DailyDirt: Spare Some Change?

from the urls-we-dig-up dept

There have been proposals to stop minting the US penny for decades, but the little copper-colored coins are simply too beloved to remove from circulation. Rounding to the nearest nickel also probably rubs people the wrong way, but it seems like Canadians are going to find out how that works. Here are just a few other interesting articles on coins.

As always, StumbleUpon can also recommend some good Techdirt articles, too.

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Comments on “DailyDirt: Spare Some Change?”

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26 Comments
Anonymous Coward says:

Life without the penny in Australia

Australia got rid of their 1-cent coin years ago. Cash transactions are rounded to the nearest .05. Electronic transactions (debit/credit cards, etc.) use the original 1-cent-denominated price.

If a consumer cares enough, they can use cash when the rounding is in their favor, and electronic payment (of the actual amount) when the rounding would go against them. I do not know anyone who cares enough to do this.

Not that reality will prevent any of the whining from the penny-pinching crowd in the US.

teka (profile) says:

Re: maybe it's the vending machines

This is the keystone.

I would never suggest Mandatory replacement of all coin acceptors, but there has to be some way to encourage new equipment to come with dollar-coin accepting gear.

I have seen high-tech brand-new coke machines that could accept a credit/debit payment, but not take a dollar coin.

That and the “collector” series was a bad plan. Maybe after the coins had been out and gaining acceptance for many years, but you don’t start out with a gotta catch’em all scheme when you are still trying to convince people that a dollar can jingle instead of crinkle.

terry says:

Not so smart

Wait and watch what happens, the value of money is all psychological and without the Canadian penny their 5 cent piece will be demoted to the new perceived worthless coin and the public perception about the value of the Canadian dollar will begin to adjust downward with it. If you wish to verify this trend that has happened around the globe many times before including in the US, watch the exchange rates with other currencies and see what happens with the Canadian Dollar. Sometimes you have to go in the hole in certain areas in order to stay profitable in other larger areas, and that is the case with pennies and the way they prop up the value of their respective dollars.

The minting of excessively high value US coins just like all the over printing and minting being done of late, it is just another way to fleece the American public. Watch this one as well while the US dollars continues it’s value drop around the globe.

Anonymous Coward says:

Re: Not so smart

“without the Canadian penny their 5 cent piece will be demoted to the new perceived worthless coin and the public perception about the value of the Canadian dollar will begin to adjust downward with it.”

Nope. Totally wrong. Australian 5 cent coins are doing just fine without the now-withdrawn 1 cent and 2 cent coins. Nor is the Aussie dollar doing badly on foreign exchanges. It is currently worth more than the US dollar.

Be sure brain is in gear before engaging mouth. — sign at the Air Force Academy in Colorado

Anonymous Coward says:

Yes, Australia has a very good money and cash system, we lead the world in our cash note technology we have “plastic notes” with holograms, impossible to counterfeit.

we used to have
Coins
1 cent
2 cent
5 cent
20 cents
50 cents

Notes:
$1
$2
$5
$10
$20
$50

Now we dont have 1c and 2c coins, coints start at 5c.
We have a
$1 coin
and a $2 coin

we now also have a $100 note

The way you get the people using coins instead of cash, is to take the cast out of circulation. As notes get to a bank the bank issues coins in return.

those changes were made 20 years ago, try to keep up 🙂

Pixelation says:

Re: Re:

“we have ‘plastic notes’ with holograms, impossible to counterfeit.”

I was skeptical when I read that and Wikipedia agrees…

“Polymer banknotes also incorporate many security features not available to paper banknotes, making counterfeiting much more difficult.”

Macs don’t get malware either.

Anonymous Coward says:

The comparison between the value a coin represents and what it costs to manufacture it is ludicrously irrelevant. Stop stupidly comparing apples to oranges. The coin performs a function in society, and if that function, over the lifetime of the coin, is worth more than it costs to manufacture the coin, then people should shut up and stop comparing the cost of the coin to the value it represents.

The real disgrace here is the paper dollar, that idiotic Americans refuse to give up, despite the indisputable fact that a dollar coin, which Canada adopted over 20 years ago, would actually save money. Compare the cost of a coin to cost of the same denomination in paper, and you’re comparing apples to apples. But Americans don’t have enough sense to do that.

Rekrul says:

The problem with recent dollar coins has been that they’ve been too similar to quarters and can be mistaken for such.

Yes, you could argue that paper bills are too similar, but they have large, distinctive numbers to differentiate them. With coins, you have to look closer. Even if they’re a different color, if you’re looking at them in dim lighting, it can be hard to tell them apart.

Plus, paper bills weight less and are more convenient to carry.

Anonymous Coward says:

design for a $10^12 coin

For the design of the trillion dollar coin, I suggest a disk of either pure iron sulfide or irridium-plated tin, engraved thusly:

Obverse: Lady Liberty playing three-card monte, emblem of U.S. Treasury in background suspended by fraying thread, flying elephants if space allows.
Reverse: ghosts of John Adams and Benjamin Franklin weeping over shards of broken piggy bank.

Beta (profile) says:

I'm just a simple rocket scientist...

Could someone please explain this to me? To prevent massive inflation from the sudden minting of trillions of dollars, the plan is to do the following:

“[I]f the Fed doesn?t want… to create looser money, all they need to do is reflect on the fact that two rounds of quantitative easing have left them owning over $2 trillion worth of securities of various kinds. If they sell $2 trillion worth of securities to investors, then $2 trillion will be sucked out of the economy to replicate the $2 trillion worth of platinum coins the mint cooked up.”

Wait… If they sell $2 trillion worth of securities, then they’ll have $2 trillion dollars to play with, which is what they wanted. So why also create $2 trillion out of nothing? Are they planning to burn the $2 trillion they get from the sale before they strike the coins?

Honestly, it’s as if these people didn’t play with the same blocks I did in kindergarten.

And I can’t believe nobody’s mentioned the Mark Twain story yet.

A Guy (profile) says:

Re: I'm just a simple rocket scientist...

They are more worried about deficits and debt than inflation. They tried tax and spend. That worked, but the rich complained.

To stop the rich from complaining, they decided to try borrow and spend. Borrow and spend is the same as tax and spend, only you promise to pay MORE for your project in the future instead of paying less now. This had the political benefit of making it some other Congress/President’s problem. This, of course, lead to very high debt and deficits and to America owing money to enemies, despots, and anyone with enough sense to realize that they could force the US government to subsidize their activities.

Now they are trying print and spend. If the printed money goes to the middle class/poor, the rich will complain like they did with tax and spend. If the printed money goes to the rich, the middle class and poor will subsidize the lifestyle of the rich through a steadily and continually declining quality of life, leading to politicians being booted out of office.

Amber (profile) says:

Why Dollar Coins Suck

I would love to have a good dollar coin, ***If the ones they made weren’t the exact same size and weight as a quarter coin*** Who was the idiot who made that decision?!! Do you know how many dollar coins I have spent, and were received, as quarters? I didn’t realize it until later when I went to count my change. The 5-cent piece, which is not really much in use, is much larger and could never be confused for a dollar. Why don’t they make the dollar a unique size or shape? Why do all coins have to be round in the US? Make the dollar bigger than a quarter and smaller than a 50-cent piece and either make it a hexagon shape or put a hole in it or something so it feels and looks different so it won’t be mistaken for a smaller-denomination coin. Then Americans will use dollar coins.

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