Among the first batch of smart cards available, COIN works with mobile phones and allows scanning of multiple credit cards. Though the review below, from about 6 months ago, says "it's not quite there yet," this could be one of the directions that future money takes. Interesting that they called it "COIN," the thing it's probably trying to replace (though "COINBILL" may have been more accurate). The company's website with more videos is here: https://onlycoin.com/
That's a bit old hat, it would be useless in Britain where we have all been chip and PIN for a few years. I can't remember when I last swiped a card. Oh, and I don't have a smart phone. Or credit cards, for that matter. I just have real money or a contactless payment debit card. That always works in ATMs. And costs nothing, not $100. Possibly an invention a bit too late.
If you think it through for a bit, you'll realize that the abolition of cash would be the best thing that ever happened to collecting. That makes it final - all the legal tender coins that will ever exist, exist, and all of a sudden every single one is historic. Of course, that's the broad view. Prices will skyrocket. Leaving cash behind completely wouldn't even be a blip in my life.
Of course, that's the broad view. Prices will skyrocket. Postage stamps are a thing of the past, but prices have not done anything much. And you can bet people will continue to turn out 'collector's' coins in the same way as they make pointless stamps. I suspect it would take 20 years for people to even notice.
I have one each of the cc's, but use only the card that gets me the most cash back. In the rare case it's not accepted, then I can carry another one for backup. So it's a bit redundant. There needs to be a greater benefit than downsizing the card count, especially for new/young, single-card holders and low credit folks who make up a large part of the population. If it somehow dealt with cash-only transactions without even needing to go to the ATM, accept and send cash transfers directly, and get around domestic and international wire transfer fees, then it might be something to consider. The closest thing to that today is PayPal and some bank apps on the smartphone, which would make these benefits to COIN redundant as well, since you likely won't be eliminating your smartphone from your EDC. I agree. Though to add, I'd say that even then it would unfortunately have been a short term trend and a good candidate for M&A before losing its momentum.
Same here. And the company even emphasizes (in the FAQ) that "it works anywhere a magnetic stripe is accepted". Umm, not too many places left, I suppose. Christian
Sweden is almost cashless now. (New York Times here: http://www.nytimes.com/2015/12/27/b.../in-sweden-a-cash-free-future-nears.html?_r=0) One article that I read noted that even the 70s-Retro Abba Museum is cashless. If you stop and think about it, metals - first bronze slabs, then silver jewelry, then coins - replaced cows and wheat as money starting about 5000 to 2500 years ago, and yet, you can still trade cows for wheat in commodities exchanges. The world's governments officially went off precious metals by 1965, yet they still strike precious metals, especially gold and silver bullion. Similarly, I believe that in another generation "no one" will use tangible money, and yet, it will still be around. Governments will issue commemoratives. I also look to private issues. Silver art bars (rounds, etc.) will remain popular, especially with Americans. Bar tokens and other good-fors will continue, as will community currencies in paper such as Bay Bucks and Time Dollars.
True, but Björn Ulvaeus is a special case anyway. He has been a "no cash" evangelist for a couple of years, apparently because one time his son was robbed. Of course he may well have reasons beyond that. And yes, in Sweden (and Denmark, maybe other Nordic countries as well) you do not really need cash, cards and apps are more relevant. But the Riksbank still issues new coins and notes; the process started in October ... Here in Germany you can use your debit card at almost every store, and credit cards are much more common than they were a few years ago (also because the EU "capped" the fees for Visa and MC), but I would still use cash for a €1 payment at a bakery for example. In Denmark and Sweden even such mini-transactions would usually not involve cash. But an extra card-type device that combines various cards? I do not think that is the future. Christian
And I'm thinking there are darn near as many members of Coin Talk as total stamp collectors in the country. Slight difference in scale.
Slightly off-topic, below are clips from "Freaks & Errors," a Kickstater-funded documentary that apparently wants to attempt to make stamps "cool" again. Though the clips look intriguing, none of them have made me want to go and start stamp collecting. I'm not sure what that would take.
I went to Norway, Sweden, and Iceland last summer for vacation and used cash and coin just so I could get some additions for my collection. That's one of the best parts of visiting a foreign country, bringing back their coins and currency. Sweden is bringing back the 2 Kroner coin this year and is also redesigning some of their notes too. Also I went to the Royal Coin Cabinet in Stockholm and they have a huge coin collection from ancients to medevials to the present.
