http://www.watoday.com.au/national/5cent-piece-not-worth-a-cracker-20090523-bimh.html quote "The plan to ditch the five-cent piece follows the scrapping of one and two-cent coins in the early 1990s. Federal treasurer Paul Keating said then that the cost of minting the copper coins far exceeded their value, and they had lost their real purchasing power." Going by the article it has taken nearly 20 years between redundancy of 1c & 2c coins and the possible redundancy of the 5c coins. Any guesses how long it will take for redundancies to reach the 10c, 20c, 50c brackets ? If we follow the US into an inflationary depression, then 2015 is my guess. Also, is it correct that CPI is exponentially compounding like interest on a bank account ? For example, 1% CPI this year on the 1% last year on the 1% the year before that and so on and so forth. This would help to explain why for example, a dim sim has gone up about 1000% over 30years.
a more recent article on the subject: http://www.heraldsun.com.au/news/mo...to-ditch-5c-coin/story-fn7x8me2-1226056616645
I've always contemplated paying any bills or unwarranted fees in 5cent coins. It was my dream to be able to amass a lot of 5 cent coins and slowly toss them at the target until the debt is paid. They had to ruin my fun by allowing people to decline payment in 5c denomiations for large sums
Someone at the shops got told off for trying to pay in coins "I'll accept it this time, but please remember we're not a bank". There was a long queue too. It wasn't me btw >_>
Lol Fishball. Retailers don't need to scrap the 5c peice as an excuse to round up to 10c prices. They can do it now! They can round up to whole dollar costs if they desire. Of course no one will buy off them, but they don't need and excuse to jack up their prices!
I have wondered about getting $100 worth of 5c coins and then wondered if i am better off putting that spare money into some silver instead. Pros and cons i guess.
In the past, NZ literally had the same coinage as AUS. What they did to remedy their problem with to coins costing too much: 1. reduce the size of the coins 2. change their composition to steal plated coins.
Cash is for criminals and tax avoiders, the sooner they do away with it the better, why stop at the smaller coins just because they are too expensive to make, a pathetic excuse, get rid of them all, our notes are already plastic, that is half way to becoming a debit card or similar. The idea of carrying around fiat in bulky, easy to lose form instead of just having electronic fiat which would take up less space and be cheaper to produce is madness. As soon as they got rid of any intrinsic value in the coinage it stoped being a store of wealth and became a medium of exchange, and an archaic one at that, it hasn't exactly developed since the roman times, in fact the idea of coins has actually gone downhill since then as they have little intrinsic value. Time to move with the ages, ditch, the hard fiat, get some electronic fiat going, you lose a banknote, you lose the value stored in it, you lose a credit card, just get another one, you don't lose the buying power it had. Once you realise it is all pretend (fiat) money you realise you can let your imagination go wild and no longer be constrained by little round discs with no use excpet swapping between ourselves. Stop trying to make cheaper coins, just stop making coins, move on, try something else. As a coin collector I would certainly have a lot more time on my hands but I wouldn't miss them.
The new NZ coins are brilliant! Would be a shame to lose the design of our 5c, but they need an overhaul. Our coins are ridiculousely oversized. The 50c and 10c should both be much smaller and the 5c gone altogether as it is just a useless denomination. Follow the lead of our New Zealand neighbours and resize the coins and change composition and shape to distinguish between them - sazing manufacturing cost and space in our wallets. That being said, I dont even have a wallet with a coin pocket as I cant stand carrying around shrapnel... oh and while we're at it, fk the queen off the back and put some meaningful figures of Australian history on there like the US. God damn useless monarchy! why do we still bow down to this joke? be gone!
and from that second article: "In the very low cost items, it would make a big difference because sometimes it may not be feasible on a margin to go down to $1.90 where something was $1.95." What a load of dump. No-one cares about paying an extra 5c for something. There has been a 5 year trial involving 4.4 million people that proves this is not an issue. Who was this clown? "Australian Retail Association executive director"...enough said.
Traitor!!!!!!!!!!!!! Who would you put on the back then, Julia, Kevin, Mick Dundee, Rolf Harris, Dame Edna, That bloke in the tin helmet? And by the way, the queen isn't on the back, by definition the side with the queen on is the Obverse not the Reverse, bloody uneducated republicans!
U serious??? that is some serious spin i would only expect from a corrupt politician or a central banker! what if: theres an emergency and u need funds urgently but u cant get to an atm or a bank? there is a glitch in the banks comuter system and your funds are basically frozen until the problem is fixed? u prefer to actually hold cash in your hand rather than trusting the bank to get their grubby little hands on it? (similar to why ss members prefer to hold physical silver) trusting your entire wealth for someone else to hold is just asking for disaster. talk about holding all your eggs in one basket! U may be more vulnerable to fraud or theft and currencies would be far easier to manipulate. many other reasons i'm sure other ss here could think of
Cash is great for privacy too, imagine how many hookers would be out of business if every transaction left a record. Won't somebody think of the hookers!???!?!!
No. But in answer to your questions as If I was... there's an emergency and u need funds urgently but u can't get to an atm or a bank? Credit card / debit card or equivalent / Direct transfer / online facilities, technology is already here. there is a glitch in the bank's comuter system and your funds are basically frozen until the problem is fixed? IOU? How is this any different from losing your wallet? Have a second account with a different bank, eggs/basket?!? u prefer to actually hold cash in your hand rather than trusting the bank to get their grubby little hands on it? (similar to why ss members prefer to hold physical silver) That cash you are holding in your hands...it's not cash really, it is an IOU from a bank. The bank already has its grubby little hands all over it. Silver is not an IOU from a bank, that's the reason we stackers like it so much! trusting your entire wealth for someone else to hold is just asking for disaster. talk about holding all your eggs in one basket! You are already trusting your entire wealth for someone else to hold...the Government! All the government has to do is devalue the currency like it did this week in Belarus and suddenly your savings have been cut in half. We are not talking about a store of wealth here, we are talking about a medium of exchange, a way for people to value goods and services comparatively, e.g. by a dollar amount. You want to store and protect your wealth, buy silver. If you want to go shopping, use cash. Coins have no real value, changing the size or shape or doing away with them entirely will not alter your wealth
Coins are all right... I mean they do have usage in vending machines and stuff like that. I wouldn't want to swipe my CC in a vending machine in a train station :|
I certainly would not stand for a recent politician being on the coin! Did anyone say Warney? haha jks and yeh you got me with the obverse / reverse. But I do refer to it as the back of the coin as the queen's face side is the shit side of our coins, and the back is the always the worst side of anything. see I'm a tits man...
*imagines LJ Hooker rejecting bullion @_@* I stack 20c coins so I'm sorta used to the idea of swapping plastic notes for coinage, but I'm not sure if I'd do the same for 5c coins. I mean sure, I don't just chuck them out, I keep the 5c coins in an old cup, but with no effort or extra motivation. It could work out I guess. I went to the bank today thinking "hmmm, should I get 5c coins this time?". I'll ponder about it over the week. The one thing going for it is that 5c coins would be the first to go, meaning they will reach the status of 1c and 2c coins sooner than the other coins. :/
