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(Solved) - Coin or Paper

(20 posts)
  • Started 1 year ago by warlock
  • Latest reply from ProstheticHead
  • Topic Viewed 545 times

warlock
warlock
Posts: 4100

The US. government is considering trying this again. http://news.yahoo.com/congress.....itics.html What is the smallest denomination of paper money used in your country? (if not in the USA.) Comment on the change as per the article, USA. or not.

Posted 1 year ago
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Lighthouse
Lighthouse
Posts: 13598

Wish I knew what money was these days.

Posted 1 year ago
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warlock
warlock
Posts: 4100

Look at picture in link above. I don't have any either. LOL not really funny though.

Posted 1 year ago
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SarahJames
SarahJames
Posts: 6581

Smallest paper bill is 5 euro and we rarely use it. It's mostly 1 and 2 euro coins we get and use as change (you can't get 5 euro bills from the wall - 10 euro bills are the minimum).
1 dollar is about € 0,77. Seems like pretty weird to use paper money for that small an amount. I'd definitely prefer coins.
(Must say I never thought of it before LOL)

Posted 1 year ago
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hatryst
hatryst
Posts: 3482

For LH:
http://www.xkcd.com/980/

Posted 1 year ago
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LadyFitzgerald
Posts: 2232

I personally wouldn't like to be limited to $1 coins instead of paper bills. Paper is lighter and takes up less room. I rarely carry coins anyway (and very few when I do) so having to carry $1 coins instead of bills would be a large inconvenience, especially when trying to conceal "mad money" on my person or in my vehicle.

Accepted Answer · Posted 1 year ago
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warlock
warlock
Posts: 4100

LadyF, I agree with you. Money to hold in your hand or pocket may be obsolete. Have seen people buy a newspaper, gum, and other trivial expenses with their bank card. they did hold the line up at the check out counter though.

Posted 1 year ago
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Scott
Scott
Posts: 5618

Like it or not, NFC (Near Field Communication) is coming to a country near you, and then yours.

Posted 1 year ago
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LadyFitzgerald
Posts: 2232

@ warlock. I only carry cash for emergencies or when a merchant charges extra for using a bank card or doesn't accept cards. Otherwise, I use my bank card for all purchases, no matter how small. Beside being more convenient than carrying cash, using plastic is the easiest way to keep track of all my spending. Also, if I lose cash, it's gone. Period. I lose a card, I'm liable for no more than $50; not even that if I report it quickly enough.

My experience when I worked at a convenience store for 5 1/2 years after retiring is it takes longer for most people (including me) to use cash than it does to use plastic.

Posted 1 year ago
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Xhi
Xhi
Posts: 6298

In Vietnam the American money, Military Payment Certificates (MPC) was all paper down to and including nickels. Pretty colors, too. It was not legal tender in the country only at the US bases. It was changed often leaving baskets full of valueless cash in the hands of the native Vietnamese who had illegally accepted it.

Posted 1 year ago
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warlock
warlock
Posts: 4100

@Xhi, Interesting story, sure many did not know. But, what do you think about the proposed change now?

Posted 1 year ago
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vistamike
vistamike
Posts: 10945

Smallest paper denomination in UK is the £5 note. Light to carry, heavy on expenditure because it is taxed, spend it and around 40% of it, perhaps slightly more, ending up in the treasury reserves.

Face value should = £5.00. Spend it at risk.

UK went £1 coin in 1983. Our folding greenback relegated to the ash bin. One of the last produced below;

To be replaced with this;

Historically most transactions before time were bones, metals, stones, flint, shells et al. Barter was a traditional way of trading without the use of currency as we now know it.

This tradition is now back in fashion and becoming the norm!

Is it cheaper to produce coin against 'folding'? Having this loose coinage running around the pockets seems to have brought previously retired seamstresses back into the sewing industry.

So, are we being stitched up and should we get the needle about it?

Well, yes. There is a chronic shortage of £5 notes so proffering a £10 note for a small purchase and no Lady Godiva's (fivers) to hand or in the 'Jack & Jill you end up with a pocket of heavy loose change. Hence seamstresses coming out of retirement.

One of the problems with coinage as opposed to folding is this; http://www.guardian.co.uk/mone.....pound-coin

And I suspect the US may suffer from the same problem as did Europe with the € coin.

That's my Sunday afternoon input.

Mike

Posted 1 year ago
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warlock
warlock
Posts: 4100

Thanks for the information Mike. Your input is very much appreciated.

Posted 1 year ago
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Lighthouse
Lighthouse
Posts: 13598

In for a penny, in for a pound.
Look after the pennies, and the pounds look after themselves.

Posted 1 year ago
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warlock
warlock
Posts: 4100

Pennywise pound foolish.

Posted 1 year ago
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vistamike
vistamike
Posts: 10945

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Wilkins Micawber. [Charles Dickens- David Copperfield]

A most interesting and enjoyable book to read BTW gutenberg for a little light reading

Mike

Posted 1 year ago
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warlock
warlock
Posts: 4100

Read that in high school oh so many years ago. Was very good book.

Posted 1 year ago
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LadyFitzgerald
Posts: 2232

I tried reading David Copperfield and couldn't get very far because it was so depressing (typical of Dickens).

Posted 1 year ago
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vistamike
vistamike
Posts: 10945

Oliver Twist came out pretty well given the horrendous time Charles Dickens wrote about. Oliver survived, many did not.

Charles Dickens wrote at length, not only what he saw around him but called from his own awful upbringing. Certainly a depressing period and age, Victorian England.
Typical of Dickens but for his time, he expressed an opinion and a story to the reader, it found few favourites in the upper echelons of Victorian Society so his stuff was read in 'penny weekly mags' .

The 'stories' were read with either disbelief or indifference by those upstairs.

Posted 1 year ago
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ProstheticHead
ProstheticHead
Posts: 3281

@Mike. They tax us to earn it, save it, invest it, then finally they tax us to spend it. You'd almost think they didn't want people to be productive in their day to day lives.

Posted 1 year ago
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