OK so Mike wrote an article where he states we should overhaul our coins system. What would you replace it with? change? (so to speak) Here's my 2c... literally as well as figuratively. Do away with all clad coinage, I believe clad coinage is a lie and cheat that obfuscates the real value of money. Coins should have real value, less than face, but some real honest value in the real world. Not try to look like more than they are. 1c do away with it 2c Introduce new size, tiny, size of old half dime but thicker, smooth edge, in low cost zink/nickle/+2% copper alloy 5c do away with it 10c same size as current dime, change to solid 75% copper 25% nickle alloy, like the current outer layer, solid alloy all the way through, not clad. 25c same size, thicker feel like older quarters, change to solid 75% copper 25% nickle alloy, like the current outer layer, solid alloy all the way through, not clad. 1.oo much smaller than 25c, but thicker so it has a good solid feel, old Susan B. rim pattern, change to copper alloy that penny used to be pre 1972 1.00 paper do away with it. 5.00 barely bigger than new $1, different, conventional thin rim pattern, thick solid feal, made of copper alloy that penny used to be pre 1972 10.00 barely bigger than new $5 dollar. Very wide rim pattern (simular to recient quarters) made of copper alloy that penny used to be pre 1972 $50 coin a little smaller than half dollar, same thickness, reeded edge. Same silver alloy as old silver dollar. $100 coin a little smaller than old silver dollar, same thickness, reeded edge. Same silver alloy as old silver dollar. Minor variations on these alloys as the minting process may dictate. May have to og 40% on sliver $50 and $100 2c will now be 5 to a dime instead of penny 5 to a nickle. 2c piece will give us better value rounding up or down for taxes, than just droping the penny and only having the nickle. Revive LIBERTY theam for a season on new 2c, dollar and five dollar coins. Leave the dime pattern alone. Also for a season, no more series or theams of any of any sort on new quarters. No series or theams on any the others, with one exception. Finish out the Presidents theams on the new $10 dollar coins (it will be closest in size to the recient dollars). I believe the 1c and 5c must both go away at the same time for the 2c to be accepted. I believe the paper dollar must go away for the coin dollar to be accepted. I believe the thickness of new coins is important, so that they have a good solid feel as you handle them; so they have the feel of good value. (has anyone else noticed that the new quarters feel cheaper, lighter.) I know, I know. We love our pennies and nicks. I love them too, and have fond memories, and still enjoy looking through circulated. But, all good things do, in time, come to and end. And if done right you know your gonna love it when the new ones come out. Money that has real value and isn't trying to pretend its something its not. What do you think of this plan? What do you like? What don't you like? Improvements? Plans of your own? Lets make better money!
I don't think the $50 or $100 coins will circulate. Just imagine losing one of those babies. There is a good chance they will be hoarded (I know I would!) for their melt value with a nice face value to fall back on if the melt ever plummets.
Lots of good thoughts but too many changes for the public to understand. The old coin types would continue to circulate forever. All the new coin types would be really cool for the hobby. I could really get into collecting a copper dollar.
You put a lot of thought into your plan, but what would happen if silver went through the roof? All of your circulating bullion would be hoarded and it would be 1964 all over again. But I love the idea of high-denomination coins in circulation!
The OP has a very radical plan, lots of big changes. I think that the changes should be gradual and incremental. first do away with the crane and company one dollar bill, and use those dollar coins. I think that from a collectors standpoint, the one dollar bill should be demonetized, no longer used as legal tender, this should be a two year process none of that thirty days stuff. This will give collectors a longer term window on wither prices are to go and would sort out the market and quickly reduce the stockpile of dollar coins that are being stored.
I'm for ending coins in circulation period. I know this is not what you want to hear, but think about it. We can now do everything with the swipe of a card. I actually believe that ending the circulation of coins would add to the value of numismatics. It would add to the mystique of coinage in general. We have thousands of years of documentation of coins, and we now have the internet. I am sure that numismatics will be preserved. Current circulated coinage only cheapens it.
really interesting comments so far. and since we will never have any say in any of this, lets have some fun with the discussion... JCB1983 , that is exactly why I started with the idea that coin money should have real value. And, despite the possibility of counterfeit, why I like the idea of a high denomination. If you only have internet e-money, then it is all controlled by... the banks. and how has their record been over history? Crashes, closures. and of course it is "funny money" that DOESN'T have any intrinsic value, only what the economy and Government say it's worth. and how has that done? Crashes failures and various re-flations. Real coin with hard value brings stability to money and assures value in all times, good, bad and crazy in all extremes. Another thought about hi value denominations. That is a real concern about counterfeit, but paper is counterfeited too. One in 5 $100 in the world is counterfeit and is very good looking counterfeit, that was printed in, yes, Iran. oh the irony. But that is why it should be made of valuable metal. A high silver content of high denomination coin would make it uneconomical to counterfeit in the same alloy, and fairly easy detect in cheep counterfeit alloy. For that matter, why make a $1 that is worth $30 or $40? Why not coin it as a $50 piece? The mint would make more $ on it and I would still buy/collect/save them. Be honest with our money. Hording would be a good thing. Lets call it something else, savings. Savings of a real tangible asset.
Chip, I couldn't agree more, that the change should be gradually phased in, and start with the dollar, just as you suggest. But I don't think you need to demonetize them. Just let them wear out and be horded as collector bills. They won't last more than 2 years before they are all worn to shreds. Let folks take shreds to the bank and exchange them for (my new copper) coin dollars. and Geezer, could you just tell us what you think! LOL
Only five changes are needed IMO 1. Limit, not eliminate production of 1c and 5c coins (300 million 1c and 120 million 5c) 2. Bring Liberty back to the 50c coin 3. Introduce a $2 coin (not like the Euro and the Canadian $2), made of 95% nickel, 5% silver, 1.5 times as thick as the 50c, same size 4. Go back to the 2000-2008 Sacagawea Dollar design 5. Get rid of the $1 bill
We have to adapt to the fact that our coins and bills no longer reflect any semblance of the value they once held. While I see no problem continuing to calculate prices to the penny, when it comes time to cash out (pay) we should round to the nearest dime. 1. Ditch the 1c and 5c - except for collectors - Mint set, Proof set, Rolls, to meet demand. 2. Ditch the 25c - sort of - simply keep the current size but with a different color and composition and make them half dollars. 3. Ditch the $1 bill. Put Washington on the $100, put Franklin on the $250 when that bill becomes necessary (tank of gas or carton of cigarettes) 4. Ditch the $5 bill. Put Lincoln on the $10 and put Hamilton on ice for now - Maybe someday we can put him on the $500. 5. Introduce a bimetallic $5 coin with a nice Liberty design.
Take the lead from our neighbor to the north. Eliminate the cent. Change the composition of the 5, 10, 25 cent coins to plated steel. Eliminate the half dollar, except for collector issues to be sold at a premium. Eliminate the $1 and $2 bill and replace them with the gazillion "golden" dollars currently corroding in government vaults and a bi-metallic $2 coin.
Why eliminate the cent and the 5 cent coins? Currently they are the only coins that meet your value criteria.
Imagine all the thieves and bank robbers trying to lug several hundred lbs of coins instead of paper...
Justafarmer - because they exceed the value of face. I recomend value but less than face. Abe - the reason I hear that there is no $500 dollar bill is that they want drug dealers and other bad guys to have to use big piles of $ for their transaction and make it more obvious. Dubious as that sounds as a substantial reason, if it were coin, it would be a lot more obvious by size and weight and easier to scan. so, coin would be better defense against bad guys. what do y'all think of the small 2c piece? It would be mainly because of sales taxes. Remember that little tax token for a 1/10 cent?
