The metric verse english system on that one thread got me inspired to create this one here. As Canada relieved itself decades ago of the one dollar bill for the Luney coin and also use a 2 dollar currency, first as a bill then converted to coin later on, that are both used in Canada every moment of every day, we here in the US have not. Our two lowest forms of bill are 1's and 5's and the highest coin is still mainly the quarter.
Here in the States, we have tried implementing the 2 dollar bill, and the $1 coin first as the Susan B. Anthony and later as another coin, but failed just as miserably as the metric conversion has done twice under both Carter and Clinton.
Why can one country make a success out of the bill to coins conversion on the one dollar bill as well as the use of $2 exchanges, and the other country cannot?
As to coins, the Canadian government mandated the phase-out of the $1 and $2 bills when they introduced the coins. The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots). Phase out the bill so people have no choice and it becomes easy as the bills wear out.
As for why Canada had success with a $2 bill and we don't, who knows. I always figured its pinkish color helped distinguish it.
BTW, the Susan B. Anthony wasn't the first dollar coin. Among many others, recall the very large Eisenhower dollar.
Proves with your mention of the Eisenhower coin, how much Americans know about what was tried and failed already which makes it why the one dollar bill has stayed.
As far as the bill taking devices on machines, I cannot believe the manufactures would lobby to keep the one dollar bill as technology makes all new devices they create obsolete within two years anyway.
Heh. I've wondered how many 20-somethings wouldn't know what "50¢" means.
(Consider how even some highway signs annoyingly list toll rates as ".50" or ".75," sometimes with no dollar sign or leading zero, instead of the clearer "50¢" or "75¢.")
Quote from: 1995hoo on November 16, 2014, 03:56:52 PM
The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots).
Don't forget the company that makes the paper for our currency, which gets more business from dollar bills that need to be replaced so quickly.
Quote from: 1995hoo on November 16, 2014, 03:56:52 PM
As for why Canada had success with a $2 bill and we don't, who knows. I always figured its pinkish color helped distinguish it.
Did the Canadian $2 bill become a success only after the $1 bill was phased out?
I think if we ever got rid of our dollar bill, we'd want to make $2 bills more available (and more widely accepted by vending machines) to ease the transition away from the dollar bill. Going straight to making the $5 bill the smallest bill would not work at all, and Canada was smart not to do that.
As for why Canada could get away with abolishing its dollar bill and later the $2 bill, I've heard (small sample size) that Canadian citizens are on average more respectful of authority than ours, and are more willing to go along when the government says "this is the way it's going to be, for the common good, whether you like it or not".
The Canadian $2 bill circulated regularly alongside the $1 bill when I was a kid, at least.
I would like to see our $2 bill replace our $1 bill.
What we should have, in my opinion:
COINS
5¢ (mostly zinc, instead of current metals, although still same color)
10¢
25¢
50¢ (smaller version of dollar coin, same color as dollar coin)
$1 (current coin)
$2 (bimetallic, like Canada)
BILLS
$5
$10
$20
$50
$100
In case you really want to know, we DO use $2 bills, but you have to go to certain strip clubs to do so.
Quote from: oscar on November 16, 2014, 04:29:13 PM
As for why Canada could get away with abolishing its dollar bill and later the $2 bill, I've heard (small sample size) that Canadian citizens are on average more respectful of authority than ours, and are more willing to go along when the government says "this is the way it's going to be, for the common good, whether you like it or not".
That's basically it; Canada's culture is such that often the government can simply get something done without it becoming this huge uproar over the trampling of its citizens' freedom. And don't think it's because Canadians aren't protective of their freedom; they're as vociferous as any of us down here in the States!
Another similar example is governmental consolidation: Canadian provinces have had a lot of success combining and eliminating small, local government jurisdictions, even up to the county level.
Quote from: 1 on November 16, 2014, 04:40:28 PM
What we should have, in my opinion:
COINS
5¢ (mostly zinc, instead of current metals, although still same color)
10¢
25¢
50¢ (smaller version of dollar coin, same color as dollar coin)
$1 (current coin)
$2 (bimetallic, like Canada)
BILLS
$5
$10
$20
$50
$100
The 50¢ coin is unneeded. It's not even produced for circulation anymore. Shrinking it would make it too similar to the quarter. It was enough of a challenge to make the dollar coin in both the U.S. and Canada different enough from the quarter to avoid confusion.
The $10 bill is also dispensable, though it's nice to have a smaller bill without a dead President on it. Cashiers often will give me two fives, rather than a ten, in change for a twenty. The $50 bill isn't really needed, either.
If I had my druthers, I'd take it a step further and get rid of the nickel (and by extension the quarter), and ramp up half dollar production. Then you'd have dimes, half dollars, one dollar, two dollar coins. Basically recalibrate by a factor of ten. If you wanted to be a wiseacre about it, you could even have a $2.50 coin.
One thing I do like about Canada is that when I am up there I actually use coins. If I have to reach in to grab a $1 or $2 coin, I'll go ahead and grab the other coins too needed to make change. In America, it's not worth the hassle and my coins just go into a jar. The fact that there are $2 coins makes me more likely to use the nickel. I think Americans only hate using coins because they are worthless- give them value again and they're just as easy if not easier to use than bills.
The dollar coins never took off because people in America are chickens who are scared of change...
Get it, scared of change?
This terrible pun is brought to you by, lazy writing. Lazy writing: it's easier than trying.
The lowly penny has been gone from Canada for over a year now and I certainly don't miss it. Transactions are now rounded to the closest 5 cents. The max you would ever lose is 2 cents no matter how large a transaction or you could just as easy come out 2 cents to the good. It all averages out.
If something is $4.08 or $4.09 for example..... it would be rounded up to $4.10 but if it was $4.07 or $4.06 it would be rounded down to $4.05......and that is only if paying cash. Credit or Debit are still processed for the actual amount.
Quote from: corco on November 16, 2014, 05:39:58 PM
If I had my druthers, I'd take it a step further and get rid of the nickel (and by extension the quarter), and ramp up half dollar production. Then you'd have dimes, half dollars, one dollar, two dollar coins. Basically recalibrate by a factor of ten. If you wanted to be a wiseacre about it, you could even have a $2.50 coin.
One thing I do like about Canada is that when I am up there I actually use coins. If I have to reach in to grab a $1 or $2 coin, I'll go ahead and grab the other coins too needed to make change. In America, it's not worth the hassle and my coins just go into a jar. The fact that there are $2 coins makes me more likely to use the nickel. I think Americans only hate using coins because they are worthless- give them value again and they're just as easy if not easier to use than bills.
Many (most?) countries use 20c instead of 25c coins. It seems to work out well.
The big reason I use cash frequently in other countries but almost never here in the US is the stupid way we calculate sales tax after the sale instead of including it in the price tag. That makes our purchases end up on stupid numbers resulting in me getting a pocket full of useless small coins.
Quote from: ghYHZ on November 16, 2014, 07:02:24 PMThe lowly penny has been gone from Canada for over a year now and I certainly don't miss it. Transactions are now rounded to the closest 5 cents.
Italy does something similar. I don't think I saw a coin smaller than €0.10 the whole time I was there.
Like Corco mentioned, I would actually enjoy using coins if they had real value to them. It's silly to me that we mint coins at a higher cost than they are technically worth.
To me, I imagine that the ten dollar bill is the equivalent of my grandparents' one dollar bill. Therefore, a dollar is like ten cents, a quarter is two and a half cents, and a dime is one cent. Anything below that is completely worthless.
iPhone
The reason why the $2 bill isn't very common is complex. You don't have them in your wallet right now because you don't get them in change from businesses. You don't get them in change because cashiers toss them under the drawer and don't hand them out. And if one does circulate chances are someone will just end up tucking it into the sock drawer because they think it's nifty.
And that's not even taking into account the problems that banks cause. If you do want to get some $2 bills you often have to call ahead by a few days to get the bank to order them for you. And some banks refuse to do this.
I use the $2 bill for my regular purchases. I order them by the strap from the bank, and also pick them up at work sometimes (our end of shift paperwork makes ending with them awkward, so many of my coworkers consider it a kindness).
Quote from: Scott5114 on November 16, 2014, 10:47:00 PM
The reason why the $2 bill isn't very common is complex. You don't have them in your wallet right now because you don't get them in change from businesses. You don't get them in change because cashiers toss them under the drawer and don't hand them out. And if one does circulate chances are someone will just end up tucking it into the sock drawer because they think it's nifty.
And that's not even taking into account the problems that banks cause. If you do want to get some $2 bills you often have to call ahead by a few days to get the bank to order them for you. And some banks refuse to do this.
I use the $2 bill for my regular purchases. I order them by the strap from the bank, and also pick them up at work sometimes (our end of shift paperwork makes ending with them awkward, so many of my coworkers consider it a kindness).
The only place I used to see $2 bills was when I worked as a bellman at a resort in Tucson that was frequented by wealthy Mexican nationals. For whatever reason, they would occasionally tip in $2s. At one point I think I had six or seven $2s in my wallet, but like you I use them for regular purchases when I come across them.
Quote from: Scott5114 on November 16, 2014, 10:47:00 PM
The reason why the $2 bill isn't very common is complex. You don't have them in your wallet right now because you don't get them in change from businesses. You don't get them in change because cashiers toss them under the drawer and don't hand them out. And if one does circulate chances are someone will just end up tucking it into the sock drawer because they think it's nifty.
This is probably the best explanation why we don't use dollar coins, either. This is best summed up by the nasty look on the face of the bartender at TT the Bear's a dozen years ago who, when I put one of our shiny new dollar coins down on the bar as a tip, slid it silently right back across the bar to me. That look said "Don't you dare try complicating my life just so you can get rid of your weirdo play money."
QuoteI use the $2 bill for my regular purchases.
What is the typical reaction from a businessperson with no place to put them?
I despise coins in general. They're heavy and annoying to carry around. No place for them in my wallet so they pile up loose. Quarters, at least, are useful for parking machines and laundry. But dimes, nickels, and pennies can all go to hell. They require more time and effort to carry and spend then they are worth.
So I say, make quarters the only coin. Get rid of pennies, nickels, and dimes. Keep $1 and higher as bills.
As for $2 bills, we don't use them because they serve no real purpose. They're equal to two singles. It's easier to just carry singles than keep $1 and $2 bills separate. $10 and $20, at least, have a more substantial difference in value. Although I do wonder how much use $20 bills would see if ATMs did not dispense them.
A standard five slot cash drawer does have a place to put them. It was designed for $20-10-5-2-1. Since the two dollar bill is infrequently seen the fives are usually placed next to the ones and the gap is at the far left. Most of the time this slot is used as a catchall for $100s, $50s, checks, and rolled coin. This is a perfect place to keep $2s. There is a fifth coin cup too, originally for half dollars but now also for dollar coins. (There are some cash drawers at the casino I cashier at that has six cups.)
Any business using a four-slot drawer gets what they deserve.
I have run a drawer with a stock of $2s before and it actually runs much more smoothly than with $1s alone because it makes giving change in amounts like $4 and $9 much quicker, and you go through $1s much less quickly. The business I own is not cash based but if I ever get a booth at a fair or something I will take care to stock $2s.
I have never had a $2 turned away but I have had a lot of amusement watching people look for some sort of watermark or security feature, finding none because there aren't any, and then invariably accepting it anyway. In the event that I am ever turned away I am prepared to contact corporate about the issue, since I doubt most places want their employees turning away valid money. Failing that I will spend my $2s somewhere that wants them.
Quote from: empirestate on November 16, 2014, 04:50:02 PMThat's basically it; Canada's culture is such that often the government can simply get something done without it becoming this huge uproar over the trampling of its citizens' freedom. And don't think it's because Canadians aren't protective of their freedom; they're as vociferous as any of us down here in the States!
Canada is what the US would be like if it took its meds on schedule. :wave:
I have a $2 bill in my wallet most of the time, a quirk I adopted when I got a crisp $2 bill in change at a local museum. I sometimes need to spend it when I'm low on ones and it's not convenient to get someone to break a bigger bill for me. Usually that's when I'm about to check out of a motel, and want to leave a tip behind for housekeeping, so I don't get to see their reaction.
On the rare occasion when I've needed to replenish my $2 bill supply, I've never had a problem getting a few from my bank.
In Canada, I don't like carrying the heavier dollar and two-dollar coins in my pocket, which is only partially offset by not having to carry pennies around. But on either side of the border, I don't let loose change pile up in my pocket, I'll try to spend it down except for quarters which I usually move to the plastic laundry/parking meter money tube I keep in my car. I prefer self-checkout lines in grocery and other stores, in part because I can trade in an oversupply of coins for easier-to-carry bills or larger coins without pushback from the cashier, when I'm paying in cash (not for a larger purchase where I use a credit card for the cashback bonus).
I prefer the self-checkout all the time for several reasons, but it's also a useful way to break a large bill for a small purchase.
Quote from: 1 on November 16, 2014, 04:40:28 PM
What we should have, in my opinion:
COINS
5¢ (mostly zinc, instead of current metals, although still same color)
10¢
25¢
50¢ (smaller version of dollar coin, same color as dollar coin)
$1 (current coin)
$2 (bimetallic, like Canada)
BILLS
$5
$10
$20
$50
$100
I think you could add a $200 bill by now. I can't understand why the $1 bill is still there, as from what I've read it should have replaced by a coin for a while now. Here are what we got in Europe:
Coins:
€0.01
€0.02
€0.05 (Personally I prefer to have this as the least valued coin in my wallet and give the one & two eurocent coins to charity)
€0.10
€0.20 (Non-round coin)
€0.50
€1
€2
Bills (Notes in British English):
€5
€10
€20
€50 (The highest I usually see)
€100
€200
€500 (A bit excessive these last two IMO)
BTW, I used to track bills :sombrero:.
Quote from: 1995hoo on November 16, 2014, 03:56:52 PM
As to coins, the Canadian government mandated the phase-out of the $1 and $2 bills when they introduced the coins. The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots). Phase out the bill so people have no choice and it becomes easy as the bills wear out.
As for why Canada had success with a $2 bill and we don't, who knows. I always figured its pinkish color helped distinguish it.
BTW, the Susan B. Anthony wasn't the first dollar coin. Among many others, recall the very large Eisenhower dollar.
Just like the metric system, Americans can't handle change, even when it makes sense. But, yes, they don't force us to use it which is why it never works.
Quote from: roadman65 on November 16, 2014, 03:52:36 PM
The metric verse english system on that one thread got me inspired to create this one here. As Canada relieved itself decades ago of the one dollar bill for the Luney coin and also use a 2 dollar currency, first as a bill then converted to coin later on, that are both used in Canada every moment of every day, we here in the US have not. Our two lowest forms of bill are 1's and 5's and the highest coin is still mainly the quarter.
Here in the States, we have tried implementing the 2 dollar bill, and the $1 coin first as the Susan B. Anthony and later as another coin, but failed just as miserably as the metric conversion has done twice under both Carter and Clinton.
Why can one country make a success out of the bill to coins conversion on the one dollar bill as well as the use of $2 exchanges, and the other country cannot?
Americans won't stop using $1 bills unless you force them to. If Congress would legislate and end to $1 bill, then people would be forced to start using $1 coins and $2 bills. There would be a lot of complaining, but people would get used to it.
The penny really needs to go as well. All we really need are these currencies:
Coins:
5 cents
25 cents
1 dollar
Bills:
2 dollars
5 dollars
20 dollars
100 dollars
500 dollars (inflation is such that it's probably time to bring this back)
The government could save billions of dollars over time by making this switch.
I'd change it to get rid of both the penny and the nickel. Then you could round off at the 10-cent level rather than the 5-cent level making it simpler for people to understand. Of course you'd have to get rid of the quarter as well.
Coins:
10 cents
50 cents
1 dollar
Bills:
2, 5, 10, 20, 50, 100
As mentioned earlier, the penny was phased out in Canada a while back. I am happy with the phase out of the penny. I keep a tray of loose change in the car that I spend on morning coffees, and its nice not to have it continually filled up with a currency that is, for all intents and purposes, worthless.
I think I prefer the $1 and $2 coins that we use, now that I am used to them of course, though I do recall there being some backlash to the change when they were implemented.
I had no idea the US had a $2 bill. I was quite surprised a couple of years ago when I got a bunch of US dollar coins back from a vending machine as change a couple of years ago. I thought the US had finally made the switch ... guess not.
$2 bills used to be given out routinely as change at Monticello for the obvious reason of the bill bearing Thomas Jefferson's portrait (also, the 1936 series $2 bill had Monticello on the back instead of the portrait of the signing of the Declaration of Independence). I don't know whether they still give them as change because I haven't been there in a long time and because the cost of admission has increased significantly.
The coin I've never seen is a Canadian half-dollar. I know they exist and I've seen pictures, but I've never seen the real thing. (Come to think of it, I don't remember the last time I saw a US half-dollar in circulation, as opposed to in the tray at the bank or in my own collection.)
The last time I saw $2 bills being regularly circulated among vendors was at the Oregon State Fair in Salem several years ago.
The reason we don't phase out the bills when we introduce the coins is because people would react with some variant of "[insert current president here] is destroying America! I shouldn't have to use these stupid coins if I don't have to! Bring back the $1 bill like our founding fathers intended!!"
Adapt as needed for getting rid of the penny.
Quote from: vdeane on November 17, 2014, 01:48:42 PM
The reason we don't phase out the bills when we introduce the coins is because people would react with some variant of "[insert current president here] is destroying America! I shouldn't have to use these stupid coins if I don't have to! Bring back the $1 bill like our founding fathers intended!!"
Adapt as needed for getting rid of the penny.
It would probably be more along the lines of "Congress and the President accomplish nothing year after year but now they have time to diddle around with my pocket change. No thanks."
The penny has been the smallest unit of currency since 1857, when the half-cent coin was discontinued. Adjusted for the CPI, that half cent coin–too valueless to justify minting–would be worth 14¢ today. And so the smallest coin in 1857, the penny, was worth the equivalent of 28¢.
Quote from: Tom958 on November 17, 2014, 06:40:35 AM
Canada is what the US would be like if it took its meds on schedule. :wave:
:-D
The reason why the $1 is still printed is because Crane, the company that supplies paper to the BEP, got the senator in their state to get a bill passed prohibiting the Treasury from changing or eliminating the $1 bill. That's why the $1 hasn't been redesigned in either the N or G design generations, and it is exempted from the next redesign that will add court-ordered tactile features for the blind.
Quote from: Scott5114 on November 17, 2014, 05:47:08 PM
The reason why the $1 is still printed is because Crane, the company that supplies paper to the BEP, got the senator in their state to get a bill passed prohibiting the Treasury from changing or eliminating the $1 bill. That's why the $1 hasn't been redesigned in either the N or G design generations, and it is exempted from the next redesign that will add court-ordered tactile features for the blind.
Whatever that state is, they should be ashamed. Terrible people.
Quote from: Pete from Boston on November 17, 2014, 06:31:33 PM
Quote from: Scott5114 on November 17, 2014, 05:47:08 PM
The reason why the $1 is still printed is because Crane, the company that supplies paper to the BEP, got the senator in their state to get a bill passed prohibiting the Treasury from changing or eliminating the $1 bill.
Whatever that state is, they should be ashamed. Terrible people.
It would appear to be Massachusetts.
QuoteThe U.S. buys its currency paper from Massachusetts-based Crane & Company. Crane declined to comment on the story, citing the paper product as "strategic material."
Quote from: briantroutman on November 17, 2014, 07:28:17 PM
Quote from: Pete from Boston on November 17, 2014, 06:31:33 PM
Quote from: Scott5114 on November 17, 2014, 05:47:08 PM
The reason why the $1 is still printed is because Crane, the company that supplies paper to the BEP, got the senator in their state to get a bill passed prohibiting the Treasury from changing or eliminating the $1 bill.
Whatever that state is, they should be ashamed. Terrible people.
It would appear to be Massachusetts.
QuoteThe U.S. buys its currency paper from Massachusetts-based Crane & Company. Crane declined to comment on the story, citing the paper product as "strategic material."
Yes, I know. They are out in Lenox or Pittsfield somewhere.
Quote from: Pete from Boston on November 17, 2014, 08:24:57 PM
Yes, I know. They are out in Lenox or Pittsfield somewhere.
Dalton.
Quote from: empirestate on November 17, 2014, 10:24:05 PM
Quote from: Pete from Boston on November 17, 2014, 08:24:57 PM
Yes, I know. They are out in Lenox or Pittsfield somewhere.
Dalton.
I was close. Stumble drunk out of a bar in Pittsfield, and chances are decent you wake up in Dalton.
The parking meters for on-street parking and the ramps in downtown Grand Rapids accept the $1 coin as well as dispense it as change. It would be very convenient if coin-operated laundry would take the $1 coin in addition to the quarter.
When I worked in a retail store's accounting office, we had a regular customer who paid with coins only. She had a physical disability that limited her manual dexterity, and coins were easier for her to handle. We always knew when she was in the store, and we were prepared to buy the $50-75 of dollar coins out of the cashier's drawer afterwards. Our coin counter was set up to handle them, except we didn't have the dedicated chute to hold a "shotgun" coin wrapper*, so we'd have to manually roll the coins. We also had to source our own dollar coin rolls.
*The usual denominations of coins would funnel into chutes that held a paper coin roll that was pre-crimped on one end and looked like an empty shotgun shell. Once the roll was filled in the machine, we would remove it and fold over the other end.
What we should have now:
Coins:
Dime - 10 cent (I really wanted to rule the dime out of the picture, too, but meh)
"Fiver" :-D - 20 cent
Half Dollar - 50 cent
$1
$2
Bills:
$5
$10
$20
$50
$100
$200
Pop and (small) snack machines will no longer take bills. Energy drink and larger snack machines will take $5 and $10 bills.
Quote from: briantroutman on November 17, 2014, 02:07:54 PM
The penny has been the smallest unit of currency since 1857, when the half-cent coin was discontinued. Adjusted for the CPI, that half cent coin–too valueless to justify minting–would be worth 14¢ today. And so the smallest coin in 1857, the penny, was worth the equivalent of 28¢.
Wow! I knew that coins used to have so much more value. That makes so much sense.
Rather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
Quote from: Scott5114 on November 17, 2014, 05:47:08 PM
The reason why the $1 is still printed is because Crane, the company that supplies paper to the BEP, got the senator in their state to get a bill passed prohibiting the Treasury from changing or eliminating the $1 bill. That's why the $1 hasn't been redesigned in either the N or G design generations, and it is exempted from the next redesign that will add court-ordered tactile features for the blind.
So that's why the dollar bill hasn't changed in appearance. What a bunch of bullshit. And people wonder why the 2014 election had such low turnout - why bother voting if the corporations and politicians are in bed with each other on even minor stuff like this.
Quote from: Molandfreak on November 17, 2014, 11:38:49 PM
What we should have now:
Coins:
Dime - 10 cent (I really wanted to rule the dime out of the picture, too, but meh)
"Fiver" :-D - 20 cent
Half Dollar - 50 cent
$1
$2
Bills:
$5
$10
$20
$50
$100
$200
Pop and (small) snack machines will no longer take bills. Energy drink and larger snack machines will take $5 and $10 bills.
It's so annoying to me that most vending machines will still only take ones, even though sodas are close to two dollars now and all of the snacks are at least a dollar. We just got new touchscreen machines at school, so it's not like they can't change the technology to do so.
iPhone
I read somewhere the other reason the $1 bill hasn't been redesigned is that they haven't seen enough of a counterfeiting problem with it to make it worthwhile.
Take off the blinders–it's the Freemasons keeping us using dollar bill to advance their mysterious plans! Just look at all that mumbo-jumbo on there. It's how they send their secret messages around!
QuoteRather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
Re-denominating is a lot more complicated than just dropping a coin- you'd essentially have to do an entire recall of currency (good luck with that) and then redistribute, otherwise you have old pennies and new pennies floating around en masse with varying values.
Quote from: corco on November 18, 2014, 08:44:47 AM
QuoteRather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
Re-denominating is a lot more complicated than just dropping a coin- you'd essentially have to do an entire recall of currency (good luck with that) and then redistribute, otherwise you have old pennies and new pennies floating around en masse with varying values.
Oh yeah - good point. It sounded nice in theory at least, lol
iPhone
Quote from: Pete from Boston on November 18, 2014, 08:14:24 AM
Take off the blinders–it's the Freemasons keeping us using dollar bill to advance their mysterious plans! Just look at all that mumbo-jumbo on there. It's how they send their secret messages around!
If you've ever handled a penny, the government has your DNA. That's why they keep them in circulation. -
The Simpsons
My nickel (rounded up from 2c . . . ), FWIW.
It currently costs more than face value to mint cents and nickels, so the U.S. Mint is losing money by making (this) money. The cent should be discontinued and the nickel re-alloyed, perhaps with the zinc available from the cent. There is enough copper and nickel (the metal) in the dime and quarter to keep the mines churning.
Regarding the dollar bill/coin debate . . . I am not sure if new $2 are printed as regularly as the $1. I don't see too many with series dates other than 1976 or 1995. Why not print an equivalent quantity of $2 to replace the $1 bill, so that the coin would be used more? Keeps the paper supplier happy.
The issue to me is the removal of Abe Lincoln and George Washington from the face of our coins and currency. They would still be on the $5 and quarter, respectively, but it is still a contentious matter.
It was a lot easier to introduce and eliminate denominations when the face was that of Liberty.
The U.S. Mint has become more of a business than a generator of specie for commerce, but that is a rant for another time (and thread).
The $2 bill was never widely accepted by the general public. I had heard one of the reasons is that the "2" looked too much like a 1 or 5 at quick glance.
Quote from: akotchi on November 18, 2014, 10:49:53 AM
My nickel (rounded up from 2c . . . ), FWIW.
It currently costs more than face value to mint cents and nickels, so the U.S. Mint is losing money by making (this) money. The cent should be discontinued and the nickel re-alloyed, perhaps with the zinc available from the cent. There is enough copper and nickel (the metal) in the dime and quarter to keep the mines churning.
....
I'm not sure it's as simple as just re-alloying the specification. From what I read about the introduction of the Sacagawea dollar, including on the Mint's website, apparently many vending machines can somehow recognize the alloy's electromagnetic properties–the Mint went to some pains to ensure the Sacagawea had the same electromagnetic properties as the Susan B. Anthony in order to be sure vending machines could accept both coins interchangeably. The same is true of the presidential dollar coins issued some years later, of course.
That leads me to assume if you changed the specification for what metals are used in any existing coin, you would introduce unintended problems. Of course the cost of refitting vending machines isn't the government's problem, but (as noted earlier in the thread) it's part of why changing anything to do with money always becomes contentious.
Quote from: jeffandnicole on November 18, 2014, 10:54:45 AM
The $2 bill was never widely accepted by the general public. I had heard one of the reasons is that the "2" looked too much like a 1 or 5 at quick glance.
Which is the reason that neither of the $1 coins have gained widespread acceptance. In a pocket full of change, they feel too much like a quarter.
Quote from: jeffandnicole on November 18, 2014, 10:54:45 AM
The $2 bill was never widely accepted by the general public. I had heard one of the reasons is that the "2" looked too much like a 1 or 5 at quick glance.
The other story is that $2 bills were too closely associated with $2 horse race bets.
Quote from: corco on November 18, 2014, 08:44:47 AM
QuoteRather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
Re-denominating is a lot more complicated than just dropping a coin- you'd essentially have to do an entire recall of currency (good luck with that) and then redistribute, otherwise you have old pennies and new pennies floating around en masse with varying values.
It's worse than that -- unless the new pennies, etc. were redone to be easily distinguishable (both visually and by vending, Coinstar, or other machines) from the old ones, people who hung on to their old money and especially old coins could make instant big profits from using old money at the new values. That would be illegal, but good luck enforcing that, especially for anonymous machine transactions.
Quote from: roadman on November 18, 2014, 11:23:16 AM
Which is the reason that neither of the $1 coins have gained widespread acceptance. In a pocket full of change, they feel too much like a quarter.
Which seems not to be a problem with Canada's dollar coin. The reeded edges of quarters vs. the non-reeded edges of dollar coins (which are also thicker), in both Canada and the U.S., seem to do the trick even for the blind.
In addition, the loonie isn't round.
Quote from: jeffandnicole on November 18, 2014, 10:54:45 AM
The $2 bill was never widely accepted by the general public. I had heard one of the reasons is that the "2" looked too much like a 1 or 5 at quick glance.
Moreso the $20 bill as it looked at that time.
Quote from: akotchi on November 18, 2014, 10:49:53 AMRegarding the dollar bill/coin debate . . . I am not sure if new $2 are printed as regularly as the $1. I don't see too many with series dates other than 1976 or 1995.
The fore-mentioned $2 bills I got while at the Oregon State Fair several years ago, I believe, were 2002 series. I will check when I get home tonight.
Quote from: akotchi on November 18, 2014, 10:49:53 AM
The issue to me is the removal of Abe Lincoln and George Washington from the face of our coins and currency. They would still be on the $5 and quarter, respectively, but it is still a contentious matter.
They've also both appeared on dollar coins. If it were that big a deal, then just make the standard dollar coins be the ones with Lincoln's or Washington's likeness on them.
Quote from: Big John on November 18, 2014, 12:11:15 PM
Quote from: jeffandnicole on November 18, 2014, 10:54:45 AM
The $2 bill was never widely accepted by the general public. I had heard one of the reasons is that the "2" looked too much like a 1 or 5 at quick glance.
Moreso the $20 bill as it looked at that time.
Funny, I never saw any more resemblance between those two than I did between any other US bills (which, prior to the current ones, pretty much all looked very similar to each other compared to most countries' money).
(https://upload.wikimedia.org/wikipedia/commons/thumb/9/94/US_%242_obverse-high.jpg/200px-US_%242_obverse-high.jpg) (https://upload.wikimedia.org/wikipedia/commons/thumb/c/cc/US_%242_reverse-high.jpg/200px-US_%242_reverse-high.jpg)
(https://upload.wikimedia.org/wikipedia/commons/thumb/5/5d/US-Series-1995-%2420-Obverse.jpg/220px-US-Series-1995-%2420-Obverse.jpg)
Except, that's how the bills would look when laid out on a table. For most people, they are quickly reaching into a wallet to take the bills out, and only momentarily glance at the number.
Quote from: Pete from Boston on November 18, 2014, 08:14:24 AM
Take off the blinders–it's the Freemasons keeping us using dollar bill to advance their mysterious plans! Just look at all that mumbo-jumbo on there. It's how they send their secret messages around!
I don't know of anything going on with the $1 bill, but the $100 bill has the clue to how you get the spectacles that you need to read the map on the back of the Declaration of Independence and find the treasure.
Quote from: corco on November 18, 2014, 08:44:47 AM
QuoteRather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
Re-denominating is a lot more complicated than just dropping a coin- you'd essentially have to do an entire recall of currency (good luck with that) and then redistribute, otherwise you have old pennies and new pennies floating around en masse with varying values.
Nah, no need to recall, just be sure to let me know so I can convert all my assets to cash for the day this occurs :D
Quote from: Laura on November 18, 2014, 05:30:26 AM
Quote from: briantroutman on November 17, 2014, 02:07:54 PM
The penny has been the smallest unit of currency since 1857, when the half-cent coin was discontinued. Adjusted for the CPI, that half cent coin–too valueless to justify minting–would be worth 14¢ today. And so the smallest coin in 1857, the penny, was worth the equivalent of 28¢.
Wow! I knew that coins used to have so much more value. That makes so much sense.
Rather than get rid of anything, we could probably just shift its values. Make the penny 25 cents, the nickel 50 cents, the dime 1 dollar, the quarter 2 dollars, the current 1 the 5, the 2 the 10, the 5 the 20, the 10 the 50, the 20 the 100, the 50 the 200, the 100 the 500. Just keep the pictures and sizes the same but change the monetary value of it.
So a big jar full of loose change is suddenly worth 10x as much? I don't think they're going to do that.
There are countries that have changed their money. Notably France in 1960 changed to New Francs, each worth 100 old Francs. All the new bills were labelled NF for the first few years and old 1 Franc coins circulated as centimes.
The gummit doesn't want bills over $100 because it helps in the war against illegal transactions (drugs, gambling, etc). The stack of money gets too big to trundle around unobtrusively.
Quote from: GaryV on November 18, 2014, 05:36:15 PM
The gummit doesn't want bills over $100 because it helps in the war against illegal transactions (drugs, gambling, etc). The stack of money gets too big to trundle around unobtrusively.
So criminals have to use €500 bills instead? (Maybe not so useful for domestic crime, but no problem for international transactions.) Yeah, right.
The U.S. government benefits from having its currency, rather than Euros, used for black-market transactions, at least if those transactions can't be prevented in the first place.
I got the impression the general public doesn't even use the €200 all that much. Every time I've used one, the cashier has done a double-take (but has never balked at accepting it, unlike some McDonald's cashiers if you try to use an American $50).
Canada had a $1000 bill until 2000, at which time it was withdrawn due in part to pressure from the RCMP because it was used in money laundering–similar to how the €500 is sometimes called the "gangster's note."
Actually, dollar coins are in use if you ride one of at least 2 subway systems. In both the NY and DC metro/subway, if you purchase a fare card from a vending machine and there is more than $1 in change, you will probably receive dollar coins. These can be a mixture of president coins, Sacagawea, or even Susan B. Anthony. Note that there is a limit of like $8 in change for any one transaction.
Way back in (circa) 1980, I saw this on a pinball machine coin slot: "One S.B.A. dollar, 5 plays"
I heard 3 reasons that the $2 bill did not catch on:
- People were saving them as a novelty item
- Only so many drawers in cash registers (or as they're called now, point-of-sale terminals)
- They somehow got a stigma from being associated with $2 bets at horse race tracks.
I found a 1943 steel penny underneath the Coinstar machine a couple of days ago.
MBTA and USPS vending machines were my most regular suppliers of dollar coins. However, vending machines pretty much all take plastic now, so no funny money for me.
I got a 1981-S SBA dollar about a month ago. I looked at it closely and it turns out that it is an impaired proof (a circulated proof). I'll be keeping it.
Quote from: lepidopteran on November 18, 2014, 06:33:14 PM
Actually, dollar coins are in use if you ride one of at least 2 subway systems. In both the NY and DC metro/subway, if you purchase a fare card from a vending machine and there is more than $1 in change, you will probably receive dollar coins. These can be a mixture of president coins, Sacagawea, or even Susan B. Anthony. Note that there is a limit of like $8 in change for any one transaction.
Way back in (circa) 1980, I saw this on a pinball machine coin slot: "One S.B.A. dollar, 5 plays"
I heard 3 reasons that the $2 bill did not catch on:
- People were saving them as a novelty item
- Only so many drawers in cash registers (or as they're called now, point-of-sale terminals)
- They somehow got a stigma from being associated with $2 bets at horse race tracks.
Boston's MBTA subway fare machines give change in $1 coins as well. Just one of the ways the system is deliberatly designed to encourage people to use credit or debit cards instead of cash.
Quote from: 1995hoo on November 16, 2014, 03:56:52 PM
As to coins, the Canadian government mandated the phase-out of the $1 and $2 bills when they introduced the coins. The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots). Phase out the bill so people have no choice and it becomes easy as the bills wear out.
*puts on vending guy hat*
Bills are a pain in the ass for us, in general. Increasingly our machines take both $1 and $5 bills at a minimum (all take $1s), some accept up to a $20. The big bill machines pay back in $5s and...wait for it...$1 coins. There is no retrofitting to be done for a machine to take a dollar coin vs a bill, those are two separate pieces of equipment internally. Additionally, there is no special work that needs done for a machine to accept a dollar coin. If the coin mechanism itself can't store one it simply drops it into a holding bucket like any other coin that would be considered overflow.
As for why we haven't changed over to coins, I have a theory. The U.S. Is a sentimental nation; in many cases overly so. Getting rid of the penny or dollar bill would mean losing something that's always been there ("always" meaning since grandma was alive, etc.) there just simply isn't political will to piss off people over a penny.
Edit:
Quote from: Laura on November 18, 2014, 05:30:26 AM
It's so annoying to me that most vending machines will still only take ones, even though sodas are close to two dollars now and all of the snacks are at least a dollar. We just got new touchscreen machines at school, so it's not like they can't change the technology to do so.
I'm about to piss you off :) The vending machine's capability to accept a $5 is done with a simple flick of a switch on the bill acceptor. Every machine you see that only takes ones is set that way on purpose. Most usually it's because taking fives causes the machine to run through its coin storage when giving change. Not a big problem when it's serviced regularly. Huge problem (EXACT CHANGE ONLY) when it's not serviced often.
Quote from: 1995hoo on November 18, 2014, 10:55:16 AM
I'm not sure it's as simple as just re-alloying the specification. From what I read about the introduction of the Sacagawea dollar, including on the Mint's website, apparently many vending machines can somehow recognize the alloy's electromagnetic properties–the Mint went to some pains to ensure the Sacagawea had the same electromagnetic properties as the Susan B. Anthony in order to be sure vending machines could accept both coins interchangeably. The same is true of the presidential dollar coins issued some years later, of course.
That leads me to assume if you changed the specification for what metals are used in any existing coin, you would introduce unintended problems. Of course the cost of refitting vending machines isn't the government's problem, but (as noted earlier in the thread) it's part of why changing anything to do with money always becomes contentious.
The coin counter we used when I worked in a retail store's accounting office used electrical resistance to count coins. The resistance value of the Susan B. Anthony "silver" dollar and that of the Sacajawea/president "gold" dollar is the same. The machine can't tell the difference between the two. Another result of this method is that all silver coins that came through the registers were rejected as "fake" because the resistance value of silver is different than the various alloys used.
If you're going to add a high-denom note, skip the $200 and bring back the $500. As a casino cashier, I would find it immensely handy since $1200, the minimum jackpot amount, would go from 12 pieces to 4. Plus it would be fun seeing everyone wonder who the hell William McKinley is.
(https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%24500-FRN-1928-Fr-2200g.jpg/692px-US-%24500-FRN-1928-Fr-2200g.jpg)
Needs a spiffier design on the back, though.
Nah, the people who longed to put Reagan's face on a bill (and were surprised by the pushback to keep Alexander Hamilton on the $10 bill -- they also targeted the dime, but that also went nowhere) would jump at the reintroduction of the $500 bill.
Martin Luther King, Jr. might also be in line, though maybe the $50 bill (bumping Grant, a historic figure but not really distinguished as a President) would work too.
I think Grant is important enough as a Civil War figure to remain on the $50. Hamilton and Franklin set the precedent for non-Presidents on currency and you could argue that Grant would be worthy even if he had never been president.
Quote from: The Nature Boy on November 20, 2014, 09:58:15 AM
I think Grant is important enough as a Civil War figure to remain on the $50. Hamilton and Franklin set the precedent for non-Presidents on currency and you could argue that Grant would be worthy even if he had never been president.
Only a few U.S. military officers outrank U.S. Grant in terms of national importance. IMO they are (in alphabetical order):
Dwight D. Eisenhower (http://en.wikipedia.org/wiki/Dwight_D._Eisenhower)
George Catlett Marshall, Jr. (http://en.wikipedia.org/wiki/George_Marshall)
John Joseph "Black Jack" Pershing (http://en.wikipedia.org/wiki/John_J._Pershing)
George Washington (http://en.wikipedia.org/wiki/George_Washington)
If anyone should be bumped, it should be Andrew Jackson. Whatever successes he had (which, in my opinion pale in comparison to most of the others depicted on money) are overshadowed by his implementation of the Trail of Tears.
Quote from: cpzilliacus on November 20, 2014, 03:00:10 PM
Quote from: The Nature Boy on November 20, 2014, 09:58:15 AM
I think Grant is important enough as a Civil War figure to remain on the $50. Hamilton and Franklin set the precedent for non-Presidents on currency and you could argue that Grant would be worthy even if he had never been president.
Only a few U.S. military officers outrank U.S. Grant in terms of national importance. IMO they are (in alphabetical order):
Dwight D. Eisenhower (http://en.wikipedia.org/wiki/Dwight_D._Eisenhower)
George Catlett Marshall, Jr. (http://en.wikipedia.org/wiki/George_Marshall)
John Joseph "Black Jack" Pershing (http://en.wikipedia.org/wiki/John_J._Pershing)
George Washington (http://en.wikipedia.org/wiki/George_Washington)
I would question the first three being more important than Grant. Without Grant or Washington it's quite likely the Union would have split apart, or not existed. In WW I and WW II there were other competent generals, who may not have been quite as good but would still have gotten the job done.
Quote from: bulldog1979 on November 19, 2014, 11:48:33 PM
The coin counter we used when I worked in a retail store's accounting office used electrical resistance to count coins. The resistance value of the Susan B. Anthony "silver" dollar and that of the Sacajawea/president "gold" dollar is the same. The machine can't tell the difference between the two. Another result of this method is that all silver coins that came through the registers were rejected as "fake" because the resistance value of silver is different than the various alloys used.
I hope you were in charge of looking through the rejects. :)
Quote from: Scott5114 on November 20, 2014, 03:46:24 PM
If anyone should be bumped, it should be Andrew Jackson. Whatever successes he had (which, in my opinion pale in comparison to most of the others depicted on money) are overshadowed by his implementation of the Trail of Tears.
I agree. Living in Oklahoma and knowing many Native Americans, I care deeply about their plight despite having no Indian blood of my own. Andrew Jackson was a monster. Replace him with Teddy Roosevelt or Dwight D. Eisenhower.
I don't want to get rid of the penny and $1 bill. Most of the interesting coins I've found are pennies. I found 74 wheats in one $25 box, and I've also found a 1905 Indian head penny and a 1909 VDB penny in separate boxes. I don't want to get rid of the dollar bill because it's a real pain in the ass to stick my hand in my pocket (which I keep things besides change in) and dig through the change looking for coins. It's much handier to go through my wallet and grab 4 ones.
Quote from: Scott5114 on November 20, 2014, 08:01:31 AM
If you're going to add a high-denom note, skip the $200 and bring back the $500. As a casino cashier, I would find it immensely handy since $1200, the minimum jackpot amount, would go from 12 pieces to 4. Plus it would be fun seeing everyone wonder who the hell William McKinley is.
(https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%24500-FRN-1928-Fr-2200g.jpg/692px-US-%24500-FRN-1928-Fr-2200g.jpg)
That's a lovely bill. American currency used to be so handsome...now it is ugly and looks like play money.
Quote from: bugo on November 20, 2014, 08:51:45 PM
Quote from: Scott5114 on November 20, 2014, 03:46:24 PM
If anyone should be bumped, it should be Andrew Jackson. Whatever successes he had (which, in my opinion pale in comparison to most of the others depicted on money) are overshadowed by his implementation of the Trail of Tears.
I agree. Living in Oklahoma and knowing many Native Americans, I care deeply about their plight despite having no Indian blood of my own. Andrew Jackson was a monster. Replace him with Teddy Roosevelt or Dwight D. Eisenhower.
Theodore Roosevelt on a bill would be awesome. He would be appealing to both parties–he was a Republican, but he was a progressive that championed many causes that would be considered planks of the Democratic party platform today. And he had a very colorful personality. A lot of interesting selections were made for the Series I savings bonds, some of which I wouldn't mind seeing on money–Martin Luther King, Jr. and Albert Einstein, for example. It might be nice to see someone who
wasn't a politician or military leader on our money at some point.
Quote from: bugo on November 20, 2014, 08:54:06 PM
I don't want to get rid of the penny and $1 bill. Most of the interesting coins I've found are pennies. I found 74 wheats in one $25 box, and I've also found a 1905 Indian head penny and a 1909 VDB penny in separate boxes. I don't want to get rid of the dollar bill because it's a real pain in the ass to stick my hand in my pocket (which I keep things besides change in) and dig through the change looking for coins. It's much handier to go through my wallet and grab 4 ones.
The nice thing about the $1 bill is that its design has remained static for so long that bills as old as 1963 can circulate virtually unnoticed. A 1969 $5 gets noticed because it stands out. $1s look the same.
I wouldn't mind switching to dollar coins because it would mean I'd have to deal with less ratty singles (they're not as bad as the $5s have gotten–the $5s circulating in OKC are beat to hell). The weight problem $1 coins present can be avoided by using $2s in conjunction with them–if you have an adequate supply of $2s you will only have one $1 coin on you at any time.
Quote from: bugo on November 20, 2014, 09:30:28 PM
Quote from: Scott5114 on November 20, 2014, 08:01:31 AM
If you're going to add a high-denom note, skip the $200 and bring back the $500. As a casino cashier, I would find it immensely handy since $1200, the minimum jackpot amount, would go from 12 pieces to 4. Plus it would be fun seeing everyone wonder who the hell William McKinley is.
[$500 bill]
That's a lovely bill. American currency used to be so handsome...now it is ugly and looks like play money.
In my opinion, the highest denom ever issued for general use was also the nicest looking:
(https://upload.wikimedia.org/wikipedia/commons/thumb/6/66/US-%2410000-FRN-1928-Fr-2230b.jpg/693px-US-%2410000-FRN-1928-Fr-2230b.jpg)
I love the arced "10,000"s in the upper corners, with the gradient. The artwork on this bill really makes it feel like the very big deal that it was. It just feels like something you could buy a car with (or, at the time that it was circulating, a house). Binion's casino in Vegas had a display of $1,000,000 worth of these up in the wall at one point.
The G-type design (the current, colorized design, so called because a "G" is used to denote them in BEP production reports) is a big step down from the old S-type designs we've been discussing. But the G-type is an improvement over the N-type (the white-background bills with the big portraits issued from 1996 to 2004), which are probably the ugliest currency the US has ever issued. Even the G-type has a few design atrocities in it, though, like the Big Purple Five Of Doom and the Even Bigger WordArt 100. I hate the way that the $100 broke convention with every other bill in its design generation by moving "ONE HUNDRED DOLLARS" to the
top of the bill (that is not where the spelled out denomination goes, because it was the
last phrase in the old guarantee "The United States of America
Will Pay to the Bearer on Demand One Hundred Dollars") and shunting the signatures into one block down in the corner.
Make no mistake, though, the S-type had to die. There is no way to incorporate a watermark into the S-type design, and the watermark is an easy and nearly foolproof way to validate a bill. That doesn't mean that the N-type had to be ugly, though. Many currencies look much better than the dollar and still incorporate security features. I have one of these 10-mark bills, which were designed in 1989 and would have been a decent pattern for the dollar to follow:
(https://upload.wikimedia.org/wikipedia/commons/thumb/f/fd/DEU-10m-anv.jpg/800px-DEU-10m-anv.jpg)
Here are a couple of my favorite foreign bills. First is a Kazakh 2 tenge bill. It looks like it could have been designed by Alex Grey.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2FIMG_3575_zpsf8c1c6e7.jpg&hash=45f9d475d54a369d26a62539846b4cb34a367f0a)
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2FIMG_3572_zps48e0024c.jpg&hash=50169eba00eb0b59da48a1e5d74164953db9bb89)
Here's another, the Zimbabwean $100 trillion bill. I like it for the sheer ridiculous of having such a high denomination bill.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2Fzimbabwe_zps11a15056.jpg&hash=104eeac199c982793b6e61417a7d524bc6831502)
^^ I can top that with a 10^20 Hungarian Pengo bill :sombrero:.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fupload.wikimedia.org%2Fwikipedia%2Fcommons%2F3%2F33%2FHUP_100MB_1946_obverse.jpg&hash=14c7137c7f36f448d4658e60589dd9fa419a52ed)
Százmillió=A hundred millions, B. meant that it was multiplied by a trillion (billion in the long scale), thus making it a 100 quadrillion pengo bill.
Anyway, I find dollar bills (I've seen a few, actually) a bit bland with only green on them. I prefer euro notes (As they are called) with different colors for each value.
Interesting thing about the euro... the bridges on the back were fictional. Emphasis on were. http://www.designboom.com/design/fictional-bridges-on-euro-banknotes-realized-by-robin-stam/
IMO the backs high denomination US bills look like some casino/lotto jackpot ad.
The high denominations had William McKinley (500), Grover Cleveland (1000), James Madison (5000), Salmon Chase (10,000), and Woodrow Wilson (100,000), among many others in older versions of the bills. http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency
I like the idea of functioning our money on a 1-2-5 system. It is almost logarithmic.
It's time to get rid of the penny. Lincoln will be honored on the $5 bill.
The $1 bill should be eliminated in favor of the coin. Washington will be honored on the quarter.
For the larger bills, here's who I'd honor:
$200 Theodore Roosevelt
$500 Woodrow Wilson (sorry William McKinley)
$1000 F.D.R (sorry Grover Cleveland)
$2000 Eisenhower
$5000 Madison (was on the bill in the pre-Nixon era)
$10,000 Reagan (sorry, Salmon Chase)
No bills larger than $10,000
This thread contains the first and second references to Salmon P. Chase I have ever encountered without his middle initial.
I think it's clear (for reasons stated above) that the Treasury isn't interested in larger bills these days for the reasons mentioned above. Very few licit transactions of thousands of dollars are conducted in cash.
Quote from: vdeane on November 21, 2014, 01:41:24 PM
Interesting thing about the euro... the bridges on the back were fictional. Emphasis on were. http://www.designboom.com/design/fictional-bridges-on-euro-banknotes-realized-by-robin-stam/
IMO the backs high denomination US bills look like some casino/lotto jackpot ad.
The high denominations had William McKinley (500), Grover Cleveland (1000), James Madison (5000), Salmon Chase (10,000), and Woodrow Wilson (100,000), among many others in older versions of the bills. http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency
The $100,000 bill never circulated among the public. Note the unique wording: "One Hundred Thousand Dollars Payable to the Bearer on Demand as Authorized by Law." The other "demand notes" didn't include the "as Authorized by Law" portion. I believe I read somewhere it is a federal offense for a private citizen to be in possession of one. I've seen one a single time, years ago when we took the tour at the Bureau of Engraving and Printing. They had one on display.
Funny thing, some people still don't know bills larger than $100 were withdrawn. A few years ago my parents took a trip to Uganda (a business trip for my dad, so my mother tagged along) and my father told my mother to get a $500 bill at the bank to pay for their safari. Of course she was unsuccessful and he got annoyed about it and was utterly flabbergasted when I told him that nowadays when a bank receives a bill larger than a $100 (which still happens once in a while) the feds require them to return it for destruction. (I had tried to get a $500 back in 1997 when I was moving out of the place I had lived for the summer and needed to give the landlord cash because I was closing my bank account. The bank manager told me about the requirement that they return them. I'd known bills larger than $100 were no longer in general circulation but had thought they might have had a few available. Didn't hurt to ask, I guess.)
I agree with the comments that it would be nice to have something larger than a $100 available because $100 doesn't go nearly as far as it did even 20 years ago. I don't agree with the comments about getting rid of the $50. I find the $50 convenient when I need to carry larger amounts of cash simply because carrying a stack of $20s makes your wallet too thick. Back when I worked downtown I often went to the Citibank ATM to pull out $400 or $500 when I needed cash because if I took that much, it dispensed most of it in $50s. Only ATMs I know of that ever gave something larger than a $20 (not counting ATMs in other countries with different valuation, of course, such as the 1,000-peso bills dispensed by Mexican ATMs).
Quote from: vdeane on November 21, 2014, 01:41:24 PM
Interesting thing about the euro... the bridges on the back were fictional. Emphasis on were. http://www.designboom.com/design/fictional-bridges-on-euro-banknotes-realized-by-robin-stam/
You said it right, were. I knew they were to build them somewhere in the Netherlands, and they are now in Google Street View: Looking from the €50 bridge towards the €10 one (https://www.google.es/maps/@51.8520538,4.3371854,3a,75y,58.57h,82.99t/data=!3m4!1e1!3m2!1sX2JA82iba6WX-nUQJFMirw!2e0), if you turn around you will see the €500 bridge in the distance. This bridge is worth €25 (https://www.google.es/maps/@51.8493155,4.3402541,3a,73.3y,46.1h,70.79t/data=!3m4!1e1!3m2!1sWI8CXu0AjDgbyiCz-ke_1g!2e0) :sombrero:, this is the €5 side with the €200 bridge in the distance, turning around you'll see the €20 side with the €100 bridge at the background.
Anyway, the original note designs included real bridges, but they were modified to a more generic representation.
Quote from: 1995hoo on November 21, 2014, 04:37:08 PM
I don't agree with the comments about getting rid of the $50. I find the $50 convenient when I need to carry larger amounts of cash simply because carrying a stack of $20s makes your wallet too thick. Back when I worked downtown I often went to the Citibank ATM to pull out $400 or $500 when I needed cash because if I took that much, it dispensed most of it in $50s. Only ATMs I know of that ever gave something larger than a $20 (not counting ATMs in other countries with different valuation, of course, such as the 1,000-peso bills dispensed by Mexican ATMs).
I also find the $50 bills somewhat useful, when I'm traveling outside my regional bank's largely Southern service area, and need to carry more cash than usual without bulking up my wallet so I can avoid out-of-network ATM fees. I've not had much trouble spending $50s when needed, though I try to spend them in big-bill-friendly places (Carl's Jr./Hardee's seem to generally fall into that category).
Even with the redesign of the $100 bill, spending those can be trickier. As has been explained elsewhere on this forum, it's often fear of running low on smaller bills needed for other customers if they give a lot of change on a $100, not just getting stuck with a counterfeit big bill.
If I need to break a $100 but don't want to make a larger purchase, I'll sometimes go to a grocery store, pick out a cheap item (even just a candy bar), and use the self-checkout machine. It never complains about a $100 bill or about making change!
QuoteAnyway, I find dollar bills (I've seen a few, actually) a bit bland with only green on them. I prefer euro notes (As they are called) with different colors for each value.
We have that now. Fives are pink, tens are gold, twenties are green, fifties are purple, hundreds are blue.
We should keep the $1 coin, $1 bill, $2 bill, $5 bill and add a $3 bill, an $8 bill, a $13 bill, a $21 bill and so on until a $987 bill.
Quote from: bugo on November 21, 2014, 10:54:12 PM
We should keep the $1 coin, $1 bill, $2 bill, $5 bill and add a $3 bill, an $8 bill, a $13 bill, a $21 bill and so on until a $987 bill.
I'd like bills that include sales taxes. A $5.34 bill and a $10.69 bill will be convenient for me.
Quote from: 1995hoo on November 21, 2014, 05:33:30 PM
If I need to break a $100 but don't want to make a larger purchase, I'll sometimes go to a grocery store, pick out a cheap item (even just a candy bar), and use the self-checkout machine. It never complains about a $100 bill or about making change!
Don't try doing this in the Pittsburgh area @ Giant Eagle (or anywhere else they have stores). They recently required you to have your 'loyalty' card to activate the machines. Otherwise, you need to go to a staffed line.
Quote from: jeffandnicole on November 21, 2014, 11:12:06 PM
Quote from: bugo on November 21, 2014, 10:54:12 PM
We should keep the $1 coin, $1 bill, $2 bill, $5 bill and add a $3 bill, an $8 bill, a $13 bill, a $21 bill and so on until a $987 bill.
I'd like bills that include sales taxes. A $5.34 bill and a $10.69 bill will be convenient for me.
These posts reminded me of this clip...1:39-2:42 is the relevent segment.
Quote from: rickmastfan67 on November 22, 2014, 12:50:18 AMDon't try doing this in the Pittsburgh area @ Giant Eagle (or anywhere else they have stores). They recently required you to have your 'loyalty' card to activate the machines. Otherwise, you need to go to a staffed line.
Holy crap! A two-tiered checkout class system!
I suppose Crane & Co. again will be the opposition to this, but I wonder if we'll ever give up paper currency altogether like Canada and start printing plastic bills.
The younger generation is increasingly carrying debit cards in lieu of actual cash. I suspect that in 20 years, very few will be using any currency.
With a couple of credit cards that give me good cash-back rates with no fees, nearly everything I pay for is with plastic. It's foolish not to, as long as you actually pay them off, and that's what auto-pay is for. I've probably made close to $1000 in cash back over the last 3 years.
It's interesting. For me, the $2 bill seems so rare that I tried to snag them (only 3 though) and I gave them to my siblings as "gifts" so to speak of a "poor man's run" of old style bills ranging from 1 to 20. (this may seem weird, but my siblings really liked them) I have not seen an old $50/$100 in years - I know they probably exist but I have not run across them.
Old $100s are not too terribly rare. I'd estimate I see one every other strap or so. But then you have to be in a position to look through entire straps of hundreds...
Quote from: Scott5114 on November 23, 2014, 08:01:24 PM
Old $100s are not too terribly rare. I'd estimate I see one every other strap or so. But then you have to be in a position to look through entire straps of hundreds...
Every now and then I'm in possession of a check that I want cashed ASAP (such as from someone I don't trust to have the funds for long) and I'll get the occasional 1980s bill. It astounds me how many different styles of currency we've had in the past twenty years after almost no change in much longer than that previous.
Quote from: 1995hoo on November 18, 2014, 10:55:16 AM
Quote from: akotchi on November 18, 2014, 10:49:53 AM
My nickel (rounded up from 2c . . . ), FWIW.
It currently costs more than face value to mint cents and nickels, so the U.S. Mint is losing money by making (this) money. The cent should be discontinued and the nickel re-alloyed, perhaps with the zinc available from the cent. There is enough copper and nickel (the metal) in the dime and quarter to keep the mines churning.
....
I'm not sure it's as simple as just re-alloying the specification. From what I read about the introduction of the Sacagawea dollar, including on the Mint's website, apparently many vending machines can somehow recognize the alloy's electromagnetic properties–the Mint went to some pains to ensure the Sacagawea had the same electromagnetic properties as the Susan B. Anthony in order to be sure vending machines could accept both coins interchangeably. The same is true of the presidential dollar coins issued some years later, of course.
That leads me to assume if you changed the specification for what metals are used in any existing coin, you would introduce unintended problems. Of course the cost of refitting vending machines isn't the government's problem, but (as noted earlier in the thread) it's part of why changing anything to do with money always becomes contentious.
So that's how they figure out real from counterfeit. How do they tell when twenties and fifties are fake? Be very specific.
I got a series 1986 $5 bill in change recently. I was a bit impressed and didn't want to spend it, but I settled for taking pictures of it before spending it.
I have an old $20 saved. I thought it was a much more dignified-looking bill than either of the newer styles, what with all the scrollwork and such. Of course I recognize the value of combatting counterfeiting and of using color to help distinguish the different denominations, but I thought the old $20 was the best-looking of the US banknotes I've seen over the years with the possible exception of the old $2 that had Monticello on the back.
I know I have tons of star notes saved, especially several $1's. Still remember the one day that I got 4 $1 star notes in order and un-circulated as the grocery store just got them.
I have quite a few $1 star notes and $2 bills, a few old $5, 10, and $20 bills. One of these days I'll pick up an old $50 and $100 for my collection.
Quote from: 1995hoo on November 16, 2014, 03:56:52 PM
As to coins, the Canadian government mandated the phase-out of the $1 and $2 bills when they introduced the coins. The US government refuses to abandon the $1 bill (the vending machine lobby have fought to keep it because they installed those bill-taking thingies and they don't want to refit the coin slots). Phase out the bill so people have no choice and it becomes easy as the bills wear out.
As for why Canada had success with a $2 bill and we don't, who knows. I always figured its pinkish color helped distinguish it.
BTW, the Susan B. Anthony wasn't the first dollar coin. Among many others, recall the very large Eisenhower dollar.
Don't forget the old silver dollars like the Morgan dollar and the peace dollar. Some Eisenhower dollars were 40% silver, but they weren't intended for circulation.
A few notes:
-Inflation from long ago to today is grossly under reported by the feds. From 1933 (end of the gold standard) to 2014, the 'true' rate has been about 80:1 - it's the only figure that works when running comparable things.
Examples:
-Decent room in a downtown hotel: 1920 - $2 -- 2014 - $100-200
-A really nice room: 1920 - $3 -- 2014 - $250-300
-Good beer in a bar: 1919 (*illegal* in 1920) - $0.05 -- 2014 - $4-5
-A decent lunch: 1920 - $0.05-0.10 -- 2014 - $5-10
-Dinner in a restaurant for the family: 1920 - $0.40-0.50 -- 2014 $30-40
-Daily newspaper: 1920 - $0.02-0.03 -- 2014 $1.50-2.00
-Snailmail letter stamp: 1920 - $0.03 -- 2014 - $0.49 (snailmail is an absolute *BARGAIN* today! If adjusted for 'true' inflation, a First Class letter stamp should now be about $2.50.)
-etc.
And yet, the USA's slate of normal coins/banknotes was the same then as it is today. Yes, the 'penny' of 1932 and before had about 80¢ in buying power in 2014 money (and on up through the rest). Nearly all everyday commerce was in coins *only*, half dollars (about $40 each in 2014 money) were more common in circulation than were quarters and to have even a single $1 note in the wallet was to be carrying 'real' money around.
-Every time I see someone swiping a card for little things (I saw someone swiping a credit or debit card card for 25¢ increments of dryer time at a laundry a couple of weeks ago. :rolleyes: ) makes me think of two things - 'What happens should the power go out?' and 'account security'. Yes, if I drop a $20 somewhere, I'm out that $20. OTOH, I'm out that $20 and nothing more.
-Right now, I'd drop all coins below 25¢. Quarters are now only barely useful for any legitimate commerce anymore, the only things that I can now buy with only one are 20 minutes from a downtown Appleton parking meter or 10 minutes of dryer time at that laundry, everything below that is only useful for fine parsing of state and local sales taxes. To bring the balance back to pre-1933 standards, we'd have to have coins for $1 (nothing smaller) to $50 and banknotes for $100 on up.
-I really like those foreign 'plastic' banknotes and agree that it is well past time for the USA to follow suit. I also like the variable sized notes that they use in places like Australia and the Eurozone - it solves the 'tactile differences' problem as well as the problem of criminals 'bleaching' lower notes to use the paper to print up fake larger ones (the reason for the most recent USA$5 note redesign, it was to enhance the security of the $100).
Mike
Quote from: PHLBOS on November 18, 2014, 12:14:28 PM
Quote from: akotchi on November 18, 2014, 10:49:53 AMRegarding the dollar bill/coin debate . . . I am not sure if new $2 are printed as regularly as the $1. I don't see too many with series dates other than 1976 or 1995.
The fore-mentioned $2 bills I got while at the Oregon State Fair several years ago, I believe, were 2002 series. I will check when I get home tonight.
Update: I have a couple of $2 bills that are Series 2009 and 2003A.
There is a small convenience store in the apartment complex I used to live in. I got to know the owner while I lived there, and he stuck back any coin larger than a quarter that he received for me. I got lucky and got a 40% Kennedy (1968) one day and I got an Ike but it was mostly post-1970 halves that he stuck back for me. Today I was visiting my friend who still lives in that complex and walked to the store to buy a Coke. The owner wasn't there, instead a woman was working there. I heard her talking to another lady behind the counter and it was obvious her English wasn't very good. She rang up my Coke and I asked her if she had any "big coins" and she said "yes". I thought she just didn't understand me at first. I was thinking maybe she had a clad Kennedy or possibly an Ike if I was lucky. She pulled out a large coin and my heart started racing. I thought it was an Ike (which would have still made me happy) but my jaw hit the floor when I saw that it was an 1884-O Morgan! I said "I want it!" and gave her 4 quarters for it. It is obviously nowhere near AU condition but has a tad bit of yellowish toning. This beats any of the finds I made at my old job at the convenience store by a long shot. I'm still in shock but I'm buzzing. I'm guessing it's VF or XF, what do you think? Is it worth from $30-$40? This was the find of a lifetime.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2FIMG_3910_zps317c8420.jpg%3Ft%3D1417745921&hash=d632f249cb7ab9f7f0e2b1a996820975ff0c90ff)
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2FIMG_3916_zpsa59df177.jpg%3Ft%3D1417832205&hash=ec61b295ea9aad30c4cc9667dde8d4ce08212a76)
Quote from: mgk920 on November 25, 2014, 09:28:19 AM
A few notes:
-Inflation from long ago to today is grossly under reported by the feds. From 1933 (end of the gold standard) to 2014, the 'true' rate has been about 80:1 - it's the only figure that works when running comparable things.
Examples:
-Decent room in a downtown hotel: 1920 - $2 -- 2014 - $100-200
-A really nice room: 1920 - $3 -- 2014 - $250-300
-Good beer in a bar: 1919 (*illegal* in 1920) - $0.05 -- 2014 - $4-5
-A decent lunch: 1920 - $0.05-0.10 -- 2014 - $5-10
-Dinner in a restaurant for the family: 1920 - $0.40-0.50 -- 2014 $30-40
-Daily newspaper: 1920 - $0.02-0.03 -- 2014 $1.50-2.00
-Snailmail letter stamp: 1920 - $0.03 -- 2014 - $0.49 (snailmail is an absolute *BARGAIN* today! If adjusted for 'true' inflation, a First Class letter stamp should now be about $2.50.)
-etc.
And yet, the USA's slate of normal coins/banknotes was the same then as it is today. Yes, the 'penny' of 1932 and before had about 80¢ in buying power in 2014 money (and on up through the rest). Nearly all everyday commerce was in coins *only*, half dollars (about $40 each in 2014 money) were more common in circulation than were quarters and to have even a single $1 note in the wallet was to be carrying 'real' money around.
-Every time I see someone swiping a card for little things (I saw someone swiping a credit or debit card card for 25¢ increments of dryer time at a laundry a couple of weeks ago. :rolleyes: ) makes me think of two things - 'What happens should the power go out?' and 'account security'. Yes, if I drop a $20 somewhere, I'm out that $20. OTOH, I'm out that $20 and nothing more.
-Right now, I'd drop all coins below 25¢. Quarters are now only barely useful for any legitimate commerce anymore, the only things that I can now buy with only one are 20 minutes from a downtown Appleton parking meter or 10 minutes of dryer time at that laundry, everything below that is only useful for fine parsing of state and local sales taxes. To bring the balance back to pre-1933 standards, we'd have to have coins for $1 (nothing smaller) to $50 and banknotes for $100 on up.
-I really like those foreign 'plastic' banknotes and agree that it is well past time for the USA to follow suit. I also like the variable sized notes that they use in places like Australia and the Eurozone - it solves the 'tactile differences' problem as well as the problem of criminals 'bleaching' lower notes to use the paper to print up fake larger ones (the reason for the most recent USA$5 note redesign, it was to enhance the security of the $100).
Mike
Security is exactly why I use my credit card for most purchases. You lose your $20, you're out $20. I get my credit card number stolen, I'm out absolutely nothing and have a replacement card sent overnight. Since you aren't liable for fraud on your card, and you have the right to dispute/reverse transactions, credit cards are a much more consumer friendly way to pay than cash.
Quote from: bugo on November 20, 2014, 08:51:45 PM
Quote from: Scott5114 on November 20, 2014, 03:46:24 PM
If anyone should be bumped, it should be Andrew Jackson. Whatever successes he had (which, in my opinion pale in comparison to most of the others depicted on money) are overshadowed by his implementation of the Trail of Tears.
I agree. Living in Oklahoma and knowing many Native Americans, I care deeply about their plight despite having no Indian blood of my own. Andrew Jackson was a monster. Replace him with Teddy Roosevelt or Dwight D. Eisenhower.
There's a petition up on the White House petitions site (https://petitions.whitehouse.gov/petition/remove-andrew-jackson-twenty-dollar-bill-and-replace-him-dr-martin-luther-king-jr/CqyjrjH8) right now advocating that Jackson be bumped in favor of Martin Luther King, Jr.
I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.
Quote from: bugo on December 18, 2014, 03:40:59 AM
I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.
Eisenhower is already on the 1971-1978 $1 coin.
Quote from: 1 on December 18, 2014, 05:05:54 AM
Quote from: bugo on December 18, 2014, 03:40:59 AM
I'd put somebody like Theodore Roosevelt or Dwight Eisenhower on it before I'd put King.
Eisenhower is already on the 1971-1978 $1 coin.
.
Lincoln is on the penny and the $5 bill. Jefferson is on the nickel and the $2 bill. Washington is on the quarter and the $1 bill. Franklin (was) on the half dollar and the $100 bill.
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
Which means they are practically "defunct" the moment they're issued.
I look forward to the Tricky Dick dollar coins coming out in 2016. I'll get a few, to razz the Nixon fans I know, and give to other friends with whom I had a lot of fun hating him (in a very pro-Nixon community) in the early 1970s.
This is a little off topic, but I bought this a few days ago. It's a Czechoslovakian 100 korun coin, and yes, that is Stalin. It's made of 50% silver. There was never a coin minted with Hitler's ugly face on it, but there were plenty of Nazi coins with swastikas and Soviet coins with the hammer and sickle on them.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2Fstalinobv_zps50a68215.jpg&hash=e46675c223c243428efe9c9b4407d300b6f72898)
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2Fstalinrev_zpsd0cfaffe.jpg&hash=b09ce6776fd52a3096b16a8add17d06878f23d12)
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
They are actually put into general circulation, they just don't generally circulate. I get people bringing them to me to change into paper dollars at least once a week.
Quote from: oscar on December 18, 2014, 01:47:52 PM
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
Which means they are practically "defunct" the moment they're issued.
I look forward to the Tricky Dick dollar coins coming out in 2016. I'll get a few, to razz the Nixon fans I know, and give to other friends with whom I had a lot of fun hating him (in a very pro-Nixon community) in the early 1970s.
It's just wrong to put the faces of every president on coins, no matter how bad a job they did. Makes me wish they'd go back to Walking Liberties.
Quote from: kkt on December 19, 2014, 01:09:59 AM
Quote from: oscar on December 18, 2014, 01:47:52 PM
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
Which means they are practically "defunct" the moment they're issued.
I look forward to the Tricky Dick dollar coins coming out in 2016. I'll get a few, to razz the Nixon fans I know, and give to other friends with whom I had a lot of fun hating him (in a very pro-Nixon community) in the early 1970s.
It's just wrong to put the faces of every president on coins, no matter how bad a job they did. Makes me wish they'd go back to Walking Liberties.
The obverse of the Silver Eagle is modeled on the walking Liberty half:
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2F2014-american-silver-eagle_zps38fc41c4.jpg&hash=3db06e63519c23debdf7fc8b2cbe0bf99c662da4)
Quote from: bugo on December 19, 2014, 07:16:22 AM
Quote from: kkt on December 19, 2014, 01:09:59 AM
It's just wrong to put the faces of every president on coins, no matter how bad a job they did. Makes me wish they'd go back to Walking Liberties.
The obverse of the Silver Eagle is modeled on the walking Liberty half:
Yes, they're very nice looking coins. It's too bad they're not using that design for circulating coins.
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
I'm not too miffed about all of the presidents appearing on the coins because most of them have been on some form of commemorative coin at some point anyway.
Quote from: Scott5114 on December 18, 2014, 09:53:41 PM
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
They are actually put into general circulation, they just don't generally circulate. I get people bringing them to me to change into paper dollars at least once a week.
When Mom worked as a cashier at the school cafeteria, presidential dollars used to appear with some regularity. At some point the new ones stopped appearing, with only older ones showing up, and became less common over time. The banks around here don't have them any more.
Quote from: Scott5114 on December 19, 2014, 01:55:44 PM
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
I'm not too miffed about all of the presidents appearing on the coins because most of them have been on some form of commemorative coin at some point anyway.
The Sacagawea dollar's problem is that the golden color gets tarnished too easily and ends up being really ugly. I do have a Sacagawea proof that is quite lovely, however. I wish they would have kept the Susan B. Anthony dollar which, despite Ms. Anthony's scowl, is an attractive coin.
Quote from: vdeane on December 19, 2014, 06:31:58 PM
Quote from: Scott5114 on December 18, 2014, 09:53:41 PM
Quote from: vdeane on December 18, 2014, 01:01:02 PM
Quote from: formulanone on December 18, 2014, 12:14:31 PM
Quote from: 1 on December 18, 2014, 05:05:54 AM
Eisenhower is already on the 1971-1978 $1 coin.
Which means that his likeness hasn't been used for coinage in over 35 years, on a coin that's almost defunct.
He's scheduled to appear on the presidential dollar coin series (along with every other president through Ford; federal law prohibits currently living presidents from appearing on money), though those aren't put into general circulation any more.
They are actually put into general circulation, they just don't generally circulate. I get people bringing them to me to change into paper dollars at least once a week.
When Mom worked as a cashier at the school cafeteria, presidential dollars used to appear with some regularity. At some point the new ones stopped appearing, with only older ones showing up, and became less common over time. The banks around here don't have them any more.
The later presidental dollars were never released for circulation, not even in rolls to banks -- just in collector packages. Same with later Sacagaweas, I think. Too many of them sitting in the vaults, as was the issue with the SBAs.
My only complaint about the later Sacagaweas is the removal of date and mintmark from the obverse. The original design specifically was made with space for it, and the "hole" is quite noticeable in the later ones. I know it was for using the same edge lettering as for the presidential dollars, but it does not change my opinion.
To the point of the Mint making money while making money, it is not just by seignorage any more. (As a note, they are losing money on the cents and nickels.) I have no issue with proof and mint sets, but formerly regular issue coins that are now just made, as business strikes, for collectors are being sold by the Mint with surcharges and markups. Seems like a stretch to their orignal role in the government . . .
Quote from: Scott5114 on December 19, 2014, 01:55:44 PM
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
Same thing with the Postal Service marketing commemorative stamps that it hopes end up with collectors and are never used for postage.
They've been making business strikes for collectors for years. For example: in 1975-76, they made 40% silver bicentennial business strike S-mintmarked quarters, the only 40% silver quarters the mint has ever struck. I actually found one at my old job that had gotten into circulation somehow.
Is the current shortage of nickels due to hoarding?
Quote from: 02 Park Ave on January 20, 2015, 03:00:51 PM
Is the current shortage of nickels due to hoarding?
I have not noticed a shortage of nickels.
Quote from: 02 Park Ave on January 20, 2015, 03:00:51 PM
Is the current shortage of nickels due to hoarding?
The melt value of nickels (except the hard-to-find 9% silver wartime nickels) is still a good deal less than face value (http://www.coinflation.com/), so I would be surprised if much hoarding is going on. I also haven't noticed a nickel shortage in my area. I've only rarely been given five pennies in change rather than a nickel, by a cashier who was short on nickels. More common is a cashier foisting a big pile of one-dollar bills on me, instead of a larger bill.
Quote from: oscar on January 20, 2015, 03:23:59 PM
Quote from: 02 Park Ave on January 20, 2015, 03:00:51 PM
Is the current shortage of nickels due to hoarding?
The melt value of nickels (except the hard-to-find 9% silver wartime nickels) is still a good deal less than face value (http://www.coinflation.com/), so I would be surprised if much hoarding is going on. I also haven't noticed a nickel shortage in my area. I've only rarely been given five pennies in change rather than a nickel, by a cashier who was short on nickels. More common is a cashier foisting a big pile of one-dollar bills on me, instead of a larger bill.
Copper prices have gone down recently. Before they went down, the melt value of nickels might have been higher than face value.
(And 9% should be 35%.)
There is a small convenience store near where I live. I got to know the guy who runs it, and he agreed to stick back any "large coins" (half dollars and larger) for me. One day I got an Ike, and another day a 40% silver half dollar. Last month I went in there and he wasn't working, but this lady who didn't seem to speak great English was there. I asked her if she had any "big coins" and she said "yes". I didn't think she understood me but she pulled out a big dollar coin. At first I thought it was an Eisenhower dollar but imagine my surprise when she handed me an 1884-0 Morgan silver dollar in AU condition! I paid face value for it. I've already been offered $50 for it but I declined. Finding a coin like this in circulation is priceless.
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2F1884-Omorganobverse_zps7c948573.jpg&hash=00b81eefca4432e0e1a68bdc2e25c4f07f9bf62b)
(https://www.aaroads.com/forum/proxy.php?request=http%3A%2F%2Fi167.photobucket.com%2Falbums%2Fu126%2Fbugo348%2F1884-Omorganreverse_zps30827713.jpg&hash=4ed99ac78bc1d8db67f12f80b50bd07bfc06d49e)
Quote from: bugo on December 19, 2014, 09:32:47 PM
Quote from: Scott5114 on December 19, 2014, 01:55:44 PM
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
I'm not too miffed about all of the presidents appearing on the coins because most of them have been on some form of commemorative coin at some point anyway.
The Sacagawea dollar's problem is that the golden color gets tarnished too easily and ends up being really ugly. I do have a Sacagawea proof that is quite lovely, however. I wish they would have kept the Susan B. Anthony dollar which, despite Ms. Anthony's scowl, is an attractive coin.
Biggest problem I've found with both the Sacagawea and the Susan B. is that, because of their size and weight, you can't easily tell the difference between them and a quarter when you reach into your pocket - the gold finish on the Sacagawea was supposed to correct that issue, except it failed in one respect - you can't figure out what the coin is until after you have it out of your pocket.
I find the issue of "poor feel" is becoming a problem with the newer dimes and pennies as well. It's really too bad that our Government has decided to nickel and dime us (sorry for the pun there) when it comes to the quality of our coinage.
Quote from: roadman on January 20, 2015, 05:02:02 PM
Quote from: bugo on December 19, 2014, 09:32:47 PM
Quote from: Scott5114 on December 19, 2014, 01:55:44 PM
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
I'm not too miffed about all of the presidents appearing on the coins because most of them have been on some form of commemorative coin at some point anyway.
The Sacagawea dollar's problem is that the golden color gets tarnished too easily and ends up being really ugly. I do have a Sacagawea proof that is quite lovely, however. I wish they would have kept the Susan B. Anthony dollar which, despite Ms. Anthony's scowl, is an attractive coin.
Biggest problem I've found with both the Sacagawea and the Susan B. is that, because of their size and weight, you can't easily tell the difference between them and a quarter when you reach into your pocket - the gold finish on the Sacagawea was supposed to correct that issue, except it failed in one respect - you can't figure out what the coin is until after you have it out of your pocket.
I find the issue of "poor feel" is becoming a problem with the newer dimes and pennies as well. It's really too bad that our Government has decided to nickel and dime us (sorry for the pun there) when it comes to the quality of our coinage.
The edge of a quarter is different from the edge of a dollar coin.
Quote from: bugo on January 20, 2015, 04:48:41 PM
At first I thought it was an Eisenhower dollar but imagine my surprise when she handed me an 1884-0 Morgan silver dollar in AU condition! I paid face value for it.
Wow, that's quite a find! Beautiful coin. I guess now that convenience store has your business for life!
Quote from: bugo on December 19, 2014, 09:32:47 PM
Quote from: Scott5114 on December 19, 2014, 01:55:44 PM
I wish they'd just stick with the original Sacagawea design. It was a pretty attractive coin. But they're cycling through all of the presidents because that's how the Mint makes money. (No, for real, it's called seigniorage; they actually profit when people take coins out of circulation somehow). They're even making coins with Sacagawea on the front and cycling through different designs on the back for the same reason.
I'm not too miffed about all of the presidents appearing on the coins because most of them have been on some form of commemorative coin at some point anyway.
The Sacagawea dollar's problem is that the golden color gets tarnished too easily and ends up being really ugly. I do have a Sacagawea proof that is quite lovely, however. I wish they would have kept the Susan B. Anthony dollar which, despite Ms. Anthony's scowl, is an attractive coin.
The legendary "Smiling Anthony" issue was scrapped when the ERA failed.
Questioning several merchants about being given odd combinations of quarters and dimes as change, I was informed by them that there is a shortage of nickels.
We haven't had any problems with nickels at work. I usually end the shift with more nickels than I started with.
If there is a nickel shortage, my guess would be that it has less to do with melting and more to do with increased numbers of vending, self-checkout, etc machines that economize on space and parts by not having a hopper for dimes and simply dispense more nickels to fill the gap.
No shortage of nickels in this area
I'm certainly not aware of shortages where I am at. I mean, you ask how come we're not able to use the $2 bill or $1 coin. My guess is mainly because of the lack of feasibility. The Treasury Dept. doesn't believe that the $1 coin or the $2 bill is a necessity. Well, why do you suppose we're not using the Kennedy half-dollar coins? I mean, shoot. You got the Lincoln penny and $5 bill, the Washington quarter and $1 bill, the Jackson $20 bill, and so on. Why can't we have the Kennedy half-dollar coin, the $2 bill (I have no clue whose face is on that thing) or the $1 coin? Is it too spendy to forge them?
Thomas Jefferson is on the $2 bill as on the nickel. Any connexion?
Quote from: 02 Park Ave on January 22, 2015, 12:01:28 PM
Thomas Jefferson is on the $2 bill as on the nickel. Any connexion?
Only as much as Lincoln on the penny and $5 bill, or Washington on the quarter and $1 bill.
Quote from: Pete from Boston on January 20, 2015, 06:01:25 PM
Quote from: bugo on December 19, 2014, 09:32:47 PMThe Sacagawea dollar's problem is that the golden color gets tarnished too easily and ends up being really ugly. I do have a Sacagawea proof that is quite lovely, however. I wish they would have kept the Susan B. Anthony dollar which, despite Ms. Anthony's scowl, is an attractive coin.
The legendary "Smiling Anthony" issue was scrapped when the ERA failed.
It was also referred to as
the Carter Quarter.
Quote from: 1 on January 20, 2015, 03:20:50 PM
Quote from: 02 Park Ave on January 20, 2015, 03:00:51 PM
Is the current shortage of nickels due to hoarding?
I have not noticed a shortage of nickels.
Quote from: Alps on January 22, 2015, 12:22:41 AMNo shortage of nickels in this area
Quote"How'd you like a nose full of nickels?"
:sombrero:
Guess who said the above-quote to whom and on what show?
Quote from: 02 Park Ave on January 20, 2015, 06:07:45 PM
Questioning several merchants about being given odd combinations of quarters and dimes as change, I was informed by them that there is a shortage of nickels.
Can I assume the value's 7¢ for a nickel given the scarcity?
Quote from: Pete from Boston on January 22, 2015, 06:07:12 PM
Quote from: 02 Park Ave on January 20, 2015, 06:07:45 PM
Questioning several merchants about being given odd combinations of quarters and dimes as change, I was informed by them that there is a shortage of nickels.
Can I assume the value's 7¢ for a nickel given the scarcity?
Seven-cent nickel, huh?
I've never heard of this nickel shortage either. If there was a nickel shortage, that would be front page news.
There is a shortage of the metal nickel due to the increased use of stainless steel. Indonesia, one of the major producers of nickel, has restricted exports. I don't think this has translated to a shortage of nickel coins, though.
In 2009 nickel production was way down, but I haven't heard of a nickel shortage.
The US coin is 75% copper and 25% nickel. It costs somewhat more than 9¢ for the Mint to produce each one.
I certainly haven't noticed any shortage of the coins, which show up in my change like everything else other than half-dollars and dollars (neither of which I have seen in circulation in a while, although yesterday I took the convertible's car cover to a laundromat and I know their change machine gives dollar coins).
Quote from: PHLBOS on January 22, 2015, 04:57:53 PM
Guess who said the above-quote to whom and on what show?
Colonel Flagg to Radar on M*A*S*H.
Quote from: Takumi on January 23, 2015, 08:28:34 AM
Quote from: PHLBOS on January 22, 2015, 04:57:53 PM
Guess who said the above-quote to whom and on what show?
Colonel Flagg to Radar on M*A*S*H.
Flagg! That guy had amazing delivery.
"Don't play dumb, you're not as good at it as I am!"
Quote from: bugo on January 22, 2015, 09:43:35 PM
In 2009 nickel production was way down, but I haven't heard of a nickel shortage.
The Earth's core is composed largely of nickel. I guess the world really does revolve around money. <duck>
Quote from: empirestate on January 23, 2015, 09:28:19 AM
Quote from: bugo on January 22, 2015, 09:43:35 PM
In 2009 nickel production was way down, but I haven't heard of a nickel shortage.
The Earth's core is composed largely of nickel. I guess the world really does revolve around money. <duck>
A first-grade teacher asks her students to come up to the blackboard and draw the most important symbol in the world.
Little Suzie comes up and draws a heart and says it's because love makes the world go around.
Johnny draws a dollar sign and says everyone always wants money.
Tyrone comes up and puts a dot on the board.
"What's that, Tyrone?" asks the teacher.
"It's a period."
"How is a period the most important symbol in the world?"
"Well, I don't know, but this morning at breakfast, my sister said she was missing one, my mother started crying, my father was cussing, and the man next door killed himself."
Quote from: 1 on January 20, 2015, 05:05:49 PM
The edge of a quarter is different from the edge of a dollar coin.
But not different enough that you can easily figure out the difference when felling though the loose change in your pocket.
Quote from: Takumi on January 23, 2015, 08:28:34 AM
Quote from: PHLBOS on January 22, 2015, 04:57:53 PM
Guess who said the above-quote to whom and on what show?
Colonel Flagg to Radar on M*A*S*H.
later on in the episodeRadar - And then he said he was gonna shove nickels up my nose.
Hawkeye - Oh really. What song was he going to play?
Quote from: Pete from Boston on January 23, 2015, 09:22:58 AM
Quote from: Takumi on January 23, 2015, 08:28:34 AM
Quote from: PHLBOS on January 22, 2015, 04:57:53 PM
Guess who said the above-quote to whom and on what show?
Colonel Flagg to Radar on M*A*S*H.
Flagg! That guy had amazing delivery.
"Don't play dumb, you're not as good at it as I am!"
"Colonel, I think you've made a little mistake."
Flagg: "I don't make
little mistakes!"
Quote from: Scott5114 on January 21, 2015, 07:29:28 PM
We haven't had any problems with nickels at work. I usually end the shift with more nickels than I started with.
If there is a nickel shortage, my guess would be that it has less to do with melting and more to do with increased numbers of vending, self-checkout, etc machines that economize on space and parts by not having a hopper for dimes and simply dispense more nickels to fill the gap.
At least in vending, that's not the reason, the coin mechs are pretty much all the same size. It has more to do with practicality than anything else. If a machine runs out of dimes it'll spit out two nickels, if it runs out of nickels you get the dreaded "use correct change" message (since at that point it cannot make change.) There are few service calls more annoying than that.
Quote from: 6a on January 23, 2015, 11:00:44 AM
Quote from: Scott5114 on January 21, 2015, 07:29:28 PM
We haven't had any problems with nickels at work. I usually end the shift with more nickels than I started with.
If there is a nickel shortage, my guess would be that it has less to do with melting and more to do with increased numbers of vending, self-checkout, etc machines that economize on space and parts by not having a hopper for dimes and simply dispense more nickels to fill the gap.
At least in vending, that's not the reason, the coin mechs are pretty much all the same size. It has more to do with practicality than anything else. If a machine runs out of dimes it'll spit out two nickels, if it runs out of nickels you get the dreaded "use correct change" message (since at that point it cannot make change.) There are few service calls more annoying than that.
I've always wished there were some way to override that if you don't care about the change. Say, hypothetically, a soda costs $1.75 and the machine is out of change, but I really want a soda and am willing to pay $2.00 for it. Can't do that in many vending machines.
Get ready now for the debit card feature on vending machines as some allow you to swipe your bank card to obtain a snack or drink. I have seen it in the employee break room at a company I recently visited which I thought was neat.
Quote from: 1995hoo on January 23, 2015, 11:04:33 AM
I've always wished there were some way to override that if you don't care about the change. Say, hypothetically, a soda costs $1.75 and the machine is out of change, but I really want a soda and am willing to pay $2.00 for it. Can't do that in many vending machines.
Then they just raise the price to $2! :sombrero:
Sucks though if all you have is a dollar, 3 quarters, and 3 dimes!!!
Quote from: roadman65 on January 23, 2015, 11:32:23 AM
Get ready now for the debit card feature on vending machines as some allow you to swipe your bank card to obtain a snack or drink. I have seen it in the employee break room at a company I recently visited which I thought was neat.
They are quite common now. My gym has several vending machines; all of which are equipped for credit cards.
We should make a $2.50 coin. ("2.50" and "2 1/2" are referring to the same coin.)
Q: Why are we making it?
A: In the 1920s, there were coins that could buy the equivalent of $10 or more. Now, our largest coin that is commonly used is just $0.25. This is just the first step. Also note that there are currently €2 and £2 coins in circulation.
Q: Will circulation of the $0.50 and $1 coins be increased?
A: $0.50, probably not (Canada doesn't use them, even with commonly used $1 and $2 coins). $1, yes.
Q: What will it look like?
A: It is bimetallic. The size will be similar to the $2.50 gold coin of the 1800s and early 1900s. Security features plus lettering on the edge.
Q: What will it be made of?
A: The center is made of the same materials as the current dollar coin, while the thin outer ring is made of the same as the current quarter.
Q: Who will be on it?
A: Henry Clay. He deserves to be more well-known.
Q: Will it be made of clay?
A: No. That's just his name.
Q: Why $2.50 and not $2?
A: Historical reasons. We had $2.50 coins made of gold until the 1920s. We have never had a $2 coin.
Q: Will this look similar to Canadian or Mexican coins at all?
A: Nothing like $2 in Canada. The outer ring is very thin. Maybe like $1 or $2 in Mexico, but the US coin will be thicker.
Q: Will the denomination say "$2.50", "$2 1/2", "2 1/2 Dollars", or "Quarter Eagle"?
A: The second ($2 1/2), unless people use "Quarter Eagle" as a nickname, in which case it will be changed to that.
Q: What will be the nickname for the coin?
A: It cannot be determined until it gets released.
Q: What will happen to the $1 and $2 bills?
A: Same as Canada. The only difference is that our coin is $2 1/2, not $2.
Q: Will there be a $5 coin?
A: If the $2 1/2 coin works well. If there is a $5 coin, the colors will be reversed from the $2 1/2 coin.
Quote from: 1 on January 23, 2015, 02:58:14 PM
We should make a $2.50 coin. ("2.50" and "2 1/2" are referring to the same coin.)
Is this going to be in the Naked Gun coin series? Will the next coin be worth $33 1/3?
Quote from: roadman65 on January 23, 2015, 11:32:23 AM
Get ready now for the debit card feature on vending machines as some allow you to swipe your bank card to obtain a snack or drink. I have seen it in the employee break room at a company I recently visited which I thought was neat.
Get ready? This has been around for a bunch of years.
Quote from: 1 on January 23, 2015, 02:58:14 PM
In the 1920s, there were coins that could buy the equivalent of $10 or more.
In the 1920s, there were circulating gold coins up to double eagles. According to the CPI inflation calculator, that would be about $270 today.
Quote from: kkt on January 23, 2015, 03:37:50 PM
Quote from: 1 on January 23, 2015, 02:58:14 PM
In the 1920s, there were coins that could buy the equivalent of $10 or more.
In the 1920s, there were circulating gold coins up to double eagles. According to the CPI inflation calculator, that would be about $270 today.
Oh, far more than that, as I mentioned up thread and in other threads, comparing prices of many things between then and now, $20 before the end of the gold standard in 1933 is about $1600 in 2014 money (80:1 inflation, almost two full 'zeroes' being added to the dollar, between then and now). It always amazes me (or, maybe it shouldn't) that the feds underestimate that reported CPI number by such an amount, almost a full order of magnitude.
:rolleyes:
Mike
I know what the CPI is based on, what are your calculations based on?
Quote from: 6a on January 23, 2015, 11:00:44 AM
Quote from: Scott5114 on January 21, 2015, 07:29:28 PM
We haven't had any problems with nickels at work. I usually end the shift with more nickels than I started with.
If there is a nickel shortage, my guess would be that it has less to do with melting and more to do with increased numbers of vending, self-checkout, etc machines that economize on space and parts by not having a hopper for dimes and simply dispense more nickels to fill the gap.
At least in vending, that's not the reason, the coin mechs are pretty much all the same size. It has more to do with practicality than anything else. If a machine runs out of dimes it'll spit out two nickels, if it runs out of nickels you get the dreaded "use correct change" message (since at that point it cannot make change.) There are few service calls more annoying than that.
I haven't seen it much with vending machines, but in casino gaming, the cash-out kiosks do not dispense dimes or $10s.
I did see a vending machine that allowed $5s, and said it dispenses $1 bills as change.
Many ATM won't dispense $10's either, when increments of $5 withdrawals are permitted.
The $10 bill is apparently only used when stores require change be given in the least amount of bills. Near the end of my shift, I'd prefer to hand out 5's to reduce the amount of money I needed to count when I was done.
Quote from: kkt on January 23, 2015, 10:55:02 PM
I know what the CPI is based on, what are your calculations based on?
Comparing the prices of comparable things.
Examples that I have already mentioned:
-Good beer in a bar - 1919 $0.05 2015 $4-5
-Night in a decent downtown hotel - 1920s $2 2015 $150-200
-A really nice room - 1920s $3 2015 $250-300
-A decent lunch - 1920s $0.05-0.10 2015 $8-10
-Daily 'hard copy' newspaper - 1920s $0.03 2015 $1.75-2.00
Etc.
Mike
Quote from: mgk920 on January 25, 2015, 11:42:09 AM
Quote from: kkt on January 23, 2015, 10:55:02 PM
I know what the CPI is based on, what are your calculations based on?
Comparing the prices of comparable things.
Examples that I have already mentioned:
-Good beer in a bar - 1919 $0.05 2015 $4-5
-Night in a decent downtown hotel - 1920s $2 2015 $150-200
-A really nice room - 1920s $3 2015 $250-300
-A decent lunch - 1920s $0.05-0.10 2015 $8-10
-Daily 'hard copy' newspaper - 1920s $0.03 2015 $1.75-2.00
Etc.
Mike
I would like to start frequenting your bars. We are at $6-$7 for "good" beer. $5 gets you a Yuengling.