The Acoustic Guitar Forum

Go Back   The Acoustic Guitar Forum > Other Discussions > Open Mic

Reply
 
Thread Tools
  #16  
Old 06-18-2020, 11:12 AM
HodgdonExtreme HodgdonExtreme is offline
Registered User
 
Join Date: Mar 2017
Posts: 1,607
Default

Quote:
Originally Posted by Fogducker View Post
Other than that and 1964 and earlier for real silver coins that's about all the "coin stuff" I know!
Dad's dad was an avid collector, though never had enough money to acquire the cool stuff. When he died, dad got into it pretty heavy for several years and put together several full sets of mercury dimes.

The real darling of a set of Mercury dimes is the 1916 Denver-minted coin. A truly nice, "mint state" condition 16-D will set you back about $20k.

Dad has several sets of beat up Mercury dimes, and one set of mint state - which was missing the 16-D until last year, when mom bought him the right coin to complete the set. It's pretty impressive.

Dad also has a $20 gold double eagle, that had been aboard the SS Central America when it sank in 1857, transporting freshly minted double eagles from the then-new San Francisco mint. Holding that coin gives you chills - to know it'd sat on the bottom of the ocean, in 8000 feet of water for 130 years before a brilliant engineer imagineered a scheme to recover them. Fascinating story to anyone that isn't familiar. Highly recommend the book "Ship of Gold in the Deep Blue Sea".
Reply With Quote
  #17  
Old 06-18-2020, 11:17 AM
David Eastwood's Avatar
David Eastwood David Eastwood is offline
Charter Member
 
Join Date: Apr 2007
Location: Minnesota
Posts: 7,509
Default

Quote:
Originally Posted by Slothead56 View Post
FWIW, Canada stopped making $1 bills 21 months after the intro of the Loonie. Citizens had no choice but to adapt.
Same thing happened in the UK, with a rather longer overlap. The pound coin was introduced in 1983, and the pound note withdrawn in 1988.

I loved the pound coin - it fit very neatly into a 35mm film canister, which became a very easy way of saving, £15 per tube
__________________
Martin 0-16NY
Emerald Amicus
Emerald X20
Cordoba Stage

Some of my tunes: https://youtube.com/user/eatswodo
Reply With Quote
  #18  
Old 06-18-2020, 11:22 AM
Slothead56 Slothead56 is online now
Registered User
 
Join Date: Mar 2012
Location: SE PA
Posts: 2,907
Default

Quote:
Originally Posted by blue View Post
It's hard to not get political because it comes down to socio-economics when you look at broad snapshots of who uses cash (and therefore needs there to be pennies, nickels etc.) and who can go cashless.
Hard to argue the socio-economic part of this but here are some statistics from a survey of close to 3,000 people from 2019:
  • Consumers used cash in 26 percent of transactions, down from 30 percent in 2017
  • Debit cards were the most used instrument, accounting for 28 percent of payments
  • Credit cards accounted for 23 percent of payments, a 2 percentage point increase from 2017
  • Cash was used heavily for small-value payments, representing 49 percent of payments under $10
  • The share of cash use among individuals under 25 years old is the highest of any age group
  • In-person payments accounted for 73 percent of all transactions. Participants used cash for 35 percent of in-person payments

Clearly there is a shift away from cash transactions.

I am a cash guy because I travel for business. I always want to have a couple hundred bucks on me just in case and I pay for much of what I purchase at retail (restaurants, B&M shopping, etc.) with cash. In fact, it drives me crazy to see someone buy a pack of gum with a debit card.

Since COVID lockdown I’ve used nothing but my debit card for purchases. I just checked and I haven’t taken a cash withdrawal from Checking in almost 4 months. Right now I have $1 in my wallet.

I guess my point is while there would need to be clarification around credit cards, debit cards and cash purchases, it makes even more sense to eliminate pennies and $1 bills.
__________________
Please note: higher than average likelihood that any post by me is going to lean heavily on sarcasm. Just so we’re clear...
Reply With Quote
  #19  
Old 06-18-2020, 11:57 AM
TJE" TJE" is offline
Guest
 
Join Date: Apr 2017
Location: 4 miles from Abbey Road, 5 miles from Page's Gibson(maybe), 120 miles from the Richards's mansion(I think)
Posts: 401
Default

It's slighty off the question. But there is a great novel by Lee Child called 'killing floor'. The central premise of the plot is that what makes US currency unique is the quality of the paper it is printed on - apparently there is only one factory in the world that can produce this quality of paper, which makes the paper dollar especially hard to forge - unless someone can find a way of accessing that paper...
Reply With Quote
  #20  
Old 06-18-2020, 12:14 PM
Don Lampson Don Lampson is offline
Registered User
 
Join Date: Apr 2006
Location: The California Central Coast, in The Heart of the Chaparral!
Posts: 1,867
Default

Quote:
Originally Posted by Slothead56 View Post
Please do not get political!!!

A recent pet peeve post had one of our Canadian members peeving about US currency, specifically our continued use of pennies and dollar bills. He stated that in Canada they have eliminated pennies altogether (all cash purchases are rounded up to the next nickel though CC purchases remain to the cent) and have gone to $1 and $2 coins (the Loonie and Twonie) rather than have paper money in these denominations.

This makes so much sense to me. Haven’t I read somewhere that it actually cost more than a penny to make a penny? I can’t even imagine how many pennies-probably millions of dollars—are in mayonnaise jars and drawers because they are such a pain to deal with. The cost for retailers making change all day, while not huge, is probably in the millions as well.

Why don’t we (the US) make this change? I would gladly give up pennies and dollars and not even look back. Has this even been a legislative bill that’s been discussed and debated?

(BTW-my next post will likely be about Saturday mail delivery!)

I believe the reason for pennies is for tax purposes? Without them tax increases would be made by 5%, increases, instead of 1%.....

Don
Reply With Quote
  #21  
Old 06-18-2020, 12:26 PM
blue blue is offline
Registered User
 
Join Date: Apr 2010
Location: WetSiiiide! WA
Posts: 7,851
Default

Quote:
Originally Posted by Slothead56 View Post
I can’t imagine this will survive COVID-19...I’m not dipping my fingers in there!
I never took. I just left penny. But hundreds of times I've had the clerk reach in as I'm digging in my pocket for correct change.
__________________
I only play technologically cutting edge instruments. Parker Flys and National Resonators
Reply With Quote
  #22  
Old 06-18-2020, 12:28 PM
Silly Moustache Silly Moustache is offline
Charter Member
 
Join Date: Apr 2006
Location: The Isle of Albion
Posts: 22,070
Default

Quote:
Originally Posted by eatswodo View Post
Same thing happened in the UK, with a rather longer overlap. The pound coin was introduced in 1983, and the pound note withdrawn in 1988.

I loved the pound coin - it fit very neatly into a 35mm film canister, which became a very easy way of saving, £15 per tube
haha - I used to collect £1 coins in film canisters too!

Then take them to the bank and demand notes. Then they refused to do it and said i'd have to pay it into my account then withdraw it from the cash machine ..no fun any more.

at my club (when I had my club) I had a large contribution box and people would put coins and sometimes £5 notes.

I'd count up the 50p, £1 and £2 coins and swap them over the bar for notes - the landlord was always happy to take coins.

the coppers and 5ps ? Id take them home and save 'em up in an old wooden box and scare kids with it on Halloween but that's died out now so, we gace the last lot to some charity.

The only reason to have coin is for parking machines that don't take cards.

Jane's beach hut parking is a problem now as you can't use notes and get change in most shops.
__________________
Silly Moustache,
Just an old Limey acoustic guitarist, Dobrolist, mandolier and singer.
I'm here to try to help and advise and I offer one to one lessons/meetings/mentoring via Zoom!
Reply With Quote
  #23  
Old 06-18-2020, 12:30 PM
blue blue is offline
Registered User
 
Join Date: Apr 2010
Location: WetSiiiide! WA
Posts: 7,851
Default

Quote:
Originally Posted by Slothead56 View Post

Since COVID lockdown I’ve used nothing but my debit card for purchases. I just checked and I haven’t taken a cash withdrawal from Checking in almost 4 months. Right now I have $1 in my wallet.

I guess my point is while there would need to be clarification around credit cards, debit cards and cash purchases, it makes even more sense to eliminate pennies and $1 bills.
Yeah... You're making me go there... Some people are "defending" the right to not have government ID... No ID, no bank account. No credit history. Rent a car or a hotel room? Fly? No. A Lifetime of Cash economy. These people don't have the luxury you or I have to use Debit cards to protect their health. High interest "pay as you go" credit cards yes. But would you use those?
__________________
I only play technologically cutting edge instruments. Parker Flys and National Resonators

Last edited by Kerbie; 06-18-2020 at 12:59 PM. Reason: Removed political topic
Reply With Quote
  #24  
Old 06-18-2020, 12:43 PM
mont_sly mont_sly is offline
Registered User
 
Join Date: Apr 2020
Location: Montreal, Quebec, Canada
Posts: 25
Default

A few things from a Canadian perspective. I believe the coin $1 never caught on in the US since the government never stopped producing the paper bills, and, therefore, more people tended to "collect" the coins.

In Canada, cash purchases are rounded to the nearest 5 cents $1.07 is rounded to $1.05, whereas, a $1.08 is rounded to $1.10.

Taxes are calculated on the exact amount of the purchase, the rounding only takes place for payment.

Also, sure is handy having a $2 coin! Pay $5, using a paper bill, for a $1 item and get 2 coins back instead of 4 paper $1 bills...
Reply With Quote
  #25  
Old 06-18-2020, 12:51 PM
fumei fumei is offline
Registered User
 
Join Date: Jun 2014
Location: Vancouver, BC Canada
Posts: 1,341
Default

Everyone keeps talking about rounding UP. Yes things get rounded up...but they also get rounded DOWN.

So yes, if the bill comes to $18.47 it would get rounded down to $18.45.

Initially I kept a close eye on things, out of curiosity. The point was that, over time, it balances out. I have to agree. I too (and certainly at that time) am a cash person. I logged everything over six months. Six months. It worked out as 7 cents, in my favor.

At that point, even to my mathematical/keep an eye on money brain, 7 cents over six months either way is meaningless. Or pointless. In any case it was not anything worth tracking. So I dropped it. Just like the pennies.

There was a period of transition of course. The vending machines had to change things, but all in all, it went very well. No one in Canada misses pennies.
__________________
guitars: 1978 Beneteau, 1999 Kronbauer, Yamaha LS-TA, Voyage Air OM

Celtic harps: 1994 Triplett Excelle, 1998 Triplett Avalon (the first ever made - Steve Triplett's personal prototype)
Reply With Quote
  #26  
Old 06-18-2020, 12:52 PM
mont_sly mont_sly is offline
Registered User
 
Join Date: Apr 2020
Location: Montreal, Quebec, Canada
Posts: 25
Default

Quote:
Originally Posted by HodgdonExtreme View Post
That's the problem, right there. Soon nickels will become low man on the totem pole and they'll eliminate them, rounding up to the nearest dime, and so on...

I agree Pennies are annoying, but they serve an important purpose as a placeholder.

Dollar coins made perfect sense to me, but it's been tried (several times) in the USA, and Americans flatly rejected it each time. Oh well, whatevs.
That's what I wanted to point out with my last post... The rounding is to the nearest 5 cents, so amounts are rounded down or up depending on the actual cent total.
Reply With Quote
  #27  
Old 06-18-2020, 03:17 PM
robj144 robj144 is offline
Registered User
 
Join Date: Jul 2008
Posts: 10,430
Default

Best thing is to not use cash at all. I use cash at most a handful of times a year and always give the change back or leave it in the tip jar.
__________________
Guild CO-2
Guild JF30-12
Guild D55
Goodall Grand Concert Cutaway Walnut/Italian Spruce
Santa Cruz Brazilian VJ
Taylor 8 String Baritone
Blueberry - Grand Concert
Magnum Opus J450
Eastman AJ815
Parker PA-24
Babicz Jumbo Identity
Walden G730
Silvercreek T170
Charvell 150 SC
Takimine G406s
Reply With Quote
  #28  
Old 06-18-2020, 03:20 PM
frankmcr frankmcr is offline
Registered User
 
Join Date: Jan 2011
Location: Chicagoland
Posts: 5,341
Default

Quote:
Originally Posted by mont_sly View Post
That's what I wanted to point out with my last post... The rounding is to the nearest 5 cents, so amounts are rounded down or up depending on the actual cent total.
All sellers would have to do is change their prices so the nearest five cents is always up rather than down.

But golly, I'll bet they'd never think of such a thing.
__________________
stai scherzando?
Reply With Quote
  #29  
Old 06-18-2020, 03:26 PM
robj144 robj144 is offline
Registered User
 
Join Date: Jul 2008
Posts: 10,430
Default

Quote:
Originally Posted by frankmcr View Post
All sellers would have to do is change their prices so the nearest five cents is always up rather than down.

But golly, I'll bet they'd never think of such a thing.
I know the sales tax varies from state, but how hard is it to include the tax too in all items and make it a round number? Like make a burger $10.50 with the sales tax. This would solve a lot of little problems.

Maybe it helps for accounting purposes though. I'm guessing it has something to do with that.

But, when I was in high school, I worked at a concession stand at a movie theater and all prices for candy, popcorn, etc... included tax and were in increments of 25 cents. Most of us did the math in our head which included doing the change in our head too.
__________________
Guild CO-2
Guild JF30-12
Guild D55
Goodall Grand Concert Cutaway Walnut/Italian Spruce
Santa Cruz Brazilian VJ
Taylor 8 String Baritone
Blueberry - Grand Concert
Magnum Opus J450
Eastman AJ815
Parker PA-24
Babicz Jumbo Identity
Walden G730
Silvercreek T170
Charvell 150 SC
Takimine G406s
Reply With Quote
  #30  
Old 06-18-2020, 03:51 PM
Dru Edwards Dru Edwards is offline
Registered User
 
Join Date: May 2007
Location: Nova Scotia
Posts: 43,429
Default

Canada's $1 coil was introduced in 1987. The "Loonie" was named because it has a picture of a loon on it. The $1 bill was eliminated in '89.

The two dollar bill was eliminated in 1996 with the introduction of the two dollar coin. The government wanted to call it a "Polar" because of the Polar Bear on it but the public called it a Toonie.

The $1, $2 and the penny were all removed from circulation for cost savings. I hope they don't do that with the $5 bill.



Reply With Quote
Reply

  The Acoustic Guitar Forum > Other Discussions > Open Mic

Thread Tools





All times are GMT -6. The time now is 07:44 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Copyright ©2000 - 2022, The Acoustic Guitar Forum
vB Ad Management by =RedTyger=