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Paper money, what's your stance?

Discussion in Everything & Anything started by Taters, Dec 1, 2012

  1. Mar 12, 2008
    This is the first page topic on reddit, but i'm swagger-jacking like a crazyman.

    Should the U.S. phase out paper money?

    What do you think? It's probably because i'm a huge fucking nerd, i would love to have a bag of $1 and $2 coins to tote around, and if they start minting $2 coins i'll take to calling them doubloons. Fuck the police.

    This seems like an O.K. deal overall, but would make carrying money a whole lot different. I wish they would get rid of the penny already, though to be honest. They're just sitting there in my "rainy day" jar.

    What do you guys think? Good idea, or bad idea?
  2. May 14, 2011
    Coming from a country with coins up until £5. (Approx $8)

    I would much rather prefer to have £1 notes or bills as you call them.

    Carrying around loose change is a pain. Especially as change can easily accumilate. Now what I say sounds quite silly but change does weigh a LOT.

    A pound (GBP) coin wieghs roughly 10 grams. Now much but imagine you had 10. Thats already 100grams which is a considrable amount of wieght.

    This means you will proably want to change it into notes. Easy? Well you need to go into a shop which will exchange it for you. (Banks always will but there isnt a bank on every street).

    Keep your $1 bills, you can hide them away into a walletand nothing will happen.
  3. Jan 12, 2011
    While I'm not an expert on the pros and cons, here's what I can gather:
    Coined currency (let's say for $1, $2, and $5)
    - Are durable and can last a very long time (upwards of a century)
    - Coins cost more to produce
    - Coins are harder to store and are heavier to carry

    Paper currency (again for $1, $2, and $5)
    - Are lightweight and cheap to make
    - Don't last very long (~5 years?) and need regular production to maintain supply
    - Related to above, are easy to destroy

    I know there's a lot more to consider than the individual's end of things, such as what the mint will have to do to stamp new coins, what metals they'll choose, refitting machines to accommodate them, and how much they'll have to cut back on yearly production to make sure they don't overdo it in a short time. Personally, I'd like to see more coined money. Technically, we already have a $1 coin in minting, but that's mostly constrained to banks, post offices, and public transport (MARTA in my case). I'd love to see it get adopted, but I wish the US didn't pick a ridiculously complicated formula for it so it still had the same EM signature as other coins. This is something they'd need develop carefully and pace themselves with to phase them in/out over a decade or two probably. Maybe I'm weird, but there's something distinctly satisfying with holding a bag of change and hearing it jingle. Flapping bills just doesn't have the same effect, even if you're doing it with $100's.

    On a related note (no pun intended), I do think we should keep the larger increments as bills. Not sure about $10, but $20/$50/$100 are a bit easier to deal with as bills I think. Excepting the $20's, $50 and $100 bills are pretty uncommon and don't see nearly as much public circulation as the smaller divisions. Keeping $20 as a bill is convenient since that would keep all ATMs functioning the way they are and there wouldn't be a huge cost to replace them.

    I've got some more thoughts, but I need to think about it more. In the meantime I'll be flipping my deciding coin, the Eisenhower dollar. :smirk:
  4. May 14, 2011

    Plastic money. I believe they use it in Australia.
  5. Apr 9, 2007
    We're in the process of moving to Plastic bills (or Notes, as Ghost calls them).
    • Funny Funny x 1
    • Jan 12, 2011
      Depends on the plastic. I'm sure they'd want to pick something that couldn't be counterfeited easily, what with the prevalence of our very plastic-driven culture. They'd also need to pick something durable, since I don't want my wallet melting in the summer heat here in GA.

      They'd also need to make sure it doesn't dissolve in pockets (with our natural oils), degrade under sunlight (or brief weather exposure), and preferably doesn't depend on petrochemicals in manufacture or we could be looking at even more supply issues with gas. A whole bunch of things could go wrong really. I'll look it up, but I think metal would be easier to manage since it's fairly predictable.

      Edit: I'm not trying to be harsh on plastic and expect it to be perfect, since neither bills or coins are, but it's just various concerns so we don't replace one material with something that needs more upkeep.
      Vadleon, Dec 1, 2012 Last edited by Vadleon, Dec 1, 2012
    • May 31, 2012
      What if I want to go on a roller coaster??!! I might lose a couple bucks during the ride lol
      • Agree Agree x 1
      • Feb 14, 2012
        The plastic fiber money is a pain in the ass sticks together far too easily.

        Sent from my SGH-I747M using Tapatalk 2
      • May 14, 2011
        I can't wait for the moment when we simply get a paypal system in every shop. Type in your email and your pin and autorise the payment on your phone or something like that. Maybe write out a "cheque" on your phone. Just type in the amount. And then have the shop scan a QR code produced.

        (I can myself see hundreds of issues with this system :smile: )

        They need to make currency simpler!
      • Feb 21, 2007
        I say just use electronic moneys everywhere, and lose the cost of printing all that moneys.
      • Mar 12, 2008
        just imagine.

        you get to carry a bag.


        • Funny Funny x 1
        • Jul 18, 2012
          Phasing out hard currency will just make it easier for the FBI to track my purchases, which I'd rather avoid.
          • Agree Agree x 1
          • Nov 29, 2010
            ... What? And credit/debit makes you invisible?

            Canada is phasing out paper and moving over to near-indestructible plastic bills. The change is almost insignificant.

            Sent from my SGH-T989 using Tapatalk 2
          • Mar 20, 2012
            blame the economy(-psychology) that created the need of coined currency and all these little values ...not 1$ lets make 99cents? or whatever it's called in us
            Thats what annoys me..-.- I rather pay more, fuck that 1%^^
            • Agree Agree x 1
            • Jul 18, 2012
              I meant that cash transactions are not so easily traceable as credit or debit transactions, and phasing out paper money makes cash transactions more difficult.
            • Jun 11, 2012
              If by not easily traceable you mean that due it changes hand so much (i.e money-laundering) then yes it's not traceable. But due to the slew of amount of security features put in in the new Canadian bills it will be more easier for authorities to trace something and not hit a stone wall from phase 1.
            • May 12, 2012
              Plastic Money = Credit/Debit Card

            • May 31, 2012
              I would just get rid of coins, I don't see why people need pennies compared to a dollar. I never want to carry change; coins in the pocket irritate me. I never accept (coin) change, I just give it back as tip. If they did this $1 or any other bills, I suppose this would make a lot of happy cashiers lol.

              The irony to all this is that I have a nice coin collection at home, but this is different as I don't carry my coin collection every where I go.
            • Mar 3, 2012
            • Jul 11, 2007
              How will I buy my drugs?

              I read last week that a $5 bill stays in circulation for an average of two years. Even if it can last a century, it probably will not.

              We will just end up leaving it how it is. Technology will phase it out all by itself without any government intervention.

              Until then I will continue to write rap songs about all the paper I be making, yo.