The Future of Change - Quarters Only?
interpols
Posts: 51 ✭✭✭
I was looking at some of CGP Grey's videos about pennies and even nickels going to be phased out, my question for y'all is; do you think eventually dimes will be phased out and we'll be forced to deal in quarters? Do you think this will be soon or much much later? Or do you think the inflation won't get this bad at all?
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I think physical money will be phased out and you'll be forced to maintain a suitable social credit score in order to buy things.
Would not be surprised, but not in my lifetime.
Yeah sucks, but several countries already do this. To your point, everything will still be decimalized. No reason to round digital transactions to the nearest quarter.
Countries like Iran do not use coins. Most machines that are coin operated only now have slowly been switching to cards or app based payment. Do I think there's a use for nickels anymore? No. Honestly I would revive the half dime and then let people figure it out.
i believe eventually this will happen. due time
Significant savings would be achieved with the elimination of all coinage AND paper payment methods. Debit/Credit electronic transactions completely is the future.
There would be a huge hit to the Balance sheet of the US Government.
We are one of the most backwards countries in the world in that the quarter is our highest denomination circulating coin. Yes we have the small dollars at the post office and car washes, but it has not caught on in the 47 years since it's introduction.
Why not introduce a $5, $10, $20 coin? How about a silver $100 coin? We have not advanced the denominations despite the 200x loss of buying power our coinage since 1794 since they were conceived. J.P. Martin
62 yrs in Coins, 42 yrs Certifying/Grading, CoinWorld's Most Influential People In Numismatics, 1960-2020. 30 consecutive yrs teaching ANA Summer seminar, Numismatic Ambassador award, 1998 Doctorate in Numismatics, Glenn Smedley Award, ANA Governor 2009/2011, Author/ Host of ANA's best selling video's, courses on grading & counterfeit detection. Taught over 1,100 paying students, Secret service agents, San Diego to Boston, Anchorage to Miami, including 2 coin cruise lecturer. many Free presentations. NLG book and video awards. ANA photographer, SEM operator, ASA Appraiser, Contributor to Redbook, Numismatist, Coin World, Numismatic News, ANA Grading Guides, 40,000 Volume Library, Founder ANAAB, ICG, 1995 ANA collector services appraisal/conservation, First full service Ancient coin grading service. Navy 75-77, WIU 77-81, Dealer1981-1984, ANA 1984-1998, 60 year Collector U.S./ 50 Year Ancient coins. ANA Advisory Committee. Life member ANA, ANS. Semi-retired grader in Denver area
Eventually the government will provide you with all that you need [cradle-to-grave]. No need for money -- You will not want for anything.
And yet, it will cost you everything.
That would be great if we had no coins. One step closer to a cashless society….
Yeah!! Progress!
/s
Was at the grocery store the other day and the customer in front of me was teaching her little kid to swipe the EBT card.
It would be more convenient, only issue is that any chance of rare or semi--rare coins being found in circulation would essentially become zero...
"Another day, another Collectors Universe forum scrolling session."
- Someone, probably
A scary world that would be…
Why would that be scary?
There are several, but loss of privacy is a major one as is technological dependency for all transactions and fees associated with certain 'cashless' transactions. And if your views are out of step with whatever power is controlling government at the time, watch out, as your e-cash can easily be frozen or wiped out, as we've seen in China with their social credit score scheme and more recently in Canada with freezing financial accounts of those that were leading the so-called Freedom Convoy movement. Similarly, some older folks had parents or grandparents that lived through the Great Depression and lost much of their life savings in bank failures so that generation and those that remember them value the importance of holding on to greenbacks and other tangible assets 'just in case'.
I suppose those that favor a cashless society generally support and trust their government and financial institutions more than those that favor keeping cash as a payment option--I am in that latter camp.
I am in the latter camp too. Cash is king. Beware of the mark of the beast. If cash is eliminated they have complete control.
Jim’s computer crashed. The backup on flash drive he had would not work. Lost everything. Devastated. Stressed for weeks. He did not even know if it were hackers or breakdown. His excel books gone. He has gone to manually posting his coin biz books. Using acctg pads, paper. He had to do a physical inventory so have BI for current period which was January. He enjoys his new process and feels more secure. With my acctg background, I helped him set up his books, acctg process.