U.S. coin shortage

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Sinned
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Re: U.S. coin shortage

Post by Sinned »

Over here you can get little plastic bags that fold over at the top and printed on the front is the amount of coins that the bag is designed to hold. For example £20 in £1 coins. They can hold 1p, 2-, 5p, 10p, 20p, 50p, £1 and £2 coins but no mixed values. At the bank they weigh them against a standard weight for the particular coin. Banks will accept multiple bags resulting from emptying the coin jar but you generally have to have an account with that bank. There is no charge for this, at least there wasn't the last time I emptied the jar. There are machines around that you empty your change into it and it will give you notes but there is a percentage charge for doing it and frankly, I'm too tight to use them.
I believe in offering every assistance short of actual help but then mainly just want to be left to be myself in all my difference and uniqueness.

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Kirbstone
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Re: U.S. coin shortage

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With the universal adoption of card payments even for small amounts the practical uses for actual coins have diminished very rapidly in recent months.
I keep a coin in my wallet for getting a trolley out of the rack at the supermarket and as I recently described, I bought a 99 ice cream with a coin the other day.
I will shortly need to visit a barber and I expect to pay cash there as a tip is in order.

Tom
Carpe Diem......Seize the Day !

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Sinned
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Re: U.S. coin shortage

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The least I have entered for a card purchase is 24p.
I believe in offering every assistance short of actual help but then mainly just want to be left to be myself in all my difference and uniqueness.

6ft3Aussie
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Re: U.S. coin shortage

Post by 6ft3Aussie »

Here in Australia, we haven't had 1 and 2 cent coins for well over 20 years, they were copper coins. We only have 5, 10, 20, 50 cent coins, and $1 and $2 coins.

As for the progressive "phase out" of cash payments, well I'm sure that the government (especially the tax office) would like to do it, as every electronic transaction has a record, which can be audited at a later date, so the tax office, banks etc can keep a closer eye on everyone's earnings for tax etc, so that earnings cannot be undeclared.

I'm sure that there will continue to be certain ethnic groups who run very popular restaurants (just to name one industry) that do no accept EFTPOS or card payments of any sort, just cash payments (which don't leave an electronic record).
There are some tradespeople who often do "undocumented" cash jobs as well.
Also many elderly folks only use cash for everything, and do not have a credit or debit card, and don't use the internet.

I honestly don't think it will be possible to phase out cash in our modern society.

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