Implement a new currency?

[AdamRice]

I'm really starting to get sick of ending up with tons of change that weighs a lot, but carries little value. Based on inflation trends of the United States, things like pennies and nickels are almost worthless. Sure they are necessary to complete transactions that come out at an odd number, but I find very irritating and wish they were a bit more valuable.

Even the dollar bill is turning into slag change these days, what happened to the days when you could buy a 20'oz soda with just a dollar, now you have to break two dollars and end up with 2 or 3 heavy quarters jingling around in your pocket.

I'd like it if the United States implemented a new currency system that would reduce all the slag change I've been getting recently.

For a rough example, implement a new penny that is now worth 5 old pennies.

What are your thoughts on this, should the US implement a new currency system?

[Der-Lowe]

American monetary problems are fun.

[SyntheticTacos]

Hm, I suppose currency could be adjusted to combat inflation but I wonder if it's worth all the money it would cost to put a totally new system of currency into place.
I heard Argentina had a fun economic time too.

[AdamRice]

I made a more revised version of my argument.
For example, devalue quantities by a rate of 10.
IE: $1 /10 = 10 new cents
$10/10 = 1 new dollar.
1 new penny = 10 old pennies.

This argument does not begin to suggest devaluing or increasing the value of the US currency, only to create a more practical system that uses smaller currency units to buy the same products. As you can see from the exchange rates, the money still has the same value across the board, it is simply more practical because a smaller quantity of physical money is now worth more.

This would also help with the currency mint cost problems.
Example: The average penny costs approximately 4 cents to produce even though it is only worth 1 cent. The materials are more valuable then the actual assigned value of the unit. If we changed it so that the smaller coins became worth more, their value would once again exceed that of the material they are made of.

Perhaps inflation has not gotten high enough at this time to bother implementing a new system, however I find myself becoming increasingly irritated each year by all extra change I end up with that is far too busted up to practically spend. It's like that guy that tries to pay for a $15 pair of shorts with a jar full of pennies.

[SupraAddict]

in 2040, all monetary transactions will be done by wire over the internet(now would be the time to switch to dsl)

[SmilezRoyale]

At 4/24/07 09:30 PM, SupraAddict wrote: in 2040, all monetary transactions will be done by wire over the internet(now would be the time to switch to dsl)

Raising Taxes on the rich lowers inflation, it's a FACT.

[Boltrig]

Its all going the way of credit and debit cards now.

I dare say that in the future there will be an embedded chip that will contain all the relevant finincial data. A quick swipe and off you go.

Then you get the fanatics wailing about the rapture though.

[ForkRobotik]

At 4/24/07 10:03 PM, Boltrig wrote: Its all going the way of credit and debit cards now.

You forgot Phones!!!

Also, revaluing the currency is a bad idea. When europe switched to the euro companies used it as an opportunity to jack up their prices and gouge the purchaser.

[Boltrig]

At 4/24/07 10:10 PM, ForkRobotik wrote:

You forgot Phones!!!

So thats finally come about. I saw an ad back in the day, but I think it was hypothetical back then. Anyone remember it, some guy was stealing pennies from a fountain to get a drink from a vending machine, but some chick just bluetooths some money across.

Also, revaluing the currency is a bad idea. When europe switched to the euro companies used it as an opportunity to jack up their prices and gouge the purchaser.

Thats slightly different. That was a currency change rather than revaluation. If you had a defined system where you divided all current prices by say 5, itd be harder for retailers to rip folk off

Not to say they wouldnt give it their best shot though

[ForkRobotik]

At 4/24/07 10:19 PM, Boltrig wrote:

Not to say they wouldnt give it their best shot though

"Hmm, should i round this up or down?" lol

[Boltrig]

At 4/24/07 10:26 PM, ForkRobotik wrote:

At 4/24/07 10:19 PM, Boltrig wrote:

Not to say they wouldnt give it their best shot though

"Hmm, should i round this up or down?" lol

Lol indeed. Epic dilemma!

[fahrenheit]

Why doesnt the government just issue cards to everyone that contains their information, privledges, records, education level, money, and ranking.

[WolvenBear]

At 4/24/07 08:47 PM, AdamRice wrote: For a rough example, implement a new penny that is now worth 5 old pennies.

What are your thoughts on this, should the US implement a new currency system?

I think we have that. I believe it's called a nickle.

At 4/24/07 09:11 PM, AdamRice wrote: I made a more revised version of my argument.
For example, devalue quantities by a rate of 10.
IE: $1 /10 = 10 new cents
$10/10 = 1 new dollar.
1 new penny = 10 old pennies.

This argument does not begin to suggest devaluing or increasing the value of the US currency, only to create a more practical system that uses smaller currency units to buy the same products. As you can see from the exchange rates, the money still has the same value across the board, it is simply more practical because a smaller quantity of physical money is now worth more.

You can't say that it doesn't change the value of the currency because that's THE VERY POINT OF DOING IT.
In your own words...
:a smaller quantity of physical money is now worth more.

Perhaps inflation has not gotten high enough at this time to bother implementing a new system, however I find myself becoming increasingly irritated each year by all extra change I end up with that is far too busted up to practically spend. It's like that guy that tries to pay for a $15 pair of shorts with a jar full of pennies.

They have this thing called Coin Star that lets you convert mass amounts of change into bills....

At 4/24/07 09:51 PM, SmilezRoyale wrote: Raising Taxes on the rich lowers inflation, it's a FACT.

No it doesn't. Try again.

At 4/25/07 12:47 AM, fahrenheit wrote: Why doesnt the government just issue cards to everyone that contains their information, privledges, records, education level, money, and ranking.

And dear Jesus, if you lose that card....

YOU'RE FUCKED!

[MortifiedPenguins]

Stop bitching and acting like a pussy.

Boo hoo, you'll have to carry change around.

Compared to the amount of money that would take to entirely revamp our monetary system.

[IllustriousPotentate]

At 4/24/07 08:47 PM, AdamRice wrote: I'm really starting to get sick of ending up with tons of change that weighs a lot, but carries little value. Based on inflation trends of the United States, things like pennies and nickels are almost worthless. Sure they are necessary to complete transactions that come out at an odd number, but I find very irritating and wish they were a bit more valuable.

Even the dollar bill is turning into slag change these days, what happened to the days when you could buy a 20'oz soda with just a dollar, now you have to break two dollars and end up with 2 or 3 heavy quarters jingling around in your pocket.

In the course of 2 months, I saved over $430 in "slag change".

Here's the solution to your change problem. Get a big ol' gallon pickle jar. And never, ever spend any change or $1 bills. (The only exception: road tolls, transportation fare, and tips.) At the end of every day, put all of your change and $1's into this jar. At the end of the month, you'll be surprised at how much you save up. I was.

When your jar gets full, just find some lazy rainy day and roll the coins and count the ones. Take them to your bank, and exchange them for bigger bills. Put those bigger bills back into your pickle jar, and keep on saving.

[Freemind]

At 4/25/07 01:02 AM, WolvenBear wrote:

At 4/24/07 09:51 PM, SmilezRoyale wrote: Raising Taxes on the rich lowers inflation, it's a FACT.

No it doesn't. Try again.

It actually does but it isn't a good way to go about it. Rich people tend to invest with there extra money. If you take away that money aggregate demand will decrease which does cause price levels to go down. Usually, the federal reserve will be the ones to fight inflation because the policies to do so are for the most part, very unpopular. No elected official would want to deal with it.