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Nope. Every cent,decimal is accounted for. After seeing who benefits from rounding up in the business world,I'll keep the system we have. Two cents might not be alot in one transaction but do the math on the avg daily transactions done USA wide and it quickly becomes millions ...While you are thinking one way,someone else is looking the other way to profit from your mindset. Seems to be working based on the comments.
OK, but you do see we are already rounding right??
South Korea has banknotes in four denomination and four coins worth (in US dollars)
$0.864 banknote ¢0.864 coin
$4.32 banknote ¢4.32 coin
$8.64 banknote ¢8.64 coin
$43.22 banknote ¢43.22 coin
The four coin denomination are worth 1/100 of the banknotes. Rather than mess around with eliminating the coin worth less than a US penny, they are eliminating all four coin denominations in three years. If you want to get your change after that you must use a phone app or a credit card.
For most practical purposes once you invalidate the coins the smallest denominations of banknotes will nearly vanish from popular use. If you are going to do all your transactions electronically anyway, there is no real reason to use small value banknotes. Person to person transaction apps will have to be introduced and become popular since not all cash transactions are with a business.
I could see within five years, the only banknote in popular use in Korea would be the one worth $43.22 as the only practical cash transactions will be of large value where privacy is of concern.
Last edited by PacoMartin; 07-06-2017 at 05:46 PM..
Look at the UK, Canada, European Union, Sweden, Norway, Denmark, Switzerland, Japan, Australia, New Zealand, Arab countries, Singapore (basically the entire world).
But since the late 1960's early 1970's they have been talking about replacing the US dollar bill with a coin that would last a lot longer. In the year 2017, the cutting edge country is South Korea who is abolishing all coins in favor of electronic transfers.
So, rather than discuss a topic which is now half a century old, perhaps it is time to talk about abolishing coins (and dollar bills) as an antiquated means of doing transactions.
These things take time. The SWISH payment transaction system backed by all the banks in Sweden is already five years old. It is a phone app good for transactions of up to about US$1000 but can be increased by special permission.
In five years it has reached critical mass, and most Swedes do not use cash anymore in their day to day lives. Swedes introduced their "dollar coin" equivalent in 1991 and now 22 coins per capita are in circulation (but many are probably in jars somewhere)
Number of Swedish banknotes in circulation (per capita) as of June 2017 with rough equivalency to US dollar
21.7: $1 is a coin in Sweden since 1991
5.2: $2
2.2: $5
3.1: $10
3.6: $20
5.7: $50
0.3: $100
Number of US banknotes in circulation (per capita) as of Jan 1 2017
36.1 : $1 George Washington
3.5 : $2 Thomas Jefferson
8.8 : $5 Abraham Lincoln
5.9 : $10 Alexander Hamilton
27.3 : $20 Andrew Jackson
5.1 : $50 Ulysses S. Grant
35.6 : $100 Benjamin Franklin
Last edited by PacoMartin; 07-10-2017 at 08:29 AM..
Ahem... a unit dollar is a silver coin with approx. 0.77 ounces (troy) of pure silver.
A paper "dollar" is an IOU denominated in dollars (coin) and they are a debt (minus value).
Since 1965, fractional coins have been counterfeit (after CONgress reduced the penalty for counterfeiting!).
. . .
Since 1933, no "dollars" have circulated.
Of course the country has been running under Emergency rules ever since FDR declared it in 1933.
Hopefully, you didn't sign up to be an obligated party on those "kited checks" emitted by CONgress.
(P.S. : so called "dollar coins" like the Sacajawea, are not dollars, but on par with dollar bills - no par value.)
Ahem... a unit dollar is a silver coin with approx. 0.77 ounces (troy) of pure silver.
A paper "dollar" is an IOU denominated in dollars (coin) and they are a debt (minus value).
Since 1965, fractional coins have been counterfeit (after CONgress reduced the penalty for counterfeiting!).
. . . Since 1933, no "dollars" have circulated.
Of course the country has been running under Emergency rules ever since FDR declared it in 1933.
Hopefully, you didn't sign up to be an obligated party on those "kited checks" emitted by CONgress.
(P.S. : so called "dollar coins" like the Sacajawea, are not dollars, but on par with dollar bills - no par value.)
Surely dollar coins minted in 1934 and 1935 have circulated.
Value per pound
$1.81 pennies
$4.54 nickels
$20 dimes, quarter, half dollars
$56 dollar coins
$227 silver
$454 dollar bills
The bottom line is that coins weigh too much money for their value. All coins! South Korea is correct. It is time to get rid of them and go to electronic cards and/or phone apps.
And this is just a start, of going to a strictly electronic replacement of money as some are suggesting.
Even in cash starved Sweden, 79% of the people used cash in the last month.
No government in the world is talking seriously about strictly electronic money. It is only for speculation. Every government is talking about reduced importance of cash. But "cashless" is not wise.
Value per pound
$1.81 pennies
$4.54 nickels
$20 dimes, quarter, half dollars
$56 dollar coins
$227 silver
$454 dollar bills
The bottom line is that coins weigh too much money for their value. All coins! South Korea is correct. It is time to get rid of them and go to electronic cards and/or phone apps.
Bottom line is, one hacker or similar and there goes millions of dollars, all it takes is one.
While I use Paypal and CC for almost everything I buy and I buy almost everything on-line, even my dog food, cash will always be needed for small purchases and because people LIKE having cash stashed.
The USA isn't South Korea, we also aren't the UK, Canada, Japan, Singapor or anything else, we are the USA and have our own way of doing things.
We SHOULD get rid of the penny however, bring back the $2 bill too.
People HATED the dollar coins, even people had to complain one was too easy to "confuse" with quarters despite the obvious differences, LOL!
Then that Sacag whatever the hell her name was dollar coin looked like garbage, it looked like an amateur did the engraving on that thing and in fact all of the modern coins and bills have that slight "Disney" look to them now.
Back in the 19th century the mint engravers were REAL artists with very refined skills who did the work by hand and a keen eye, they gave up bills and coins that were real works of ART like these US bills.
I look at the crap that passes for art and shake my head, look at the $20 bill and Jackson, his portrait looks stupid, he looks like he has AIDS or a wasting disease, absolute garbage engraving by amateurs doing the drawings on computer now.
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