Canada Getting Rid Of The Penny

[ABQCOWBOY]

Yeah, it makes no sense to lose money making cents.............

I read a while back that the US should switch to a dollar coin and because of the difference in lifespan between the coin and bill, they'd save money on that move as well.

Pretty sure Canada has $1 and $2 coins. Loonies and toonies I think. Maybe that Canadian poster can help us out.

Europe does too. Time to change the way we handle change.

Much easier to counterfeit a coin then it is a bill. I think it would be a mistake to go to coins. JMO

 

[ABQCOWBOY]

At some point cash is going away. You had better get used to that idea.

What he said about freezing assets is not wrong. At some point, you had also better get used to that idea as well NYC.

The more we rely on e-biz or e-bank, the more vulnerable we set ourselves up to be.

 

[Cajuncowboy]

I'm in this camp. It's kind of trite using a card of any kind for small purchases.
I also don't like the system being created of invisible money. Your job dumps your salary in your bank, you use a card based on a balance and you never see any tangible product. It's like it's only there in theory and this dumb little piece of plastic represents a balance of value.

When you buy a product, you have the tangible product. Plus you don't have to spend it. I like using the card for small purchases as well because it provides me with an accurate and detailed accounting of all my transactions for the week. Much easier to see that I spent x amount on certain items then I can determine if I can save money by purchasing them in bulk.

 

[YosemiteSam]

Much easier to counterfeit a coin then it is a bill. I think it would be a mistake to go to goins. JMO

That is an interesting question. Striking a coin can require up to 250 tons of pressure. You can't just buy a machine to do that at the corner drug store. They are very expensive too.

Not to mention the denominations are small compared to bills and require metals. Laundering 5,000 $1 coins would be difficult. $100,000 worth would be monumentally difficult. So, it would not only be expensive, but also difficult to do. It would be prohibitively expensive unless you already happen to have a coin striking machine. It would be hard to get back the money you invested in the machine and metals just for the fact that laundering coins that type of money in coins would be so difficult to do.

 

[YosemiteSam]

What he said about freezing assets is not wrong. At some point, you had also better get used to that idea as well NYC.

The more we rely on e-biz or e-bank, the more vulnerable we set ourselves up to be.

Vs what? Is all of your money in a bank or in your back pocket? If it's in a bank, it's already e-money.

 

[TwoCentPlain]

The world is changing. 5-Speeds used to be cheaper and more fuel efficient than automatics. Not so for all cars anymore. Pretty soon all 5-speeds will be more than automatics.

Pretty soon it will cost more to pay cash for gas than credit. Cash is a pain in the butt. Someone has to collect it, store it, transfer it to the bank, count it, etc. More likely to get lost or stolen.

Brick and mortar banks are on the way out, too. They will become few and far between.

Paying your bills by check? That will cost more soon.

As with everything else, change is coming. And cash is disappearing. No real need for it.

 

[5Stars]

I don't care if we get rid of the penny or the nickle.

However I also don't like the Dollar as a Coin and we have already seen them try that one or two times and it did not pan out because people would screw up as it was the same size as a quarter and frankly people don't really want a coin that is much larger than a quarter.

And for all of those that say people don't use or shouldn't use change, paper money or pay in cash. To heck with that. I prefer to pay in cash for most things.

I only have a gas card and a check card and I never use the check card.

Maybe I am old fashioned in that aspect but I just don't care to give the credit card companies money. I know I know all the arguments about building your credit and all of that but for me...I will stick with cash in most cases. I don't need to whip out a credit card for coffee (well cash either as I don't like coffee) or a drink in the morning.

I'm the same way as you are. I always use cash...I mean, why not. It always irks me when I go to a convenience store and the people in front of me have a coke and a bag of chips and pay for it with a debit card...they usually have to slide the card in the machine 2 or 3 times, then wait 15 seconds for the transaction, then have to sign the machine, then wait for the paper print out! For what, 89 cents? Hell, I would just whip out a dollar bill, they give me my change and I'm out the door.

Bugs the hell outta me...

 

[5Stars]

The world is changing. 5-Speeds used to be cheaper and more fuel efficient than automatics. Not so for all cars anymore. Pretty soon all 5-speeds will be more than automatics.

Pretty soon it will cost more to pay cash for gas than credit. Cash is a pain in the butt. Someone has to collect it, store it, transfer it to the bank, count it, etc. More likely to get lost or stolen.

Brick and mortar banks are on the way out, too. They will become few and far between.

Paying your bills by check? That will cost more soon.

As with everything else, change is coming. And cash is disappearing. No real need for it.

Yeah, tell yourself that if/when some computer glitch wipes out your whole bank account, savings and all, and they are not able to recover any of it or account for any of it and you can't prove what you had. Computers can wreak havoc. They are not totally safe.

Not saying it will happen, but it could. At least if my bank gets robbed I'm insured...

 

[CowboyMcCoy]

Easier to freeze your assets and track your every move too. We need untraceable transactions to remain free.

Yes we do.

 

[Doomsday]

I'm the same way as you are. I always use cash...I mean, why not. It always irks me when I go to a convenience store and the people in front of me have a coke and a bag of chips and pay for it with a debit card...they usually have to slide the card in the machine 2 or 3 times, then wait 15 seconds for the transaction, then have to sign the machine, then wait for the paper print out! For what, 89 cents? Hell, I would just whip out a dollar bill, they give me my change and I'm out the door.

Bugs the hell outta me...

Most places dont require a signature on purchases under $20 these days.

Plus you can make the same argument about cash. I dont know how many times I have been in line waiting for some idiot to surf around their pockets or purse for that 13 cents so they dont get any change back or for a clerk who takes forever trying to count out 87 cents etc.

I dont like to use credit unless I have to, but I do use my debit card for almost every purchase I make. It is usually quick, easy and I have a detailed account of where my money is going each month.

 

[ABQCOWBOY]

That is an interesting question. Striking a coin can require up to 250 tons of pressure. You can't just buy a machine to do that at the corner drug store. They are very expensive too.

Not to mention the denominations are small compared to bills and require metals. Laundering 5,000 $1 coins would be difficult. $100,000 worth would be monumentally difficult. So, it would not only be expensive, but also difficult to do. It would be prohibitively expensive unless you already happen to have a coin striking machine. It would be hard to get back the money you invested in the machine and metals just for the fact that laundering coins that type of money in coins would be so difficult to do.

And how do you make plates to counterfeit Bills? Yet it's done all the time. I think you are missing the big picture NYC. Big counterfeit operations are no longer small time thug run deals. Not even large crime family anymore. They are state sponsored operations with an eye toward destablization of economic systems. When you look at it in that kind of context, it is not hard and it is not expensive. It is relatively cheap and easy for the return on investment. You don't even have to flood the US, you simply flood the world market with currency. The easiest way to do that is not with big Bills but with small ones or coins.

 

[ABQCOWBOY]

Vs what? Is all of your money in a bank or in your back pocket? If it's in a bank, it's already e-money.

The difference is, you don't have to put all your money in a Bank. You can keep currency with you or in other places that can not be accessed. The are laws being written now that give the Government more access to personal accounts and if this is a trend that continues, E-Banking makes it much easier.

 

[vta]

When you buy a product, you have the tangible product. Plus you don't have to spend it. I like using the card for small purchases as well because it provides me with an accurate and detailed accounting of all my transactions for the week. Much easier to see that I spent x amount on certain items then I can determine if I can save money by purchasing them in bulk.

A better word might have been tangible 'wealth'. As it stands my broader economic value is not based on any thing in hand and is subject to the rules and availability of an institution that really isn't in it for 'me'. That to me is dangerous and not at all anything I really feel in the long run is worth putting my faith into.

 

[ABQCOWBOY]

Most places dont require a signature on purchases under $20 these days.

Plus you can make the same argument about cash. I dont know how many times I have been in line waiting for some idiot to surf around their pockets or purse for that 13 cents so they dont get any change back or for a clerk who takes forever trying to count out 87 cents etc.

I dont like to use credit unless I have to, but I do use my debit card for almost every purchase I make. It is usually quick, easy and I have a detailed account of where my money is going each month.

Probably no more time then the rest of us have spent standing in line listening to somebody tell the cashier or what have you to run it again because they know there is money on that card or in that account and it's the mistake of the teller or the system apparently.

The door swings both ways.

 

[ABQCOWBOY]

A better word might have been tangible 'wealth'. As it stands my broader economic value is not based on any thing in hand and is subject to the rules and availability of an institution that really isn't in it for 'me'. That to me is dangerous and not at all anything I really feel in the long run is worth putting my faith into.

I don't blame you vta. I have had similar things happen to me. I carry cash at all times. I don't use CC's much except on very large purchases and I don't even use money cards much any longer.

One thing about using cash. You realize how much you are spending and you have to pay attention to how much is left in your account. To me or for me, it's a better way of doing things. It keeps me honest in how I spend and that's pretty important for me.

 

[Phoenix]

Huh. I saw a 2012 minted penny just the other day and was somewhat surprised we are still making them in the US. I thought to self, "Self, I wonder how much it cost to produce that penny?"