It wouldn't work. Higher denomination coins would be heavily counterfeited.
JMHO, GrandAm >>
It would be like being at the casino! >>
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
<< <i>"Which will go bye-bye first---the cent or the dollar bill?" >>
Official removal of either would be confirmation of government failure to preserve the value of the US Dollar, so I don't expect either to happen anytime soon. But for most people, the Cent is already worthless, and a nuisance. >>
I don't think the fact that the dollar is losing value some kind of big secret. Agree that any changes will be unpopular and will probably be made at least a year before the next election to give the voters enough time to forget about these changes.
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
<< <i>"I don't think the fact that the dollar is losing value some kind of big secret." >>
Not a secret, but young people like my 19-year-old have no clue about what prices were even only a few years ago, never mind when gasoline was 39 cents, or when you'd get change back for a dollar at McDonald's. They accept things as they are, which is why a box of cereal can be sold for four or five dollars. This sort of government-induced inflation did not occur when coins were gold and silver, and paper currency could be exchanged for it. I believe that's why near-worthless Cents must continue to be produced, even at a loss.
Good deals with: goldman86 mkman123 Wingsrule wondercoin segoja Tccuga OKCC LindeDad and others.
<< <i>"Unless everyone is equipped with a card reader and a bank account, coins/currency will always have its place in society." -----
Card readers won't be necessary. You probably already have the technology now to buy anything you want without cash or a card reader.
My iPhone will already read those funny looking square bar codes with the dots inside them, take that information and compare prices at other locations while I'm standing there trying to decide if I want to buy it.
How much harder would it be to put those bar codes on a Big Mac wrapper for you to scan with your phone, and it then takes the price right out of your bank account.
Even what I have described is probably too primative for what is in store for us in the very near futrue. Just because you can't see it, doesn't mean it won't happen
Just sayin'
~ >>
I and many, many Americans or even people in the world do not have nor plan on having an IPhone. IPhone's are for those that can afford a regular phone bill in addition to those who are totally unaware of the wireless piracy which exists in the world. Besides, I would not relish the idea of giving nor storing my bank account information on a handheld telephone device which can get lost, be broken or worse yet, stolen. >>
+1
And what about private transactions between non-merchants (such as craigslist, giving a $20 gift in a bday card, or giving your kid some money for a field trip, etc)? It would require EVERYONE (man, woman and child) to have an electronic device, a bank-type account, and there could be no blackout areas where you couldn't receive service. And then everyone from kindergarten to the elderly would not only need to pay for this equipment/service/network, but would also have to learn how to use the things. I'm not saying it will NEVER happen, but I can confidently say that it won't happen "in the very near future."
Money, if it does not bring you happiness, will at least help you be miserable in comfort.
Coins and FRNs are not the same although both act as fiat money. The Treasury Secretary together with the FED determine which denominations to produce. The FED can decide they no longer need $1 denominations like they did 42 years ago when they asked the Treasury to stop producing $500 and $1000 dollar bills. Consequently, the elimination of the $1 note has nothing to do with Congress.
On the ohter hand, the US Constitution grants Congress power to determine the U.S. Coinage, its denominations and metal (non-metal) content.
To eliminate (or introduce any new) coin denomination(s) would require an Act of Congress.
Cheers!
Kirk
"Please help us keep these boards professional and informative…. And fun." - DW --------------------------------------------------------------------------------------------------------------------------------------- BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< <i>The paper dollar and penny will go away at the same time due to inflation.
Now on the my main question. Who is the dumbf*** that made the nickel larger than the dime?
IMO the dime should be the size of the nickel, the penny should be the size of the dime and the dime should be the size of the nickel. >>
Well....... what size should the nickel be????
I know the logical answer, but your post is "cents" less without addressing the nickel! >>
The 5-cent "Nickel" was introduced in 1866 when the face value of our coins was equal to the intrinsic value of the specie the coin was made of. Since the 5-cent piece was made of 75% copper and 25% Nickel it had to be much larger than the 10-cent piece which was made of much more valuable specie - 90% Silver
"Please help us keep these boards professional and informative…. And fun." - DW --------------------------------------------------------------------------------------------------------------------------------------- BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
The nickel's days are also numbered since it now costs more than their face value to manufacture them.
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
<< <i>
<< <i>We should have:
$1 coin - we have
$5 coin
$10 coin
$25 coin
$50 coin
$100 coin
It wouldn't work. Higher denomination coins would be heavily counterfeited.
JMHO, GrandAm
It would be like being at the casino!
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
<< <i>
<< <i>"Which will go bye-bye first---the cent or the dollar bill?" >>
Official removal of either would be confirmation of government failure to preserve the value of the US Dollar, so I don't expect either to happen anytime soon. But for most people, the Cent is already worthless, and a nuisance. >>
I don't think the fact that the dollar is losing value some kind of big secret. Agree that any changes will be unpopular and will probably be made at least a year before the next election to give the voters enough time to forget about these changes.
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
<< <i>"I don't think the fact that the dollar is losing value some kind of big secret." >>
Not a secret, but young people like my 19-year-old have no clue about what prices were even only a few years ago, never mind when gasoline was 39 cents, or when you'd get change back for a dollar at McDonald's. They accept things as they are, which is why a box of cereal can be sold for four or five dollars. This sort of government-induced inflation did not occur when coins were gold and silver, and paper currency could be exchanged for it. I believe that's why near-worthless Cents must continue to be produced, even at a loss.
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>
<< <i>"Unless everyone is equipped with a card reader and a bank
account, coins/currency will always have its place in society."
-----
Card readers won't be necessary. You probably already have
the technology now to buy anything you want without cash
or a card reader.
My iPhone will already read those funny looking square bar
codes with the dots inside them, take that information and
compare prices at other locations while I'm standing there
trying to decide if I want to buy it.
How much harder would it be to put those bar codes on
a Big Mac wrapper for you to scan with your phone, and
it then takes the price right out of your bank account.
Even what I have described is probably too primative for
what is in store for us in the very near futrue. Just because
you can't see it, doesn't mean it won't happen
Just sayin'
~ >>
I and many, many Americans or even people in the world do not have nor plan on having an IPhone. IPhone's are for those that can afford a regular phone bill in addition to those who are totally unaware of the wireless piracy which exists in the world. Besides, I would not relish the idea of giving nor storing my bank account information on a handheld telephone device which can get lost, be broken or worse yet, stolen. >>
+1
And what about private transactions between non-merchants (such as craigslist, giving a $20 gift in a bday card, or giving your kid some money for a field trip, etc)? It would require EVERYONE (man, woman and child) to have an electronic device, a bank-type account, and there could be no blackout areas where you couldn't receive service. And then everyone from kindergarten to the elderly would not only need to pay for this equipment/service/network, but would also have to learn how to use the things. I'm not saying it will NEVER happen, but I can confidently say that it won't happen "in the very near future."
On the ohter hand, the US Constitution grants Congress power to determine the U.S. Coinage, its denominations and metal (non-metal) content.
To eliminate (or introduce any new) coin denomination(s) would require an Act of Congress.
Cheers!
Kirk
---------------------------------------------------------------------------------------------------------------------------------------
BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< <i>The paper dollar and penny will go away at the same time due to inflation.
Now on the my main question. Who is the dumbf*** that made the nickel larger than the dime?
IMO the dime should be the size of the nickel, the penny should be the size of the dime and the dime should be the size of the nickel. >>
Well....... what size should the nickel be????
I know the logical answer, but your post is "cents" less without addressing the nickel!
Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
<< <i>
<< <i>The paper dollar and penny will go away at the same time due to inflation.
Now on the my main question. Who is the dumbf*** that made the nickel larger than the dime?
IMO the dime should be the size of the nickel, the penny should be the size of the dime and the dime should be the size of the nickel. >>
Well....... what size should the nickel be????
I know the logical answer, but your post is "cents" less without addressing the nickel!
The 5-cent "Nickel" was introduced in 1866 when the face value of our coins was equal to the intrinsic value of the specie the coin was made of. Since the 5-cent piece was made of 75% copper and 25% Nickel it had to be much larger than the 10-cent piece which was made of much more valuable specie - 90% Silver
---------------------------------------------------------------------------------------------------------------------------------------
BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
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
<< <i>
Well....... what size should the nickel be????
I know the logical answer, but your post is "cents" less without addressing the nickel!
Good catch lol I guess I was blinded by illogic
the nickel should be the size of the penny
and a gold/blue star for you
Of course, salaries will be proportionately lower, too
IMO, neither going away in the lifetime of anyone reading this message
Liberty: Parent of Science & Industry
I vote for both to go.
Sooner is better