Vending machines and dollar coins

This morning all vending machines in our workplace breakrooms were switched from coin and bills operated to keycard barcode and fingerprint readers, which are in turn paired with our credit cards. I read somewhere recently that vending machine companies in the US were the largest consumers of the US one dollar coins. Does this bring on the demise of the dollar coin in the US?

So the machines don't accept cash at all anymore?  Then this spells the death of coins and bills altogether.  I just can't wait for somebody to hack my wallet.  :(

It isn't long before coins disappear. Gradually they'll get phased out...eventually so will paper money and eventually, we'll probably make payments with our fingerprints. Who knows?

There is one computer module which accepts dollar bills to load up your account in case you do not want to use a credit card. All the snacks, drinks, fruit etc. are stored on open shelves or refrigerated cases. You simply pick up what you want and barcode it out and use the fingerprint reader or keycard - something like a self checkout line at the grocery store. Pretty convenient really and watched closely by 3 video cameras in the ceiling!  Need to buy an umbrella for the work breakroom (just kidding)!

Quote: bam777It isn't long before coins disappear. Gradually they'll get phased out...

I was at the hospital a few weeks ago, and I peeked at their vending machines.  As usual I was checking the reject tray for abandoned coins, but this time I also glanced at the prices of the individual items for sale inside.

The most expensive item, some cookies, cost $2.25 while the cheapest item, a pack of six sticks of chewing gum, cost $0.70.

(It accepted a pair of dollar coins, but gave me quarters when I pressed the coin return.)

Two quarters alone won't buy you a single item from this machine... you would need at least three quarters to make a purchase.

American coinage is stuck in the 1890s while our prices have marched upward.  If we don't have useful denominations of coins soon, values that are worth carrying and spending, then coins will become obsolete.  Since most people still think of the dollar coin as unacceptable, I doubt larger value coins will be here before it's too late.

Coins in everyday American commerce are probably doomed.

Also, note that nothing in the machine did the $X.99 pricing trick.  Every price was rounded to the quarter dollar except for the gum.  Heh... six sticks of gum for 70 cents means that a single stick of gum is worth more than a dime!  Yeah, our coinage is doomed.

Quote: bam777It isn't long before coins disappear. Gradually they'll get phased out...eventually so will paper money and eventually, we'll probably make payments with our fingerprints. Who knows?

Contactless credit cards. Here in the UK, governments for the past fifteen years, possibly longer, have been doing everything they can to transfer monies into the pockets of the banks, credit cards are expensive for customer and retailer, a bad idea, but banks make a fortune from them. That's how it will go here. That's my prediction.

If in doubt, follow the money....

Matt

But once the money is gone and completely in the hands of companies, how countries stand? The issuing of currencies is one of the foremost jobs of a government. If there is no mint and no issued currency, how can the government control issues like inflation and commerce witin their borders? Do y'all really believe politicains would give up that much power? I'm not sure about the rest of the world but here in the US, power is the one thing that the political machine covets even more than money!

Quote: ctuckerBut once the money is gone and completely in the hands of companies, how countries stand? The issuing of currencies is one of the foremost jobs of a government. If there is no mint and no issued currency, how can the government control issues like inflation and commerce witin their borders? Do y'all really believe politicains would give up that much power? I'm not sure about the rest of the world but here in the US, power is the one thing that the political machine covets even more than money!

Hello,
In Hong Kong, authorities already delegate the production of banknotes. Banknotes are porduced by three commercial banks, who are granted a license: HSBC, Bank of China and Standard Chartered Bank.
If this is possible in Hong Kong, why not in the US or the UK in the future?



                     HSBC                                   Bank of China                         Standard Chatered Bank

But its still controled by the government. The way I read the comment that I was refering to, was that control of currency was being pushed toward cedit card companies and banks. I don't believe that the government will give up control of their currency. Whoever controls the money will quickly control the power, and once that happens they control everything from commerce to every day life.

Quote: ctuckerBut its still controled by the government. The way I read the comment that I was refering to, was that control of currency was being pushed toward cedit card companies and banks. I don't believe that the government will give up control of their currency. Whoever controls the money will quickly control the power, and once that happens they control everything from commerce to every day life.

Penny in the air....

Matt

Well that did not take long - but they will continue to make some for collectors, which means future coins have to be purchased from the mint in sets? - this after I just got a new roll of James Garfield dollars from the bank last evening!

http://whitehouse.blogs.cnn.com/2011/12/13/treasury-to-stop-producing-unneeded-dollar-coins/

Quote: @josephjkWell that did not take long - but they will continue to make some for collectors, which means future coins have to be purchased from the mint in sets? - this after I just got a new roll of James Garfield dollars from the bank last evening!

http://whitehouse.blogs.cnn.com/2011/12/13/treasury-to-stop-producing-unneeded-dollar-coins/

And just when we were starting to get to the interesting Presidents like Teddy Roosevelt.  There will be lots of Presidential dollars of boring 19th Century presidents, but Presidents from the 20th century, ones that the American people remember and care about, will be scarce.  The Presidential Dollar Coin series will be held up in the future as an example of Congressional meddling in what should be the Mint's job.  I wish Congress had the guts to kill the $1 bill like they should have done 20 years ago.

I seen an artical a month ago about talk in Washington centered around dropping the dollar note and using the coin instead. Now they are saying they are going to drop the coin?

Maybe the media needs something to print so bad that they trying to turning ideas into fact a little to fast?  

I don't like the dollar coins very much and wouldn't miss them as a consumer, if they were to go. They are not a very attractive coin for collecting either. They tarnish very quickly and the edge lettering is thin and quick the wear away. They seem cheap and half hearted.

I could also do without the US 1 cent. The only place it has in the modern US market place is for advertising and tax collection. $19.99 is nothing more than a sales tactic to tell the public an item is under $20.

I read somewhere that an Arizona senator is trying to get a bill passed, the other way - scrap the paper dollar and continue the coins. It seems most of the copper used in those coins are mined in his state! Follow the money trail.....