DailyDirt: Big Money, Small Change
from the urls-we-dig-up dept
We’ve discussed the possibility of killing off the US penny before, as well as Canada’s plans to actually put an end to its penny. Some folks really hate these small denomination coins, but really large denominations aren’t too popular, either. Here are just a few links on some money that won’t see circulation.
- The US Treasury is technically allowed to mint platinum coins of any denomination — but at least one lawmaker wants to prevent the possibility of a trillion dollar coin. TL;DR — does this bill prevent the minting of a half-trillion coin? [url]
- There’s less than a month left for folks to hoard Canadian pennies because starting February 4th, the Royal Canadian mint will no longer distribute 1-cent coins. Only cash transactions will be affected, requiring people to round to the nearest nickel. [url]
- Hungary once produced currency with a denomination of 100 million billion Pengos. That’s 100,000,000,000,000,000,000 Pengos — worth about 20 cents in the US. [url]
If you’d like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post.
Filed Under: coins, currency, denominations, mint, pengo, penny, platinum
Comments on “DailyDirt: Big Money, Small Change”
Ah yes. Canada’s pennies.
http://www.youtube.com/watch?v=y5UT04p5f7U
this is really just the slow death of cash
after pennies and nickels, we’ll just get rid of all cash and go completely digital, so the govt can track all transactions and illegal transactions will have to go with bitcoin or some other sketchy money system….
Re: this is really just the slow death of cash
That would work out real well for those living on the street.
Re: Re: this is really just the slow death of cash
TechCrunch: Bitcoin, Ven and the end of currency
Not really, since virtual currencies are backed up by whatever the official local currency there is. That is the beauty of it, in theory a street beggar could beg online and receive money from anyone in the world.
Also you have the Canadian MintChip which if hacked could produce infinity monies for anyone.
And then you have the social currency called Ven which appeared to solve one problem, people around the world dealt with different currencies and rules and it was a problem for doing actual business so they invented a virtual currency that could be accepted anywhere and would have one value and the same rules for everyone. Bitcoin also serve that purpose.
This is true globalization now, where people are starting to create their own infra-structure because they have needs, old banks(incumbents) could be left behind in the new economy, now that would be ironic.
Governments could be left without much control over anything, this is exactly why Canada jumped into the bandwagon and launched their own, the US may be surprised to find out that the dollar could become just a local currency instead of a global one, that would be bad for political leverage to lose control over money.
Re: Re: Re: this is really just the slow death of cash
“in theory a street beggar could beg online and receive money from anyone in the world.”
You may have overlooked something here.
Wait!
Can you still get your hands on that Hungarian note?
I wanna get one and pretend I’m rich to everyone. XP
When the came for the pennies, I didn't speak up.
You already know the rest. The Federal Reserve will be the death of the dollar.
Re: When the came for the pennies, I didn't speak up.
Who?
cosmological inflation
“Hungary once produced currency with a denomination of 100 million billion Pengos. That’s 100,000,000,000,000,000,000 Pengos.”
Umm… Did 100000% inflation occur between the times those two sentences were written?
Re: cosmological inflation
I was going to comment on this myself.
A) 100,000,000,000,000,000,000 would actually be 100 billion billion.
B) There’s an actual number for 100 million billion. Its called 100 quadrillion.
Re: Re: cosmological inflation
Billion means different things in different countries.
Re: Re: cosmological inflation
Forgot linky:
http://en.wikipedia.org/wiki/Billion
$1 Trillion Coin
They should make it exactly the same size as a subway token.
Re: $1 Trillion Coin
There has already been an interesting proposal for the design, but it doesn’t specify size. Would your proposal also allow it to be used in a parking meter or gumball machine?