Currency changes

[kiwitt]

We do the same here in NZ ... We use a debit card for all purchases ... and no fees on transactions. So you can use it for all purchases

 

[metatron]

So what do you do if something is five cents, but you pay in six two-cent pieces? You get one cent in change, but the one cent piece is gone.

Sounds like we need to purge all odd numbered coins if we purge the most basic one - the penny.

Either make all coins even or change the penny's composition again, it sounds like.

You are perfectly able to have coins at 5c, 10c ,25c ,50c and 1$ without any trouble. Two of those are "uneven". Still: No trouble.
You could also go with 2c, 10c, (20c), 50c and 1$, which would be somewhat less practical but still without any of the problems you worry about.

Altenatively you could do what i suggested and ditch everything that's smaller than a quarter.

Also note: Changing the penny's composition would not fix your loss of time dealing with it.

Sheesh ... we don't even have a 5 cent coin. Lowest is now 10 cents.

That does sound very nice.

 

[Souron]

So what do you do if something is five cents, but you pay in six two-cent pieces? You get one cent in change, but the one cent piece is gone.

Sounds like we need to purge all odd numbered coins if we purge the most basic one - the penny.

Either make all coins even or change the penny's composition again, it sounds like.

There is no 2 cent peice that I'm aware of. If there is, they should get rid of it too.

 

[Tani Coyote]

You are perfectly able to have coins at 5c, 10c ,25c ,50c and 1$ without any trouble. Two of those are "uneven".

Why yes, but there's no two-cent piece involved there. All these coin values work with eachother quite well.

Altenatively you could do what i suggested and ditch everything that's smaller than a quarter.

This could work but would shift the cost of living quite dramatically. I doubt most companies will make goods cheaper.

There is no 2 cent peice that I'm aware of. If there is, they should get rid of it too.

Logic says that if we get rid of the penny, everything will be rounded down or up, and so the two-cent piece will likely become the replacement. This creates issues when mixed with odd-numbered coins, but works fine with others.

 

[Souron]

Logic says that if we get rid of the penny, everything will be rounded down or up, and so the two-cent piece will likely become the replacement. This creates issues when mixed with odd-numbered coins, but works fine with others.

You round up or down to the nearest nickle. Why would you do it any other way?

 

[metatron]

Why yes, but there's no two-cent piece involved there. All these coin values work with eachother quite well.

No, there isn't. Cause you get rid of that too while you are at it.

I suppose 5c today arn't really worth significantly more than a penny in the 50s. Probably on the contrary.

This could work but would shift the cost of living quite dramatically. I doubt most companies will make goods cheaper.

Wait a sec. This is a trap. You're trying to make a lefty insist that markets work, don't you?

Well, i insist: Markets work quite often. And what you fear would not happen.
Of course everybody would claim so none the less.

 

[Integral]

This could work but would shift the cost of living quite dramatically. I doubt most companies will make goods cheaper.

Someone call New Zealand. They had a small price deflation upon abolishing the 1- and 5-cent pieces.

No country that has eliminated a small-denomination coin has seen an increase in inflation as a result.

edit:

Logic says that if we get rid of the penny, everything will be rounded down or up, and so the two-cent piece will likely become the replacement. This creates issues when mixed with odd-numbered coins, but works fine with others.

Logic says that if we get rid of the penny, everything will be rounded to the nearest nickel. No need to introduce a worthless coin to replace a worthless coin.

 

[fdgsgds]

Can someone explain to me the reasons for making one dollar bills into coins? Not that I'm totally against it.

 

[GamezRule]

I think it is probably similar to the gold standard. I wouldn't support eliminating the penny unless the dollar were to inflate a lot more, something we should work to avoid. Also, I voted against everything except making one 50 cent piece for two quarters minted. We need a nifty name for the 50 cent piece, though.

 

[Bill3000]

Can someone explain to me the reasons for making one dollar bills into coins? Not that I'm totally against it.

smaller, more mobile, and not worthless craps of paper that degrade after 2 weeks due to overuse

 

[Shadylookin]

they've tried to introduce a dollar coin several times, but George Washington is a lot cooler than Eisenhower, Susan B. Anthony, and Sacajawea(praise be to firefox's spell check) combined.

 

[emzie]

Can someone explain to me the reasons for making one dollar bills into coins? Not that I'm totally against it.

When you account for the lifetime of a dollar coin, they're significantly cheaper than replacing bills every 18 months.

when I'm in the US, 1 dollar bills annoy me. They just stack up in my wallet.

 

[Bill3000]

Put Washington on the dollar coin. Probably solved!

 

[GamezRule]

To late, Kennedy and Sacagawea already have it.

 

[Theige]

The South Koreans have almost achieved this.
In South Korea, because the Won is so big, most people pay everything by credit card than bring wads of cash. People only have won notes and coins to buy simple small things like bus tickets, food-side stalls, small snacks etc. Anything above 30 dollars is usually paid using Credit card

I pay for almost everything with my debit card, no matter how small the purchase. I only carry cash for places that don't accept cards (they're out there).

 

[GenMarshall]

Put Washington on the dollar coin. Probably solved!

They did with the presidential dollar coin series.

 

[Cashie]

The South Koreans have almost achieved this.
In South Korea, because the Won is so big, most people pay everything by credit card than bring wads of cash. People only have won notes and coins to buy simple small things like bus tickets, food-side stalls, small snacks etc. Anything above 30 dollars is usually paid using Credit card

I don't think that was intentional; until recently, there was no note larger than $10 (10,000 won). Using cash was a complete pain in the rear. They've got a fifty (₩50,000) now.

 

[Yared]

In Sweden, we have coinage for the equivalents of 1 euro (10kr), 50c (5kr) and 10c (1kr). For the equivalents of 2 euro, 5 euro, 10 euro, 50 euro and 100 euro we have banknotes. We just recently scrapped the 5c (50 öre) coin.

We don't have any notes for 200 kr, 2000 kr and 5000 kr like there are 20/200/500 bills.

There's been discussion of introducing a 20c (2kr) coin and a 20 euro (200kr) bill, along with turning the 2 euro bill (20kr) into a coin.



(Note that €1 = 8.96 SEK; 10 SEK = £1.11)

 

[LAnkou]

In France, we got less coins but with littler facial value and more notes...

The 500€ note is a joke, never seen one yet. Half the minimum monthly salary in France? The tale tells it comes from the german and their fear of inflation...

when we get the Euro, we passed from having:
FRF: 5c, 10c, 20c, 50c, 1FRF, 2FRF, 5FRF, 10FRF, 20FRF (coins)
to
EUR: 1c, 2c, 5c, 10c, 20c, 50c, 1€, 2€ (coins)

and

FRF: 20, 50, 100, 200, 500FRF (notes)
to
EUR: 5, 10, 20, 50, 100, 200, 500€ (notes)

 

[uppi]

The 500€ note is a joke, never seen one yet. Half the minimum monthly salary in France? The tale tells it comes from the german and their fear of inflation...

It exists because we don't want to carry so many notes when shuffling cash to and from Switzerland

I haven't seen one either. I did have a 200€ note once, because the air force insisted on the first pay being in cash.