I foresee... http://www.coinworld.com/articles/coins-paper-money-plastic-cards-soon-to-be-hi/ --about 1/2 a generation-worth of Americans not using a vending machine for cokes or snax. --all coins instantly worth 5% more as the banks send back their stores to be melted, and then increase in value ever so slowly... --the issue about nickels having metal value will be postponed until it doesn't matter! Other predictions?
...and the end users, the buying public, will make interesting predictions! I'm certainly no expert...Come on, post something better than that!
Cashless options are increasing. You get a paper record for whatever reason. One barrier to more people doing small cashless transactions are processing fees, quite significant for purchases under a few bucks. Some towns have credit card parking meters; better in some ways, but if you have no option, you have coins and no credit card you may be out of luck.
It may not happen soon, but I think the coinless/cashless society will eventually be a reality. It's not far-fetched in my opinion.
If the US treasury discontinues coins (coinless society) and goes cash only, what happens to the value of coins prior to 1964?
Cashless/Coinless!? Heck, the US can't even get rid of the CENT which costs more to make than it's face value. Same for the nickel.
That could soon make coins now worth 15 cents worth about $15 dollars. That should put a smile on your face, Alexander !
I don't think we will get rid of coinage anytime soon, at least not in my lifetime. But the forces for going totally cashless are strong.
They are indeed. I get money back for using my credit card. Why wouldn’t you want money back if there are no extra costs to you involved? I hope we don’t go cashless. If we do it won’t be in my lifetime either.
As technology improves tap into personal records and accounts, there will be need to make transactions with something concrete.
That is highly unlikely. If we went to a cashless economy, the coins wouldn't have any value anymore. The coins worth 25 cents would now be worth maybe a nickel. It's very similar to what happens in countries that phase out their coinage and replace it with something new - for example, the countries of the European union. The former coins of France are not now worth anything in trade, and you can find many of those in junk bins for extremely cheap. The value of a coin is based on what someone is willing to trade you for it. I can currently trade a dollar coin for a can of Coke. If that is not possible anymore, the only way to trade that dollar coin is to a collector. There are billions of modern coins - only the highest quality examples will have any collector value. As for the value of pre-1964 coins, I don't see those being affected greatly. The value of those coins is purely collector value, and people won't just stop collecting coins. Collecting modern coins is a small segment of the current hobby, and I would argue that a large percentage of serious collectors were not drawn to the hobby by modern coinage. They were drawn by the history, artistry, scarcity, beauty, and value of old coinage - things which cannot be said about the vast majority of modern coinage.
We are already largely cashless. I'd guess <5% of total dollar transactions are cash today. "Only people who use cash are drug dealers and mobsters"
physics-fan3.14 considers it "unlikely" (not the same as "impossible"!)that coins, in general, could go up in value. Whatever value, for collectors or others, coins might have, the fact that they would be rarer might increase the incentive for collecting them. Some of us are not too troubled about monetary value, but are interested for other reasons, such as, for myself, historical connections or artistic merit. But good luck to anyone wishing to trade a coin for a can of toxic Coke. - If the possible death of numismatics is suggested, I wouldn't go along with that. Time will provide the answer, whatever any of us predicts or flips a coin about.
There is still a sizable minority of people in the US who are “unbanked” and rely on check cashing places, payday loans and so forth. A lot of us may prefer debit cards but it’s another matter entirely to get absolutely everyone to use them. Also, the few times I’ve sold anything on Craigslist I was afraid to take anything but cash. So until we all have the ability to accept electronic payments as individuals we will still need paper currency.
True, but it was and is up to each member state of the currency union to decide whether the old cash actually becomes worthless at some point or not. Six euro countries have unlimited redemption periods at least for the last pre-euro coins and notes, another four do that with notes only. So of course it would be possible, if any country ever becomes totally cashless, to do it similarly and say that cash can always be redeemed. But I don't see that "cashless" scenario at the door anyway. This topic was started six years ago, and we're certainly not there yet. Cash is used to a lesser extent than before, sure, but it is definitely not dead. Christian
Retail in some areas are experimenting with no cash stores, ie Starbucks. Some are finding the time spent counting coin drawers etc cost more than the 1-3% fees they pay. The courts have sided with the retailers almost 100% of the time when refusing payment with $50-$100 bills. We can all remember the time when in the grocery line almost all paid with a check. But now when behind someone paying with a check it seems as if it’s an inconvenience to you. I don’t know about totally cashless but I can see stores not accepting anything but plastic
The folks who predict the demise of cash are some of the same folks who predicted the demise of brick and mortar banks because of automated teller machines and plastic. Cash is still king! https://www.frbsf.org/cash/publicat...e-of-cash-2015-diary-consumer-payment-choice/
And the young-ins that are in awe of every new technology will help be the driving force. They just don't see the repercussions and loss of privacy or freedom. If it is cashless, then those calling the shots can say where, and how much you can spend.
