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#11
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Changing the Metal Composition Of Coins
"Dave Allured" wrote in message ... Dave Allured wrote: Paul Anderson wrote: In article , Dave Allured wrote: Sweet. We *really* should stop manufacturing and retire both the cent and nickel, right now. I agree, but it seems so difficult to even get rid of the penny, imagine the outcry if we tried to eliminate the nickel too! We need to take one step at a time. Suppose we changed the composition of the nickel so it costs less than face value to make. Wouldn't that mess up the vending machine industry? Would all machines that accept nickels have to be changed? They have you thinking inside a small box, Paul. That is a problem begging to be not solved. Suppose vend operators said enough is enough, priced everything at 75¢. 1.00, 1.25 etc. (Like it has been at my agency for the last year or so.) Suppose they decided sure, we like those coin acceptors just the way they are, so any new fangled light weight nickels just rolled back out the coin return. Suppose you would have to consider yourself lucky if some vending machine would even take your measly two dimes and a nickel. No laws would need to be changed, and almost nobody would complain. The attachment to coinage worth more than its metal is exclusively sentimental. Erp. I meant, "The attachment to coinage worth LESS than its metal is exclusively sentimental." There are a few monetary conservatives here who would agree with your first phrasing too. |
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#12
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Changing the Metal Composition Of Coins
"Dave Allured" wrote in message ... Bruce Remick wrote: "Paul Anderson" wrote in message news In article , Dave Allured wrote: Sweet. We *really* should stop manufacturing and retire both the cent and nickel, right now. I agree, but it seems so difficult to even get rid of the penny, imagine the outcry if we tried to eliminate the nickel too! We need to take one step at a time. Suppose we changed the composition of the nickel so it costs less than face value to make. Wouldn't that mess up the vending machine industry? Would all machines that accept nickels have to be changed? Paul Given today's vending machine product prices, it's hard to imagine nickels or dimes having a practical use in vending machine purchases or change making anymore. But I suppose as long as there are little old ladies with change purses, the machines will have to accept them, just like the turnpike toll machines. Little old ladies with change purses have been unable to dump their pennies into most vending machines for, oh, about half a century ago. That indignity is now reserved for live grocery and department store clerks. For the last half century or more, pennies were always the subject of controversy whenever anyone tried to spend more than a reasonable amount of them on a purchase. I don't know if there's any law specifying how many pennies a merchant is obligated to accept today. Nickels haven't quite reached that status yet. Fifty years ago you could use pennies in machines that sold candy, gum, peanuts, etc. and in "Penny Arcades" at amusement parks. Merchants didn't flinch when people (mostly kids) would count out 20 or 30 pennies for something they had saved for. Today there don't seem to be many machines that sell stuff priced at less than a dollar, and nothing that I've seen that would return a nickel or dime in change. They (the ladies) seemed to get over it fairly well. I expect they will face up to loss of their freedom of nickels with similar aplomb. I agree that further production of pennies and probably nickels could be eliminated. If we can grudgingly accept a multi-trillion debt, we should have a much easier time learning to handle a modified pricing structure involving a few cents. |
#13
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Changing the Metal Composition Of Coins
In article , Dave Allured
wrote: They have you thinking inside a small box, Paul. That is a problem begging to be not solved. Suppose vend operators said enough is enough, priced everything at 75¢. 1.00, 1.25 etc. (Like it has been at my agency for the last year or so.) Suppose they decided sure, we like those coin acceptors just the way they are, so any new fangled light weight nickels just rolled back out the coin return. Suppose you would have to consider yourself lucky if some vending machine would even take your measly two dimes and a nickel. No laws would need to be changed, and almost nobody would complain. If a vending machine item were today priced at 60¢ I think people would not be happy if it went up to 75¢. I've seen many vending machines in which products are priced at non-multiples of 25¢. And since no one has suggested changing the composition of dimes, I suppose an 85¢ item would be OK, just not a 90¢ item? (But then, you could put in two quarters and four dimes, or a dollar and get a dime back.) The vending machine industry would have to figure out if the cost of changing all their coin acceptors is worth the possible backlash from consumers who couldn't use new nickels in the machine. Paul |
#14
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Changing the Metal Composition Of Coins
mazorj wrote:
"Dave Allured" wrote in message ... Dave Allured wrote: Paul Anderson wrote: In article , Dave Allured wrote: Sweet. We *really* should stop manufacturing and retire both the cent and nickel, right now. I agree, but it seems so difficult to even get rid of the penny, imagine the outcry if we tried to eliminate the nickel too! We need to take one step at a time. Suppose we changed the composition of the nickel so it costs less than face value to make. Wouldn't that mess up the vending machine industry? Would all machines that accept nickels have to be changed? They have you thinking inside a small box, Paul. That is a problem begging to be not solved. Suppose vend operators said enough is enough, priced everything at 75¢. 1.00, 1.25 etc. (Like it has been at my agency for the last year or so.) Suppose they decided sure, we like those coin acceptors just the way they are, so any new fangled light weight nickels just rolled back out the coin return. Suppose you would have to consider yourself lucky if some vending machine would even take your measly two dimes and a nickel. No laws would need to be changed, and almost nobody would complain. The attachment to coinage worth more than its metal is exclusively sentimental. Erp. I meant, "The attachment to coinage worth LESS than its metal is exclusively sentimental." There are a few monetary conservatives here who would agree with your first phrasing too. Ah yes. In fact that is an understatement. ;-) |
#15
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Changing the Metal Composition Of Coins
Paul Anderson wrote:
In article , Dave Allured wrote: They have you thinking inside a small box, Paul. That is a problem begging to be not solved. Suppose vend operators said enough is enough, priced everything at 75¢. 1.00, 1.25 etc. (Like it has been at my agency for the last year or so.) Suppose they decided sure, we like those coin acceptors just the way they are, so any new fangled light weight nickels just rolled back out the coin return. Suppose you would have to consider yourself lucky if some vending machine would even take your measly two dimes and a nickel. No laws would need to be changed, and almost nobody would complain. If a vending machine item were today priced at 60¢ I think people would not be happy if it went up to 75¢. Well, of course not, but not to any greater degree than they are unhappy about everything else. Find me a person who has not lived through several vending machine price increases. Most of us continue to patronize them, it appears, or the machines would gradually disappear. I don't see that happening. I've seen many vending machines in which products are priced at non-multiples of 25¢. And since no one has suggested changing the composition of dimes, I suppose an 85¢ item would be OK, just not a 90¢ item? (But then, you could put in two quarters and four dimes, or a dollar and get a dime back.) The vending machine industry would have to figure out if the cost of changing all their coin acceptors is worth the possible backlash from consumers who couldn't use new nickels in the machine. They have indeed had to make that calculation on dozens of occasions in the past, through times thick and thin, but they seem to continue to thrive. You and I may not know how to do the studies and reconfigure their machines, but I am totally confident that the vending industry knows how to do it most efficiently and cost-effectively. They're specialists, after all. James |
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Changing the Metal Composition Of Coins
On Fri, 5 Feb 2010 09:10:21 -0500, "Bruce Remick"
wrote: "Dave Allured" wrote in message ... Bruce Remick wrote: "Paul Anderson" wrote in message news In article , Dave Allured wrote: Sweet. We *really* should stop manufacturing and retire both the cent and nickel, right now. I agree, but it seems so difficult to even get rid of the penny, imagine the outcry if we tried to eliminate the nickel too! We need to take one step at a time. Suppose we changed the composition of the nickel so it costs less than face value to make. Wouldn't that mess up the vending machine industry? Would all machines that accept nickels have to be changed? Paul Given today's vending machine product prices, it's hard to imagine nickels or dimes having a practical use in vending machine purchases or change making anymore. But I suppose as long as there are little old ladies with change purses, the machines will have to accept them, just like the turnpike toll machines. Little old ladies with change purses have been unable to dump their pennies into most vending machines for, oh, about half a century ago. That indignity is now reserved for live grocery and department store clerks. For the last half century or more, pennies were always the subject of controversy whenever anyone tried to spend more than a reasonable amount of them on a purchase. I don't know if there's any law specifying how many pennies a merchant is obligated to accept today. According to the article below, there doesn't seem to be any federal law obligating merchants to accept every type of coin or currency for payment. 'The Treasury Department goes on to say that there's no law "mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services." "Private businesses are free to develop their own policies on whether or not to accept cash unless there is a state law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills." Tim Smith, a spokesman for American Airlines, elaborated on this interpretation of the law. "Any business can do what it wants," he said. "If they say you have to pay in carrots, they can do it." ' http://www.latimes.com/business/la-f...37,full.column Just like the signs that used to appear in stores stating that "We reserve the right to refuse service to anyone", there could be signs saying "We reserve the right to refuse particular types of payment". Nickels haven't quite reached that status yet. Fifty years ago you could use pennies in machines that sold candy, gum, peanuts, etc. and in "Penny Arcades" at amusement parks. Merchants didn't flinch when people (mostly kids) would count out 20 or 30 pennies for something they had saved for. Today there don't seem to be many machines that sell stuff priced at less than a dollar, and nothing that I've seen that would return a nickel or dime in change. They (the ladies) seemed to get over it fairly well. I expect they will face up to loss of their freedom of nickels with similar aplomb. I agree that further production of pennies and probably nickels could be eliminated. If we can grudgingly accept a multi-trillion debt, we should have a much easier time learning to handle a modified pricing structure involving a few cents. |
#17
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Changing the Metal Composition Of Coins
On Feb 5, 4:17*pm, Tom Wayne wrote:
"Private businesses are free to develop their own policies on whether or not to accept cash unless there is a state law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills." Tim Smith, a spokesman for American Airlines, elaborated on this interpretation of the law. "Any business can do what it wants," he said. "If they say you have to pay in carrots, they can do it." ' I am fairly sure that a gold clause in business contracts has been repeatedly overturned in many cases over at least a century. I am not a lawyer, and perhaps there is a way to make such a requirement. |
#18
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Changing the Metal Composition Of Coins
Peter wrote:
On Feb 5, 4:17 pm, Tom Wayne wrote: "Private businesses are free to develop their own policies on whether or not to accept cash unless there is a state law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills." Tim Smith, a spokesman for American Airlines, elaborated on this interpretation of the law. "Any business can do what it wants," he said. "If they say you have to pay in carrots, they can do it." ' I am fairly sure that a gold clause in business contracts has been repeatedly overturned in many cases over at least a century. I am not a lawyer, and perhaps there is a way to make such a requirement. I wonder why I could not sell, say cars, for gold. Say one new Smart car for 15 ounces of gold. Not in dollars of gold, but in ounces of gold. -- Government is a voracious monster that must have your labor to control YOU! Your money is your liberty. The taxes you pay gently enslave you, and eventually destroy any human liberty you have. Fear government, pray for the country. |
#19
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Changing the Metal Composition Of Coins
On Feb 27, 4:30*pm, George wrote:
I wonder why I could not sell, say cars, for gold. Say one new Smart car for 15 ounces of gold. Not in dollars of gold, but in ounces of gold. Brought back a memory from the 1960's. Car dealer had sign on car window, offering it for "2,000 bananas". Guy came in with that many bananas. Dealer of course refused. Guy brought him to court and won. Now, he probably would be fined for bringing a frivolous law suit. Jud - "Come Mr. Tally man, tally me banana" |
#20
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Changing the Metal Composition Of Coins
"George" wrote in message
... I wonder why I could not sell, say cars, for gold. Say one new Smart car for 15 ounces of gold. Not in dollars of gold, but in ounces of gold. You could sell cars for anything you want - dollars, gold, horse manure, whatever - all you have to do is find a buyer who will agree to your terms. |
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