I think the US should make a $5 coin.

[Luke has no name]

I got some presidential $1 coins and some $2 bills the other day from the bank, because I like having offbeat currency every once in a while.

Since you can't hardly buy a cup of coffee and a snack for less than $5 these days (barring vending machines), I think a $5 coin would be much more practical than a $1.

Five coins in your pocket isn't that bad (My dad only uses cash for small things, and he has a pocket FULL of change all the time). Five $5 coins would have considerable purchasing power, not weigh much, and would be overall more useful than a $1 coin.

Also, abolish the penny <_<

[The Toxic Mite]

On occasions that involve the Royal Family (such as a jubilee) and other things, £5 coins are issued. AFAIK you aren't allowed to spend them though. A $5 coin would be useful, especially during the current economic climate. :)


[snip]
Also, abolish the penny <_<

++

[thatguruguy]

No one uses the $1 coin. Which is too bad, because coins are a lot cheaper in the long run than paper money.

I think it's a good idea, but one that probably wouldn't work as well as one might hope.

[SuperSonic4]

It depends how many people use $5 notes. Here in the UK £5 notes are used a lot to the extent where they stay in circulation so there aren't great quality. It would be better for a coin as it's more durable

[Post Monkeh]

On occasions that involve the Royal Family (such as a jubilee) and other things, £5 coins are issued. AFAIK you aren't allowed to spend them though. A $5 coin would be useful, especially during the current economic climate. :)



++

you can spend them, it's just that no one who went to the trouble of getting one would really want to since they are worth more than the 5 quid they are worth, if you get what i mean

[markbuntu]

The big problem with $1 coins is that most US cash registers have no bin for them, or for $5 coins either. I used to use the $1 coins exclusively at highway toll booths, it always made the toll booth operator do a double take and then smile.

[forrestcupp]

Here you go. (http://www.usagold.com/gold/coins/us-liberty-5.html) Like Post Monkeh said, you wouldn't want to spend it.

http://www.usagold.com/gold/coins/pics/gold-coin-liberty-5.jpeg

[Warpnow]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.

[Marlonsm]

After Brazil have stopped making the 1 cent coin and the R$1 bill, I noticed how I missed them, mainly the bill. Having lots of coins in the pocket/wallet isn't a good thing.

[Warpnow]

After Brazil have stopped making the 1 cent coin and the R$1 bill, I noticed how I missed them, mainly the bill. Having lots of coins in the pocket/wallet isn't a good thing.

That's why I deposit everything. If I have $5.36 in my wallet I'm readying the deposit slip.

[markbuntu]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.

Well, that works until the power fails. During the blackout in NYC a few years ago all the ATMs and credit card machines died. Cash was the only thing that worked. Now every New Yorker has a stash of cash, just in case. There is something to say for that.

Besides that, there is also the matter of privacy. When your every transaction is recorded in real time by location and time how private is your life?

Back in the 1950s the US government asked a think tank to figure out a way that the government could track anyone/everyone. The answer, eliminate cash.

[Old Marcus]

I find the idea of a $1 coin being rarely used due to it's low worth strange. In the UK, the £1 coin is commonly used, as a lot of small things (coffees, chocolate etc.) are less than £1 or £1-something, and a lot of shops with card machines will only accept a minimum of £5 due to the cost of having the things.

That's the exchange rate for you I guess. (I could be very wrong, don't tear me up too hard eh? ;))

[shazbut]

It could be argued that high denomination coins might contribute to inflation, since a coin has less perceived value than a note. Here in Australia we've had $1 and $2 coins for more than 20 years, and most people would classify them as 'shrapnel' (slang for change) along with all the sub-$1 coins. We have plastic banknotes now so the durability thing isn't the issue it once was with the old paper notes, which is probably why we never got a $5 coin (except for special collectors' editions).

[Hwæt]

Not unless we switch off of fiat currency. Our money would be much more valuable if it was still pegged to gold and silver.

[LowSky]

Not unless we switch off of fiat currency. Our money would be much more valuable if it was still pegged to gold and silver.


Value is deemed by somethings worth, so using gold or silver doesn't actually change inflation if everyone agrees in decrease of value.

We live in a market system that changes on the whim of people who react to change, an oil deposit is found, prices might go down, someone blows up a pipeland the value of what didn't go boom goes up.

[Warpnow]

Value is deemed by somethings worth, so using gold or silver doesn't actually change inflation if everyone agrees in decrease of value.

We live in a market system that changes on the whim of people who react to change, an oil deposit is found, prices might go down, someone blows up a pipeland the value of what didn't go boom goes up.

Inflation happens often because the money supply increases artificially due to money creation by banks. If we had a full reserve gold/silver system, that inflation, at least, would not occur. However, the same can be said for a full reserve fiat money.

I'm not advocating full reserve or gold systems, but I just wanted to point out that our banking choices do increase inflation.

[cariboo]

Here in Canada we have $1 and $2 coins, the way to get everyone to use them is to stop issuing paper money.

I don't carry cash to often, but when I do I tend to throw the coins in a beer stein, and $5 bills in another jar after I get back home.

[earthpigg]

i liked the 1, 2, and 5 euro coins when i was over there.

and i agree that the penny should be eliminated.

[gletob]

How could you possibly ever get rid of the penny?????? You would then be limited to prices or change ending in .*0 or .*5


No one uses the $1 coin. Which is too bad, because coins are a lot cheaper in the long run than paper money.

I think it's a good idea, but one that probably wouldn't work as well as one might hope.

Well I've said all along, if you want people to quit their paper money habits, cut em off cold turkey. Stop making one dollar bills and people will start using the dollar coins

[blueshiftoverwatch]

Back in the 1950s the US government asked a think tank to figure out a way that the government could track anyone/everyone. The answer, eliminate cash.
I remember reading somewhere that they can now make RFID chips that are the size of piece of sand. If that's true, these could be embeded into paper currency to allow for easier tracking. All they'd have to do is embed RFID chips with a serial number into every paper bill and require banks to run the money over some kind of RFID scanner to record which bills were given to which person. Taking it a step further, they could require that all stores have scanners which would record the serial numbers of the money as they were being spent.

[V for Vincent]

i liked the 1, 2, and 5 euro coins when i was over there.

and i agree that the penny should be eliminated.

no such thing as a 5 euro coin :-)

actually, I think coins of that value risk being forged. I've heard that even 2 euro coins represent something of a threat in that sense. I love those things, but it's kind of hard to imagine coins of greater value being issued.

[MaxIBoy]

I think we should just stop minting cash. It's wasteful and pointless.

[Old Marcus]

I think we should just stop minting cash. It's wasteful and pointless.

Tell that to the beggar and buskers. "Ere, feel free to pay with your debit/credit card. :P"

[madnessjack]

I swear down we had a £5 coin once. I remember spending it at a supermarket. I'm pretty sure it's legal.

[szymon_g]

how someone would be supposed to put &5 coin into stripper pants? bank-notes are much more useful :)

[earthpigg]

no such thing as a 5 euro coin :-)


i could have sworn.... guess im gettin old.

[Hwæt]

Inflation happens often because the money supply increases artificially due to money creation by banks.

Actually, in the United States, it's not the banks that mint money, but rather the Bureau of Engraving and Printing, and the Federal Reserve. Given how bad the banks screwed themselves over with sub-prime mortgages, we'd be in a full out depression if they could mint the money themselves.



If we had a full reserve gold/silver system, that inflation, at least, would not occur. However, the same can be said for a full reserve fiat money.

I'm not advocating full reserve or gold systems, but I just wanted to point out that our banking choices do increase inflation.

Exactly. You can't manufacture gold to increase inflation. You could strike a GIGANTIC vein of it and maybe inflate it a little, but the point is still that new gold is extremely hard to get into the economy, whereas paper money can be increased at will.

Although, we would all be in some major trouble if someone found out how to make lead into gold cheaply, much as how aluminum became nearly worthless once it was able to be refined from bauxite.


how someone would be supposed to put &5 coin into stripper pants? bank-notes are much more useful :)

Hmm, I thought the cellulite on that woman's legs looked odd...

[gletob]

how someone would be supposed to put &5 coin into stripper pants? bank-notes are much more useful :)

Never hear of a Coin Slot (http://www.urbandictionary.com/define.php?term=Coin%20Slot)

[Luke has no name]

I think we should just stop minting cash. It's wasteful and pointless.

Power goes out.

Also, that's a major privacy and infrastructure issue. People need to be able to exchange money easily and anonymously (without tracking).

[johnb820]

I think we should just stop minting cash. It's wasteful and pointless.

Wouldn't you feel the least bit insecure without hard currency that you can see with your own eyes? I realize currency is based off of fixed value and perception of its worth, but it would be unnerving if I never saw another bill or coin in my life. But then, I advocate that all money become coinage and that we adopt the gold standard.

[MaxIBoy]

Wouldn't you feel the least bit insecure without hard currency that you can see with your own eyes? I realize currency is based off of fixed value and perception of its worth, but it would be unnerving if I never saw another bill or coin in my life. But then, I advocate that all money become coinage and that we adopt the gold standard.The problem with a gold standard is that too many people end up digging shiny rocks instead of doing useful work.

[ve4cib]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.

With the banks' recent activities there are probably many who would rather keep their own money in cash-form safely tucked away in their basement safe, or in a hollow book on a shelf where all they need to worry about are common burglars, instead of greedy bank executives and their addiction to six-figure bonuses.

Personally I am all in favour of keeping hard-currency available. It serves its purpose, and it allows for easy person-to-person transactions without a third-party. You need to borrow $20, so your friend whips out some cash. You need to pay him back, so you give him cash. No need for a swipe machine, or a bank to sit in the middle and approve the transfers. Just a piece of paper and a handful of coins between the two people involved.

Also, an interesting tangential thought, would eliminating cash encourage people to spend less because the difference between "real money" and "savings" is so blurred that everything essentially counts as "savings", thus reducing overall consumer spending.

Or would blurring the line between "savings" and "real money" simply encourage people to spend their savings frivolously since swiping a piece of plastic does not have that tactile, visceral feeling of giving something up?

Obviously some people would probably go one way, and others go the other, but what would the net result be, I wonder...

[qalimas]

In the US, most people use debit cards (if they are over 18)... even vending machines can take a card now, so what's the point? :popcorn:

[Hwæt]

The problem with a gold standard is that too many people end up digging shiny rocks instead of doing useful work.

Gold is worth over $1000 a troy ounce. THEY'RE GOING TO DO THAT ANYWAY.

[matthewbpt]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.
So the banks can rubbish away our money like they did in the financial crisis? No thanks ... I like to have a bank account, but I also want the choice of hard cash as well. Purely digital currency will also take away any anonymity from transactions.

[handy]

@Luke has no name: You'll have to petition the private banking cartel called the Federal Reserve that owns the money in your country.

Good luck!

[Pogeymanz]

I'm not an economist person, and much of it seems to be voodoo to me, but regarding the gold/silver standard I have a few questions:

1. Gold is basically useless as a metal. Why would using it as the backing of currency make any sense when it has no inherent value? At least something like Copper is super-useful. What if everyone (especially women ;)) woke up one day and realized that they had no desire for a shiny yellow rock that doesn't do anything?

2. There is some finite amount of gold. In a global economy, wouldn't it be true that a country's overall wealth would then be (almost) constant? U.S. has this much gold, China has this much gold, Country X has NO gold. Isn't it better for capitalism to have wealth be determined by how much other countries want your country's stuff/services?

[Throne777]

I'm not an economist person, and much of it seems to be voodoo to me, but regarding the gold/silver standard I have a few questions:

1. Gold is basically useless as a metal. Why would using it as the backing of currency make any sense when it has no inherent value? At least something like Copper is super-useful. What if everyone (especially women ;)) woke up one day and realized that they had no desire for a shiny yellow rock that doesn't do anything?


Nothing has any intrinsic value. Just because something is more contingently useful for humans doesn't mean it has any more 'objective value' than something totally useless.

For that reason, backing up a currency made no sense to me.

[Johnsie]

Coins are dirty

[pommie]

Coins are dirty

Do a 'Google' for "paper money germs"

At least in Australia we use notes made out of a tough plastic, you can wash it if paranoid about germs.

Cheers David

[Oxwivi]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.
I'd rather not have my money in someone else's hand, restricting how much I use it on top of that. Not to mention they can go down under with our money.

But regarding digital money, Bitcoin (http://en.wikipedia.org/wiki/Bitcoin) FTW!

[handy]

I'm not an economist person, and much of it seems to be voodoo to me, but regarding the gold/silver standard I have a few questions:

1. Gold is basically useless as a metal. Why would using it as the backing of currency make any sense when it has no inherent value? At least something like Copper is super-useful. What if everyone (especially women ;)) woke up one day and realized that they had no desire for a shiny yellow rock that doesn't do anything?

Gold is a far from useless metal!

Spend the time to read through the wiki article:

http://en.wikipedia.org/wiki/Gold



2. There is some finite amount of gold. In a global economy, wouldn't it be true that a country's overall wealth would then be (almost) constant? U.S. has this much gold, China has this much gold, Country X has NO gold. Isn't it better for capitalism to have wealth be determined by how much other countries want your country's stuff/services?

The fiat currency:

http://en.wikipedia.org/wiki/Fiat_currency

took over some years back. It is rumoured that the Federal Reserve banking cartel have appropriated for their own benefit much of what was in Fort Knox. No one can verify the truth of that rumour.

The bottom line is that gold is an extremely useful element with a very large range of practical applications.

[handy]

The problem with a gold standard is that too many people end up digging shiny rocks instead of doing useful work.

Our of interest I'd like to hear you definition of useful work? :)


If you have ever lost someone dear to you like a parent, you get to appreciate how so much of what they did in their life just comes to nothing.

After which you tend to have a little look at your own values & I think very often people make a few adjustments to their own values of what is & isn't valuable after such an experience.

[jonathonblake]

You can't manufacture gold to increase inflation. You could strike a GIGANTIC vein of it and maybe inflate it a little

When Mansa Musa 1 went on Hija, he left a depression in his wake. A depression that lasted for more than a decade. A depression whose sole cause was the amount of gold that he left in his wake.

jonathon

[Gremlinzzz]

The coin and all other coins should be made out of plastic like a credit card.:)

[lykwydchykyn]

The penny *and* the nickel need to go; we just basically need to drop one digit of precision. If you think about it, we've easily had at least 10x inflation since our monetary system was established, so why not drop a decimal?

Think of all the coding jobs this would generate rewriting financial software...

[wojox]

My favorite is a 1¢ penny costs 1.67¢ to make. :confused:

[doas777]

My favorite is a 1¢ penny costs 1.67¢ to make. :confused:
it was my understanding that the opposite was true: that the penny was the only coinage in the US that cost less to manufacture than it is worth. of course, then again, money flucuates.
http://www.snopes.com/business/money/pennycost.asp

appearently in 2005, a cent cost .97 cents to produce.

[Timmer1240]

Every night when I get home I throw all my change in a can and take it in once in a while when I get about 100 dollars worth I hate carrying change!

[ubuntu27]

No. We should fade out coin/money currency entirely and move to a digital medium. Once we blur the line between "real money" and "savings", we will encourage people to hold their money in banks as opposed to cash, and it will provide at least some (admittedly, I have no idea how big) stimulus.

BITCOIN (http://www.bitcoin.org/)- Decentralized Digital "Gold Standard" Currency. ;-)

What is bitcoin (http://www.youtube.com/watch?v=Um63OQz3bjo)? [Video]

[Old_Grey_Wolf]

I've been to Australia several times, staying there for a month or two each time. I like their $2 coin. I could eat a decent meal with the change in my pocket. If the US were to use $2 or $5 coins they need to follow something similar to Australia's $2 coin by making it small, just different in color and thickness.

[wojox]

it was my understanding that the opposite was true: that the penny was the only coinage in the US that cost less to manufacture than it is worth. of course, then again, money flucuates.
http://www.snopes.com/business/money/pennycost.asp

appearently in 2005, a cent cost .97 cents to produce.

That was 2005 though. With the cost of Zinc, Copper and Nickel, those minting prices are sure to have gone up.

[trollger]

I think all money should be coins and those coins actually correspond to their own value so a ten dollar coin should be made of materials actually worth 10 dollars. Inflation. Fixed.

[jonathonblake]

Tell that to the beggar and buskers. "Ere, feel free to pay with your debit/credit card. :P"

There are iPhone and Android apps that handle the payment processing. It reduces the take by between five and ten percent.

I have seen buskers accept plastic.

jonathon

[jonathonblake]

i could have sworn.... guess im gettin old.

If you lived, or visited Britain in 2092 you might have seen one.

http://www.eurocoins.co.uk/britainsilver5europiedfort.html

jonathon

[Warpnow]

Actually, in the United States, it's not the banks that mint money, but rather the Bureau of Engraving and Printing, and the Federal Reserve. Given how bad the banks screwed themselves over with sub-prime mortgages, we'd be in a full out depression if they could mint the money themselves.


Money creation is not the same as minting. Creation occurs when the same money is relended and recredited so that $1,000 in cash is loaned out, deposited, and re-loaned out into more than $1,000 in digital money.

[Little Bones]

I agree.

Whenever I travel to the US (I'm Canadian) I absolutely hate having a wad of $1 bills. Here we have $1 and $2 coins and I'm fairly happy with that. A $5 would probably be a good step though, used lots and very durable.

[kk0sse54]

I think all money should be coins and those coins actually correspond to their own value so a ten dollar coin should be made of materials actually worth 10 dollars. Inflation. Fixed.

If only it actually worked like that....

[itguy1985]

I'm thinking it has to do with counterfeiting. Fake coins seem like they would be easier to pass off than bills. So keep the denominations small.

[Warpnow]

There were alot of problems with coins that have real value...

One big one was people shaving weight off.

Also, I don't know how little gold/silver I'd need to buy a coke...

Are they going to have scales at every place?

Actual value coins are an idiotic idea...

[Gremlinzzz]

All money should be E-money give the hackers something new to do.:)

[itguy1985]

There were alot of problems with coins that have real value...

One big one was people shaving weight off.

Also, I don't know how little gold/silver I'd need to buy a coke...

Are they going to have scales at every place?

Actual value coins are an idiotic idea...

Not to mention countries like the US who have no where near enough precious metals to back their currency. A lot of our economy is based on intangibles. I can't hand someone a Google ad, yet it still has value.

[Warpnow]

Not to mention countries like the US who have no where near enough precious metals to back their currency. A lot of our economy is based on intangibles. I can't hand someone a Google ad, yet it still has value.

Yeah, describing why its a bad idea is kind of like describing why you can't really send your hamster into outter space with a model rocket.

[HermanAB]

At the rate the US $ is devaluing, a $50 coin may be a better idea.

[topcat5]

Money creation is not the same as minting. Creation occurs when the same money is relended and recredited so that $1,000 in cash is loaned out, deposited, and re-loaned out into more than $1,000 in digital money.

This is actually debt creation and it's already digital. Deposit $1,000 cash into a bank, the bank will turn around, and through the magic of fractional reserve banking, will loan out $10,000, not $1,000. So $9,000 was created digitally out of thin air. They are betting that all the borrowers won't show up asking for cash at the same time.

(well these days, even that doesn't matter because they are no longer following any real banking rules)

The current US dollar is the Federal Reserve dollar. They have not issued US dollars since 1971 when they broke the final link to gold. The Federal Reserve Note is a debt instrument.

[tobbyhot]

where could I get that coins, i m not from America still want that.