Posted on 06/29/2011 12:38:29 PM PDT by Aroostook25
The dies are the cheapest part of the process.
and they say the Canadian coins are loonie...
If I ever received them as change from a story, I’d happily use them. Basically when the gas station manager or fast food manage goes to the bank for a stack of singles to make change with, they need to tell him, here, use these coins instead. That would be the end of it.
The steel mill in my town pays its yearly safety bonus to employees in 2 dollar bill’s a lot of them float around every October.
Well, we could always force the welfare recipients to start taking them, instead of direct deposit...
And they should be required to show up in person at the mint for collection each week. :)
Fletcher J
I keep a few in the car. They’re handy at toll booths.
I’d spend them if I had them, but I never see any in circulation. All I get from the ATM is twenties, and no one gives out dollar coins or two dollar notes in change. Maybe I’ll ask at the bank next time I’m in the lobby.
It might also remind people that he killed our space program, in favor of MooseLib outreach.
Our post office has removed all of the stamp vending machines, my only reliable source of the dreaded dollar coins.
Frankly I’m surprised that they don’t give you change......in stamps ;-)
It’s time once again to trot out my currency and coinage reform proposal, with the notation that rarely do people have much use for a coin that is 100x the value of the smallest coin.
Given that there has been ample inflation on the order of 10 since the last change, and we have an excessive array of confusing coins and low-value currency, it is time for a practical simplification.
First, denominations need to proceed in a proportional way without large value ratios or crowded ratios. The classic 1-5-10-50-100... progression with ratios of 2.0-5.0 is ideal as a minimum, with denominations of 2, 20, etc. being optional for important valuations.
Second, we want to avoid coins of such low value that they are more trouble than they are worth. Economic waste occurs with the extra time wasted dealing with needlessly small coins. A dime is worth less than a minute of labor at minimum wages, and no currency transaction requires anything smaller than this denomination. The penny and the half-cent served well as the smallest denominations when their values were that of today’s dime. (Note to any economic imbeciles: electronic transactions are often conducted in smaller units than our smallest coin, and that cash registers have been “rounding” - without bias up or down - to the nearest small coin for sales tax purposes for generations. Google “sales tax rounding” if you have doubts and read a few articles).
Third, we want to set the coin/currency transition at a practical level that avoids our wallets being overstuffed with small bills, or our pockets with too many coins. Coins should be suitable for purchases like a magazine, a coffee, a lunch, or a brief cab ride.
Fourth, the ratio between the largest and smallest coin should be limited to a practical factor. Consider that the economy functions effectively with coins at 0.05, 0.10, and 0.25, with pennies treated as trash, and larger coins generally not used. That is a factor of 5 between the largest and smallest coin. A factor of 10-50 may be ideal, and a factor of 100 (as in actual current coinage) is excessive.
Fifth, we need bills of adequately high value for large cash purchases (consider the largest Euro note has a value of about 6.5 times that of the largest US note.)
Sixth, coins should be sized approximately proportional to their value for ease of recognition and use.
The proposal:
Coins:
$0.10 (slightly smaller than the current dime)
$0.50 (slightly smaller than the current nickel, larger than the penny)
$1.00 (slightly smaller than the current quarter dollar, larger than the nickel)
$5.00 (slightly smaller than the current half-dollar) Or it could be set at $2 to avoid overlap with a $5 note.
Currency Notes:
$5 (optional)
$10
$20 (optional)
$50
$100
$500
Our current 6 coins are replaced with 4.
Our current 7 notes are replaced with 4-6.
If you want to talk about making coins out of silver or gold, I’m even more enthusiastic:
$1000 gold coin (1 oz)
$500 gold coin (1/2 oz)
$100 gold coin (1/10 oz)
$20 silver coin (1 oz)
$10 silver coin (1/2 oz)
$2 silver coin (1/10 oz)
$1 copper or base metal coin (1/2 oz)
$0.50 copper or base metal coin (1/4 oz)
$0.10 copper or base metal coin (1/10 oz)
“Certainly, issuing the coins and having them circulate, rather than sit in vaults, would create a source of revenue for the government.”
I haven't seen any for a while, but I liked them.
Not in San Francisco where they each carry around those goofy payment boxes. Money goes on the stage then they put it in their box (not trying to be funny).
What IS it about people who win elections that they come to think they understand the complex systems of this country well enough to screw around with them? Did no one consider the changes that would need to be made to, oh, say every cash register used in every store in the entire country? Or vending machines? Then there’s the weight and the bulkiness of coinage. And, those are just off the top of my head. Does gaining employment inside the beltway immediately infect one with arrogant stupidity?
“But then the price of strippers would double!”
Hmmm...where would the stripper let us put the coin? (refraining from obvious dirty jokes...tough call)
I’ve seen a few in Morgan dollar sales. Interesting but not my kind of coin. Too much like the Franklin Mint for me.
Where is “In God We Trust”?
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