The Cent, Nickel and Dime need to be dropped.
coinsomniac
Posts: 215
Other than as collectibles, they are all essentially worthless. Politicians will scream that the act would be inflationary. That is hogwash. In the 1930'S, 2 Cents bought a loaf of bread, 2 Dollar Bills (or the lovely Presidential Dollars) will do the same today. Round up or round down, it doesn't matter, the net effect to the consumer will be nil.
For the collector, the Mint can still issue special sets of these relics. Perhaps they can even earn a buck or two in the process.
For the collector, the Mint can still issue special sets of these relics. Perhaps they can even earn a buck or two in the process.
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Comments
Should someone set up a grassroots website for getting rid of these coins and the ragbuck?
<< <i>Have you written him to show your support?
Should someone set up a grassroots website for getting rid of these coins and the ragbuck? >>
I am appointing you to head up the comittee, Zcoins. Please report back with your progress.
<< <i>
<< <i>Have you written him to show your support?
Should someone set up a grassroots website for getting rid of these coins and the ragbuck? >>
I am appointing you to head up the comittee, Zcoins. Please report back with your progress. >>
If only you had that power! The ANA could probably appoint someone if they chose to get involved.
<< <i>I think the last decimal needs to go. That would mean elimination of the cent, nickel, and quarter. With only dimes, halves, and dollars (and perhaps a new twenty cent piece) to produce for circulation, perhaps the Mint would then be able to improve the quality of its collectors coins. >>
That would be better then just eliminating the cent IMO.
be unfair to one party or the other where either can easily affect the
price. Sellers would price things at 38c and buyers could be careful to
have totals which round down.
The dime could be simply converted to a bit (12 1/2c) and then the
rounding would be nearly inconsequential. Old dimes would simply be
revalued and new dimes would be one bit rather than a dime. This is
difficult for some people to comprehend and would be politically unpop-
ular. Eliminating the dime would be easier but would be more politically
unpopular.
The simplest solution is to simply issue the nickel in alumunum and leave
the dime alone. In a few years when aluminum gets too expensive the
size of the nickel can be reduced.
It's rather surprising the mint and government are sitting on their hands.
edit for spelling
Proud recipient of two "You Suck" awards
Jim Kolbe of AZ (my Rep.) proposed the bill to eliminate the cent last session, then retired.
It is seen as inflationary. No President would want that on his (her) watch.
WS
On U.S. Military bases overseas, they dont use the penny. Everything is normal price, but then your final bill is rounded up or down. The penny is not worth shipping over there, so they just round. Not a difficult concept...
<< <i>The coin counting and coin vending machine lobbyist are too big in this country for it to happen despite all the positives and tax payer savings. They support the one cent even though its not used much in the industry as they know if it was eliminated, the nickel could not be far behind. Consumer activist also chime in with the crap that round up to whole dollars will cause us poor taxpayers to lose millions yearly. Even when the FACT that most European countries have done away with 1- 5 Cent coins for like 10-15 years, Congress must listen to that "We don't care what other countries do" BS. Fact is, some countries like Australia do still charge .99 and then your whole bill gets rounded up OR down when you go to check out.
WS >>
The vending industry loses billions by not having coins that work in machines.
They would be mad to support coins that have negative value. Even CoinStar can't possibly make any money on pennies except to the degree that they bring people in with larger coin. They make more if they were counting dollars than dimes.
Presently, these amounts are of little value and the increasing inflation in the next 5 years will even devalue them more.
Heck, I don't even pick up a dime on the street anymore. A quarter yes, but anything less, I leave it.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
I'd rather have 10 singles in my pocket than 10 silver (umm, magneseum?) dollars.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
I have wondered about the concept of negative money. If government would coin negative values, you can give them to people who owe you money. The rich would have lots of positive coins, the poor would have nothing and the really poor would have a hoard of negative coins. Losing negative money would be a good thing because it would enrich you.
...then I fell asleep and when I awoke, the drugs had worn off.
love the shoplifting seagull!! Do you know where (East Coast, West Coast) that video was shot??
Proud recipient of two "You Suck" awards
<< <i>Heck, I don't even pick up a dime on the street anymore. A quarter yes, but anything less, I leave it. >>
I'll pick up anything from the street (coin wise, wise guys), maybe one of them might be a 72 DDO one of these days.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>They would be mad to support coins that have negative value.
I have wondered about the concept of negative money. If government would coin negative values, you can give them to people who owe you money. The rich would have lots of positive coins, the poor would have nothing and the really poor would have a hoard of negative coins. Losing negative money would be a good thing because it would enrich you.
...then I fell asleep and when I awoke, the drugs had worn off.
love the shoplifting seagull!! Do you know where (East Coast, West Coast) that video was shot?? >>
Gotta love it dont you?
East coast. I live on the beach... you would be surprised how smart those damn things are!!!
<< <i>The "ragbuck" stays...who wants to carry around extra weight?
I'd rather have 10 singles in my pocket than 10 silver (umm, magneseum?) dollars.
I routinely carry at least eight quarters and/or dollar coins in my pants pocket and the weight is not a problem. You can always change those ten dollar coins for two $5 notes.
And it works well, from this consumer's point-of-view.
By the way, since they don't circulate but just accumulate from various souces into the bank vaults on base, I thought it'd be fun to see what's in rolls and bags of cents. I eventually sorted thru more than $250 worth (it was a lonely winter!). I found about 20% of them to be coppers, and 1 coin in 10 rolls to be a wheatie. Anyway, I learned from a bank manager that because cents are so expensive to ship, the shipper paid to haul them away at the end of each year will simply dump them into sea.