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Old 06-23-2020, 05:48 PM
 
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That was pretty interesting. It’s not something I’d think of because I don’t use cash, let alone coins, but I know tons of people do. I didn’t think of them rationing coins and in particular in smaller markets. They bring up a good point of the potential for it to cause bigger problems if people see it as banks being out of money and cause a run.

I could see it being a problem for people who have to pay for laundry. I used to carry around ridiculous bags of quarters with like $40+ of quarters.
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Old 06-23-2020, 07:27 PM
 
654 posts, read 216,846 times
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we should have stopped making pennies decades ago
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Old 06-23-2020, 09:11 PM
 
Location: Guadalajara, MX
7,544 posts, read 3,673,179 times
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Quote:
Originally Posted by Thatsright19 View Post
I could see it being a problem for people who have to pay for laundry. I used to carry around ridiculous bags of quarters with like $40+ of quarters.
Lots of laundry places now have a card system, where you charge it up with a credit card or cash bills then use in the machines as needed. Some can even recharge online or have an auto-topoff feature.

Granted I'm talking from doing this mainly in Asia and Europe, I'm assuming this has caught on in USA as well but not really sure.
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Old 06-23-2020, 10:22 PM
 
3,169 posts, read 3,013,747 times
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Well I hope they get rid of the penny so I can actualize my best return from a bank (copper penny hoarding for last decade or so). At current alloy melt value of about 1.84 (even with transportation cost, carrying cost and time to sort) taking it to some smelt location I'd likely get 50 percent return. I never expected to get rich doing this but have enough to buy my next used car. And it will give me a good workout when the time comes to move them.


And per the articles point, the last time I dumped my Zinc rolls the convenience stores were very pleased.
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Old 06-23-2020, 11:36 PM
 
10,399 posts, read 10,155,494 times
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Quote:
Originally Posted by robr2 View Post
IMHO, get rid of the penny and dollar bill.

Replace with dollar coin and two dollar bill.

Round sales needing pennies to nearest nickel.
I agree with getting rid of the penny. However, the one dollar bill hasn't been eliminated because it is very popular. Politicians have tried to get us to use dollar coins before. We have the Susan B. Anthony dollar, but its never been very popular.
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Old 06-24-2020, 07:23 AM
 
7,404 posts, read 2,758,306 times
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Nearly all of my transactions are digital. To me, "coins" are just digits to the right of the decimal point. And that's fine by me, I don't need no pieces of metal jangling around in my pockets. Stone age peoples exchanged shiny rocks for pelts, isn't it time we graduated from that?
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Old 06-24-2020, 09:29 AM
 
Location: Midwest
57 posts, read 25,466 times
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The EU has 0.01 and 0.02 Euro coins and they are not very popular...lol. I routinely found them thrown down on the sidewalk. The stores there started rounding up or down to nearest 0.05 so the lower value coins became 'junk.' Honestly, can't think of the last time I actually used a penny coin here in US.
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Old 06-24-2020, 12:46 PM
Status: "Trump is orange buffoon" (set 24 days ago)
 
Location: Berkeley, Denver, CO USA
14,945 posts, read 22,294,964 times
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The gods invented plastic for a reason.
I have not used cash in the USA during the last 19 months. Not once.
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Old 06-25-2020, 06:09 AM
 
5,255 posts, read 2,973,316 times
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Quote:
Originally Posted by markg91359 View Post
I agree with getting rid of the penny. However, the one dollar bill hasn't been eliminated because it is very popular. Politicians have tried to get us to use dollar coins before. We have the Susan B. Anthony dollar, but its never been very popular.
The SBA dollar was replaced by the Sacagawea dollar in 2000 which I used for years for paying tolls (before EZ Pass) and parking at the commuter rail station.

The dollar bill is popular for a couple of reasons:

- there's a point of pride that the "dollar" is a world standard

- there's a little company called Crane Currency here in MA who has been the sole currency paper supplier to the Bureau of Engraving and printing since 1879 and the dollar represents a big chunk of those sales.
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Old 06-25-2020, 07:18 AM
 
Location: Boston, MA
2,262 posts, read 3,722,542 times
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Quote:
Originally Posted by robr2 View Post
The SBA dollar was replaced by the Sacagawea dollar in 2000 which I used for years for paying tolls (before EZ Pass) and parking at the commuter rail station.

The dollar bill is popular for a couple of reasons:

- there's a point of pride that the "dollar" is a world standard

- there's a little company called Crane Currency here in MA who has been the sole currency paper supplier to the Bureau of Engraving and printing since 1879 and the dollar represents a big chunk of those sales.

Dollar bills are also a lot lighter to carry around than dollar coins. They are less environmentally efficient because of all the paper that has to be used to make them however and the $1 which is the most widely circulated is the chief culprit. I like spending dollar coins simply because I prefer them but that's just my personality. The U.S. Mint I believe still has a huge stockpile of Sacagaweas and Presidentials they have not put into circulation yet due to low demand. I am not sure if they will given this ongoing coin shortage.
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