Wednesday, April 29, 2015

Are Plastic Coins Coming?

     There was a time when some of our coins were gold. These coins were used as regular daily currency. Now there were a few enterprising types who could skillfully cut off part of the coin or sand it and collect some gold and then still use the coin. Some gold coins were found to have lost value! So the smart money stopped making gold coins.

    To leap far ahead of gold coins, we've recently quit using the penny in Canada. The penny cost more than a penny to make. As the price of copper went up, other metals were mixed in with the copper to make the penny. At the end of the penny's life massive numbers of pennies were sold as scrap copper.

     In the 70's the price of silver rose. Silver in dimes and quarters was mixed with lower cost metals. For  few years in the 70's massive amounts of dimes and quarters were worth more for scrap than their face value. Coin collectors watched in dismay as some valuable coins were destroyed.

    The nickel has fought the same battle. I don't know if there's any nickel in the five cent coin today.

    So I've started to wonder where we're going with our coins. Are we going to have a system of plastic coins with chips in them?  Will we eliminate coins and paper money altogether? How will we ever flip a coin? How will we ever have  a dime a dozen? How can we have a penny for your thoughts? What about plugged nickels? What will happen to "two bits?"

    It's surprising how much of our common sayings are derived from money.


    So what kind of coins do you see for the future?


35 comments:

  1. we'll become a society of 'points' totals or those weird internet bitcoin things. :)

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  2. I think money will all be electronic. I read that Canada had eliminated the penny, and I wish we'd follow your example.

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    1. The technology is here to go cashless.

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  3. Cool photo someone has water! I have been hoarding some pennies. I suppose the pennies will not be used someday....we will probably all have a chip that leads to our bank account:(

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    1. This was about 5 years ago and it' my brother surveying the damage.

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  4. I have never understood how America and the UK just keep printing money with precious little to back it up.
    I suspect we will be driven back to a barter system when the bankers and politicians finally lose what little credibility they have.

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    1. Yes, there must come a time when everything is going to go poof!

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  5. Well that's a really interesting post and poser for us. When I first went to New Zealand 10 years ago I was surprised how many people paid for a cup of coffee with plastic. In fact plastic seemed to be the order of the day for many things. Then came the contactless payment for smaller amounts. In the UK it's still unusual for plastic to be accepted for small transactions and my debit card here isn't contactless yet either (however my Amex card is). I still have loads of coins in my car and pockets though for parking charges (charges here are not as high as in the cities) and other odds and ends. However banknotes disappear faster than I can draw them out of the hole in the wall. Well that doesn't answer your question but at least you've made me think.

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    1. Why is the writing so small?

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    2. Graham, you use cash in many ways that could be cashless. When fewer and fewer people use cash, it will be phased out.

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    3. Adrian, I wondered what you were talking about and I still do.

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  6. I think everything will be digital and on electronic cards. We will not need to carry all that heavy change, and as for me, I will not miss that demise in my lifetime. Money is just a means of keeping track of a purchase.

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    1. There are several technologies ready to go right now.

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  7. You are going to make me look at my collection now. I have a few gold coins given to me by my grandfather. I was shocked looking at values of those in silver recently.

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    1. Ah ha, a genuine coin collector.

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  8. I am thinking a chip in our wrist or a thumb print instead of money or even bank cards, etc ......which would be debited or credited back to wherever one keeps their money? Perhaps our hand scanned?? There will definitely be some sort of chip or scanning. Perhaps plastic chips if one happens to be the kind to want to carry money. I never carry money anymore. I kinda like the old days when the Doctor came to the house and he got paid with a chicken and a bag of potatoes. :)

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    1. I don't think it will be a card but some kind of very secure chip. Okay, I'll trade ya a fence post for a beer!!!!

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  9. I save my quarters for the laundry machines and for the meters when I park downtown. The meters have already started changing over to electronic. I try to keep pennies out of my pockets and also wish we'd stop with the pennies. But then $9.99 would no longer work to make people think they're paying less than $10 for something. :-)

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    1. We don't have the penny anymore but we still have ads for $.99. It still works. Change is always rounded off to the neared 5 cents.

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  10. I think coins will be a thing of the past and we will be seeing some on display in museums.

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    1. I don't think this will be that long. Maybe after my time.

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  11. I would still prefer to use cash for most transactions. I tend to feel wary of the security of a lot of card transactions.

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    1. I still use cash for day to day stuff.

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  12. I've been expecting the US to give up on pennies for a few years now and am surprised they haven't yet. I see maybe our thumbprints being used in the future in place of all money.

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    1. People here did not like to give up the penny but once it was gone there was no fuss.

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  13. Like your photo at the end. Who knows what is next in money value. Less of our concerns right now. Been looking at the vandalism in Boston and the thuds looting stores and banks, pharmacies. . Pretty soon we will be glad we have two feet to stand up and jobs. Isis is not a threat as it was. It is the teen gangs ,thugs. Making war. The police just stand back or not even realize they need more help and the army till a day after. Fires, nursing home down. . The black Mayor with her idiotic remark. So what. If they ruin property. Not all that bad. Really lady. They have hit four town now which ones next. Used to be a copy cat but looks more then copy cats. Destructive concerns across the world soon.

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    1. You're watching too much Fox news again!!! The photo is my younger brother.

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  14. Sooner or later it will all be plastic cards.

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    1. I think it will be some kind of chip . There are several technologies out there.

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  15. Interesting and thoughtful! I thinks they will stick around, but, like the penny, slowly disappear!

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    1. Do you think we use cash that much longer?

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  16. I think eventually people will be paying with cards, or more likely phones and other types of technology, so maybe even the paper money will vanish at some point.

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  17. The U.S. can't even get rid of the penny or create a $1 coin that would be used by everybody. It would make so much sense and save cents. Eventually, perhaps credit cards or some such thing will be all that'll be in use.

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