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I can remember flying to Reno in the late 50’s early 60’s, and coming home with pants and sport coat pockets full of very heavy silver dollars, that you could not wait to spend.
If you didn’t want very heavy silver dollars why didn’t you cash them on before leaving Reno?
I would get rid of pennies nickles and dimes. There is no reason for them.
I do not like the dollar coins we hve because the silver ones I tend to spend as quarters by mistake and the gold ones no one recognizes that they are money. You almost have to take them to the bank and exchange them for bills to get someone to accept them. I tried oto give one a a homeless guy reecently and he said " I don't want that ****." I told him it was a dollar, and he said "Don't bull**** me that aint no dollar it ant even a quarter. It ust toy money."
I am all for phasing out the $1 bill. I make it a habit to go "Canadian style" and spend only $1 coins if I can help it. I obtain $1 coins from banks and vending machines at transit stations. I sure wish more people were like me so more $1 coins would be in circulation and easier to obtain.
Physical currency, whether it is coins or paper, is slowly on its way out. It might take some time for it to completely go away but trying to make adjustments to that system is a waste of time and resources.
Think back to 1990. Most of my monetary dealings were cash or physical cheques, with a small portion in credit card. Just twenty five years later it is almost all credit cards and online bill pay, with almost no physical currency.
Same with vehicles. It was all gasoline cars and drivers. Slowly it became hybrids and now it is moving to electric and hydrogen fuel and driver-less., which will be the norm in 25 years.
Let is not go back to the past because other countries do it. They too will abolish their coins in due time.
Yes, well phase out the Post Office too. By your logic, anything that belongs to the 20th century ought to be relegated to the dustbin. Everything should be done electronically, there ought to be no physical paper traces. Very soon people won't know what currency is, won't know what to do in a brick and mortar store, won't even know how to write with pencil and paper because it is all not needed. I am for progress but it will be a darn shame if society ends up that way.
Yes, well phase out the Post Office too. By your logic, anything that belongs to the 20th century ought to be relegated to the dustbin. Everything should be done electronically, there ought to be no physical paper traces. Very soon people won't know what currency is, won't know what to do in a brick and mortar store, won't even know how to write with pencil and paper because it is all not needed. I am for progress but it will be a darn shame if society ends up that way.
Sadly that is progress.
My daughter was the last class in her school to be taught cursive writing. Later it became just block letter writing and now very little writing. Classwork and homework is done using google class room and chromebooks. Most textbooks are online. Testing is online.
Brick and Mortar store. Even though Amazon bought out whole foods, most purchases are online. I went to the mall once in 2017. Maybe Walmart and dollar store a few times.
Slowly countries are moving to digital currency to save on costs, fight corruption, money laundering and collect appropriate unpaid taxes. Sometimes it requires shock therapy. India banned a RS. 500 and 2000 in Nov 2016 to fight black money ( undeclared transactions). There were long lines to try and exchange for new notes but digital currency like paying from smart phones were introduced. Within a year a lot of transactions have become digital. A country that was almost cash based is becoming cashless at a rapid rate.
Yes, well phase out the Post Office too. By your logic, anything that belongs to the 20th century ought to be relegated to the dustbin. Everything should be done electronically, there ought to be no physical paper traces. Very soon people won't know what currency is, won't know what to do in a brick and mortar store, won't even know how to write with pencil and paper because it is all not needed. I am for progress but it will be a darn shame if society ends up that way.
Well, of course, I am known as a hopeless diary writer. About to finish this volume and it's only been 35 days.
I find that going into note taking mode when something bad has happened calms me down. Of course, the insurance people love it that I have such details to relate to them in the aftermath.
Could it be done electronically for the same effect, the same benefits? I suppose but I am not geared for that.
SO-o.......things should not be seen as being for only one purpose.
I do love coins. I collect old silver. I prefer the circulated to the uncirculated. I love looking at a worn silver dollar, marveling at who's hands it might have graced, what history it saw.
It goes both ways, I suppose. It is much easier to carry a neck wallet of bills than a money belt of dollar coins.........especially if one should fall overboard doing it.
Quote:
Originally Posted by kamban
Sadly that is progress.
My daughter was the last class in her school to be taught cursive writing. Later it became just block letter writing and now very little writing. Classwork and homework is done using google class room and chromebooks. Most textbooks are online. Testing is online.
Brick and Mortar store. Even though Amazon bought out whole foods, most purchases are online. I went to the mall once in 2017. Maybe Walmart and dollar store a few times.
Slowly countries are moving to digital currency to save on costs, fight corruption, money laundering and collect appropriate unpaid taxes. Sometimes it requires shock therapy. India banned a RS. 500 and 2000 in Nov 2016 to fight black money ( undeclared transactions). There were long lines to try and exchange for new notes but digital currency like paying from smart phones were introduced. Within a year a lot of transactions have become digital. A country that was almost cash based is becoming cashless at a rapid rate.
I'm not sure I would call it progress.
The thing about a cashless society is that the government knows everything one spends their money on. Knows everywhere a person has been.
More than half the currency is circulating overseas, and the Fed has to pay to replace all those worn out bills. Many poor countries in the equatorial regions use American currency, paper money rots fast in a hot humid climate. Coins last so much longer, but even in those countries, I doubt the penny and nickel is really needed anymore. It would be nice if there was a 5 dollar coin too, not just a dollar. I like the Canadian idea of a 2 dollar coin as well. The coins should be small, have one be the size between a penny and nickel, and another be the size between a nickel and a quarter. I like the idea of holes, how about 5 little holes for a 5, and 2 little holes for a 2 ? The new coins should also be tinted a different color than the other coins. The gold dollar is OK, but the gold coloring should not wear off, I've never seen one that had the gold worn off, lol.
They quit using coins in slot machines because of the grifters. There were lots of scammers that learned how to defeat the coin mechanisms in the machines with clever home made tools. Some of the more enterprising ones would buy their own slot machine of the same model the casino used, then take it apart and learn how to defeat it. Another guy bought his own coin stamping machine, and found out the casino was using metal close to the same weight as metal in Onida silverware, and made perfect copies of the casino coins.
What I hate about cards, is the way scammers can use card skimmers or hack your account online, and cause you lots of hassle getting it straightened out with the credit card company. Cash is private, card purchases are not. It's nobody's business what I spend my money on, and the public pays for all the fraud in higher interest rates on their cards, as the company has to pass on the cost to everyone, just like we all pay for shoplifters with higher grocery prices.
Someone upthread mentioned Korea. I like how they do things there: namely, most things are rounded to the nearest 1,000 won (roughly equivalent to one dollar), so you only have to pay in bills and get bills back in change. I don't believe I even saw any Korean coins in use while I was there.
Roughly 360 coins per capita are in circulation despite you not seeing any on your trip.
As of 2020 coins in S. Korea are not going to be legal tender. When you make a payment you will have a choice of rounding off to the nearest 1,000 won ~ 92 cents or paying electronically. As most people will get tired of rounding off, electronic payments will presumably become popular. Once electronic payments become popular the use of the 1000, 5000, and 10000 Won notes will diminish.
It is expected that in a few years, only the 50,000 Won note (~ $46) will be in wide circulation allowing for privacy in larger cash payments.
Most proponents of cashless society concentrate on eliminating the large denomination notes in an effort to reduce illegal transactions, tax evasion, and money laundering. Korea has admitted that the immediate problem is inefficiency of cash, and eliminating private anonymous transactions should be the problem of the next generation (or never eliminated).
Fear of counterfeiting by N Korea meant that until June 23, 2009 the largest banknote in circulation in S Korea was the 10,000W banknote worth ~$9.23 Because it was so difficult to work in cash, the population largely grew used to electronic transfers anyway. So it is very unlikely that South Korea will ever issue a 100,000W banknotes ~ $92.26
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As a side note, we should note that the value of the largest banknote in national currency before conversion to the Euro. Simply having 500€, 200€,and 100€ banknotes in circulation after the Euro conversion changed the day to day operations of business and in many cases aided underground transactions and legal mass movements of money.
76.22 € French franc
60.10 € Spanish peseta
49.88 € Portuguese escudo
46.59 € Maltese lira
41.73 € Slovenian tolar
34.17 € Cypriot pound
31.96 € Estonian kroon
29.35 € Greek drachma
The movement of hundreds of billions of Euros out of Greek banks to elsewhere in Europe, a few years ago, probably would have been impossible without the large value Euro banknotes.
Last edited by PacoMartin; 02-11-2018 at 07:49 PM..
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