Message to the President.

I used the number of 100 Bills simply as an example. It could just as easily be 500 of them. The main point was that there is only one* legitimate business that I can think of that "needs" anywhere near that number of bills. I don't think that an individual taking 200 $100 bills to a bank for exchange should raise a lot of eyebrows. On the other hand, someone trying to exchange one or two thousand of them simply didn't obtain them legitimately and should be expected to explain where they came from.

If anyone can explain to me why anybody would have to possess more than 10-12 $100's I'd be glad to listen. Something more reasonable than "Because it's our Constitutional right to do so." Where can you even spend them?

That's the street dealers. I mean the importers and the top guys.



*Casinos - and that need has greatly disappeared since almost all casinos now use chips for table games and have cashless slots.

 

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Really? Italy's basic unit was the Lira divided into 100 centesimos. They haven't had a Centesimo since 1910. They stopped coining Lira for circulation in 1982 because the value was so low. The 5 Lira ended in 1998, the 10 lira and up in 1999 at which point they just waited for the Euro. So I assume you mean tey want to drop the Eurocent. Finland has stopped striking them and the 2 eurocent for circulation and I would not be surprised to see the other countries following their lead soon. That will leave the 5 eurocent as the smallest circulating coin (Worth about 7 cents US)

 

Finland and the Netherlands have practically done away with 1 and 2 cent coins. They are still legal tender of course, and both countries still produce them to some extent. But practically any business rounds totals up/down with cash payments, so the lowest denomination you actually need in FI and NL is the 5 cent coin.

Christian

 

You assume correctly. Of course I was talking about the Euro cent. All I know is Italy tried to follow Finland's lead and realized that for a number of reasons it shouldn't be done.

Saying that eventually it will be done is pretty much the same as saying nothing, because my point was simply that it's not as simple as rounding every transaction up. The authorities need to do the math and see if it's feasible. If it is, then I'm obviously in favor of it.

Also, just by saying that Finland and Holland got rid of it doesn't mean the US could. There are a ton of EU countries in which prices are much higher than the in the US (I'm talking generally, because in a few US cities the cost of living is very high).

 

One thing we have to remember is if the government does something and tells us how much money we will save laughing will be permitted. How many times have we been told over the years the government was going to do this or that and how many milllions or sometimes billions it would save. If the government saved all that money , where is it? In reality the extra cost of producing a penny is really a miniscule amount when one looks at the total picture of expenditures (and waste) incurred in all levels of government.

 

Just a FYI, At the post office, the purchsae any combination of USPS Money orders $3,000 and over requires paperwork to be filled out. So purchase less than $3000 and go to another post office.

 

What about printing $500 and $1000 Notes to keep up with inflation when it kicks in.

 

David,

I agree with most of your message to the president but I only really see the need to get rid of the penny and the paper dollar. By doing so, every other remaining denomination becomes relevant and useful. With the $2 bill the lowest circulating paper money, the $1 coin becomes the half dollar, the half dollar becomes the quarter, the quarter becomes the dime, the dime becomes the nickel, and the nickel becomes the penny.

My only real problem is that I would then have to double the amount of money I spend at the strip club.

Not to mention the transition would be extremely easy since every cash register in the US is computerized.

 

:thumb:

 

:thumb:

 

FWIW india has already lost its 1p, 2p, 3p, 5p, 10p, 20, 25p, and only the village idiots use 50p these days. in big cities even 1 and 2 re coins are fast disappearing.

 

do u use ur toned coins at the strip club?

 

lol!

 

Try flea markets, Gun shows, and I'd be surprised if they aren't at coin shows....

I once witnessed a black label box of .44 caliber Henry ammo made by Winchester sell for $50,000. A cash transaction in 100's ensued...

Also have seen several salvage yard dealers deal in cash only and you would be surprised at what they are carrying on them any given day...

 

I've read a few of these posts for this thread and what comes to mind is that we are coin/paper money collectors. Why would we want to get rid of some denominations? Sure, If the penny was discontinued it would obviously go up in value as a collectible, but I for one do not collect just because a coin has worth. I collect for a multitude of reasons. For one, I like the history behind the coin. Two, it's kind of my addictive nature and so on... Besides, The lowly cent coin is more important than what most people realize. Sure we could round up and all that, but I agree with the one posting regarding sales tax. You'll always come out with an oddball amount. There are several options to saving our USA some money - We just need to use Common Sense. I could go on but this is about the coins. Long live coinage.

 

Because we are also users of coins and paper money. As a coin collector, I like having many different denominations. But what I collect can not necessarily be found in circulation today anyway. And as a user, I do support doing away with 1 and (I'm in Europe) 2 cent coins.

Christian

 

Same place as all the other money they ever got, they spent it. "Hey look that's 100 million we don't have to spend on this anymore! OK, let's spend it on that." In many states they used the argument that if they had a lottery the money from it would be used for education. And as the money from the lottery came in they used it for education, and reduced state funding for education by the same amount and diverted those funds to other purposes.