So Much for "Cash is King"

EXACTLY!! Why do you think they used it for the EAGLE Silver coins??

 

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Yes, indeed. Reckon that's why the design was used for the Silver Eagles.

 

And since the talk is that only reverse of the ASE will be changed, what you say makes a lotta sense.

 

I read through this entire thread, first, before commenting. I guess most of you have led sheltered lives. The major reason why many stores do not accept large bills is because they are afraid of being robbed when carrying too much cash on hand.

 

Those places I spoke of wouldn't take 50's either....on 20s or below.

Maybe I am wrong...I hope so but it just seems besides general contractors....many of the businesses I use prefer credit.i had a guy lay tile, he wanted to be paid upon completion but said he only takes cash so I had to go to the bank as he waited for me to get his payment. Now I ask before they start the job.

Credit is fine and convenient, to me there is absolutely no difference as both are a form of currency...but I like physical currency... but I avoid it mostly because you never know.

Every hotel I go to requires a card....most restaurants will take larger bills but fast food places often don't. Lot of gas stations don't....lot of places going cashless or only taking less that 50.

 

I agree...after the euro I lost total interest in European coins.

 

You're being too generous. It's all been downhill since the fall of the Sasanian (Neo-Persian) Empire in 651 AD! Imagine paying for your groceries with a few of these:

 

If something costs $35-$40, they are still going to refuse a $50?

 

I usually deal in cash.

Due to the China Virus, I just scan a credit card since I don't trust the change coming back to me. It may be crawling with deadly germs.

Although the last three coins shows have been cancelled, I am also staying away from them for a year or more. It's too risky.

 

I've said this here elsewhere before, but I unintentionally went cashless over the past 5 years or so. During that time, cash became more of an inconvenience for me because it required going to an ATM or to a bank to get it. My card works everywhere and I have yet to experience a single store or vendor that doesn't accept plastic. Even every vendor I went to at our State Fair last year accepted plastic. So I would now have to go out of my way to use cash. Without realizing it, I stopped using cash completely. Then one day I woke up and realized that I hadn't even seen a $20 bill in months. I had no cash, no pocket change. I panicked at first because, as a kid, I lived through the generation before ATMs, when the money that you had on your person had better last until the banks reopened. Back then "my last $20" meant something. It meant your last one until you could go to a bank. So people pretty much always had to have cash (or checks) on them at all times. Those days seem to have greatly diminished, though not completely vanished yet. It also seems to depend on where one lives. I live in a pretty big city where everything has become digitized. Things seem a little different in rural areas, where I remember needing cash on road trips in the past. But the last few road trips I took through the countryside, maybe a year ago, didn't require any cash. I think it will take a while, but I do think that physical money will eventually disappear, unless the world takes a drastic turn in some way, which does appear to be happening at present. So who knows?

 

That's what every McDonald's I have gone to in my area says. They have it posted they do not accept 50s or 100s. I didn't ask but you have a point. They won't take a 50 if the bill is 45? Maybe it's because of counterfeiting but people counterfeit 20s.

 

Now with the Rona some stores wont accept cash because it may spread the virus. Doesn't matter anywhoo, because so many ppl losing jobs that ppl wont have any net worth anymore. They'll have to use credit and borrowing for everything. Woe is to our great country, how we have fallen.

 

Both of those points boil down to one thing, fear. Fear of not having change for future customers, and fear of being ripped off. Other people's fear is a pain in my... Neck

 

You see that my handle is 'sarcastic'?

 

I strongly discourage plastic being used in my office. Every credit card transaction costs me 3%..... Write me a check. I’ll take my chances.

 

I agree but I only take checks from people I know well. Most folks work for for someone else and don’t think that 2%-6% sounds like much on a charge for plastic, but they need to realize that’s on the total sale. If you sell an item for $1000.00 and you have $950.00 in it, you can go in the red.

 

I worked as a facility manager for a time at a relatively small office building and part of my job was to fix pipes, refurbish offices, electrics, lawn care, drywall, carpeting, ac, ducts, etc ..I needed contractors and I needed them to work at reasonable rates and I would only use them if they were good and had good rates. They knew I would need their services often. I was more than willing to pay a little extra to be able to charge and not have to go to the bank as the owner of the building was not in town, did not pay cash, and checks would be a 15 day net and most contractors want to be paid upon completion (don't blame them)

I managed to find contractors for all of these, not big businesses which were always more expensive and didn't do as good of work, who did good work at good rates who used things like cash app or other ways to charge and they got my business and many were cheaper than those who told me no credit. I am loyal to those who give good service, do a good job and can make it easier for me to pay. Even the guy who mows my lawn said he could take credit through cash app but it would be 5 more dollars and he has been my lawn mower for years.

 

So long as two dozen countries across the world use USD either as a sole, or add-on currency, the US Dollar will never go extinct.

In terms of the extinction of physical money across the world, it would only be feasible in the most technologically advanced and wealthy countries.

Somehow I don't think that Pawel in the middle of Siberia is going to accept your credit card when you go to buy a snowmobile for a few roubles.

 

Cash will never, ever, ever fade to black.
Without cash there'd be too much difficulty with corruption, extortion and bribery. This may sound tin foil hat, but facts are facts.

 

I think that the major stumbling block to eliminating cash is the resistance to negative interest rates. If money were all electronic, banks could simply deduct part of your balance unless you spent it on something you really didn't need.