Society & Culture When can we phase out coins?

[Mara Singha]

Come to think of it, if you're not a drug dealer or pensioner, what the hell are you even using cash for in 2021?

Buying drugs

 

[Moonwatcher]

^

 

[Moonwatcher]

ME: I'll have 5c of cocaine please.
DEALER: Sorry we only sell in increments of 10c

 

[utility]

Come to think of it, if you're not a drug dealer or pensioner, what the hell are you even using cash for in 2021?

Privacy, convenience, and reducing counter-party risks.

 

[kickazz]

Yes and the stupid/ironic thing is that this century, far more 5c pieces have been minted than any other coin. The simple reason being that they do not circulate well at all: their life cycle seems to be mint->Armaguard->shop->change->jar at home->never see the light of day again.

And so they have to keep making more of these for the shops for change. The fact that parking meters and many other machines have not accepted them for years hasn't helped.

 

[the_interloper]

Come to think of it, if you're not a drug dealer or pensioner, what the hell are you even using cash for in 2021?

I go to a Vietnamese restaurant a lot and they don't have EFTPOS, but the Pho is excellent.

 

[kickazz]

Yes add tax evasion (small restaurants, tradies) to the list of reasons folks like cash. Also to hide money from partners.

 

[Billy ray]

get rid of $1 and $2 coins and make them $1 and $2 notes. the reason for making them coins originally was because our old paper currency fell apart for these lower denominations and coins were more durable - well not anymore bring back the notes.

get rid of 5c and probably 10c.
so coins are just 20c and 50c, notes for $1, $2, $5, $10, $20, $50 and thats it.

the $2 note could probably not even be bothered with

 

[Hornberger]

Should follow NZ's lead and scrap the 5c coin, then downsize each of the 10c, 20c and 50c coin.

 

[PT Bar None]

Yes add tax evasion (small restaurants, tradies) to the list of reasons folks like cash. Also to hide money from partners.

I knew a dude that when he started a new office job, he'd set up his pay direct deposit to put a fixed amount (all his pay minus a dollar or few) into the main account and the remainder into his secret account. So that when he got pay rises, salary reviews, etc. his partner would never see it. Just looked like he was on the same money the whole time he was there.

Now this bloke wasn't blowing it on hookers, etc. (or so he said) but rather a bit of spare cash. A bit extra on b'day presents. Or a few beers at the footy, etc.

But. Not all partners are created equal. I've seen this approach go very badly wrong, regardless of any benign intention or execution

 

[Hawk Dork]

I knew a dude that when he started a new office job, he'd set up his pay direct deposit to put a fixed amount (all his pay minus a dollar or few) into the main account and the remainder into his secret account. So that when he got pay rises, salary reviews, etc. his partner would never see it. Just looked like he was on the same money the whole time he was there.

Now this bloke wasn't blowing it on hookers, etc. (or so he said) but rather a bit of spare cash. A bit extra on b'day presents. Or a few beers at the footy, etc.

But. Not all partners are created equal. I've seen this approach go very badly wrong, regardless of any benign intention or execution

A friends mum worked out she had millions more when her husband died,they were well off just way more so

 

[randyzany]

Just recently I paid for some petrol with the final amount being 5 cents over a dollar, a 5 cent coin was pretty useful for me then. Don't have any problems with getting rid of them if a final amount for purchases (such as groceries, petrol, etc...) that are 5 or 10 cents over are rounded down to the nearest value. Example $80.05/80.10/80.15 rounded down to $80.00 even.

If you don't like coins don't use them, simples. I don't see why coins need to phased out just because those who don't like to use them aren't satisfied with that and wanna see everybody else be forced to stop using them as well. Bizarre thing to be complaining about or want to change for no real tangible value.

 

[Hawk Dork]

I ran out of petrol as I pulled into the bowser coming back from Uni and I only had 37 cents in my pocket..... it was enough to get me home

 

[FRUMPY]

Just recently I paid for some petrol with the final amount being 5 cents over a dollar, a 5 cent coin was pretty useful for me then. Don't have any problems with getting rid of them if a final amount for purchases (such as groceries, petrol, etc...) that are 5 or 10 cents over are rounded down to the nearest value. Example $80.05/80.10/80.15 rounded down to $80.00 even.

If you don't like coins don't use them, simples. I don't see why coins need to phased out just because those who don't like to use them aren't satisfied with that and wanna see everybody else be forced to stop using them as well. Bizarre thing to be complaining about or want to change for no real tangible value.

You could have just said I don't have the 5 cents and gotten 5c of free petrol

They don't care if you go over by a few cents and don't have it (gotta pay by cash obviously)

Sent from my CPH2005 using Tapatalk

 

[Cleavy]

hard to punch people "old style" using Bit Coin rather than a roll of 20c pieces.

 

[IKnowtheDog]

Does anybody like collecting the special 20 cent, 50 cent, $1 and $2 currency

 

[Scotland]

get rid of $1 and $2 coins and make them $1 and $2 notes. the reason for making them coins originally was because our old paper currency fell apart for these lower denominations and coins were more durable - well not anymore bring back the notes.

get rid of 5c and probably 10c.
so coins are just 20c and 50c, notes for $1, $2, $5, $10, $20, $50 and thats it.

the $2 note could probably not even be bothered with

That would be an interesting move to go from $1 & $2 notes to coins and back to notes again.

I don't know the cost of minting coins vs printing notes but the polymer notes are way more convenient. I have a coin jar (metal bucket thing that popcorn came in at Hoyts) and every coin I have goes in there whether it's 5c or $2. The only time I use it is if I am going to Bunnings so grab some coins for a hotdog and drink. If we had $1 and $2 notes I would keep them in my wallet and spend them as soon as my wallet started getting a case of the Costanzas so they would go back into circulation more.

We already round cash prices to the nearest 5c, I think we could easily go to 10c or 20c already.

 

[PT Bar None]

That would be an interesting move to go from $1 & $2 notes to coins and back to notes again.

I don't know the cost of minting coins vs printing notes but the polymer notes are way more convenient. I have a coin jar (metal bucket thing that popcorn came in at Hoyts) and every coin I have goes in there whether it's 5c or $2. The only time I use it is if I am going to Bunnings so grab some coins for a hotdog and drink. If we had $1 and $2 notes I would keep them in my wallet and spend them as soon as my wallet started getting a case of the Costanzas so they would go back into circulation more.

We already round cash prices to the nearest 5c, I think we could easily go to 10c or 20c already.

Same, except mine is a fruit cake tin.

Coins obviously last longer - there's still plenty off original 1984 issue $1 coins in circulation. But my uninformed opinion is that the minting costs per unit would have to be higher than the polymer notes? But the notes would die faster. More design and anti-forgery up front costs for notes maybe? Dunno

Be interesting to see how long before I got annoyed at a wallet full of stripper singles. Given how little I seem to use cashola these days anyway, probably a non issue.

 

[Scotland]

Coins have a natural balance to strike between the minted value of the coin and the metal value of what goes into the coin.

Just throwing it out there as another uninformed opinion about polymers, can we make bank notes out of recycled plastic? Is that a thing?

 

[Brad Goodman]

Surprising that anyone uses cash for things they can use card for. To each their own though so no judgement, just surprised.

When Covid started a year ago I had a 20 dollar note in my wallet and about $40 in coins at home. Haven’t been to an ATM since.

 

[74561347]

Buying drugs

dont need money when youre handing out wristies for 8 balls

im not handling cash, apparently people are sick

 

[Pistol Night]

ME: I'll have 5c of cocaine please.
DEALER: Sorry we only sell in increments of 10c

Ok ill have 10,000, 10 cent servings please

 

[Pistol Night]

dont need money when youre handing out wristies for 8 balls

im not handling cash, apparently people are sick

Id rather part with the folding stuff than jerk off a drug dealer. (price dependent)

 

[Pappagallo]

get rid of $1 and $2 coins and make them $1 and $2 notes. the reason for making them coins originally was because our old paper currency fell apart for these lower denominations and coins were more durable - well not anymore bring back the notes.

get rid of 5c and probably 10c.
so coins are just 20c and 50c, notes for $1, $2, $5, $10, $20, $50 and thats it.

the $2 note could probably not even be bothered with

Not a bad idea really. We’d need to recolour the $2 note though because that was green/gold much like the current hungie.

 

[Gough]

Does anybody like collecting the special 20 cent, 50 cent, $1 and $2 currency

I've got a jar of commemorative 20c pieces but it's more a habit these day than a collection.