It is time to revamp our coinage. I have several ideas some of which might work.
There are now ceramics that are harder and more durable than steel. They can take so much abuse that they have been built into working car engine blocks. The hardness of alumina ceramics is nearly three times that of stainless steel; silicon carbide is more than four times harder than stainless steel. It can even be injection molded.
To make coins that could easily last 50-100 years would have the benefit of costing far less over time, and allowing *more* coinage onto the market. The best denominations would be 25 cents, 50 cents, $1, $5, $10, $20, and maybe $50.
The Japanese have long used plastic coins for small amounts, in this case, 1 cent, 5 cents, and 10 cents.
This would not mean the end of metal coinage, however.
Instead of using metal coins for common transactions, they could instead be used for savings, or higher value transactions.
Right now, the Canadians mint silver gold coins of very high purity, not alloyed with other metals. The metal is so pure it can be laser engraved with a holographic image. But it is then stored in a case, because touching it would ruin the hologram.
Traditionally, coins held face value far less than the value of the metal itself. But the opposite should be true. For example, just since 2000, the price of an ounce of silver has varied from about $5 to about $50. So, a one ounce silver coin could have a face value of say, $100, in its case to help insure authenticity.
Likewise, since 2000, gold has varied from about $200 an ounce to almost $2000 an ounce. So a 1 ounce pure gold hologram coin should have a face value of $5000.
Granted, this would be US mint “federal gold”. But the individual states can both refine and coin their own gold and silver, which is authorized in the constitution. So they could offer to refine private holdings of less pure metal to very pure, and then coin smaller denominations as legal tender using the same concept.
That is, a half ounce silver with a face value of $50, a half ounce of gold at $2500. A one-fifth ounce at $1000 and a tenth of an ounce coin at $500. (The current American Eagle 2016 One-Tenth Ounce Gold Proof Coin is valued around $200.)
“Traditionally, coins held face value far less than the value of the metal itself. But the opposite should be true. “
Except the opposite isn’t true.
L
“But the individual states can both refine and coin their own gold and silver, which is authorized in the constitution.”
You might want to reread the Constitution.
L