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Fixing the money

IronWing

IronWing

No Lifer
US money is messed up right now so I'd fix it. My scheme, should President Obama select me as Treasury Secretary:

Coins:
Penny - gone
Nickel - gone
Dime - keep in present form
Quarter - shrink to size of current nickel, put buffalo on back
Dollar - keep Sacagawea Golden Dollar or similar sized coin

Bills:
Dollar - gone
Two Dollar - keep, I'm perverse that way
5, 10, 20, 50, 100 - keep but try to make less ugly. Maybe lose the Presidents and replace w/ American animals/scenery

Revalue the coins:
In order to grease the wheels and provide an economic stimulus, all quarters in circulation would be declared worth one dollar, all nickels in circulation would be declared worth a quarter. This would be done with no warning to prevent hoarding. As existing pennies, nickels, and quarters came back to banks, they would be retired from circulation.
 
How would people able to get correct change?

Short of every item getting round up to the nearest dime to many places would still sell for one cent under the dollar to make it sound like a deal.

And making current lower value items such a quarter being valued as a dollar would ruin the economy.
 
Originally posted by: ironwing
US money is messed up right now so I'd fix it. My scheme, should President Obama select me as Treasury Secretary:

Coins:
Penny - gone
Nickel - gone
Dime - keep in present form
Quarter - shrink to size of current nickel, put buffalo on back
Dollar - keep Sacagawea Golden Dollar or similar sized coin

Bills:
Dollar - gone
Two Dollar - keep, I'm perverse that way
5, 10, 20, 50, 100 - keep but try to make less ugly. Maybe lose the Presidents and replace w/ American animals/scenery

Revalue the coins:
In order to grease the wheels and provide an economic stimulus, all quarters in circulation would be declared worth one dollar, all nickels in circulation would be declared worth a quarter. This would be done with no warning to prevent hoarding. As existing pennies, nickels, and quarters came back to banks, they would be retired from circulation.
Click to expand...

LOL wut?
 
Originally posted by: ironwing
US money is messed up right now so I'd fix it. My scheme, should President Obama select me as Treasury Secretary:

Coins:
Penny - gone
Nickel - gone
Dime - keep in present form
Quarter - shrink to size of current nickel, put buffalo on back
Dollar - keep Sacagawea Golden Dollar or similar sized coin

Bills:
Dollar - gone
Two Dollar - keep, I'm perverse that way
5, 10, 20, 50, 100 - keep but try to make less ugly. Maybe lose the Presidents and replace w/ American animals/scenery

Revalue the coins:
In order to grease the wheels and provide an economic stimulus, all quarters in circulation would be declared worth one dollar, all nickels in circulation would be declared worth a quarter. This would be done with no warning to prevent hoarding. As existing pennies, nickels, and quarters came back to banks, they would be retired from circulation.
Click to expand...

Are you drunk, high or both?
 
Originally posted by: Newbian
How would people able to get correct change?

Short of every item getting round up to the nearest dime to many places would still sell for one cent under the dollar to make it sound like a deal.

And making current lower value items such a quarter being valued as a dollar would ruin the economy.
Click to expand...

Prices would rounded to ten cents.

Quarters and nickels make up a tiny fraction of the money supply. Upping their value would have little effect on the economy. The point of increasing their value is to urge folks to spend them and get them out of circulation faster.
 
I just want people to stop using checks at the checkout counter and instead use a freakin' debit/credit card!
 
I'm down with killing the penny, and perhaps the nickel. But, revaluation sounds like a terrible idea.
 
Originally posted by: palswim
I'm down with killing the penny, and perhaps the nickel. But, revaluation sounds like a terrible idea.
Click to expand...

This is, by far, an uninformed opinion.

If you want the dollar to be worth more, you're going to have to have smaller denominations available. If you only want to keep the highest denominations around then you're going to end up minting high-value bills that aren't worth any more than the previous metal coins you got rid of.

At least coins don't get destroyed as easily and can stay in circulation longer.
 
Originally posted by: nkgreen
Yes, this is horrible, this idea.
Click to expand...

What is wrong with it.


Originally posted by: palswim
I'm down with killing the penny, and perhaps the nickel. But, revaluation sounds like a terrible idea.
Click to expand...

Revaluing the nickels and quarters speeds up the process of switching over. It isn't central to my grand plan though. Really I'd just like to knock out the pennies, nickels, and dollar bills.
 
Originally posted by: SaltBoy
I just want people to stop using checks at the checkout counter and instead use a freakin' debit/credit card!
Click to expand...

heeh, just today there was an elderly lady, at least in her 80s, that did that at the local grocery store. Everyone behind me sighed, shook their heads while she fumbled to find a pen that had ink.
 
Wow, I don't think I could come up with a dumber idea if I tried. Revalue all existing quarters to a dollar. What The Fu*k?
 
When I was a kid NZ one and two cent coins were taken out of circulation. About four years ago, five cent coins were removed from circulation (and at the same time ten, twenty and fifty cent coins were replaced with smaller versions). It's a good idea in my opinion. Such small denominations are not worth holding onto as inflation shrinks their value. Eventually it costs more to produce the coins than the value of the coin itself.

Edit - I'd like to add that revaluing coins is the dumbest idea ever.
 
Our current money is backed by "faith" in the US government, is printed out of thin air, and is controlled by private bankers. Faith in this system is something I don't have. Why not make all denominations worthless and eliminate their money as we know it?
 
I'd rather see value of the currency returned and stabilized rather than removing the lower denomination coins. It's not that those coins are pointless... our currency is just worthless compared to what it used to be.
 
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