$2, $5 and $10 value circulating coins
HalfDime
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$2, $5 and $10 value circulating coins—
"the CCAC recommends seeking authorization for the issuance of higher value circulating coins available for spending to renew the relevancy and role of coinage in the American economy as a cost-effective medium of exchange. This approach has been adopted by many other countries."
This was in the CCAC meetings a few months ago (July 28th).
Another interesting recommendation is for the mint to use up old planchets:
"One Cent Coins in Mint and Proof Annual Sets—with the planned cessation of one cent production, the CCAC recommends that the Mint use the remaining existing supply of planchets, and possibly using the older type of bronze planchets, to include one cent coins in Mint sets and Proof sets sold to the public in future years until the supply of planchets is exhausted."
They did make a recommendation that I think many would want:
"CCAC recommends the production of gold coins reminiscent of the $2 1/2 gold Indian Head Quarter Eagle, $5 Indian Head Half Eagle, the $10 gold Indian Head Eagle and the $20 gold Saint-Gaudens Double Eagle, all of
which were introduced for circulation in 1907 and 1908. This recommendation includes new wording on the edge of the coins and producing them on the same 22K (.9167 fine) planchets as the American Gold Eagle bullion coins."
Comments
Because people want to carry more weight
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You mean like gold coins too?
Coins: 10c, 25c, $1
Paper: $5, $20, $100
That's all we really need.
Very true. It's really about convenience people. It's about a quick transaction, it's about technology and the ease of use.
Coins and Bill's lose on this issue. I'm not saying cash is dead or even dying, but more coins at higher denoms are an answer to a question nobody is asking.
How creative........
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I disagree, when you have transit agency vending machines such as OMNY in NYC not dispensing dollar coins due to consumer preference, when you have the GAO saying that replacing the dollar bills with coins will cost more than keeping the bills, there is no need for higher denomination coins. What I would do is since the penny is not being made for circulation, have congress pass a law giving broad authority to mint half cent, large cent and two cent coins with a minimum copper content of 95%, just like the broad authority they have with the gold and platinum coins. This way there's no need to have a new dollar coin program, there's no need to have constant new designs on circulating coins every year, there's no need for the comic art coins to be made in gold, you can reissue old cent designs, there is no need for an American Liberty gold coin program as it could be made more accessible to all in copper. Gold and silver prices are through the roof and since the dollar coins are made in mostly copper anyway and made only for collectors, might as well revive a historical denomination. Mind you the gold dollars have their place like how they did a gold Sacagawea dollar this year, but there's a real opportunity to revive old denominations and stick to the KISS principle with circulating coins.
We've been sold the same line about high value coins since the Ike dollar and none of the issues were widely used.
As I understand it, high value coins (one dollar and above) were never particularly popular in the US.
Add to that the fact that coins and currency are supposedly in decline, with credit/debit cards and various electronic payments predominating.
This is why I don't want to eliminate $1 FRNs.
A $10 coin might be a stretch right now, but perhaps the Mint could produce the new types for sets, rolls, and bags, maybe another Cheerios promotion.
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24K/999 or nothing.
High value coins is a bad idea people don't like the current $1 coins and they will not like or use higher value coins either.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Same complaint by people about half dollars, yet one half dollar weighs the same as two quarters. Yet people have no complaint about the weight of two quarters in their pocket.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
22K gold coins in any reasonable denomination would be pretty small at this point.
Collector of Liberty Seated Half Dimes, including die pairs and die states
It's definitely dying. The statistics show that.
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Actually, they do. Most people don't carry any change
All comments reflect the opinion of the author, even when irrefutably accurate.
Do we really need a $2 coin when we barely use $2 bills? I mean, I do, but the majority of people don't.
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Lots of folks use a credit or debit card to pay for everything. This will only make the problem worse.
This would just create confusion. A guy yesterday called me about a "John Adams" coin that he found in change at work. He saw some dates from the 18th century that he thought made it worth something beyond face value. The US mint has created unending fragmentation with all their based metal modern issues, we don't need more of this with people who seldom read books nor do real research.
I’d love to see more circulation of a $50 instrument (coin or note). With inflation, you need $50 to fill a tank of gas or cover most purchases. Honestly, we probably need a government study (agh!) on what denominations are appropriate. A $100 bill today isn’t what it was in 1971. We probably could use a $200 bill, but would a $500 or $1,000 bill work? As for coins, would a $2, $5, $10, $20 coin reduce the cost of paper bills? We need the government to do some work and tell us what denominations would help us, then get to work and make them happen!
Are you sure? I stop at the mini-mart for a soft drink now and then and pay with cash. Often, I pay while the customer ahead of me at the counter is still fussing with their credit/debit card. There's no way anyone paying with plastic can be that quick.
Operator error. Lol
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The lifetime of paper is quite long since they don't circulate as much. The most recent Treasury study didn't show any savings for $1 bills.
Cashless is coming.
All comments reflect the opinion of the author, even when irrefutably accurate.
Most people understand cash, so "operator error" is not as likely (you just hand it to the clerk) as it is with plastic where depending on the store, there may be several different inputs needed on the card reader before the transaction is completed.
This is, of course, ignoring the "McDonalds" scenario where the kid at the register is confused by half dollars and doesn't know how to make change.
Just took the kids on a trip that 9hrs away by car and we did all the things (gas stations, restaurants, entertainment, doctors offices, grocery stores). I don’t use cash or coins once.
Tomorrow we’ll go to a basketball tournament and I’ll use cash to get us in, buy some concessions, and one kid will leave a cash tip at a restaurant (required by coach).
I don’t know of anyone looking for ways or reasons to use more cash or coin. I’m not ready for a cashless society, yet, but needing a coin purse on top of my phone/wallet/keys/sunglasses doesn’t sound appealing. My belt is already earning its keep and struggling mightily.
I've seen more than my share of customers and clerks struggling to count change. LOL. Give me plastic any day, although I've also seen my share of people struggling to swipe a card or find a card with an available balance.
All comments reflect the opinion of the author, even when irrefutably accurate.
The future of coins is commemoratives and bullion. Circulating coins, you revive old designs as a hook to get people into it as people like old coins
Honestly they should not be eliminated. Given the cost of the nickel, I would reintroduce the half dime and also allow Thomas Jefferson to be fully ensconced on the $2 bill with a $2 Federal Reserve Note as it is now and a $2 United States Note with the Monticello reverse given that Virginia elected officials wanted Monticello to remain on the nickel but would be too small on half dime.
No they don't.
5.67 grams x 2 =11.34. You act like those that don't carry them would be forced to. That is not the case. Sure, most don't carry change today, but there are those that do. The weight of a half dollar is not more than two quarters.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Dying meaning foreseeable future. Our society is still facing hurdles including but not limited to the poor and unbanked, privacy issues, tech ssues or failures etc.
Maybe down the road ...
That's why I think ultimately they'll do a hybrid system where cash transactions will be limited to $20 or so, and anything over will be CBDC transactions that they can record.
Just for fun, I ran a thought through ChatGPT and it says a coin containing $1 worth of pure gold, at current spot prices, would have a diameter of approximately 0.594mm.
I kinda get the push for coins in place of bills for longevity, but realistically, I see everything moving to all electronic at some point.
Back to circulating coins and currency.
Haven't been to Canada in a while, so not sure if they're doing it like New Zealand, but I suspect so.
In NZ coins are 10c, 20c, 50c, $1 and $2
As a side note, the currency I saw was $5, $10, $20 and $50's
Everything is rounded up or down below 10c.
I found it very easy for cash. I usually had a few coins (maybe up to $3 to $5 in 5 or 6 coins), and some bills. And although I used my card for anything of significance (gas, groceries, larger events, trips, lodging), I enjoyed using cash for everything else (eating out, coffees, snacks, small purchases). Very similar to how I am here in the States, but the coin side made a LOT more sense.
It didn't feel like I was carrying any weight (less than I would here), and I didn't find it cumbersome at all.
Getting away from quarters is always going to be a challenge for us as they are so ingrained in our not fully decimalized system, but going to a 10c, 25c, $1 and $2 coin system is doable. Drop the $1. and $2. bills.
my 2c ... which ironically may not make sense in the next decade or two.
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Except that vending machines and most automated coin acceptance systems will not accept half dollars. They are truly worthless for a great deal of commerce.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I like having one- and two-dollar coins when visiting Canada, and one- and two-Euro coins in Europe. It matters less now than in the past (because credit cards are now generally taken even for small purchases.
If there were coins of higher value I would use them as I think coins are a little easier to grab and pay with than having to pull out and sort through a wallet. Like many people though, I use a credit card for a lot of transactions. The big exception is small, locally owned businesses. They prefer cash to avoid paying cc transaction fees. Several local businesses in my area have signs requesting patrons pay with cash to help with their margins and I try to do that when I have enough cash on hand.
$10 coins would make my metal detecting more interesting.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
A $500 bill would have close to the same purchasing power as a $100 bill had in 1971, so we could probably use one.
When did I suggest that some would be forced to carry change or that 2 quarters are different than a half dollar? I simply pointed out, and you agree, that most people don't carry change because of the weight.
All comments reflect the opinion of the author, even when irrefutably accurate.
Wow I remember back in the early 70s I had a 500$ bill folded up in my wallet.
Back around 1990, I had a lightly circulated $1000 bill which I thought was really neat. After the novelty wore off, I traded it to a coin dealer for two nice MS PCGS slabbed G$20 Saints. I think I made the right decision.
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
Not disagreeing with you because I’ve heard people say the same thing, “oh the weight!” Most of those same people however carry a bulky mobile phone in their pocket with no issues about the weight. A typical iPhone weighs about 200 grams or so which is about the same weight as 25 dollar coins!
Assuming they actually circulated which is very doubtful, a $5 or $10 coin would be heavily counterfeited and put into circulation. They wouldn't fool an advanced coin collector but they would be plenty good enough to fool merchants and the general public. Think about the Henning counterfeit nickels.
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 was assuming for this fantasy discussion that $5 and $10 issues would mean their paper counterparts would be withdrawn, so these coins would widely circulate. I think these higher value US coins would have counterfeiting deterrents, like having bi-metallic rings, similar to the higher value coins like Canada’s $2 coin and EU’s 1 and 2 Euro.
This is simple. Paper notes and pushing credit cards on the populous by making cash customers pay more have caused a massive decrease in cash transactions. Obviously too deficit spending and high inflation have made existing circulating coinage irrelevant. The dollar coin would be relevant but banks won't issue them and the FED allows it.
If we issue a $20 coin we'd be able to buy a few groceries or even a weeks supply with a few coins. Coins, copper or silver, do not carry germs and could make a massive difference in total number of fatalities in a real fast moving contagion.
But all these points are likely to be ignored so long as the government wants reduced cash transactions. This isn't about politics it's current events and if you can't tell the difference then maybe YOU are too close to politics.
I strongly support CCAC in this instance but less strongly support reissuance of old designs. The only reason people support reusing old designs is that we know in advance any design will be designed and administered by committee and it will satisfy no one, especially the artist. We got good designs in 1916 and lightning could strike again. Art has always been a thankless pursuit as everyone just ignores you until you're deceased. The best artists are lucky if they can even earn a living. This reflects poorly on culture. It's unfair to those who record the advance of civilization in media that people find relevant and beautiful.
500's and 1000's were common back in the old days. Not that I had many but people actually bought things like stoves, refrigerators, or even cars with cash. It wasn't so terribly unusual for houses to be settled with a few thousand dollar bills. Now if you try to buy small appliances with cash they treat you like a leper.
We need cash to settle debts between real people but it doesn't seem to work in commerce any longer. Perhaps this will change.