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Britain ponders dropping its two smallest denomination coins
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You also agree to follow these guidelines. You must agree to these rules to be a member of this forum. NO SPAM! Spam is deleted within minutes, no spam will ever be left in our community.
1. Post a front and back image of your coin with a specific question about what you’re seeing or asking about and one coin per topic.
2. Please remove coin from the holder unless it’s US or an official mint case or unless it is graded by a grading service.
3. Images should be taken by a camera or cell phone camera, we ask that members don’t use images through a microscope screen.
4. Always start your own topic, please don’t ask about your coin or post your coin in someone else’s coin topic.
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7. Always be respectful even if something makes you upset or you don’t agree with a member. You can always get a second opinion elsewhere. If you have an issue then politely ask an admin in an PM. PM’s are for issues, technical and personal, but not for coin questions (refer to number 5 on this list). Our community is not a soap box for complaining or drama, so please refrain from doing so here.[/size]
- Paul
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Re: Britain ponders dropping its two smallest denomination coins
Doesn't surprise me, and wont surprise me when we don't use money any more.
- mhonzell
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Re: Britain ponders dropping its two smallest denomination coins
America has been threatening to remove the Cent for ages.
Most countries that want to remove their lowest denomination never do. Instead, they eventually reach a reset point (hyper-inflation) and reset the value of all their money making old money non-usable. Amazingly, a form of the low denomination coins remain to suffer along in the new currency. There are many countries that can be looked at as examples.
On a side note, we have the issue of "Is currency still relevant?"
You don't see too many articles on this one, so despite its diminishing use, I'm not sure we are that close to it disappearing.
Money is a belief system.
Up until Nixon, we believed it was backed by hard currency (precious metals). But, think about it... why is a chunk of metal worth anything?
Today, money is arbitrarily assigned value based on how much is floating around. It is based on the national debt and our ability to produce. It's a piece of paper or a chunk of metal that we willingly give in trade for some future promise of exchange. A delayed bartering system.
Making it worse, we place our belief on an even more ethereal system: credit. A system where I promise I will work and eventually collect enough numbers in an account to "pay" for a transaction that occurs today. The other side is hoping that transaction will show a greater profit than the day of transaction through the act of interest. But, it never works. Raise interest... raise wages... raise cost of items... inflation. Yep, credit is based on inflation, which is assumed to never go away. The plastic card, phone, etc are just a medium for transferring those electronic digits that we now perceive as money.
But, people still need something to "cling" onto to make the system real. Will those digits in an electronic file that can be accessed by a plastic card be enough. I don't think we are there.
What's my point?
To remove the Cent is to shake the foundation of the belief system. Sounds simple, but I am not sure we could handle it. The belief system could collapse.
Most countries that want to remove their lowest denomination never do. Instead, they eventually reach a reset point (hyper-inflation) and reset the value of all their money making old money non-usable. Amazingly, a form of the low denomination coins remain to suffer along in the new currency. There are many countries that can be looked at as examples.
On a side note, we have the issue of "Is currency still relevant?"
You don't see too many articles on this one, so despite its diminishing use, I'm not sure we are that close to it disappearing.
Money is a belief system.
Up until Nixon, we believed it was backed by hard currency (precious metals). But, think about it... why is a chunk of metal worth anything?
Today, money is arbitrarily assigned value based on how much is floating around. It is based on the national debt and our ability to produce. It's a piece of paper or a chunk of metal that we willingly give in trade for some future promise of exchange. A delayed bartering system.
Making it worse, we place our belief on an even more ethereal system: credit. A system where I promise I will work and eventually collect enough numbers in an account to "pay" for a transaction that occurs today. The other side is hoping that transaction will show a greater profit than the day of transaction through the act of interest. But, it never works. Raise interest... raise wages... raise cost of items... inflation. Yep, credit is based on inflation, which is assumed to never go away. The plastic card, phone, etc are just a medium for transferring those electronic digits that we now perceive as money.
But, people still need something to "cling" onto to make the system real. Will those digits in an electronic file that can be accessed by a plastic card be enough. I don't think we are there.
What's my point?
To remove the Cent is to shake the foundation of the belief system. Sounds simple, but I am not sure we could handle it. The belief system could collapse.
- Paul
- Master Die Variety Examiner
- Posts: 19064
- Joined: Wed May 29, 2013 9:19 pm
- Location: Wisconsin
- Has thanked: 906 times
- Been thanked: 3319 times
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