

Further, there is an opinion floating around that with a cashless society, where all purchases are electronic, that it would it give a government too much information in that they could easily tell who is buying what and how much of it they are buying.

And then, there are the potential problems of what could happen, bad or "good", when one's card in hand 'malfunctions'..........
http://www.youtube.com/watch?v=ENsYpQ-mT5o

Last edited by TamaraSavannah; 11-19-2014 at 11:53 AM..
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Old 11-21-2014, 08:11 PM
 
1,663 posts, read 1,065,950 times
Reputation: 2155
I would get rid of the penny, I hate the look and especially the smell.people dont care for them, I see pennies all the time on the ground people dont even bother picking them up.keep the dollar bill.
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Old 06-19-2017, 10:05 AM
 
9,065 posts, read 9,221,268 times
Reputation: 4665
Quote:
Originally Posted by RecentGrad1 View Post
It's not a question of "liking". It's called not making it an option. I don't particularly like coins either.
South Korea has decided that coins are a drag on the economy, and has decided to discontinue them as legal tender in three years. After that point people will either have to forego the change due to them or to use some kind of digital wallet or credit card. As the smallest banknote is worth 88 cents, it would be similar to giving up coins in the USA.

The smaller denominations of the four banknotes will naturally vanish from circulation as well, since people will be making small purchases electronically. Right now there are four denominations of banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000.

After a few years, for all practical purposes only the ₩50,000=US$44 banknote will remain in wide circulation as the only real use for cash will be mid-size transactions where privacy is desired.

Quote:
Originally Posted by RecentGrad1 View Post
But when you don't have any choice, you make do.
Well, Korea is one example where the country has made a choice. Most discussions of currency reform involve eliminating the largest denomination banknote. For instance, the EU is not producing a new version of the 500 Euro banknote, and Britain may eliminate the 50 pound note that has been in circulation since 1983. Canada used to have a CAD$1000 banknote which it eliminated in 2000, and Sweden once had a 10,000kr banknote which was declared invalid after 1991. Most countries still recognize the old banknotes as legal tender, but by failing to produce new ones, they gradually vanish from common usage.

Eliminating large value banknotes is an aid to enforcing money laundering laws. For instance the US IRS policy is that a form must be filled out for cash transactions of $10K or above. Such a cash transaction is one hundred $100 banknotes or five hundred $20 banknotes which physically weigh 1.1 pounds and is a cumbersome wad which is annoying to count.

Korea has decided that discouraging the use of currency is easier done by eliminating coins which without threatening people's sense of privacy and still giving them an alternative to commercial bank accounts.
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Old 06-20-2017, 09:34 PM
 
6,308 posts, read 4,767,382 times
Reputation: 8437
Quote:
Originally Posted by AmFest View Post
How did it go for them?
It went fine; Israel is much richer than it was 30 years ago. Many countries have had currency reforms, usually involving a 10, 100, or 1000 for one reverse split.
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Old 06-21-2017, 08:07 PM
 
7,045 posts, read 3,701,331 times
Reputation: 10061
Quote:
Originally Posted by fairlaker View Post
Eventually, we will just go the way of the Canadians and so many others. You can't swim against the tide of reason forever. Canadians were once against a dollar coin as well. Now the "loonie" is beloved from coast to coast.
We can't swim against the tide of reason forever? Two words - metric system.
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Old 06-21-2017, 09:08 PM
 
Location: Sector 001
7,129 posts, read 5,944,806 times
Reputation: 8047
Brought back from the dead! 3 years later, I'm still throwing pennies on the ground and struggling to get crinkled up dollar bills into the vending machine. Mostly I use credit cards to avoid 'all' change, as I don't want anything other than quarters or higher on me for denomination.

If I was in charge we would have quarters, dollar, and 5 dollar coins, with 20, 50, and 100 dollar bills.
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Old 06-23-2017, 07:00 PM
 
1,121 posts, read 541,533 times
Reputation: 1507
Quote:
Originally Posted by hifijohn View Post
I would get rid of the penny, I hate the look and especially the smell.people dont care for them, I see pennies all the time on the ground people dont even bother picking them up.keep the dollar bill.
get rid on the penny? Why hasn't been done already?

2 words

ABRAHAM LINCOLN
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Old 06-24-2017, 11:15 AM
 
4,316 posts, read 2,149,963 times
Reputation: 7606
Quote:
Originally Posted by stockwiz View Post
This is something I have personally wanted for years... to eliminate the lincoln cent and round everything to the nearest nickel, and 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. As for pennies, I don't see how they are of any use anymore and it costs more to make them than they are worth. I just throw them on the ground when I get them or I'll give them, along with nickels and dimes, to small kids as I pass by them in the grocery store, or set them where they will see them and pick them up. I'm curious what people here think about this?

A nickel now has less buying power than a penny in 1950 and they got by just fine. You're not going to go broke from having to pay 3 extra cents in a transaction.. over the course of a year you might lose 10 bucks and that's a very liberal estimate, probably more like 2 bucks. Whoop de doo.

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?
if it ain't broke don't fix it.
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Old 06-24-2017, 01:16 PM
 
298 posts, read 147,540 times
Reputation: 489
You know, it would stop counterfeiting if we only had $1 bills. They would cost as much to make (considering the special paper) as they were worth, and, unlike gold or silver coins, could not be scraped or reduced by electroplating.
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