Oh Easily without a Doubt, the Mil, 1/10 of a cent. This would make paying exact change for gasoline Much easier! The coin would be 1/4” in diameter and made from aluminum. The obverse features a panorama of Mt Rushmore and the reverse will feature special versions with all the state flags. The rims will be edge lettered with humorous quotes from Ben Franklin. 6 Billion will be struck per year.
Miniature copper dime, maybe the size of a 3CN. Small quarter, slightly larger 50c, dollar the approximate size of our current quarter maybe, $5, and $10. Maybe add a $20 coin.
Keep the $20, $50, $100 notes. Restore the $500 and $1000 notes.
But….. never gunna happen - not like that anyhow. At most, maybe the cent goes away.
The majority of comments seem to acknowledge the need for higher denominations. I agree, but simply issuing higher denominations doesn't do much besides kicking the can down the road. In my opinion, we are positively on track for hyperinflation with no foreseeable remedies in the near term. I think that cheapening the composition of our coinage has been a fundamental mistake on many levels.
There is NO reason that basing a currency and an economy on real, hard assets such as precious metals and copper won't work - it has worked many times in the past until such a system gets undermined by the banks & politicians over time. Keeping things concrete and real is surely the best way to hold those in power accountable over time because eventually the public wants to see the results of an audit to make sure that the assets exist and are accounted for and verified - not just keyboarded into existence.
The move towards crypto and CBDCs is simply another brand of fiat, proposed by same people to hope to benefit from these new brands of fiat, rather than to solve the problem of debasement, inflation and accountability. I can never understand how the same people are allowed to keep making the rules, when their policies have caused the problems in the first place.
It's really ironic that all of our current currency bills have exactly the same color scheme as monopoly money. I see this as a mode of subliminal conditioning the public to accept paper currency instead of holding to the traditional money standard based on precious metals as coinage. There couldn't be a better example of what debasement does to a civilization than what it did to Weimar Germany or the Roman Empire - the main difference is that trends happen now in days, rather than in a few years or even centuries.
If the Fed is convinced that a 2% or 3% expansion in the money supply in a debt-based system is essential to economic health and prosperity, I must direct your attention to the exponential curve represented by US Treasury debt, not even accounting for "unfunded liabilities" which include even much larger numbers. The people in charge of monetary policy are wrong, and have been wrong for decades, many decades.
Things are getting real and nobody in the political spectrum is doing much about it. You heard it here first, or maybe you have heard this before but nobody ever talks about it. Eliminating the cent and issuing higher denominations won't even scratch the surface. Sorry for the rant.
Q: Are You Printing Money? Bernanke: Not Literally
Your entire post is rooted in a gross misunderstanding of economic philosophy and conspiracy theory. And, even having said that, you have managed to top yourself with this little gem.
@jmski52 . My econ prof would hang his head and shake it in dispare. Read a history book or two.
Want to stangle an economy? Tie it to a finite resource,.
Want to make it easy for outside forces and small groups to manipulate and control your economy? Tie it to a finite resource.
Want to remove economic stability and creat an eviroment suscptible to wild fluctuations? Tie it to a finite resource. James (And Professor Bronski in abstentia)
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you. https://www.donahuenumismatics.com/.
@seatedlib3991 said: @jmski52 . My econ prof would hang his head and shake it in dispare. Read a history book or two.
Want to stangle an economy? Tie it to a finite resource,.
Want to make it easy for outside forces and small groups to manipulate and control your economy? Tie it to a finite resource.
Want to remove economic stability and creat an eviroment suscptible to wild fluctuations? Tie it to a finite resource. James (And Professor Bronski in abstentia)
Well, my econ prof would totally agree with jmski52. Read a non-Keynesian economist or two.
Want to strangle an economy? Tie it to a government printing press.
Want to make it easy for outside forces and small groups to manipulate and control your economy? Tie it to a government printing press.
Want to remove economic stability and create an enviroment susceptible to wild fluctuations? Tie it to a government printing press.
And to escape from a debt-based fiat money system, check out fixourmoney.com .
Aluminum half dollar and dollar, copper five dollar, and copper nickel ten and twenty dollar. If we're going to inflate our currency like a third world country let's have some coins that reflect that.
People don't want to use coins. Its inconvenient. Revamping coinage denoms is a non-starter, sorry to say.
As far as currency valuation, it's all about confidence. The basing or debasing train left the station a long time ago. Debt is still an issue though, the bond vigilantes are lurking....
Based on the inflation we've seen over the past 3-5yrs... get rid of all coins and round everything up to the nearest dollar. I'm 46 and remember buying comics, soda, burgers, etc. for less than a dollar! What can you find these days for under a buck?
I'd eliminate the cent and nickel, keeping the remainder. In place of those, a two cent (Lincoln) and a three cent (Jefferson). This would at least break even on the cost to produce versus face value issue. Composition wise, copper-aluminum and nickel with a diamater each to the replacements respectively. As for the vending industry, it would be a win for them by simply adding five cents to the purchase/use of machines. For the U.S. Mint, the same design could in theory carry over to each changing only their stated value.
@seatedlib3991 said: @Overdate . If you had an econ prof he would staight out tell you a printing press is just a tool. There are 3 types of money do you know them? James
A printing press and a computer are both tools that governments can employ to create “money” out of thin air.
There are actually four commonly recognized types of money:
Commodity money, such as gold and silver cons.
Fiat money, such as paper money.
Fiduciary money, such as bank deposits.
Commercial bank money, such as bank-originated credit and loans.
I’ve had many economics professors and have a Master’s degree in Economics.
@Overdate. Good to hear. Tell us all how there is enough gold to support our current economy. You need M-1 money. fluid available now to pay for things. requires trillions. You need M-2 Money. I need to make loan payments on short term assets. You need trillions. You need to purchase and retain the value of all assets that currently exist. you need trillions.
What you are proposing is long dead. All nations are using debt multipliers. but not you. If you want to live in this world you have to mesh with the rest of the world. the last time your economic model might have worked is if the "new" calendar you buy is for 1503. James
@seatedlib3991 said: @Overdate. Good to hear. Tell us all how there is enough gold to support our current economy. You need M-1 money. fluid available now to pay for things. requires trillions. You need M-2 Money. I need to make loan payments on short term assets. You need trillions. You need to purchase and retain the value of all assets that currently exist. you need trillions.
What you are proposing is long dead. All nations are using debt multipliers. but not you. If you want to live in this world you have to mesh with the rest of the world. the last time your economic model might have worked is if the "new" calendar you buy is for 1503. James
Gold doesn’t “support an economy”, it is simply a medium of exchange. In a free market, gold would be subject to supply and demand and would be repriced accordingly. It would also compete with silver and other hard assets as a medium of exchange, unit of account and store of value. Ideally governments should not issue money at all, the free market would be much better at facilitating financial transactions without burdening them with political baggage. The future of finance is with hard assets and digital currencies such as Bitcoin, not with depreciating government-issued debt certificates.
My answer to the op ( and this same monetary policy discussion has been going on in the PM forum for a good 20+ years now)
Is to simply stop making new pennies. Leave everything else the same for now, and have coinstar machines give a dollar credit for every 95 one cent coins deposited.
Pennies would circulate for another decade or more
If the government stopped making cents, enough people would think that they are going to be valuable and start hoarding them that they would disappear from circulation in a few months.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Comments
Correct. Most people have no issues with coins, but "bills" on the other hand are what they cannot stand
Oh Easily without a Doubt, the Mil, 1/10 of a cent. This would make paying exact change for gasoline Much easier! The coin would be 1/4” in diameter and made from aluminum. The obverse features a panorama of Mt Rushmore and the reverse will feature special versions with all the state flags. The rims will be edge lettered with humorous quotes from Ben Franklin. 6 Billion will be struck per year.
Miniature copper dime, maybe the size of a 3CN. Small quarter, slightly larger 50c, dollar the approximate size of our current quarter maybe, $5, and $10. Maybe add a $20 coin.
Keep the $20, $50, $100 notes. Restore the $500 and $1000 notes.
But….. never gunna happen - not like that anyhow. At most, maybe the cent goes away.
The majority of comments seem to acknowledge the need for higher denominations. I agree, but simply issuing higher denominations doesn't do much besides kicking the can down the road. In my opinion, we are positively on track for hyperinflation with no foreseeable remedies in the near term. I think that cheapening the composition of our coinage has been a fundamental mistake on many levels.
There is NO reason that basing a currency and an economy on real, hard assets such as precious metals and copper won't work - it has worked many times in the past until such a system gets undermined by the banks & politicians over time. Keeping things concrete and real is surely the best way to hold those in power accountable over time because eventually the public wants to see the results of an audit to make sure that the assets exist and are accounted for and verified - not just keyboarded into existence.
The move towards crypto and CBDCs is simply another brand of fiat, proposed by same people to hope to benefit from these new brands of fiat, rather than to solve the problem of debasement, inflation and accountability. I can never understand how the same people are allowed to keep making the rules, when their policies have caused the problems in the first place.
It's really ironic that all of our current currency bills have exactly the same color scheme as monopoly money. I see this as a mode of subliminal conditioning the public to accept paper currency instead of holding to the traditional money standard based on precious metals as coinage. There couldn't be a better example of what debasement does to a civilization than what it did to Weimar Germany or the Roman Empire - the main difference is that trends happen now in days, rather than in a few years or even centuries.
If the Fed is convinced that a 2% or 3% expansion in the money supply in a debt-based system is essential to economic health and prosperity, I must direct your attention to the exponential curve represented by US Treasury debt, not even accounting for "unfunded liabilities" which include even much larger numbers. The people in charge of monetary policy are wrong, and have been wrong for decades, many decades.
Things are getting real and nobody in the political spectrum is doing much about it. You heard it here first, or maybe you have heard this before but nobody ever talks about it. Eliminating the cent and issuing higher denominations won't even scratch the surface. Sorry for the rant.
I knew it would happen.
Your entire post is rooted in a gross misunderstanding of economic philosophy and conspiracy theory. And, even having said that, you have managed to top yourself with this little gem.
WTF are you talking about?
@jmski52 . My econ prof would hang his head and shake it in dispare. Read a history book or two.
Want to stangle an economy? Tie it to a finite resource,.
Want to make it easy for outside forces and small groups to manipulate and control your economy? Tie it to a finite resource.
Want to remove economic stability and creat an eviroment suscptible to wild fluctuations? Tie it to a finite resource. James (And Professor Bronski in abstentia)
2 cent, 3 cent, 5 cent, 7 cent and 11 cent.
That my friends is an awesome answer! I think you can pretty much make any change but a penny
Empty Nest Collection
Matt’s Mattes
I can't wait for the 7/11 mule!
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you.
https://www.donahuenumismatics.com/.
Prime coinage.
Well, my econ prof would totally agree with jmski52. Read a non-Keynesian economist or two.
Want to strangle an economy? Tie it to a government printing press.
Want to make it easy for outside forces and small groups to manipulate and control your economy? Tie it to a government printing press.
Want to remove economic stability and create an enviroment susceptible to wild fluctuations? Tie it to a government printing press.
And to escape from a debt-based fiat money system, check out fixourmoney.com .
My Adolph A. Weinman signature
Aluminum half dollar and dollar, copper five dollar, and copper nickel ten and twenty dollar. If we're going to inflate our currency like a third world country let's have some coins that reflect that.
People don't want to use coins. Its inconvenient. Revamping coinage denoms is a non-starter, sorry to say.
As far as currency valuation, it's all about confidence. The basing or debasing train left the station a long time ago. Debt is still an issue though, the bond vigilantes are lurking....
@Overdate . If you had an econ prof he would staight out tell you a printing press is just a tool. There are 3 types of money do you know them? James
Only need the $0.25 for now. Every other coin can go.
Based on the inflation we've seen over the past 3-5yrs... get rid of all coins and round everything up to the nearest dollar. I'm 46 and remember buying comics, soda, burgers, etc. for less than a dollar! What can you find these days for under a buck?
I'd eliminate the cent and nickel, keeping the remainder. In place of those, a two cent (Lincoln) and a three cent (Jefferson). This would at least break even on the cost to produce versus face value issue. Composition wise, copper-aluminum and nickel with a diamater each to the replacements respectively. As for the vending industry, it would be a win for them by simply adding five cents to the purchase/use of machines. For the U.S. Mint, the same design could in theory carry over to each changing only their stated value.
A printing press and a computer are both tools that governments can employ to create “money” out of thin air.
There are actually four commonly recognized types of money:
Commodity money, such as gold and silver cons.
Fiat money, such as paper money.
Fiduciary money, such as bank deposits.
Commercial bank money, such as bank-originated credit and loans.
I’ve had many economics professors and have a Master’s degree in Economics.
My Adolph A. Weinman signature
Then why do many Americans prefer a $1 bill over a $1 coin?
100,000,000,000,000 on a cent planchet. Since that's the true inflated value of a fiat dollar.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Remember this is pure fantasy, not policy discussion.
Empty Nest Collection
Matt’s Mattes
I can't believe we might finally see the mint stop making cents - it's been a no brainier for 30 years
@Overdate. Good to hear. Tell us all how there is enough gold to support our current economy. You need M-1 money. fluid available now to pay for things. requires trillions. You need M-2 Money. I need to make loan payments on short term assets. You need trillions. You need to purchase and retain the value of all assets that currently exist. you need trillions.
What you are proposing is long dead. All nations are using debt multipliers. but not you. If you want to live in this world you have to mesh with the rest of the world. the last time your economic model might have worked is if the "new" calendar you buy is for 1503. James
10c, 25c, $1, $5 coins... I'd scrap 1c, 5c, and 50c for general circulation and just make than as collector pieces
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
Gold doesn’t “support an economy”, it is simply a medium of exchange. In a free market, gold would be subject to supply and demand and would be repriced accordingly. It would also compete with silver and other hard assets as a medium of exchange, unit of account and store of value. Ideally governments should not issue money at all, the free market would be much better at facilitating financial transactions without burdening them with political baggage. The future of finance is with hard assets and digital currencies such as Bitcoin, not with depreciating government-issued debt certificates.
My Adolph A. Weinman signature
My answer to the op ( and this same monetary policy discussion has been going on in the PM forum for a good 20+ years now)
Is to simply stop making new pennies. Leave everything else the same for now, and have coinstar machines give a dollar credit for every 95 one cent coins deposited.
Pennies would circulate for another decade or more
Liberty: Parent of Science & Industry
If the government stopped making cents, enough people would think that they are going to be valuable and start hoarding them that they would disappear from circulation in a few months.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire