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.
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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)
For LH:
http://www.xkcd.com/980/
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.
@ 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.
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.
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
"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
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.
