What is wrong with "big zinc". Making a coin with no life, and cost any where from 3 to 7 cents to make and ship. Well I think we are spending around 10 per one cent coin by the time they are at the bank. That only a 9 cent loss per coin. They only make billions of them. Sounds good to me.
Quote: "Camerinvs"Which one will come first?
➡️ The end of the penny.
➡️ The end of the paper $1 and transition to a $1 coin for real.
All notes going to polymer.
Start printing 500 dollar bills.
Hi to whoever is reading this. Did you know that TYPEWRITER (on a QWERTY keyboard) is the longest word you can type using only the letters on one row of the keyboard.
What does this have to do with the end of the penny or $1 banknote?
It would take so long that inflation would make the 500 dollar bill worth reprinting for circulation.
Hi to whoever is reading this. Did you know that TYPEWRITER (on a QWERTY keyboard) is the longest word you can type using only the letters on one row of the keyboard.
I suppose the reasoning is that “if they’re going to remove the lowest denomination, they therefore will add a denomination higher than the $100”, hence $500.
But no. High denomination notes are not needed any longer since big transactions are electronic (unless you’re doing business mafia style), so there’s no need for a $500 note. In Canada, the $500 notes (none in circulation for sure) and $1000 notes (quite a number still out there) have just been demonetized, at the beginning of this year. The reason is that they’re not needed any longer.
I think the penny will go away relatively soon. Many merchants are no longer receiving or giving pennies in change. I don't think I've been in a store in the last several years that didn't have a "give a penny, take a penny" tray at the cashier. If pennies disappeared overnight I doubt if there would be any real impact. There would basically be no impact on the copper industry since there is so little copper in a penny. The zinc industry would be somewhat affected but they wouldn't be too hurt by it. (The US produced 824,000 metric tons of zinc in 2018. Pennies accounted for 19,510 metric tons or 2.3%.)
Dollar banknotes will probably be around for awhile. The American public has spoken numerous times. They do not want dollar coins.
According to the US Inflation Calculator, a dollar in 1921 had the same purchasing power as $15.28 now.
This is what people don't understand, that their dollar now has the purchasing power of barely 7 cents in 1921! Put another way, 7 cents in 1921 have about the same purchasing power as $1.00 (actually $1.07) now.
This means that quarters in 1921 had the purchasing power of $3.82 now. A nickel in 1921 = 76 cents now.
Dollars last barely a year on average in circulation. This is an enormous expense. Coins would last decades.
EDIT: There was actually some deflation for some time since a dollar in 1933 is equivalent to $20.04 in 2021.
