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It failed because you had options pure and simple. You also don’t have to choose between eliminating pennies or converting dollar notes, you could do both and save money on both accounts
I think coins should be phased out, and only issued in mint condition for collectors.
I know a lot of people, usually under the age of 30, who never use cash money. All of their daily financial transactions occur via their phones or cards. There's a coffee shop in Center City Philly that does not accept cash. As time goes by more businesses will move into this direction.
I know a lot of people, usually under the age of 30, who never use cash money. All of their daily financial transactions occur via their phones or cards. There's a coffee shop in Center City Philly that does not accept cash. As time goes by more businesses will move into this direction.
most of them don't have cash to rub together, they spend via credit because someone else pays it
I agree. Phase out the dollar bill and replace it with a dollar coin.
To make room for the dollar coin, phase out the penny AND the nickel. Make the dime the smallest denomination. The current dime is the value of a 1968 penny, and in 1968 nobody thought, "wow, we need a coin smaller in value than a penny." In fact in 1968, the penny had been the smallest denomination for a century.
Debit and credit cards are not yet universal, and may never be. Plus, there are still certain transactions like parking meters, bus fare, vending machines, where having larger value coins in hand would be a convenience rather than feeding paper into the slot.
Parking meters, bus fares, and vending machines can all be done electronically now. I can think of two things that I have had to use coins on in the last year - little rides for my daughter and air for my tires at the gas station.
This may have been a good idea a couple of decades ago, but there is no point in making the switch in a digital world.
I'd like it if we'd adopt that standard. I was stationed in Germany for two years, and had 1, 5, and 10 Deutsch Mark coins (I seem to vaguely recall 2 and 20, but it was long enough ago that I could be misremembering), and never had a problem with them--they seemed a lot more convenient, to be honest. Unfortunately, we can't seem to get folk in the U.S. on board with such ideas. (Nor can we seem to get 'em to adopt the metric system either....)
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