Sweden closer to cashless society

https://www.nbcnews.com/mach/science/will-sweden-become-first-country-go-cash-free-ncna809811

 

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I think country's going cash/physical money free will be horrible for it. Not to mention if it happened where people collect (in the countrys it happens) the hobby would eventually die.

Thanks,
Jacob

 

I worry about it too. Young people would rather have I-phones than coins so the hobby is already dying.

 

No it's not not even close. The only way to say it's dying to to completely ignore all of the online buying that occurs, the growing popularity of moderns, and how popular the modern numismatic bullion coins are. You don't really think that the same demographic that largely considers real money to be made of silver are the ones buying up all those do you? The hobby is just fine and will continue to be fine. Plenty of younger people collect and there's more collectors now than ever before. The only thing that's dying is the traditional way of collecting e.g. traveling to coin shows/joining the ana/coin magazine subscriptions ect.

 

For the country no, for citizens it probably will raise costs a little since every electronic transaction has another merchant/bank/business skimming their fee off the top and businesses will adjust prices to reflect that. Countries like it though because there is no way for a transaction to avoid taxes that way

 

Then again, the handling of coins and notes, the distribution from banks or cash centers to stores and back costs quite a bit too. Ultimately it may be less costly for a store to say, nah, no cash please.

Christian

 

Probably depends on how much cash business a store was doing in the first place. If 80 percent of the their business was cash that could be a bit of an issue, but if it was 10 percent it' really no big deal at all. Thinking about it a little more I am assuming there probably isn't a lot of cash trading hands in the countries that have decided to start taking the next step towards going cashless.

 

I think even without circulating money people would collect coins. People collect other historic items that are no longer in use after all. Maybe it wouldn't be quite as many, but I think the aspects that appeal to people don't depend on using money to buy things.

I think the whole world is moving toward a cashless environment. The U.S. tends to be more conservative and so we'll probably hold on longer than many countries, but people will just use it less. I remember seeing a story on 60 Minutes about how in Kenya they all use a mobile app for even small transactions, like buying a cigarette off of someone. So if you can even use it to pay for traditionally cash transactions like that, cash is likely on it's way out.

 

I see a lot of prices going down
Dec 2015 I bought an EF 1928 Peace Dollar for $340 which was market value now its worth about $280.

 

Ever heard of the black market? I would expect its activity to be inversely proportional to the amount of cash in circulation.

 

https://www.cbsnews.com/videos/what-chinas-nearly-cashless-society-looks-like/

 

I just read that article. It ends with:

I guess that bakery manager is so busy baking as to never have heard of the term hacking. I consider cash to infinitely safer than digital money.

 

In the past a state's sovereignty was partially based on minting coins. The governments act of minting coins, not paper currency, was one of several signs that a state was official and sovereign.
Anything can be written on a piece of paper or typed into a computer and stored as data, but coins like landed property is a real and tangible object and a state of being.
Ok, so if governments want to eliminate circulating coinage they should at least continue to mint coins in precious metals to state their continuing sovereignty as well as for collecting and bullion purposes.

 

You are living in the past. That idea went out when FIAT flew in.

 

???

 

The moment there is no cash the government will be able to control what you can & cannot buy. Maybe you had a DUI and you will not be allowed to buy alcohol & so on. You still use cash now. That day will change.


Sent from my iPhone using Tapatalk

 

Prices are a lot more complex than whether or not the hobby is dying. Disposable income plays a big role, but series get hot and cold so do individual dates and grade ranges within a series as well as the market as a whole. Even the price of oil has periods where it slumps and by no means is that a dying market.

Could have a debate all day about the best coins being in strong hands, and certain auction houses suppressing prices with weekly auctions where they just dump material left and right for their own profits with weak buyer bases ect, but the hobby will be just fine. The best coins still sell above guide and some far above guide. People are just changing how and what they collect

 

Truth be told, this would be way down on my list of concerns.

 

I don't know. Look at what's happened to stamp collecting, especially since email.

 

Different hobby. All you have to do is look at internet sales, there's no lack of collectors