Is us collecting for future down tubes

agreed.

Also, the government can save money if they switch to a dollar coin, and not a note. -- that's also another argument though.

 

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you do realize, that is not just vending machine company's. think about all the toll roads, that use coins. who pays for that? you will have to with your tax dollars. just look at nyc's subway system alone!

i don't think its fare to say it would be a better idea, to replace all the machine's that take money, without numbers to back it up.

i really would be for whatever is cheaper on the government, in the end its better for us.

 

Article I, Section 8 provides Congress with the Authority: "to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures."

As per Article IV, it is my understanding that such a change would require an amendment to the Constitution to make this change. It would take 2/3 of Congress to allow such consideration for this change, and 3/4 to ratify it.

If I am indeed correct, it is my opinion that given the current bipartisanship, such ratios would be unobtainable (thank God.)

 

Panda - you are absolutely correct. All the millions cited in savings are not factually correct, as such numbers do not represent the true costs involved in making a change. A true Cost-Benefit-Analysis, and a Return on Investment (ROI) study would need to be undertaken in order to attain whatever actual realized savings.

 

Yeah well fortunately the other Branches of Government haven't fully handed over the keys yet to Dear Leader!

 

I started this post because I really love to collect and I know that everyone on here does to thats why I wanted others input on this matter I guess you all are right no matter what the composition of material to make our beloved coins they will be collected my preference just happens to be mostly precious metals but I'm very concerned about our currency in general and the possible changes to come!

 

The reason we have fractional currency as in coins is for taxation. If the smallest unit of money is $1 such as a paper bill, then the minimum tax collected on a purchase must be $1. So cheaper items must then be taxed 100%. Add coins into the mix and taxes can be whatever. I realize that fractional currency can be paper, but there are costs involved with that too, not to mention the problem of counterfeiting. Especially with today's technology, bills need to be provided with anti counterfeiting techniques that raise the cost. I truly feel coinage will remain for years and years to come. Our government even mints coins not intended for circulation. That means there is issued currency that is "forced savings", never used in business. The greater number of varieties minted means the greater amount of money that is hoarded. Of course the higher demonation of the coin equates to the greater amount of currency that is squirreled away. If $500,000,000 face of "collectible" coins are minted at a cost of $10,000,000, the government can pay for a good portion of the process of minting business strike coins. I think that is why we are seeing so many varieties today and will continue to in the future. IMHO

 

Gary thanks for comment sorry your in pain

 

I will change that, right away. I put it up last night. I have a chronic condition from old injuries that couldn't be fixed. It's like your shadow, always around. LOL No biggie.

Thank you for your concern. It is appreciated.

 

Obama wants to give us change, let him give us change. I would certainly collect them if they were made out of another metal. Some things get boring after a long time.

 

I don't really think a sitting President is the one in charge of policy of issuing the Nation's coinage, do you ? That's like blaming the guy for the oil spill. I mean he is President, but that position is not as powerful and limitless as many would like to think. IMHO

 

I'm sorry, but I am not buying these reasons. They are excuses, plain and simple.

I can't remember the last time I saw a vending machine with products that would require the user to have either pennies or nickels. Same thing with toll roads. Most are in increments of quarters or dollars these days and the majority of users pay electronically with systems like EZ-Pass. The NYC subway system? I don't know anybody who uses change to buy a metro card, not one single person. Even the things you didn't mention like parking meters require quarters at this point.

The days of machines that use pennies, nickels, and even dimes is gone. Anyone still using these machines has seen the writing on the wall for a long time. They can recoup any operating costs they incur with the change in machinery with a price increase. Problem solved!

 

I think the pay phone (if you can find one) still takes nickles and dimes......

 

when i stayed up in nyc at my friends for 2 months, everyone was using change in the machines for metro cards. and they do take nickels, actually the pepsi machines i use take nickels. at least in pittsburgh, you can still put dimes, nickels in the parking meters, even the parking pay stations take dimes, not sure about nickels.

as far as e-zpass, i would like to see numbers that back up the majority of people using it. every time i have been on the turnpike, i have seen a lot more cars go through the pay toll. not to mention 1 e-zpass lane and 5-8 pay lanes. i know you get through faster with e-zpass, but if the majority of the people had it, it would make more sense for more then just one lane to be open.

like i said before, its pointless without factual numbers to back it up. and the only way, that will happen is IF the government pays, to get it done.

 

No he is not. As per my previous post, I stated that coinage is the responsibility of Congress, as per the U.S. Constitution.

And indeed, Obama is indeed trying the wrestle control of coinage from the Constitution.

-----

As for your analogy pursuant to the oil spill, Obama is indeed accountable. He's the chief executive of cabinet-level agencies and the execution of the policies thereof, including those of Department of Interior, which oversees the allegedly corrupt MMS. The MMS should have enforced the Federal regs, which if properly followed, probably would have averted this spill.

Using your logic, Tony Hayward, the Chief Executive of BP, shouldn't be held accountable either.

 

Just because the machines take dimes and nickels doesn't mean people are still paying with them. I don't know who your friends are in NYC but everyone I know who lives there buys month metro cards, not fare by fare with nickels which would require a whole roll anyway.

I am sure that the cost of living is much higher where I live, but no parking meters around here accept less than quarters and every toll is $1 or more.

Regarding EZ-Pass, it is not one EZ Pass lane. It is one EZ-Pass only lane. An EZ-Pass holder can go through any lane in a toll plaza, not just the EZ-Pass only lane. The EZ-Pass thing is also related to where you live. In New Jersey, you really can't go anywhere without paying a toll. The Garden State Parkway (toll road), the Atlantic City Expressway (toll road), every bridge/tunnel into NYC or Philadelphia (toll road). Anyone who travels on these tolls roads everyday would be stupid not to have EZ-Pass as you obtain frequent user discounts. For those people not burdened by frequent toll roads, I guess there is no need for EZ-Pass. But even then, those infrequent users would have no reason to be carrying nickels in their cars to pay the tolls.

 

Lets try to avoid politics and political personages unless they are on a coin or a note

 

I concur. The comparison that was proffered didn't have any relevance to the topic at hand.

 

While the topic may have strayed slightly, it is relevent to the OP. Nearly 50 years ago, I was told that in my lifetime cash would disappear. That we would use a plastic card to buy everything and earnings would be deposited to that card. In this manner, all transactions could be taxed. Well, we aren't quite there yet, but seem close. Social Security strongly urges direct deposit and banks push debit cards. Even rebates come as gift cards as do unemployment checks. In short the future of coinage may be only those coins issued strictly for collecting. Business strikes could disappear. Very few slot machines here in Vegas take coins today. This eliminated the "change girls" almost entirely. Although new coin issues certainly attract collectors, once an issue cannot be found in circulation, interest wanes. I mean how many kids are collecting IHCs ?

As far as coins for tolls, machines, etc. Technology is rapidly ending the need for coins. The EZ passes can be used for parking meters, toll booths, turnstiles, etc. In fact there are Casinos that are experimenting with credit card readers on slot machines. That eliminates the need for not only coins, but cash entirely.
It is likely that collecting coins will at some point in time belong only to the very wealthy who collect them as specimens.
Just a thought.

 

Why don't the vending machine operators modify their machines to use the "Ticket In/Ticket Out" technology that all of the casinos are now using? They wouldn't have to worry about having change in the machines at all.

Chris