Why no $5, $10, $20, or $50 coins today?

In the 200+ years that the US has been making $1 coins, the inflation rate has gradually (and sometimes not so gradually) eroded the spending power of the dollar. In 1796, a $1 coin could buy a dinner and drinks for a family. In order to pay for my family's dinner using coins today, I would have to carry a relatively large number of heavy $1 coins. So I pay with a $20 or $50 bill instead. Why don't we have a $20 r a $50 coin available for me to use? Obviously, I would need to acquire that $50 coin for $50, so the $50 gold or platinum coins don't count.

Aaron

 

Log in or Sign up to hide this ad.

Probably because the wallet has replaced the coin purse. I don't think people want to go back to that. People would be too scared to carry large denomination coins loose in their pockets because of how easy it would be to lose.

 

I just don't know...

 

they won't fold as easy as bills.

 

Yup, just tried it with a Saci $-- they are a real pain to fold!
Nearly bent my vice.

 

Frank:

I think I just saw your Saci dollar on eBay as a rare bent coin error!!!


LOL

 

Presuming, hypothetically, the $50 is minted out of either gold or platinum, can you imagine how small that would be? Probably somewhere around the size of a quarter dollar.

 

We're not like most people.

 

so true.

 

we have those coins

currently, we do have $100.00, $50.00, $25.00, $10.00 $ $5.00 legal tender coin. there were made of platinum & gold. the only coin we don't have is the $20.00, $2.50, $2.00, $0.20 & $0.005 coin.

 

He's talking about coins intended for everyday transactions, not bullion coins.

 

In order to spend

I was thinking that it would have to be a clad or silver coin, not gold/platinum. The fluctuation in bullion prices would drive such a coin out of circulation. Can you imagine how cool it would for an ASE sized coin to have a $50 denomination. I would pay for everything with such a coin. One coin for a tank of gas. One coin for a family dinner. We could go back to tipping correctly (with coins instead of bills).

 

I don’t think they would circulate, just like today’s many $1 coins. Non-collectors would hoard them, just like they do with the state quarters and $1 coins. They would be in competition with the paper money of equal value. It looks like our society prefers paper dollars over dollar coins of any denomination.

 

Part of the problem is right in your quote "heavy $1 coins". The $1 coins are just slightly larger than the quarter that everybody carries with no problem. If people think dollar coins are heavy they even larger coins would be hard to sell.
The other thing is that a lot of people use an atm to get cash, and the machines would have to be set up to distribute coins. That is one big problem with dollar coins now, Unless you get some in change you have to walk into the bank to get them to use.
Personally I would have no problems with a $10 or $20 coin, but I think I am in the minority.

 

Just revalue the US dollar like many countries have revalued theirs and chop off two zeros $100 would equal N$1 This makes gold N$6.50 per oz. Then you can strike a one oz N$20 double eagle. Bullion fluctuation would not be that much of a problem because it would have to rise to 2 1/2 times the current value to reach the face value of the coin. The nice dinner for the large family mentioned in the first post now costs N$0.50

The cent can continue to be made because N$0.01 has the same purchasing power as the current $1 Penny candy is BACK and in fact you get two candy bars for a Ncent.

What many people would consider the downside is that incomes would seem to go down. Somone making $40,000 per year would now only be making N$400 per year. Minimum wage goes to N$0.07 per hour. Bill Gates would now only have a net worth of N$500,000.00 But the poverty level drops to N$200 per year and you taxes expressed in N$ drop to just 1% of what they were last year in $.

What does tis really mean? Nothing. You would still work just as long and be able to buy just as much as you can currently and pay in real terms just as much in taxes. You just use smaller numbers. But if you want you can have gold and silver coins again.

 

But what would a revaluation of the US dollar do to the economy? It's one thing if the Turks do it (they have within the last 5 years), but if the US does it, wouldn't that cause a panic run away from the dollar, and thus cause a serious case of inflation?

Or have I delved into a PRWE topic?

 

Hello folks:

I wonder if another reason is counterfeiting.

High value coins in the past were counterfeited, and were easily passed onto unsuspecting people it seems.

If they were to have a higher value coin like say a $50 coin, they would have to have lots of security features, and these features would have to be known by all.

I am sure many people don't know all the security features on their money right now.

Ok just my thoughts. :whistle:

 

But you wouldn't be alone.

 

I'd love to see a new silver coin of some sort. They could make a $1 sized coin from 90% silver and stamp a $20 denomination on it [and discontinue the $1 coin]. That would keep it from being melted since its value as money would exceed the melt value. Also, it wouldn't matter if the silve wasn't worth $20 because most coins have traditionally been stamped with amounts greater than their melt value. A silver circulation coin would probably be wildly popular.