lwmuddy
So.carolina
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Joined: 04/07/2002
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Why not eliminate ALL coins and just have paper money?
Is business the driving force to keep coins OR is there a good profit in manufacturing coins that cost more to make then they're face value.
Casino's would love to have only dollar and up machines.
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Lessmore
Canada
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Joined: 03/08/2011
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Even though I'm not independently wealthy, I'm glad Canada dropped the penny. I have felt for awhile this small coin is next to useless.
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Lessmore
Canada
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lwmuddy wrote:Why not eliminate ALL coins and just have paper money?
Is business the driving force to keep coins OR is there a good profit in manufacturing coins that cost more to make then they're face value.
Casino's would love to have only dollar and up machines.
Coins last longer than paper money. I find having a dollar and two dollar coins better than the old system of having paper one and two dollar bills. I wonder if the minting costs are less making longer lasting coins or paper money ?
Canada will also introduce a $ 50 and $ 20 bill made out of some sort of polymer, which should be harder to forge and last longer than paper. Also the new bills will have a series of bumps on them to help blind people identify the value of each bill.
Not sure in the long run whether having either paper money ($ 1 + $ 2) or coin money in $ 1/$ 2 form ...makes more cents ? 
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Redcatcher70
Beebe, AR
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Joined: 07/28/2003
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lwmuddy. way back in 1970, while serving in VN, all of our money was paper. (Military Script, not real greenbacks) Everything from a .05 up to a $20.00 bill (I think the twenty was the largest bill), and it was pure heck to carry around. One button up thigh pocket was devoted to just carrying money in. And if you also tried to carry some of the locals money, you had a wad that would choke a mule. No, I prefer coins, thank you.
Dave & Pat
1999 Wanderer 230FB
2004 F250, XLT Crew Cab, V10, finally, enough power!
"No kids, no pets, trying to make it to retirement"
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4huskers
Texas
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Joined: 06/14/2005
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The mint charges the face value of each coin regardless of cost. They lose on every penny struck, but make up for it on the other coins. Converting to dollar coins isn't very practical. On average each note costs about $.04 to print. The new notes are a little more. The lifespan of a U.S. dollar is 18 to 22 months. Using the 18 month lifespan of the bill a dollar coin would have to remain in circulation for 37.5 years to break even on cost. Since the mint charges the Treasury the face value of coins the cost to convert the dollar would be immense. Remember how well the recent dollar coins went over.
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Old-Biscuit
Across the USA
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Joined: 06/20/2009
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downtheroad wrote:Old-Biscuit wrote:No more pennies........
Hope this doesn't catch on here in States.
The only thing I let GF collect as way of souvenirs is 'pressed pennies'
Come on Biscuit...You mean you don't collect 100's of Furbys.... 
LOL....they probably wouldn't weigh as much but pressed pennies take up very little room.
And when you live in <300 sq/ft every inch counts.
Besides our dog would have the stuffing out and everywhere in minutes....saggy-baggy Furby's are not very attractive...
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Bo-man
Boise
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Joined: 01/11/2011
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Love collecting pennies when I was a kid, but really now a days they are just about useless!!
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Old-Biscuit
Across the USA
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Oops....
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Old-Biscuit
Across the USA
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Supreme Oppressor wrote:RE: pressed pennies. Ever notice US penny pressers are filled with Canadian pennies? Canadian pressers are filled with US pennies. Something about it being illegal to deface money.
In the US, fraudulent intent is needed to be a criminal act.......pressing of pennies into souvenirs does not meet the fraudulent intent.
Canada Laws may differ.
Penny Pressing Machines & Law
Years ago there use to be a bowl next to penny pressing machines....not anymore (seen one....one time). Now it cost 2 quarters and your own penny........some touristy places charge 4 quarters.
Old copper pennies press the best.......the new alloy/cooper clad---not so good.
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wilber1
Abbotsford B.C. Canada
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Joined: 12/16/2002
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Coins and bills have some sentimental value as we have used them all our lives but the penny has no real value and has become pointless.
I didn't like the idea of getting rid of the Canadian one and two dollar bills at the time but there is no way I would want them back now. When we are on the road in Canada, I don't need to go out and buy a couple of rolls of quarters just to use a laundromat. Sure, every once and a while I find myself with ten or twelve dollars in coins in my pocket but then I realize I can actually buy something with my change so I spend it.
I find the US dollar bill frustrating as I always seem to be digging into my pocket and finding most of the bills I have are ones. The fact that all the bills are the same colour and the difference in denominations isn't obvious makes it even more frustrating.
When you consider a dollar has about 10% of the purchasing power it did 50 years ago, the $5 bill should be history as well. The smallest Japanese bill is the 1000 yen, worth about $12
"Never trust a man who has not a single redeeming vice" WSC
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