Could the squeeze be coming for CHRing nics and cents??

[legend76]

Could the squeeze be coming for CHR'ing nics and cents??

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=23111

 

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[ckrakowski]

Re: Could the squeeze be coming for CHR'ing nics and cents??

if anything happens like they get rid of the one cent coin or the half dollar and dollar coins people will start hoarding them. if they redo the composition of coins they will have to redo all the coin operated machines and all the coins that were minted before the composition change will not be recognized by the machines and will be useless in them. but only time will tell. hope it does not happen.

 

[papa1956e9]

Re: Could the squeeze be coming for CHR'ing nics and cents??

They really need to start making us use those dollar coins. All they have to do is stop printing dollar bills.

 

[ckrakowski]

Re: Could the squeeze be coming for CHR'ing nics and cents??

They really need to start making us use those dollar coins. All they have to do is stop printing dollar bills.

yea but the people who hate dollar coins will complain. you can't please everybody. i do not mind half dollars or dollar coins like i say everytime my old man looks at me when i spend them i just say they are still legal coinage in the country.

 

[ibuildcircuits]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Stop making dollar bills!!

 

[FreedomUIC]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Stop making dollar bills!!

No, the dollar coins are useless. (Well, so is our money along those lines of thinking )

I am one that does not want another experiment with our currency. SBA, SACA, IKE's and so on, totally
useless and shunned by the general populace. Take that money and pay down the debt!!!!!!!!!!

 

[captainfwiffo]

Re: Could the squeeze be coming for CHR'ing nics and cents??

You could save like half a billion dollars by switching over to the dollar coin because coins last longer. Our small bills should be completely replaced with coins and the smaller coins should go away.

The last time we retired a small denomination was the half cent in the mid 19th century. At the time it had the equivalent buying power of about 11 cents. Pennies are both worthless and useless.

 

[BuffaloBoy]

Re: Could the squeeze be coming for CHR'ing nics and cents??

I prefer dollar bills, I can fit 20 of those $1 bills in my pocket without my pants getting weighed down.

 

[captainfwiffo]

Re: Could the squeeze be coming for CHR'ing nics and cents??

By that logic, we should have quarter dollar bills instead of quarters.

 

[Generic_Lad]

Re: Could the squeeze be coming for CHR'ing nics and cents??

If they made an attractive dollar coin, perhaps I wouldn't be so against it, but all the small sized dollar coins have been terrible, especially the Agony Dollar and the current presidential coin program. The Sacajawea coins weren't too bad though.

If they get rid of the dollar bill and replace it with a dollar coin I'm going to simply start using half dollars unless they release a better looking coin.

Getting rid of the cent would be a very bad thing because the next denomination is the nickel, do we really need even more inflation? It seems small until you realize that a city with a 7% sales tax would instantly jump up to a 10% sales tax per dollar if we got rid of the cent. For example, nearly every morning I get a coke at McDonalds for $1, with tax that is $1.07, with the demise of the cent that would be an extra 3 cents I'm paying.

I say, stop printing money and return to a commodity based currency where we don't really have to worry about inflation and killing off denominations of coin.

 

[Dok Holliday]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Tax will remain 7%, as the rounding would also occur down as well as up, and sales tax is calculated by a vendor (at least in the uppper midwestern states) on overall sales per month or quarter.

 

[swuycheck]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Rounding up to a nickel on gas would also become quite a problem.

 

[papa1956e9]

Re: Could the squeeze be coming for CHR'ing nics and cents??

I wouldn't be too mad if the forced us to uses dollar coins, at least the new ones don't look like quarters. They should get rid of pennies, nickels and quarters. We should have an even number cent system, 2 cent, 10 cent, 50 cent, dollar, maybe even a 5 dollar coin. There are so few people that even use coins and bills these days anyway, everyone pays for everything with a card. I lived in Japan for a few years and they have the coin equivalent up to 5 dollars they also made an aluminum penny equivalent that weighed nothing, I liked their holed coins too. The Euro also uses a 2 cent coin (they have the 1 cent). I would like to see an even number base currency.

 

[goldencoin]

Re: Could the squeeze be coming for CHR'ing nics and cents??

I say we probably will have to get rid of the penny, and I would love to see one and two dollar coins circulating (five might be too much), because they cost less, cleaner, and would improve my MD clad count

HH
-GC

 

[Smudge]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Legend76, I'm glad you posted this article because this issue keeps coming up every few years.

Here is where I think its all going.

The penny and nickel aren't going anywhere. Yes, they may cost more to produce, but they last decades longer than paper coinage ever could hope to. The fear of the imminent demise of the penny is exaggerated. And the idea that currency will soon be replaced with debit cards is pure bunk.

Do you think our politicians want an electronic money trail that shows where all of their deposits are coming from??

If the dollar coin is going to survive, they need to eliminate the dollar bill. The coin lasts longer, much longer. Like 20 years as opposed to six months.

I can see no reason why the $5 bill and even the $10 can't be coined as well, for largely the same reasons.

Sure, I have a personal interest, being a metal detectorist. But I can also support this on a practical level.

Rest assured, I would bet anything that coins are going to stick around for some time to come.

 

[legend76]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Legend76, I'm glad you posted this article because this issue keeps coming up every few years.

Here is where I think its all going.

The penny and nickel aren't going anywhere. Yes, they may cost more to produce, but they last decades longer than paper coinage ever could hope to. The fear of the imminent demise of the penny is exaggerated. And the idea that currency will soon be replaced with debit cards is pure bunk.

Do you think our politicians want an electronic money trail that shows where all of their deposits are coming from??

If the dollar coin is going to survive, they need to eliminate the dollar bill. The coin lasts longer, much longer. Like 20 years as opposed to six months.

I can see no reason why the $5 bill and even the $10 can't be coined as well, for largely the same reasons.

Sure, I have a personal interest, being a metal detectorist. But I can also support this on a practical level.

Rest assured, I would bet anything that coins are going to stick around for some time to come.

Eliminate the $1 bill, yes.... They will not eliminate the 1 cent and 5 cent coins, but the composition WILL CHANGE!!

 

[cbrtriple8]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Are you gonna tip them Exotic dancers with dollar coins? Don't think they'll like it too much.....

Stop making dollar bills!!

 

[legend76]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Stop making dollar bills!!

+1

 

[Emperor Findus Cladius]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Rounding up to a nickel on gas would also become quite a problem.

Would not really be a problem, as the rounding would be on the total cost of the fill-up, not per gallon. And it could as easily be rounded down as up.

 

[Generic_Lad]

Re: Could the squeeze be coming for CHR'ing nics and cents??

Rounding up to a nickel on gas would also become quite a problem.

Would not really be a problem, as the rounding would be on the total cost of the fill-up, not per gallon. And it could as easily be rounded down as up.

Whenever countries have gotten rid of a denomination of coin, or restructured their currency (like the UK did when they changed from the old Pound/Shilling/Pence system to the Pound/Pence system) prices never go down, instead they always seem to go up.