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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
 Posted - 02/26/2010 : 06:42:41
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I know this topic has been discussed at various times before, just thought I would throw it out there again for current discussion.....
COIN ELIMINATION:
Just shooting from the hip here, but go with me...
IN 1940's, 50's and 60-64, a gallon of gasoline cost... a quarter?(now $2.50).
... a loaf of bread? 10c or 25c, now $1.50-3.50.
a soda? 5c-20c? now $0.75-1.50.
They made change just fine back then. But insisting that we still keep the penny or nickel is like saying that they needed decicents(1/10 of a cent) or half cents. (Half cents back in the 1940's and 50's, not the 1800's!!!)
Obviously they didn't have that change, but 'made change' just fine. Well our currency is only worth about 1/10 of what it was in those years (probably worth far less than 1/10) and we too could do just fine by eliminating the 1/10 factor and getting rid of the penny and nickel.
Just my 2 decicents!!
(I posted this same comment on another thread, but thought it deserved its own recognition.)
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"May your percentages ever increase!" |
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Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 02/26/2010 : 09:42:18
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My proposal on this topic:
Dime remains the same.
Penny planchet used to make a new 20cent coin.
Nickel planchet used to make a new 50cent coin.
Quarter discontinued.
Golden Dollar remains the same. |
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kirkland
New Member
USA
0 Posts |
Posted - 02/26/2010 : 10:27:00
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Interesting, Zyll. I'd actually say:
Penny planchet stays the same but used for a 2 cent coin.
Nickel stays the same.
Dime stays the same
Add a new 20 cent coin, slightly smaller than a quarter but larger than a nickel.
Also add a 75 cent coin bigger than a quarter but smaller than a half dollar.
Golden Dollars are junk. Make big dollars again, this time with Ronald Reagan on the obverse.
Maybe even a two dollar coin. |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 02/26/2010 : 10:36:13
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| I can't take credit for the idea but someone said if you eliminate the penny all you have to do is round all transaction off to the nearest nickel. Some transactions you loose a couple of cents and on some transactions you gain a couple of cents. At the end of the day it averages out. Seems to make sense to me (no pun intended) the government could quit making pennies, businesses and banks would be able to stop handling all those pennies. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 02/26/2010 : 10:38:56
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| If the gov eliminates the penny and nickel, they are basically admitting that the dollar is getting destroyed. They NEED to keep the nickel and penny circulating to keep the "status quo" so to speak. Many sheeples will wake up and realize what really going on with their money if the penny and nickel are eliminated. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 02/26/2010 : 11:11:05
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Why is this being discussed?
quote:
IN 1940's, 50's and 60-64, a gallon of gasoline cost... a quarter?(now $2.50).
A silver dime (coinage) from the "1940's, 50's and 60-64" is worth 1.16 today in FRNs. About .22 cents a gallon.
quote:
a loaf of bread? 10c or 25c, now $1.50-3.50.
Again 2 dimes equals $2.32, about the same
quote:
a soda? 5c-20c? now $0.75-1.50.
Silver nickel is .90 or .15 tops if you used dimes. So .05 - .15 cents in real money today.
quote:
Well our currency is only worth about 1/10 of what it was in those years (probably worth far less than 1/10)
That is the whole problem there. It is NOT that prices are rising. The actual value of the goods has stayed relatively the same supply and demand wise. It is the CURRENCY that is worth less(worthless).
If we follow your thinking and looking at it from that perspective, you WILL be having this same conversation about the 100.00 bill.
Ask Zimbabwe.
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Edited by - Kurr on 02/26/2010 11:18:55 |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 02/26/2010 : 11:15:35
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| I believe that the penny and nickel should be discontinued. We should then keep everything else the same. I think it works fine. No 20 cent coins or 75 cent coins, or even a 2 dollar coin. FRN's are cheaper to produce. |
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 02/26/2010 : 16:37:17
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| Yes we need it, so I can keep searching. :P |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 02/26/2010 : 17:44:23
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Stepping back and looking at it objectively, the penny and nickel do need to be discontinued. The reasons why they have lost their value causing us to have this discussion is water under the bridge.  Sadly the sheeple don't care, so no point getting upset about it, and instead, just deal with the reality in front of us.
We could get by just fine with the dime being the lowest denomination. Who actually buys a single item for less than 10¢? Items that cheap are usually bought in quantity. Just round up or down on the final price. Gas is still sold in 1/10's of a cent... The Post Office sold ½¢ stamps all the way into the 1940's...
When the effects of all this quantitative easing starts being felt, the non unneeded status of these two coins will be quickly realized. Heck, then, even the dime's need to exist will be questioned...
Electronic purchases can still be in increments of 1¢.
We also need to follow Canada's lead and get rid of the $1 and $2 bills and replace them with coins. Coins can last at least half a century. Look at how many 1950's wheat pennies and nickels we are finding that are still in very usable condition. How long does a note last..? The coins can be recycled, not so with a note.
We also need to accept our reality and go to a plated steel coin. Again, Canada is years ahead of us. If we can't figure it out, license the technology or just outsource to Canada.
The rate we're going, maybe just adopt the Loonie as our new currency and just get it over with.
The Government/Mint could save a an incredible amount of money in the long run eliminating the 1¢ and 5¢ coins along with switching to $1 and $2 coins....
JMHO 
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 02/26/2010 : 19:19:21
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I made my suggestion for a new coinage regime here:
You must be logged in to see this link.
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And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 02/26/2010 : 20:49:47
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mikep2020 proposed the cent would be kept while the nickel eliminated ....
on the thread "No planned 2010 nickels"
I was just saying..... okay fine, it wouldn't hurt anything. It isn't like we need these coins anymore.
And yes, if monetary policy doesn't change, then we will be saying the same about the 100 and 500 bills in the future.
Lets hope we get back on track before then.... but I'd rather eliminate and then bring back a coin, than continue a useless coin! |
"May your percentages ever increase!" |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 03/01/2010 : 13:13:58
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If I had to redesign US coinage today:
10 cent coin: size of the current dime, copper colored, smooth edge.
20 cent coin: size of the current cent, copper colored, reeded edge.
50 cent coin: size of the current nickel, nickel colored, 12-sided edge.
1 dollar coin: size of the current quarter, nickel colored, smooth edge.
2 dollar coin: size of the current dollar, brass colored, reeded edge.
5 dollar coin: size of the current half dollar, brass colored, edge lettering.
(and reservations for future bimetallic $10 and $20 coins.) |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/02/2010 : 11:42:47
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Not bad cerulean....
another problem with redoing all the coin is that all coin machines and gumball machines would have to be overhauled. |
"May your percentages ever increase!" |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 03/02/2010 : 13:39:59
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| Not entirely, Wolvesdad. The beauty of my idea is that it preserves all the existing coin diameters. We could still use the same wrappers, sorting machines, 2x2s, and coin machines. Some things might have to be relabeled or reprogrammed, but the basic components would remain the same, no retooling necessary. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
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Topic |
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Do we need the Cent and Nickel?
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