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Old 12-01-2013, 03:46 PM
 
7,200 posts, read 5,271,811 times
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Quote:
Originally Posted by AmFest View Post
Why do you have to redesign all your currencies? The point is keeping the circulating notes, only changing the value of the currency.


Do you really not see the huge, galaxy-sized hole in this idea?
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Old 12-01-2013, 03:58 PM
 
2,409 posts, read 2,494,452 times
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Haha yeah that won't work at all.
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Old 12-01-2013, 04:00 PM
 
Location: North Beach, MD on the Chesapeake
32,167 posts, read 39,263,926 times
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As far as "re-centering" the face value of money goes just Google Weimar Germany. Is that really what you want?

Someone did mention hyperinflation.
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Old 12-01-2013, 04:03 PM
 
Location: MD's Eastern Shore
2,253 posts, read 2,732,213 times
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Why stop printing the dollar bill? Not everybody likes to use debit or credit cards. Not everybody can. There are those of us who like having and using cash. 10 or 20 dollar bills in your wallet doesn't weigh anything either. Have you ever been to a country that uses a lot of large coins? I have lived and spent a lot of time in Costa Rica where the coins are many and large. Not uncommon to receive about 10 to 20 coins which are between the size of our quarters and half dollars. I always needed a belt adjusted just a tad tighter then comfortable to stop my dang shorts from falling down. No way should we give up a practically weightless paper dollar bill.
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Old 12-01-2013, 04:11 PM
 
12,715 posts, read 12,113,877 times
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If do away with the penny, then all transactions should be rounded to the nearest nickle, including stocks; oh wait, that would never happen!

So, is a penny important? I think it is.
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Old 12-01-2013, 04:19 PM
 
8,301 posts, read 3,466,952 times
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Quote:
Originally Posted by boxus View Post
If do away with the penny, then all transactions should be rounded to the nearest nickle, including stocks; oh wait, that would never happen!

So, is a penny important? I think it is.
For electronic transactions it makes no difference. But in real (analog) life consumers and businesses waste far too much time with pennies at the register.
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Old 12-01-2013, 06:01 PM
 
Location: Staten Island, New York
3,675 posts, read 5,858,800 times
Reputation: 3555
From the movie
Office Space (1999)


Peter Gibbons: [Explaining the plan] Alright so when the sub routine compounds the interest is uses all these extra decimal places that just get rounded off. So we simplified the whole thing, we rounded them all down, drop the remainder into an account we opened.
Joanna: [Confused] So you're stealing?
Peter Gibbons: Ah no, you don't understand. It's very complicated. It's uh it's aggregate, so I'm talking about fractions of a penny here. And over time they add up to a lot.
Joanna: Oh okay. So you're gonna be making a lot of money, right?
Peter Gibbons: Yeah.
Joanna: Right. It's not yours?
Peter Gibbons: Well it becomes ours.
Joanna: How is that not stealing?
Peter Gibbons: [pauses] I don't think I'm explaining this very well.
Joanna: Okay.
Peter Gibbons: Um... the 7-11. You take a penny from the tray, right?
Joanna: From the cripple children?
Peter Gibbons: No that's the jar. I'm talking about the tray. You know the pennies that are for everybody?
Joanna: Oh for everybody. Okay.
Peter Gibbons: Well those are whole pennies, right? I'm just talking about fractions of a penny here. But we do it from a much bigger tray and we do it a couple a million times.
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Old 12-01-2013, 07:32 PM
 
Location: White House, TN
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I would support getting rid of the penny, but not of the dollar bill. A 50 cent piece that's not huge should be widely made as well. The old 50 cent coins were massive.
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Old 12-01-2013, 07:50 PM
 
Location: Victoria TX
42,668 posts, read 71,638,476 times
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The whole thing needs to be rethought. In the 1950s, there were coins of 1, 5, 10, 25, 50 cents. Those coins had a purchasing power that today is equal to 10, 50, 1.00, 2.50 and 5.00. So logically, that is what our coins ought to be, to correspond with the purchasing power that the fractional coins were originally intended to have. The paper dollar, in the 1950s, would buy what costs ten dollars today. I never had a paper dollar of my own until I was in high school -- my entire life operated on a coin economy.

The fly in the ointment is the retail merchants in the USA, who insist on adding sales tax at the register. They want to put 99c signs on things that actually cost about $1.07. Every other country in the world (except USA and Canada) has all taxes built into the marked retail price. So there is always the necessity to use tiny fractional currency to pay the added tax.

Incidentally, when Missouri first introuced a 1% sales tax in the 1950s, the state issued plastic Missouri tax coins called "mills", which came in denominations of 1/10 and 1/2 cent. When you bought an ice cream cone for a dime, you needed to have a mill to pay the tax on it, or pay a penny and get 9 mills change. http://en.numista.com/catalogue/photos/tokens/g720.jpg

Last edited by jtur88; 12-01-2013 at 08:02 PM..
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Old 12-01-2013, 07:56 PM
 
Location: IN
20,184 posts, read 34,528,325 times
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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?
Why in the world would you throw coins on the ground?
Thank goodness my relatives didn't have this attitude DECADES ago when they were minting SILVER COINS. They hoarded huge quantities of them and I inherited them. Seems like they had the right idea.
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