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More => Music, Movies, Politics, and Other Cheap Thrills => Topic started by: JimH on March 04, 2014, 12:48:17 pm

Title: US Considers Dropping Some Change
Post by: JimH on March 04, 2014, 12:48:17 pm: Maybe we'll finally get rid of pennies and nickels.

http://www.reuters.com/article/2014/03/04/us-usa-fiscal-penny-idUSBREA231LN20140304
Title: Re: US Considers Dropping Some Change
Post by: cncb on March 04, 2014, 02:17:36 pm: They changed the article to say that they are just looking at making them with alternative metals, not getting rid of them altogether.
Title: Re: US Considers Dropping Some Change
Post by: KingSparta on March 04, 2014, 08:33:07 pm: what can you buy with a penny? penny candy?, right

it's a worthless coin, a nickel is not far behind.
Title: Re: US Considers Dropping Some Change
Post by: astromo on March 04, 2014, 09:28:11 pm: What about the iconic dollar bill?

Any chance that will show up as a coin? I can remember reading a media report about the cost of maintaining the dollar bill in circulation but the thought of changing to a coin would see widespread protest across the U.S.

Or, how about that crazy Australian idea of plastic bills instead of the old school linen deal?
Title: Re: US Considers Dropping Some Change
Post by: Hendrik on March 04, 2014, 10:59:10 pm: There are 1 dollar coins, they are just not widely used.
I only found out because some ticket machine gave them to me as change. :p
Title: Re: US Considers Dropping Some Change
Post by: MrC on March 04, 2014, 11:12:37 pm: Las Vegas probably has 99% of them.

Or not...

Quote
In fact, far more than half of all $1 coins ever minted are in government vaults.

http://www.cnn.com/2013/11/28/us/one-dollar-coins/ (http://www.cnn.com/2013/11/28/us/one-dollar-coins/)
Title: Re: US Considers Dropping Some Change
Post by: astromo on March 04, 2014, 11:44:42 pm: Well, thanks for filling in that gap in my knowledge. Always comes in handy at a pub quiz / trivia night.

Wow! It was 1990 when Australia removed the 1c and 2c piece from circulation:
http://www.ramint.gov.au/designs/ram-designs/2c.cfm (http://www.ramint.gov.au/designs/ram-designs/2c.cfm)

XE.com only goes back to 1995 but I'd expect the rate of AUD:USD was on par in 1990:
http://www.xe.com/currencytables/?from=AUD&date=1995-11-16 (http://www.xe.com/currencytables/?from=AUD&date=1995-11-16)
While the Ozzie wasn't completely worthless, you guys could probably still buy something of value back then for a cent, whereas our mob left copper coins by the wayside.

Back in 1988, the first issue of polymer reserve bank notes came into circulation:
http://en.wikipedia.org/wiki/Banknotes_of_the_Australian_dollar#Current_series_.28polymer.29 (http://en.wikipedia.org/wiki/Banknotes_of_the_Australian_dollar#Current_series_.28polymer.29)
Leading the way for the rest of the world. Even the poms have seen sense but implementation is still a few years away:
http://www.theguardian.com/business/2013/dec/18/bank-england-plastic-pound-notes-winston-churchill-fiver (http://www.theguardian.com/business/2013/dec/18/bank-england-plastic-pound-notes-winston-churchill-fiver)

While polymer notes can make it through the wash without needing an iron, there's still something about the feel of "paper" money that you miss if you don't have it around.
Title: Re: US Considers Dropping Some Change
Post by: Hendrik on March 04, 2014, 11:49:12 pm: Europe has also been debating getting rid of the 1c and 2c euro coins, since the copper they are made of is more worth then their monetary value.
Some countries, like the netherlands, already don't use the 1/2c coins anymore. I got somewhat confused when I went to Amsterdam last year and wanted to pay in exact change in a supermarket, and they just wouldn't take it, instead they rounded down. Saved me 2c!