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What coins should we (usa) abolish ?

I think today the United States should discontinue the cent and nickel. We could possibly discontinue the dime and in a a year get rid of the quarter and half dollar.

We could start using dollar coins that we have in bank vaults. I’m sure that would last many years so the mint would never have to strike and more coins ever again.

By 2025 we will be a cashless society. Many countries already made it their initiative to be a cashless society by 2025. Most of the thriving Asian countries already use their phones to pay and have never touched coins/bills.

What do you think?

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Comments

  • HydrantHydrant Posts: 7,773 ✭✭✭✭✭

    Sounds like you want to put the mint out of business.

  • jmlanzafjmlanzaf Posts: 30,381 ✭✭✭✭✭

    all of them.

    If you want to phase them out, the dollar and half dollar would be first because it is collectors only.

    Why are you going to start using dollar coins if you are trying to phase them out?

  • HigashiyamaHigashiyama Posts: 2,103 ✭✭✭✭✭

    Certainly the cent and nickel could be eliminated without hurting commerce or any individual. The dime may be borderline. It buys roughly what a cent did fifty years ago. Real comparisons of inflation across long periods of time are hard (since consumption opportunities and patterns have changed so much), but a quarter is probably worth roughly what a cent was worth in 1900.

    With that in mind (and glancing at the EU), I would propose:

    Eliminate the cent, nickel, and quarter.
    Introduce a 20 cent piece
    Eliminate the dollar bill
    Introduce a 2 dollar coin

    In this scenario, our non-electronic transactions are supported by the dime, twenty cent piece, half dollar, dollar, and 2 dollar coins.

    I am probably absurdly sentimental, but it feels like there should be a long term role for cash in small transactions.

    Higashiyama
  • JBKJBK Posts: 14,238 ✭✭✭✭✭

    We should get rid of Canadian coins as I am sick of getting them in rolls. :D

    Some people love the idea of cashless, but a lot of the places I go prefer or even require cash. And servers always prefer cash. :*

    And the move to a cashless society is not just for the convenience of the users. I'll leave it at that. ;)

  • okiedudeokiedude Posts: 640 ✭✭✭

    I gotta spend a lot of dough, if it won't be any good after 2024 :#

    BST with: Oldhobo, commoncents05, NoLawyer, AgentJim007, Bronzemat, 123cents, Lordmarcovan, VanHalen, ajaan, MICHAELDIXON, jayPem and more!
  • Cougar1978Cougar1978 Posts: 7,209 ✭✭✭✭✭

    Anything below half or quarter.

    Coins & Currency both US and World
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I do think they will eliminate the cent - eventually. I do not think that will happen in the near future. They are already planning for coins in 2026 for the semiquincentennial, which included the cent, nickel, dime, quarter and half. Cheers, RickO

  • neildrobertsonneildrobertson Posts: 1,147 ✭✭✭✭✭
    edited January 18, 2021 10:28AM

    As early as 1975, there were some very good reasons to get rid of the one cent coin. The US Mint funded a third party evaluation on our coinage in 1975, and they advocated for as much, as well as a few other things. It has been a very long time since the cent has been a good idea for the US government. At the time it was not popular to eliminate the cent, despite the fact that it was starting to make sense to.

    https://archive.org/details/uscoinagesystem1976stua/page/n23/mode/2up

    Is anyone aware of more recent analyses of our coinage system?

    I personally think the cent and nickel can go too. The people will never ask for this type of change, but it will have to be done anyway at some point. If people ask for it, then we likely waited too long.

    IG: DeCourcyCoinsEbay: neilrobertson
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  • 3stars3stars Posts: 2,270 ✭✭✭✭✭

    Cent and half, along with the dollar bill. Canada has survived without the cent for almost a decade, the half has never circulated, and the US is the only first world country left that doesn’t use a dollar coin, so we’d survive that transition as well. The mint makes more money this way, as they lose money on every cent made, but make approx 88 cents per dollar coin made. Instead of a few billion cents at a loss they can mint a few billion dollar coins and clean up. Total overall production of coins would be about the same, so no new staff needed, just a one time rejiggering of cent presses to dollar presses.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • ZoinsZoins Posts: 33,735 ✭✭✭✭✭
    edited January 18, 2021 10:15AM

    @privatecoin said:
    The action of eliminating the cent and nickel would be the typical government kick the can down the road action rather than fix the problem.

    I see nothing typical about that because it's been advocated for so long and yet nothing has happened ;)

  • HydrantHydrant Posts: 7,773 ✭✭✭✭✭

    I'm one of the formost experts on most of the pressing issues of modern life. If you doubt me, just ask the Lovely Mrs. Hydrant. She will attest to my brilliance and keen insights concerning current world events. That's part of her job. Anyway, eliminating coins is a bad idea.

  • CoinHoarderCoinHoarder Posts: 2,317 ✭✭✭✭✭

    Keep em all. A penny saved is a penny earned!

  • coinbufcoinbuf Posts: 10,403 ✭✭✭✭✭
    edited January 18, 2021 10:37AM

    None, and your crazy if you think abolishing all coins is a good idea or even reasonable. Do you plan to give part of your plastic card to the homeless street corner guys and gals so they can get a cup of joe?

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • rec78rec78 Posts: 5,630 ✭✭✭✭✭

    If they do eliminate coins for circulation, they may still make them for collectors. I would suggest make only quarters for circulation. This government is not going to do anything soon. Any legislation that will support eliminating coins will be defeated because, if you close the mints, you close jobs. Jobs are a big political thing (Votes). People who work at the mint would be jobless and so would the designers of coins, and the people who drive coins around (Brinks, Pinkerton, etc.). They would also get coins collectors upset as in 1965 when they took the mint marks off of coins for a few years. So, no matter how much sense it makes to eliminate coins (at least some of them), congress is just going to keep pushing it under the table for as long as possible.

    image
  • coinbufcoinbuf Posts: 10,403 ✭✭✭✭✭

    @rec78 said:
    If they do eliminate coins for circulation, they may still make them for collectors. I would suggest make only quarters for circulation. This government is not going to do anything soon. Any legislation that will support eliminating coins will be defeated because, if you close the mints, you close jobs. Jobs are a big political thing (Votes). People who work at the mint would be jobless and so would the designers of coins, and the people who drive coins around (Brinks, Pinkerton, etc.). They would also get coins collectors upset as in 1965 when they took the mint marks off of coins for a few years. So, no matter how much sense it makes to eliminate coins (at least some of them), congress is just going to keep pushing it under the table for as long as possible.

    You left out the mining industry that supplies the raw metals used to make coins, the ripple effects of eliminating even one coin denomination would have far reaching economic consequences.

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • crazyhounddogcrazyhounddog Posts: 13,679 ✭✭✭✭✭

    I don’t see it happening at all.

    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • BillJonesBillJones Posts: 33,043 ✭✭✭✭✭

    I don't favor doing away with any of them, not even the cent, if it is issued only for collectors. The cent as been a collector favorite for many years. It's not going to hurt anyone if the mint continues to include it in Proof and Mint sets.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • CopperWireCopperWire Posts: 492 ✭✭✭
    edited January 18, 2021 11:18AM

    I feel bad for people who live in such an insular world that they think commerce would still function without coins and cash. Just because YOUR world could go cashless at some point doesn't mean that the whole economy would be able to do this. Seriously, how would drug dealers and prostitutes get paid without cash? Do you see what I am getting at here? Our economies are based off on transactions of the "lowliest" of people which will always be shiny coins or green colored-cash.

  • ZoinsZoins Posts: 33,735 ✭✭✭✭✭
    edited January 18, 2021 11:32AM

    @BillJones said:
    I don't favor doing away with any of them, not even the cent, if it is issued only for collectors. The cent as been a collector favorite for many years. It's not going to hurt anyone if the mint continues to include it in Proof and Mint sets.

    I don't mind getting rid of the cent and the nickel, and replacing them with $2 and $5 coins.

    I like cents and nickels, but, to me, coins should be for commerce first and foremost.

  • EdGOhioEdGOhio Posts: 106 ✭✭✭

    @coinbuf said:
    None, and your crazy if you think abolishing all coins is a good idea or even reasonable. Do you plan to give part of your plastic card to the homeless street corner guys and gals so they can get a cup of joe?

    Don't be silly, you give them a Starbucks gift card...sheesh...lol

    Strive not to be a success, but rather to be of value.

    • Albert Einstein
  • PerryHallPerryHall Posts: 44,855 ✭✭✭✭✭

    Get rid of the cent and nickel since they cost more than face value to manufacture. The mint can keep making them for the annual mint sets and proof sets. The cent can be made in copper. The mint can sell the cents and nickels by the roll to collectors and coin dealers at a marked up price to cover their costs.

    Worry is the interest you pay on a debt you may not owe.

  • HydrantHydrant Posts: 7,773 ✭✭✭✭✭

    The U.S. Mint could cease production of all coinage if an agreement was reached to outsource the production to China.
    That might be a viable alternative. Think of the savings on labor alone.

  • koynekwestkoynekwest Posts: 10,048 ✭✭✭✭✭

    Eliminate the cent and nickel but retain them in sets for collectors. Make the cent out of the old copper composition and get rid of the copper plated junk. Introduce a bi-metallic $2.50 and $5.00 coin and eliminate those denominations in paper money as well as the $1 bill.

  • WildIdeaWildIdea Posts: 1,861 ✭✭✭✭✭
    edited January 18, 2021 5:43PM

    If a hole was placed in the center of the cent, at least it could be used as a washer.

  • coinbufcoinbuf Posts: 10,403 ✭✭✭✭✭
    edited January 18, 2021 7:25PM

    @Panda4456 said:
    I think today the United States should discontinue the cent and nickel. We could possibly discontinue the dime and in a a year get rid of the quarter and half dollar.

    We could start using dollar coins that we have in bank vaults. I’m sure that would last many years so the mint would never have to strike and more coins ever again.

    By 2025 we will be a cashless society. Many countries already made it their initiative to be a cashless society by 2025. Most of the thriving Asian countries already use their phones to pay and have never touched coins/bills.

    What do you think?

    What part of your life would be enhanced by the mint making more money than they do already by eliminating some (or by your comment all) coinage production because those denominations cost more to coin than face value? Which according to the mint tour I took just a year ago is only the cent, the nickel is a breakeven event and the mint makes money on all the other coins it makes. And how are the lives of the mint employees and their families going to be better off by the elimination of their livelihood?

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • DBSTrader2DBSTrader2 Posts: 3,416 ✭✭✭✭
    edited January 18, 2021 6:36PM

    I'm still waiting after 25+ years for the "PAPERLESS Society" we were all told was just around the corner........ Has anyone been to a CVS and received a printed receipt lately?! :o;)

    As far as doing away with the cent & nickel, I don't think that will occur anytime soon, for all the reasons mentioned above (inertia, sentimentality, jobs, etc)............. _ UNLESS_ ..... we get involved in another war that requires we ramp-up production of weapons that require suspension of minting them from necessary raw materials - - and then simply never go back to producing them again! Who's up for a new war?!! ;)

  • ɹoʇɔǝlloɔɹoʇɔǝlloɔ Posts: 1,436 ✭✭✭✭✭

    non-precious metal coins; let's get rid of fiat currency 😏

  • ShaunBC5ShaunBC5 Posts: 1,551 ✭✭✭✭✭

    What if we just made less cents and nickels? I would imagine there’s a number where it’s cheaper on absolute dollars, even if the cost to produce each was higher. There are enough pennies in jars that we could keep using the cent and never need to mint another one.
    I hope we never get to a cashless economy for real. If we did, something would just take its place, I’m sure (and this from a guy who uses cash as infrequently as possible).

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    I'm all for not minting new pennies and nickels anymore...
    There are plenty already, as has been noted.

    Except people are funny. If they stop making them, the public will notice, and then hoard them, causing a snowball of shortages.

    Lookit what happened with hand sanitizer and TP last year. Fortunately, both of those are in stock again.. for the moment.

    Liberty: Parent of Science & Industry

  • Pnies20Pnies20 Posts: 1,864 ✭✭✭✭✭

    Ah the march to globalism...

    BHNC Associate member #AN-07 … 88 and counting.

  • MKUltra24MKUltra24 Posts: 649 ✭✭✭✭

    @JBK said:
    We should get rid of Canadian coins as I am sick of getting them in rolls. :D

    Some people love the idea of cashless, but a lot of the places I go prefer or even require cash. And servers always prefer cash. :*

    And the move to a cashless society is not just for the convenience of the users. I'll leave it at that. ;)

    Just my two cents (no pun intended) as a former server.

    We actually don’t care whether we’re tipped in cash or not.

    At the end of the night when we file our receipts the restaurant pays us out in cash for tips regardless of if it’s in credit card or cash form.

    For example if someone’s bill is $15 and they leave a $2 tip both paid by credit card the restaurant will charge the credit card $17 and then give us $2 cash from its own cash knowing it will be reimbursed by the credit card charge.

  • lkeigwinlkeigwin Posts: 16,880 ✭✭✭✭✭

    I wondered when the cancel culture would attack our coins.
    Lance.

  • JBKJBK Posts: 14,238 ✭✭✭✭✭

    @MKUltra24 said:

    @JBK said:
    We should get rid of Canadian coins as I am sick of getting them in rolls. :D

    Some people love the idea of cashless, but a lot of the places I go prefer or even require cash. And servers always prefer cash. :*

    And the move to a cashless society is not just for the convenience of the users. I'll leave it at that. ;)

    Just my two cents (no pun intended) as a former server.

    We actually don’t care whether we’re tipped in cash or not.

    At the end of the night when we file our receipts the restaurant pays us out in cash for tips regardless of if it’s in credit card or cash form.

    For example if someone’s bill is $15 and they leave a $2 tip both paid by credit card the restaurant will charge the credit card $17 and then give us $2 cash from its own cash knowing it will be reimbursed by the credit card charge.

    That's good first-hand insight, but I know that not all employers do this. I am aware of some who pay out tips in the checks.

    Also, some employers also include the known tips for tax calculations/reporting.

  • scooter25scooter25 Posts: 769 ✭✭✭✭

    KEEP THE COINS!!!

  • jmlanzafjmlanzaf Posts: 30,381 ✭✭✭✭✭

    @WildIdea said:
    If a hole was placed in the center of the cent, at least it could be used as a washer.

    With the zinc center, it would corrode in days. Worst washer ever.

  • MKUltra24MKUltra24 Posts: 649 ✭✭✭✭

    @JBK said:

    @MKUltra24 said:

    @JBK said:
    We should get rid of Canadian coins as I am sick of getting them in rolls. :D

    Some people love the idea of cashless, but a lot of the places I go prefer or even require cash. And servers always prefer cash. :*

    And the move to a cashless society is not just for the convenience of the users. I'll leave it at that. ;)

    Just my two cents (no pun intended) as a former server.

    We actually don’t care whether we’re tipped in cash or not.

    At the end of the night when we file our receipts the restaurant pays us out in cash for tips regardless of if it’s in credit card or cash form.

    For example if someone’s bill is $15 and they leave a $2 tip both paid by credit card the restaurant will charge the credit card $17 and then give us $2 cash from its own cash knowing it will be reimbursed by the credit card charge.

    That's good first-hand insight, but I know that not all employers do this. I am aware of some who pay out tips in the checks.

    Also, some employers also include the known tips for tax calculations/reporting.

    Ah ok, I didn't know that. I was just speaking on how it worked at the restaurant I worked at.

    Admittedly things are done differently everywhere so I can see where tipping in cash would be preferred.

    I guess I was lucky and didn't know it for working somewhere where we were paid our tips in cash every night regardless of how the tips were paid.

  • MKUltra24MKUltra24 Posts: 649 ✭✭✭✭

    @Panda4456 said:
    I think today the United States should discontinue the cent and nickel. We could possibly discontinue the dime and in a a year get rid of the quarter and half dollar.

    We could start using dollar coins that we have in bank vaults. I’m sure that would last many years so the mint would never have to strike and more coins ever again.

    By 2025 we will be a cashless society. Many countries already made it their initiative to be a cashless society by 2025. Most of the thriving Asian countries already use their phones to pay and have never touched coins/bills.

    What do you think?

    Which "thriving Asian countries" are you referring too?

    I know Japan uses coins and they're the most thriving of all Asian countries.

    China does too.

    I'm not sure about South Korea though.

    However I do know a lot of poorer countries in Africa are trying to go cashless due to them lacking the funds to mint coinage.

  • ChangeInHistoryChangeInHistory Posts: 2,972 ✭✭✭✭✭

    Start rounding purchases to the nearest 0 or 5, get rid of the Lincoln Cent, and eventually the Jeff Nickel. (I think there are enough nickels stashed away that they will come back into circulation to fill any void left from no new nickel mintages)
    Get rid of the one dollar bill, which will force the use of the dollar coin, and mint a $2 and a $5 coin as well.

    (Will NEVER happen due to the 'treason' of getting rid of Lincoln and Jefferson, and one dollar George)

  • HydrantHydrant Posts: 7,773 ✭✭✭✭✭
    edited January 19, 2021 7:05AM

    @coinbuf said:

    And how are the lives of the mint employees and their families going to be better off by the elimination of their livelihood?

    They could always learn to code. 📠 🖥 🖨 ⌨ 🖱

  • ZoinsZoins Posts: 33,735 ✭✭✭✭✭
    edited January 19, 2021 7:03AM

    @coinbuf said:
    And how are the lives of the mint employees and their families going to be better off by the elimination of their livelihood?

    I wouldn't be too worried about that. We already mint many more coins than we need for circulation, just to put them in storage. That could continue.

    And the cents and nickels could be replaced by $2 and $5 coins so there would be other coins to mint.

  • ambro51ambro51 Posts: 13,529 ✭✭✭✭✭
    edited January 19, 2021 7:43AM

    When I buy gas,, it’s like $2.29 9/10. I see a great and unfulfilled need for a 1/10th Cent coin!

  • JBKJBK Posts: 14,238 ✭✭✭✭✭

    @ChangeInHistory said:
    Start rounding purchases to the nearest 0 or 5,

    Always round DOWN on purchases and maybe I will think about supporting it. ;)

    I lived through the euro conversion and I can tell you that the rounding always seemed to go against the consumer. :/

  • MasonGMasonG Posts: 6,268 ✭✭✭✭✭

    Pennies are not needed, people already throw them away. It's simple- add up purchases and taxes to get a total due. Totals ending in 1 or 2 cents round down to 0. Totals ending in 3 or 4 cents round up to 5. Totals ending in 6 or 7 cents round down to 5. Totals ending in 8 or 9 cents round up to 10. Totals ending in 0 and 5 are good.

    It's not rocket surgery.

  • 3stars3stars Posts: 2,270 ✭✭✭✭✭

    Canada is proof pennies are not needed. Their economy has yet to fail after its elimination.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2

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