[e-gold-list] Re: question on coins
Hello Jens, You do of course have a point, but I think the reason for coins is mainly that they are with us as since shortly after the concept of money was invented (metal supplies permitting and shell money and similar exemptions not withstanding). Old habits die hard, I suppose. I do actually believe that coins are more expensive than paper notes (to mint, transport and store) but also more durable. However there is the administrative part that allows you to simply weigh coins to determine the number of coins in a batch, which beats having to sort 5 cent bills and quarter-dollar bank notes :o) I think most national banks are gradually reducing the numbers of coins in circulation as especially smaller denominations are all but obsolete anyway. Most notably, Australia did away with pennies altogether for quite a while now. The smallest Australian coin in circulation is the 5 cents coin and shops either round up or off. At the same time Australian 50 cent and 1 dollar coins are the most used ones for shopping. Malaysia on the other hand has introduced 1 and 2 Ringgit notes a while back and are slowly replacing the 1 Ringgit coin while also cutting back on the amount of 1 and 5 cent coins in circulation. So, I guess there is no real answer to your question. Different countries use different approches and maybe it is a matter of time until especially small change becomes a matter of confirming a deduction from a change-card as you walk past the automatic cashier transmitter at the supermarket. Cheers, Robert. budget privacy website hosting http://www.cyberica.net e-commerce e-business services http://www.cyfrocash.com budget domain registrations http://www.u2planet.com --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
[e-gold-list] Re: question on coins
Wilkinson Jens wrote: ... When dealing with paper money and coins, is there really a good reason to have coins at all? ... Well, aside from the historical reasons, there are emotional reasons to have coins, IMO. Everyone needs to feel a one oz gold or silver coin and play with it for a while, IMO. The paper is useful and can be beautiful, but even a good-sized coin-shaped nugget silently says that gold is money when you touch it and hold it. (Try it and see!) JMR --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
[e-gold-list] Re: question on coins
On Tuesday, October 21, 2003, at 02:15 AM, Robert B.Z. wrote: I do actually believe that coins are more expensive than paper notes (to mint, transport and store) but also more durable. However there is the administrative part that allows you to simply weigh coins to determine the number of coins in a batch, which beats having to sort 5 cent bills and quarter-dollar bank notes :o) Yes, as I recall it costs the Federal Reserve about 3.5 cents to produce a paper token. So at the very least they might produce a paper nickel and still make a 1.5 cent profit per item, but as Robert correctly points out, the paper nickels would wear out very quickly and the Fed would be obligated to replace them with new paper, exactly as they do now for the higher denominations (shredding the old worn out stuff and printing new replacements). Just one turnover of a paper nickel would wipe out their entire profit and put them in the loss column. The paper nickel would wear out after just a few years, while a metal nickel can stick around for many decades. I frequently see 20 - 30 year old nickels, dimes, and quarters in circulation (can you even _imagine_ how many times those have been spent!?). The only reason you don't see 40 year old dimes and quarters is that those were made of silver and therefore nobody is foolish enough to spend them anymore. -- Patrick --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
