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Old 08-27-2017, 01:30 PM
 
Location: Independent Republic of Ballard
6,155 posts, read 4,370,834 times
Reputation: 3832

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Penny = Nickel, Nickel = Quarter, Dime = Half Dollar, Half Dollar = $2.50, Dollar = $5, $2 = $10, $5 = $25, $10 = $50, $20 = $100, $50 = $250, $100 = $500, $500 = $2,500, $1,000 = $5,000.

Hard to teach the value of a dollar, when the dollar is worth next to nothing. A penny saved is not a penny earned if worthless.

Vending machines are increasingly electronic/digital, rather than mechanical, so would pose less of a problem in the transition. Costs for minting coins would go way down. Billionaires and Millionaires would be cut by four-fifths.
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Old 08-27-2017, 01:36 PM
 
17,627 posts, read 12,218,187 times
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If all your dollars are nearly worthless I can take them off of your hands
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Old 08-27-2017, 01:55 PM
 
2,246 posts, read 1,390,219 times
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You know the value better than the currency markets?
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Old 08-27-2017, 02:09 PM
 
Location: Independent Republic of Ballard
6,155 posts, read 4,370,834 times
Reputation: 3832
I thought it was obvious that I'm talking about replacing the current currency with a new currency with five-times the value, with a new penny worth an old nickel, and so on. Prices, wages, etc., would need to change accordingly. If you think it is a stupid idea, fine, but say why.
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Old 08-27-2017, 02:11 PM
 
Location: Raleigh
8,007 posts, read 5,296,536 times
Reputation: 9647
Quote:
Originally Posted by CrazyDonkey View Post
I thought it was obvious that I'm talking about replacing the current currency with a new currency with five-times the value, with a new penny worth an old nickel, and so on. Prices, wages, etc., would need to change accordingly. If you think it is a stupid idea, fine, but say why.
Have you never been to Japan ? Works for them, big numbers or not.
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Old 08-27-2017, 02:51 PM
 
2,138 posts, read 1,152,923 times
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Ummm no.

When you're the world reserve currency you just let it ride until all the current important fiat has reached it's life expectancy and then you trade it for a new basket or world currency. Inevitable but now is not the time. Eventually though we'll need to do something about world debt and trading in your current dollar for credits or whatever will allow the can to be kicked again and astronomical debts to seem smaller as governments play amounting games.

As for change, the trend for a long time is to go cashless and in anther 20 years or so there will be little other option.
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Old 08-27-2017, 03:03 PM
 
Location: Wartrace,TN
5,278 posts, read 8,227,142 times
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Quote:
Originally Posted by CrazyDonkey View Post
Penny = Nickel, Nickel = Quarter, Dime = Half Dollar, Half Dollar = $2.50, Dollar = $5, $2 = $10, $5 = $25, $10 = $50, $20 = $100, $50 = $250, $100 = $500, $500 = $2,500, $1,000 = $5,000.

Hard to teach the value of a dollar, when the dollar is worth next to nothing. A penny saved is not a penny earned if worthless.

Vending machines are increasingly electronic/digital, rather than mechanical, so would pose less of a problem in the transition. Costs for minting coins would go way down. Billionaires and Millionaires would be cut by four-fifths.
Why? With your plan everything would increase in minimum increments of .05 cents. Since the majority of transactions are electronic these days you are trying to solve a "problem" that doesn't exist.
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Old 08-27-2017, 03:36 PM
 
Location: West Madison^WMHT
3,174 posts, read 2,745,943 times
Reputation: 3822
Thumbs down Pointless.

I noticed on my latest visit to Europe that almost nobody uses currency anymore, pretty much every transaction is Chip & PIN cards.

Electronic transactions can include €0.01 amounts, but you rarely encounter smaller coins; Belgium, Ireland, Finland and the Netherlands stopped circulating €1 cent and instead round prices to the nearest five cents (Swedish rounding) for the rare customers paying by cash.

Quote:
Originally Posted by CrazyDonkey View Post
Penny = Nickel, Nickel = Quarter, Dime = Half Dollar, Half Dollar = $2.50, Dollar = $5, $2 = $10, $5 = $25, $10 = $50, $20 = $100, $50 = $250, $100 = $500, $500 = $2,500, $1,000 = $5,000. Hard to teach the value of a dollar, when the dollar is worth next to nothing. A penny saved is not a penny earned if worthless.
Why?

Wouldn't it be easier to just do like Belgium and stop minting pennies and paper $1 bills, make more dollar coins and larger denomination bills?
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Old 08-27-2017, 03:47 PM
 
8,294 posts, read 3,458,668 times
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I would definitely get rid of pennies, also nickels and dimes if I were king. No need to revalue anything.
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Old 08-27-2017, 04:46 PM
 
25,833 posts, read 49,727,953 times
Reputation: 19292
Quote:
Originally Posted by Nonesuch View Post
I noticed on my latest visit to Europe that almost nobody uses currency anymore, pretty much every transaction is Chip & PIN cards.

Electronic transactions can include €0.01 amounts, but you rarely encounter smaller coins; Belgium, Ireland, Finland and the Netherlands stopped circulating €1 cent and instead round prices to the nearest five cents (Swedish rounding) for the rare customers paying by cash.


Why?

Wouldn't it be easier to just do like Belgium and stop minting pennies and paper $1 bills, make more dollar coins and larger denomination bills?
But I have had lots of issues trying to use credit cards out in Germany and Austria... so much so I refuse to budge when they say the credit card machine is broken... which has happened a lot over the last 20 years.

Somehow when I don't have any cash the machine always seems to work... not quite sure what scam it is but the local tavern owner said Americans would use a credit card for two beers and he put a stop to it...
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