What is the future of our 5 cent coin?

fred lever · February 03, 2020, 08:55:37 AM

I would revamp the coinage for circulation.
The 5 and 10 cent are not required.
The 20 cent is the equivalent of the penny on old school speak.
The currency should be sized by denomination.
We should have 20c, 1 dollar, 2 dollar and 5 dollar coins. Finis.
The 20 can use the 5 c size , 1 dollar the 10c, 2 dollar the 20c and 5 dollar the 50c.
Adjust the weights of the coins by thickness for the vending machines although these are a minority now as most machines will be card activated soon.
Simple and give a boost to the coin collecting industry with a whole new set of coinage to collect.
Easy?
Fred.

JeffH · February 03, 2020, 09:01:39 AM

Sounds logical Fred so it probably won't happen like that.
$5 coin would be good but can't be the size of the NCLT $5 coins -just too big.

brismike · February 03, 2020, 12:36:59 PM

The $5 Coin could be the same size as the bi-metallic ones they issued in the 1990's. They put out about 6 or 7 of them. They are roughly the size of a 20 cent and are actually 24 sided.

https://en.numista.com/catalogue/pieces10257.html

Mike

nealeffendi · February 03, 2020, 03:02:15 PM

Scrapping the 5 cent coin will be a nightmare. Currently the 5 cent coin can be rounded down or up for items ending in 2 or 3 cents but how do you round 5 cents as mathematically it is midway between 0 and 10. As for scrapping the 10 cent coin it would be even worse as not only does it lie midway between 0 and 20 it would also create headaches at 50 cents. Plus it would require all kinds of adjustments to laws and regulations such as the 10 cent deposit on returnable bottles that most states have.
As for adjusting the weights (or composition) of coins it wouldn't just be vending machines affected but coin deposit machines and coin rolling machines. Plus shop tills would get confusing with the mixing of different coins in the same slots (or needing extra slots).

runway · February 03, 2020, 09:32:39 PM

Fred you'd be cringing with todays announcement of the tooth fairy $2 release as would most collectors not dealers

Bigfellani5 · February 03, 2020, 10:38:05 PM

They have changed our currency before and everyone winged and bitched......but I did not see people throwing money in the bin. We sucked it up like big girls and boys and within a few weeks we went on like nothing had happened. Same think happened in New Zealand. In fact it has happened all over the world.

I don't see it as a huge deal

Nevol · February 04, 2020, 09:06:02 AM

QuoteI don't see it as a huge deal

:i_agree:

fred lever · February 04, 2020, 01:12:23 PM

Yeah I recall the hoo hah that went on when the logical system of a monetary system based on 10's was introduced.
The old system where 2 half pennies made a penny, 12 pennys made a shilling and 20 shillings made a pound (or if you were a snob 21 shillings made a Guinea) was simply colonial rubbish and endless defenders of the faith leapt to the bastions to repel the new Decimal thinking. There were endless conversions charts to work out how many pennies or groats or something equalled a dollar or a pound and how evil businessmen were cheating the workers out of 1 cent when making the change from cents to pennies or something.
Guess what? it took about 3 weeks like Big F says for people to stop trying to work out 12 of this equalled some bloody thing and 20 of that something else and if one groat was missing somewhere.
A system that worked on the same principle as the number of toes and fingers on your appendages was so simple even people like me adopted it post haste. We forgot all about 12 of this and 20 of that (or 21) and worked on 10 of this or 100 of that.

As for needing 5c pieces......who the hell uses them? What shop sells things that end with 5 or 10 cent?
Anyway in my government, ........ prices will be based on minimum multiples of 20 cents, problem solved!
All citizens will comply..........we have our ways.........................
I'll get Scotty from Marketing onto it..............................

The very few retail places that actually use a cash register now will have no trouble with till pocket counts because in my system there are LESS types of coins, there will be spare pockets in the till! Remember the tills that had to have SIX coin pockets? 1-2-5-10-20-50 cents, then they introduced 1 and 2 dollar coins but chopped the 1 and 2 cent just in time.
In about 5 years there will be NO cash transactions at all for normal shopping, even the local chip and paper shops will convert from being hold outs or go out of business. Come on even a 76 year old fuddly duddly like me uses a smart card to do everything except buy the newspaper, the chip shop we go to now uses a card processor and is so glad she does, no more till, no more bloody money dropped onto the fat just bip bip and do you want a receipt? People need to look forward not back, otherwise we would still be struggling with Farthings and Groats and Guineas!
There..i feel so much better now.
Fred.