Featured Opinion/Editorial - United States Coinage Needs Overhaul Now!!!

When their gone you can always cash them in.you have nothing to lose your buying now at face.don't wish you had done it.I obtained gold at 550.an oz.and silver at 4.an oz.l couldn't buy enough.I told everyone I projected it to hit 2000.and 50.an oz.thy said I nuts.It is what it is.Just trying to pass it along.Take it now at face or buy latter at cost.you have nothing to lose.

 

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P.S.I forgot was.And no I couldn't hold the gold and silver long enough but did profit from it.Take care guys &gals

 

The penny and the nickel are necessary for our economy. I don't see it being phased out too soon. We all know this has been talked about for years. As for the dollar coins the reason why they don't work. As long as we have the $1 paper currency, people will use the paper over the coin. The 50c piece became obsolete a long time ago.

Many of us talk about the value of the dollar. It's roughly the same cost to print a 1 dollar bill as a $100 bill. Our society has gone plastic. You see in many companies there are no more paper checks that you cash, it's on your card, which you use to do everything. A lot of us buy coins with cards.

Do we need a change in the design of our coins? To some extent yes. And to another no. Our coins are a symbol of our nation for over 200 years. It was changed very infrequently and in my opinion that's the way it should be. For circulated coins, there should be no consideration for collectors. Proofs and other products are another story.

This is my opinion.

 

I see no reason this should be so. It seems the economy got along all right in the 1950s without half-cent and one-mill (one-tenth-cent) coins, which would have been the equivalent of today's five-cents and cents. In fact we abandoned half-cents as unnecessary about a century earlier, when they were worth more than today's dimes.

 

You all missed the point.Ya might miss the bout.It's your choice just trying help food for though have a good one be safe!

 

The half-cent was a fractional currency. You can say the same of the 2c and the 3c. It was not needed anymore and did not impact the economy, and we had the 1c.

Removing the 1c would impact the economy because prices would be rounded up not down.

 

Cents are "fractional" too--a 1/100th fraction of a dollar, a far smaller fraction of real money now than a half-cent was then.

Worrying about prices being "rounded up" to nickels or dimes is literally less meaningful today than worrying about rounding up to the nearest cent would have been then.

Look, do you currently fret about your purchases (with percentage sales tax) being rounded off to whole cents? Why not? Heck, your income taxes are rounded off to whole dollars!

 

Where the devil is 'grammar check'?

 

The way I am speaking about fractionals is different than you think. I am talking about a fraction up to 1c. We all know that 1c is a fractional of 100.

As for purchases being rounded off to whole cents, I don't see anything wrong with that part of it. Don't like it, but we don't have fractional currency less than 1c. Now rounding off to the nearest nickel or dime, that's a problem. If the penny and nickel were so useless the government would have discontinued it many many years ago.

Worrying about prices being "rounded up" to nickels or dimes is literally less meaningful today than worrying about rounding up to the nearest cent would have been then.

I disagree with you. The impact is the same as it was then as it would be now. Money loss to the consumer. The only winners would be business and the government. We'd be overpaying more than we are for the goods we buy.

 

No. Even if we accept that there is a "money loss to the consumer" (which I think is arguable, but never mind), I am saying that it is literally, mathematically, less meaningful. This is not an opinion. One cent, five cents, even a whole dime of "rounding" on each and every purchase you make tomorrow, would be less money, now, than one-half-cent of "rounding" was on the equivalent purchases in 1858--when we decided that it was not worth fussing with.

 

The cent will not be phased out nor the nickel the composition will be changed.as the penny is now copper coated zinc since 1982. The nickel will be stainless steel and it won't have the same composition as it does today. save your nickels now peace.

 

I nominate this as ghost thread of the week...

 

I disagree with you. Any loss to the consumer, whether it was 100 years ago or now, is meaningful.

 

Of course they will change the composition, they're not going to discontinue the nickel or the penny.

 

Rounding numbers up is a lost to the consumer .You are paying more you can't argue that

 

The cost of producing one dollar in pennies is $1.83 and nickles $1.88 as of 2014 no rounding out by our government
Yes we need to change composition

 

The government or business rarely round down when it comes to the consumer