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#1
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Streamlining US currency
Instead of the current denominations of
cent, nickle, dime, quarter, half-dollar... $1, $2, $5, $10, $20, $50 and $100 bills... What would be wrong with keep the nickle, quarter coins; and adding a decent dollar coin and keeping the $5, $20 and $100 dollar bills? And also having multiple "faces" on these new denominations... similar to what the Mint is doing with the Presidential $1 coins? |
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#2
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Streamlining US currency
"studio" wrote in message ... Instead of the current denominations of cent, nickle, dime, quarter, half-dollar... $1, $2, $5, $10, $20, $50 and $100 bills... You forgot the $1 coin.....and it's "nickel" with no hyphen between half and dollar, if you plan to send this to your congressman. What would be wrong with keep the nickle, quarter coins; and adding a decent dollar coin and keeping the $5, $20 and $100 dollar bills? It would just be wrong. Simply wrong. You forgot the dime, too. And the cent and the half dollar. All among our traditional coins for over 200 years. And you want to change that? How old are you anyway? And what would you suggest as a "decent" dollar coin? And also having multiple "faces" on these new denominations... similar to what the Mint is doing with the Presidential $1 coins? Do you really think consumers look at the faces on their coins before spending them? Remember. Change is not always good. |
#3
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Streamlining US currency
On Fri, 22 Aug 2008 07:56:12 -0700 (PDT), studio
wrote: Instead of the current denominations of cent, nickle, dime, quarter, half-dollar... $1, $2, $5, $10, $20, $50 and $100 bills... What would be wrong with keep the nickle, quarter coins; and adding a decent dollar coin and keeping the $5, $20 and $100 dollar bills? Any changes need to be done gradually. I vote for first getting rid of the $1 bill and then the cent. Next to go, should be the nickel, since the base metal value of two nickels is five times that of one dime. WIthout the nickel, change could still be made for all .05 amounts except those ending in .85 and .95. Some amounts would require four dimes, so bringing back the twenty cent piece would reduce the amount of dimes that need to be minted. |
#4
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Streamlining US currency
On Aug 22, 2:33*pm, Jon Purkey wrote:
Some amounts would require four dimes, so bringing back the twenty cent piece would reduce the amount of dimes that need to be minted. This can't be said enough - Purkey, you're an idiot. |
#5
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Streamlining US currency
In article , studio wrote: Instead of the current denominations of cent, nickle, dime, quarter, half-dollar... $1, $2, $5, $10, $20, $50 and $100 bills... What would be wrong with keep the nickle, quarter coins; and adding a decent dollar coin and keeping the $5, $20 and $100 dollar bills? I had the same thought--alternating multiples of 4 and 5. Has anyone ever determined what the optimum interval between denominations is? I know that for the related problem of carrying the smallest number of "units" with you, the optimal solution is supposed to be the binary system. For example, I once attended a car auction carrying bank checks made out for $2000, $1000, $500, and another $500 in cash. The unused checks could be taken back to the bank and voided. This approach minimizes the number of items you have to carry in your pocket to pay any arbitrary price up to some limit, but multiplies the number of denominations in a rather silly fashion. -- Please reply to: | President Bush is promoting Peace and Democracy pciszek at panix dot com | in the Middle East by selling Weapons to the Autoreply is disabled | King of Saudi Arabia. |
#6
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Streamlining US currency
In article
, studio wrote: And also having multiple "faces" on these new denominations... similar to what the Mint is doing with the Presidential $1 coins? There's a very strong bias against multiple designs on the same denomination currency. It is true that way back in "the good old days" (especially before the Federal Reserve began issuing notes) you'd have all sorts of designs for the same denomination currency. This was especially true when many individual banks were in the business of issuing currency. But this gave rise to a lot of problems. For many banks, they contracted their printing of money to a security printer, like American Bank Note Company. These firms allowed their customers to design their own currency; a banker could commission a custom vignette for the note, but much more often the banker would choose among a number of "standard" pictures or portraits that the printing firm had available. Thus, quite a few banks used the same portrait for, say, George Washington. The problem begins in that not everyone used this same portrait for the same denomination. Washington could be on the $1 issued by Bank A, a $5 backed by Bank B, or a $10 or a $100 or whatever. Normally, this would not be a problem, as most banknotes circulated only in the region where the issuing banks were. But not always, especially around large cities (where there could be multiple banks) or transportation hubs. This gave rise to the practice of "raising" notes. Most banknotes are similar in that they display their denominations in large numerals in the corners of the note. A crook raising a note might take, say, a New York-issued $1, some "10"s clipped off of other notes, & paste on the larger numerals on the New York bill. He then goes off to a place like Chicago & uses it at a shop or restaurant to pay for something. The clerk is almost certainly not familiar with New York bills, & is used to the fact that the design tells you little about the actual denomination of the note; you have to read it. Most people, especially in a busy retail establishment, & especially if they aren't too literate, simply glance at the numerals on the corners of the note. The crook walks off with effectively $9 in something he didn't pay for. You'd think that the extra paper pasted onto the corners of the note would be a giveaway, but enough people were fooled by this trick that the authorities considered it a major problem. They pretty much fixed it in the WWI era (by which time no one but the Federal government was issuing notes) by standardizing the vignettes used on denominations. From this point forward, for instance, Benjamin Franklin was the featured portrait of the $100 denomination, regardless of whether it was a Gold Certificate, Silver Certificate, United States Note, National Bank Note, or Federal Reserve Note. You could argue that these days, when the use of color is getting widespread, & (thanks to still-unsettled litigation) different sizes could be used for the different denominations, that they could introduce the occasional special design, but there's doubtless a lot of institutional inertia regarding this, & not everyone reacts favorably to seeing an unfamiliar note tenderded as payment (just look at the occasional story about folks being arrested for attempting to pay with $2s, for instance). |
#7
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Streamlining US currency
barack obama on the new dollar coin
"Bruce Remick" wrote in message ... "studio" wrote in message ... Instead of the current denominations of cent, nickle, dime, quarter, half-dollar... $1, $2, $5, $10, $20, $50 and $100 bills... You forgot the $1 coin.....and it's "nickel" with no hyphen between half and dollar, if you plan to send this to your congressman. What would be wrong with keep the nickle, quarter coins; and adding a decent dollar coin and keeping the $5, $20 and $100 dollar bills? It would just be wrong. Simply wrong. You forgot the dime, too. And the cent and the half dollar. All among our traditional coins for over 200 years. And you want to change that? How old are you anyway? And what would you suggest as a "decent" dollar coin? And also having multiple "faces" on these new denominations... similar to what the Mint is doing with the Presidential $1 coins? Do you really think consumers look at the faces on their coins before spending them? Remember. Change is not always good. |
#8
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Streamlining US currency
Does anybody know who Voltronicus is? Why is he hiding behind an assumed
name? Tony "Voltronicus" wrote in message ... On Aug 22, 2:33 pm, Jon Purkey wrote: Some amounts would require four dimes, so bringing back the twenty cent piece would reduce the amount of dimes that need to be minted. This can't be said enough - Purkey, you're an idiot. |
#9
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Streamlining US currency
jeff & vickie wrote:
barack obama on the new dollar coin No, but how about on paper money instead of George Washington? A coin won't get my ass as clean as paper money will, and with the economy the way it's going FRN's will be cheaper than TP. It's a win-win. |
#10
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Streamlining US currency
A sad troll that has an IQ less than his shoe size, even if UK sizes are
used this still applies. Billy "antoine gelat" wrote in message . .. Does anybody know who Voltronicus is? Why is he hiding behind an assumed name? Tony "Voltronicus" wrote in message ... On Aug 22, 2:33 pm, Jon Purkey wrote: Some amounts would require four dimes, so bringing back the twenty cent piece would reduce the amount of dimes that need to be minted. This can't be said enough - Purkey, you're an idiot. |
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