Thread: Article: Opinion/Editorial - United States Coinage Needs Overhaul Now!!!

You can view the page at http://www.cointalk.com/content.php?...verhaul-Now!!!

I would like to read this but it's very difficult when there are no paragraphs. Does anyone know how to write anymore?

Edit: The original Does have paragraphs. Read the original.

Trust me, he wrote it out very well. Problem is the CT formatting. Here's the link to the old one with the original paragraphing.
Opinion/Editorial - United States Coinage Needs Overhaul Now!!!

Even with paragraphs I still don't feel like reading the entire thing. The article is way too long and strikes me as a rant, it could use some editing for sure.

Interesting comments, just like the problem with current currency, people become distracted by format issues and don't see the solution.

I agree with many of the points made in the post. However, I don't think the half dollar fell out of use due to Kennedy's portrayal on it. I think inflation and the increasing use of dollar bills relegated the half dollar to the nation's change jar. Half dollars are just too big and bulky to be useful in today's economy (IMO). A while back, ModernCoinMart had a contest where they asked contributors to decide how they would change US currency if they had broad powers. Here was my entry: As Director of the Mint, I would start by ending the current practice of spamming our coinage with constantly changing designs (ie; the State Quarters, Lifetime of Lincoln Pennies, and Presidential Dollars). I would take my cue from Theodore Roosevelt and commission a talented sculptor to make American coins impressive again - and then I'd stick with the same design for a decade or more. I think it's time that we turn away from showing dead politicians on our coins and instead go back to representations of the virtues of our Republic. I would have artistic representations of Liberty, Sacrifice, Duty, Honor, and Ingenuity put on the obverse of the coins, and use Roman numerals to clearly label denominations on the reverse. I would also reduce the weight of all circulating coins, especially the dollar, with weight directly proportionate to value.

Oh, hey, it looks like the contest is still going on for 4 more days: http://www.facebook.com/pages/Modern...55220521240297

Great read, interesting points. I completely agree on the Kennedy half as I am NOT a fan of Kennedy himself or still living family members. Nothing against what he did in politics just personality-wise he rubs me the wrong way. Along those lines I also agree with why not honor with a commemorative and be done with it. Then again they did commemorative for states back around the 1920's (granted it wasn't all of them mostly centenials of varying lengths) and yet we still had the statehood quarter program. History repeats itself over and over again. We also do need to do SOMETHING to help our current situation minting coins that are over face value and yes it's an uphill battle. Case in point the business world will never get rid of the cent. How can they put that $10 item on sale for 9.99 if you don't have the odd 4 cents to pay for it? We still have 9/10 of a cent on gasoline for god's sake. It's the psychological edge marketers and sales uses to trick most people into buying something, buying more, buying because it's on sale even if just for a few cents. I personally think the better issue would be to if even possible make the coins a bit smaller or even thinner? I think a small diameter change would not be noticed by Jon Q. Public to cause outrage. The other item that isn't touched upon that could help reduce the cost/value differential is labor. I don't know but it's my guess that mint machinists are union and paid wonderfully. If nothing else to keep stealing down. Not to mention they are federal workers entitled to wonderful benefits that raise the production cost side of things. Cut those items back from all mint employees to Congressmen and watch the saving roll in from all directions. Maybe if they have to actually work then some coinage laws would be updated...lol.

While Mike makes some very good points, he just doesn’t go far enough. If you really want to make fiscal sense, and I know this is utter numismatic blasphemy, we should eliminate coins completely and deal only in credits. Coins are actually obsolete and the only reason we use them anymore is because of tradition. Getting rid of coins would cause a few important things to change (no pun intended). Banking costs would plummet, cash registers would be unnecessary, armored cars would become armored sub-compacts, copper, nickel, silver, zinc etc. would be better used in computer hardware, and thousands more positive changes would save this country billions annually.

Now coin collectors would tar and feather the guy that suggests such a move and I would most likely brake out my torch and join them, but the coin has outlived its usefulness and has no real value anyway. The only reason it has value is because we say it does just like the almighty greenback. Since we are only fooling ourselves, why not move to a credit based economy and eliminate the lie of the value of our coins and currency? What's that on the horizon? It seems to be the glow of torches coming this way.

because hard money (coins and notes) are the only defense that every day people have from computer hackers, bank officials or anyone else corrupt who would rather they didn't have any means of purchase outside of the commercial loop. A credit society opens us up to corruption on a grand scale and takes every day money decisions out of the average person's hands. As in the days of intrinsic coinage, there will always be some form of coinage that is used in transactions between the public because the public will never be satisfied to have their money on a theoretical basis. They will want some hard cash. It may not be what we know today, but something of value will always be a vehicle of exchange.

The vast majority of people in this country do not have hard money at their disposal even with the option available to them. That doesn't represent much of a defense if people have the option and don't use it. If people have actual vast quantities of hard money, it is in all likelihood sitting in a bank where it is just as susceptible to computer hackers and bank officials. I used to say that I'd never use an ATM but now I prefer them to actual tellers. People will go with what they get used to whether it is a coinless/cashless society or a credit based society. I currently use a debit card more often than I use cash. I almost never have cash in my wallet. I and many others are already on our way to a cashless society whether we know it or not. It is coming and I bet it isn’t that far off. My paycheck is deposited directly to the bank. I use my debit card to draw on those funds. I pay bills electronically. I shop for groceries using a debit card. I am virtually using credits now. It’s coming.

My point, moen, is that a credit or cashless society will be easier to cheat or corrupt. A computer hacker can make himself seem like a millionaire or even become a real one in a computerized system.

People to people transactions will always need some sort of currency, be they beaver pelts, paper dollars, buttons, stamps, etc., because people inherently don't trust authority figures and governments and also because it's harder to commit fraud with a currency in place.

Hum? Your position seems resolute. I disagree for the reasons already stated. I'm not looking forward to or even hoping for a credit based society, I'm just saying that it is just a matter of time before it is here. It will simply be too cost effective to avoid regardless of what people might want or not want. It will happen most likely in your and my lifetime.
Sure people will always trade one item for another or simply trade for some type of favor but a government sanctioned physical currency is in its twilight. Do you disagree that we are at least in part already on our way to a credit based society based on the examples I have previously mentioned?

Originally Posted by Moen1305

The vast majority of people in this country do not have hard money at their disposal even with the option available to them. That doesn't represent much of a defense if people have the option and don't use it. If people have actual vast quantities of hard money, it is in all likelihood sitting in a bank where it is just as susceptible to computer hackers and bank officials. I used to say that I'd never use an ATM but now I prefer them to actual tellers. People will go with what they get used to whether it is a coinless/cashless society or a credit based society. I currently use a debit card more often than I use cash. I almost never have cash in my wallet. I and many others are already on our way to a cashless society whether we know it or not. It is coming and I bet it isn’t that far off. My paycheck is deposited directly to the bank. I use my debit card to draw on those funds. I pay bills electronically. I shop for groceries using a debit card. I am virtually using credits now. It’s coming.

OMG, look what the cat dragged in. Thank God for the poker boom huh Moen? At least there is one competing interest to a cashless society. Do you miss me on PRWE?

Poker uses poker chips not money.