So if the RAM were to be ordered to reduce the size of our current coinage, what would you like to see the new coinage to be?
Quote from: 'Enlilninlil' pid='37284' dateline='1387164623'So if the RAM were to be ordered to reduce the size of our current coinage
This is sooooo
not going to happen.
Any change would be hugely disruptive, and they wouldn't even think about it until we became a republic. And even then it probably wouldn't happen.
MUCH more likely is a debasement of the current coinage, as other countries are doing, notably the UK.
To resize our currency would be very costly and you and I would end up paying for it.
Vending machines, etc would be the biggest cost me thinks.
No thanks, the coins we have now are just spot on.
Quote from: 'Fulvio' pid='37286' dateline='1387165427'MUCH more likely is a debasement of the current coinage, as other countries are doing, notably the UK.
Actually, Britain did both, shrinkage and debasement. The shrinkage happened first, back in 1991.
Australia is now the only Commonwealth country to still use the old sixpence, shilling and florin size, weight and composition (I know Australia didn't use cupronickel in predecimal coins, but most of the rest of the Commonwealth did). It's past due for a change. Britain, New Zealand, Fiji, PNG ,Tonga and Samoa all once had "Australian-sized" coins and they all have now shrunk their coins.
Our coins are just a tad too big for their buying power. The 50 cent, particularly, is one of the largest surviving circulating coins in the world. And if you shrink that, you've got to shrink the rest, too.
I like New Zealand's size adjustments. We can't copy them, of course, since one of the goals would no doubt be to minimize accidental or deliberate circulation of NZ coins here. I don't like the shapes chosen by NZ so much. I don't really like the "Spanish flower" (used on the 20 cents) and I think our 50 cent would look nice as an equilaterally-curved heptagon (same shape as British 50p and Solomons dollar), rather than dodec, which would be too fiddly to implement on a smaller size.
If Australia does down size its coins, then it will be the end of coin collecting for me. All those spare pages of Dansco Supreme albums down the drain at $13.50 something each. One must be joking.
They introduce 50c pieces in credit card sized packaging as well as a few $1 coins then they issue a 2013 $1 AFL coin in a credit card that is three times the size of the norm credit card.
Storage problems again for the collector whilst the coin shops make more profit.
Nope, enough is enough.
Quote from: 'Goldseeker' pid='37305' dateline='1387194274'Nope, enough is enough.
LOL! I've been saying for
how many years now that enough was enough? :angel:
The cost is just a poor excuse, if poorer countries like the Solomon Islands, Thailand, Algeria can reduce their coinage size at some point in time, there is no excuse for us not too. It is too outdated to have large coins, and it will change sooner or later, just needs a kick start somewhere.
I like the NZ twenty cents, that is my favourite kiwi coin. But I suggest a 12 sided reduced 20 and 50 cent coin, possibly a bi-metal $2. The others can stay the same.
We'll reduce the size of our currency at some stage and cost be damned. It doesn't make sense not to. One of the reasons I love Australia is that from time to time the government makes changes that are for the greater good despite the vociferous opposition of the (frankly) ignorant minority. We should count ourselves lucky we don't live in a country that still has dollar notes despite everyone knowing it's a waste of money.
I represent that comment markn. (It ain't a gripe.) The U S guv has had the SAME company producing the cotton paper for their notes for close to 150 yrs. Whenever there is a discussion about eliminating the $1, $2, the $5 or whatever note, it seems that congress's future election fund grows. Hmmm. Also, it seems that people don't like the coin dollar, after the failure of the Ike (7 yrs), the Suzie B (Susan B Anthony-4 yrs), and the Sac (Sacagawea--2 yrs)-- production for circulation was only for 2000 & 2001, but then available only by direct ordering from the mint..... none seen in circulation. Then comes the Presidential dollars--2007 to 2016....never seen in circulation.
The guv'ment will eventually eliminate the $1 note, as evidence of the BILLIONS of coin dollars that have been warehoused and being warehoused today. Me? I like the $1 note and don't want to carry a pouch of dollar coins like ancient people did.
It's just a circle. The government asks "what can we do to increase use of the dollar coins?" and always gets the same answer "stop printing the paper dollars". Nothing happens. The public doesn't like the idea of dollar coins. Maybe if there were coins in denominations of $2, $5, $10, and possibly $20 the idea would be more palatable.
Something has to happen. They can't melt down the coins they have now. That's too much seignorage to write off the books.
The paper dollars are politically connected. I don't know how they're going to get out of that. Unfortunately, we have a dysfunctional Congress whose members only look out for their own interests.
Quote from: 'Goose' pid='37325' dateline='1387237811'The guv'ment will eventually eliminate the $1 note, as evidence of the BILLIONS of coin dollars that have been warehoused and being warehoused today. Me? I like the $1 note and don't want to carry a pouch of dollar coins like ancient people did.
There's nothing unique about the population of the USA. They hate change the same as everyone else and given a choice will always stick with the status quo. Dollar coins in the USA never had a chance because dollar notes were not withdrawn. Until they are withdrawn dollar coins will never succeed. Once they are withdrawn and dollar coins are forced upon you everyone will look back 20 years down the track and wonder what the fuss was about. Exactly the same argument is true for the withdrawal of the 1c coin there.
Quote from: 'triplewitch' pid='37330' dateline='1387239235'The paper dollars are politically connected. I don't know how they're going to get out of that. Unfortunately, we have a dysfunctional Congress whose members only look out for their own interests.
Exactly. And until the US government legislates for the removal of the note and forces the coin on the public the coin will never succeed. As an outside observer I think it's hilarious that something that will so obviously save your country millions of dollars per year is being held up by what are essentially petty local interests.
"Petty local interests" translate into tremendous profits for somebody.
Quote from: 'triplewitch' pid='37337' dateline='1387240004'"Petty local interests" translate into tremendous profits for somebody.
Sadly, that's almost always the case.
I was talking about Australian coinage, not U.S. Please put this in another topic area.
If you look at the New Zealand example their change in coinage was cost neutral due to the change in composition. The profit they made from selling the cupronickel collected from the old coinage offset the production costs of the new. Cost is not necessarily a blocker to changing Australia's circulating coinage.
Quote from: 'Splock' pid='37606' dateline='1387538440'If you look at the New Zealand example their change in coinage was cost neutral due to the change in composition. The profit they made from selling the cupronickel collected from the old coinage offset the production costs of the new. Cost is not necessarily a blocker to changing Australia's circulating coinage.
Yes, the
Mint and the GOVERNMENT made the profits on the scap metal. The costs however were borne by the companies that owned the vending machines. Think of the frachisee who operates a few hundred vending machines, every machine needed to be re-jigged and recalibrated to accept the new coins. Could cost them more than a years profit.
Quote from: 'nealeffendi' pid='37637' dateline='1387591605'...every machine needed to be re-jigged and recalibrated to accept the new coins.
Well, it does depend on whether they have electronic or mechanical coin mechanisms, but yeah, the cost runs from travel and time through to a complete new mech, though that presents the opportunity to update to an electronic one. Not an inconsiderable burden, for sure.