Are Coins Becoming Obsolete?

[JasonKey]

Re: Are Coins Becoming Obsolete?

This discussion in some form or another has been around for some time .. at least regarding the US penny.

http://www.nytimes.com/2004/06/02/op...rtner=USERLAND

Likely if you hit Google you will find more supporting it though its a stance. In fact, the penny actually on many occasions costs more to make than its worth.

Read around

[scorpio1690]

Re: Are Coins Becoming Obsolete?

It depends what country you're in. Canada has one and two dollar coins. Most of Europe has coins worth decent amounts (Franks and Pounds). America is the only country off hand I can even think of that uses bills for single dollars.

Coins aren't becoming obsolete because despite the fact that you, for some reason, throw away your change, someone probably picks it up. Many people start things like spare change dishes or jars that they put the leftover change from the day in. Then they take it in once a month or so once it has amounted to a good number and make, or keep, decent money. I have a penny jar upstairs that fills up about once every two months and when it's full you get about sixteen to eighteen dollars from it.

[Afrobean]

Re: Are Coins Becoming Obsolete?

I think we should do away with both coins and dollars.

Let's just implement a completely digital currency and completely eliminate the physical medium.

[WillTalbot]

Re: Are Coins Becoming Obsolete?

I think we should do away with both coins and dollars.

Let's just implement a completely digital currency and completely eliminate the physical medium.

I never thought about a dominate digital currency but now that you bring it up it, a digital currency would be alot more convenient for us if you think about it. We won't have to worry about losing money or getting it stolen.

[Afrobean]

Re: Are Coins Becoming Obsolete?

I never thought about a dominate digital currency but now that you bring it up it, a digital currency would be alot more convenient for us if you think about it. We won't have to worry about losing money or getting it stolen.

Unless, of course, there becomes a way to steal the means of identification.

In Back to the Future Part II, they have a completely electronic system for money. People are identified by their thumb prints, and because of this, there are criminals who cut off people's thumbs to steal their money.

So yeah, your money would still be possible to be stolen. No matter what, it'd be possible to be stolen.

[WillTalbot]

Re: Are Coins Becoming Obsolete?

In Back to the Future Part II

I lurve that movie ^_^

[Shashakiro]

Re: Are Coins Becoming Obsolete?

Pennies should be abolished and every cost should be changed so that it can be paid for by nickels without making change.

I think they're a waste of copper, honestly.

[Tps222]

Re: Are Coins Becoming Obsolete?

Are pennies still made of copper?

I keep all the change I get, it adds up. Although, I advocate the throwing away of change. That way, I can get more change.

Afro, all you have to do is shut the person's account down when they die, and if they are robbed, just call it in, similar to identity theft.

I don't think we are ready for a digital currency yet. I'd complicate a lot of things.

[Afrobean]

Re: Are Coins Becoming Obsolete?

We already have digital currency.

It's just that it's currently secondary.

The problem with digital currency is that everyone would need an account for money, probably issued by the government, or through approved banks or something. That would be a problem for some, especially those who are underage. I suppose they could be established as needed, like photo ID, but yeah whatever... it's all hypothetical. It would be nice, but I really don't think we'll be moving in that direction for a very long time.

[meno_rocks123]

Re: Are Coins Becoming Obsolete?

actually, if you melted $5 or $6 in pennies (copper melts at a lower temperature than most metals) and then took it to a scrapyard and sold it, you could get $30-$40 easy.
Good way to make money =D

[iggymatrixcounter]

Re: Are Coins Becoming Obsolete?

actually, if you melted $5 or $6 in pennies (copper melts at a lower temperature than most metals) and then took it to a scrapyard and sold it, you could get $30-$40 easy.
Good way to make money =D

Where are you going to get this rate? I've only heard of 1 penny being worth 1.1 cents. A five gallon bucket gets about $80.

Anyways, I always keep my change. I never spend it but save it on my desk and when it becomes full of change, I go to the bank and get about $50-$100. Not bad for money I never knew I had.

[Bakonfat]

Re: Are Coins Becoming Obsolete?

In Germany (as I have experienced) people are really "good" with their money. Coins are far from being obsolete here. In fact, coins are used much more than paper money. Maybe that is because with Euro, there are 1 Euro and 2 Euro coins, along with 50 cent coins too. The thing is that in Germany (and a lot of other European countries)buying tickets for public transport, vending machines, and most other machines where you buy without a person there (I don't know if there is a word for that, but I hope you know what I mean) take coins, and sometimes, only coins. Pennies (I don't know what they call them in Germany) are the same here too, for the most part. It can almost be compared to the one dollar bills in Monopoly: yes, they can be used like all other currency, but why bother with such a small sum?

But, if we are talking strictly about America, or only about pennies, I agree that they are worthless (not literally, the have value). But, without pennies, all our money jars would seem empty and lack that copper color.

The electric money system would be a good idea but it just seems like something would go wrong early on and a lot of people would be screwed. If it didn't mess up, it would be great.

[Omeganitros]

Re: Are Coins Becoming Obsolete?

Asking if coins are becoming obsolete is like asking if books are becoming obsolete.

Of course they're not.

[JasonKey]

Re: Are Coins Becoming Obsolete?

Eurocents are definitely in use. The American penny's closest equivalent is the eurocent and I have seen and used them in Germany though not in any vending machines.

The thing that is nice about Euro coins is that there are 1 and 2 Euro coins and they are not so physically large. Granted a pocket full of them is a pain compared to a wallet with the same amount of dollars.

As it is now, I barely use cash, and use primarily credit / debit cards nearly fulltime already. So the move to more and more digital funds is guaranteed in my view.

In Germany (as I have experienced) people are really "good" with their money. Coins are far from being obsolete here. In fact, coins are used much more than paper money. Maybe that is because with Euro, there are 1 Euro and 2 Euro coins, along with 50 cent coins too. The thing is that in Germany (and a lot of other European countries)buying tickets for public transport, vending machines, and most other machines where you buy without a person there (I don't know if there is a word for that, but I hope you know what I mean) take coins, and sometimes, only coins. Pennies (I don't know what they call them in Germany) are the same here too, for the most part. It can almost be compared to the one dollar bills in Monopoly: yes, they can be used like all other currency, but why bother with such a small sum?

But, if we are talking strictly about America, or only about pennies, I agree that they are worthless (not literally, the have value). But, without pennies, all our money jars would seem empty and lack that copper color.

The electric money system would be a good idea but it just seems like something would go wrong early on and a lot of people would be screwed. If it didn't mess up, it would be great.

[duhh_]

Re: Are Coins Becoming Obsolete?

i still use coins (pennies and such)