Comments on: Should they make this kind of currency? http://www.myylt.com/2009/08/03/should-they-make-this-kind-of-currency/ Discussion of Forex Trading and Currency Trading Wed, 23 May 2012 01:52:12 +0000 http://wordpress.org/?v=2.3.3 By: jerry w http://www.myylt.com/2009/08/03/should-they-make-this-kind-of-currency/#comment-17032 jerry w Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2009/08/03/should-they-make-this-kind-of-currency/#comment-17032 They have repeatedly tried to circulate $2 bills and half-dollar pieces, but they have always proved unpopular with the public. You don't have to convince the government to circulate such money, they have tried; you have to convince the public to accept it. I think the other denominations you suggest would also be unpopular; if the public wanted them, how would you make room for them in the cash tills at millions of businesses and banks? They have repeatedly tried to circulate $2 bills and half-dollar pieces, but they have always proved unpopular with the public. You don’t have to convince the government to circulate such money, they have tried; you have to convince the public to accept it. I think the other denominations you suggest would also be unpopular; if the public wanted them, how would you make room for them in the cash tills at millions of businesses and banks?

]]> By: Juan, johnny blaze, http://www.myylt.com/2009/08/03/should-they-make-this-kind-of-currency/#comment-17033 Juan, johnny blaze, Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2009/08/03/should-they-make-this-kind-of-currency/#comment-17033 Can't really agree with you, mostly because the costs outweigh the benefits. Moreso, for the coins. Coin sorting is a difficult process, and all the automatic machinery would need to be replaced in order to make this happen. Some bank technology would be obsoleted, cash registers would need to be retrofitted with new trays, I'm sure I'm missing some things. Now, the new denominations you've listed wont really make purchasing more efficient. Let's also think for a minute, as a society are we embracing cash as the future? We are moving away from it with credit cards, debit cards, bank transfers, online payments, etc. The more forms of bills we possess, the more bills need to get updated with new technology to prevent counterfitting while removing the old ones from circulation, and as we've seen the bills are often staggered with different technology. If they continued to be staggered, then you would possibly push the timeline back of a current bill, though maybe not. Back to the efficiency; if you had to pay 3.08 currently you'd be most efficient using either 3 one dollar bills, a nickle and 2 pennies; or a 5 dollar bill and a dime; or a combination you're new payment would require 3 units and no change, but sifting through your pocket for them wouldn't be as convenient. I usually grab whatever is first, with the exception of trying to get rid of my small change; however I always pay with a CC since I'll get points, no interest costs and an average 39 day interest free loan. Therefore I don't believe the small gains given by any efficiency gained from payments, wouldn't offset the costs. While it's nice to honor the old presidents, it isn't all that important to do so in this manner. In the end, this idea is interesting, and not terrible and I think there are people that also support the $2 bill statement, but they were never extremely popular because at most you save yourself from counting out one extra bill or getting one less bill as change, same with the .50 coin except coin change instead of bill change. Can’t really agree with you, mostly because the costs outweigh the benefits. Moreso, for the coins. Coin sorting is a difficult process, and all the automatic machinery would need to be replaced in order to make this happen. Some bank technology would be obsoleted, cash registers would need to be retrofitted with new trays, I’m sure I’m missing some things.

Now, the new denominations you’ve listed wont really make purchasing more efficient. Let’s also think for a minute, as a society are we embracing cash as the future? We are moving away from it with credit cards, debit cards, bank transfers, online payments, etc. The more forms of bills we possess, the more bills need to get updated with new technology to prevent counterfitting while removing the old ones from circulation, and as we’ve seen the bills are often staggered with different technology. If they continued to be staggered, then you would possibly push the timeline back of a current bill, though maybe not. Back to the efficiency; if you had to pay 3.08 currently you’d be most efficient using either 3 one dollar bills, a nickle and 2 pennies; or a 5 dollar bill and a dime; or a combination you’re new payment would require 3 units and no change, but sifting through your pocket for them wouldn’t be as convenient. I usually grab whatever is first, with the exception of trying to get rid of my small change; however I always pay with a CC since I’ll get points, no interest costs and an average 39 day interest free loan.

Therefore I don’t believe the small gains given by any efficiency gained from payments, wouldn’t offset the costs. While it’s nice to honor the old presidents, it isn’t all that important to do so in this manner. In the end, this idea is interesting, and not terrible and I think there are people that also support the $2 bill statement, but they were never extremely popular because at most you save yourself from counting out one extra bill or getting one less bill as change, same with the .50 coin except coin change instead of bill change.

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