US running out of places to store money

[mgb_phys]

http://www.bbc.co.uk/news/world-us-canada-10783019

Personally I would have no problems being sent $ coins in large quantities, and I'm not even very bothered about which president was on them.

 

[Insanity]

I have a 1300 sq ft basement that could be filled.

 

[leroyjenkens]

People don't like coins in general, that's why they'll pay to have their coins turned into bills, i.e. by pouring them into a Coinstar machine.

Also, it's bad enough when I lose quarters from sitting down and them sliding out of my pocket, but entire dollar coins sliding out of my pocket could add up to some big bucks.
At least the old silver dollar coins were the size of a frisbee, so they weren't easy to lose. You had to carry them in a pizza box.

I also love the "law" that requires them to keep making coins. That's like me suddenly making up a rule that I have to constantly slap myself. I keep slapping myself because it's the rules, but I made up that rule and at any moment I could nullify that rule, nobody would protest and the madness would end.
Just stop making the coins. How hard is that?

 

[zomgwtf]

Hmph, I don't mind coin money.

 

[DR13]

They could use my coin jar as storage if they would like :P

 

[Cyrus]

Dollar coins? Pffft, this ain't Canada.

 

[DavidSnider]

Bring on the digital cash already.

 

[jtbell]

People don't like coins in general

Yeah, let's bring back postal currency and fractional currency!

 

[FrancisZ]

I had crazy uncle once that used to insist upon getting paid in half-dollars. He didn't trust paper money. Imagine what a pain in the fanny he must have been to the tellers at the bank, whenever he cashed his check (he didn't like banks much either). Must have been pretty cartoon-ish, to see a grown man leaving the bank with a large sack of money over his shoulder.

That's having been said: I rather liked the Savajawea dollar and Susan B...http://www.factology.com/sacajawea.jpg

[PLAIN]http://www.usmint.gov/historianscorner/images/susanba_obv.jpg

 

[mgb_phys]

I had crazy uncle once that used to insist upon getting paid in half-dollars. He didn't trust paper money.

When the UK switched to pound coins there were the same objections - then somebody printed copies of all the complaints there had been 100years earlier when they switched from gold sovereigns to paper notes - then there were riots.

Canada had the good sense to decorate the coins with the noble loon - rather than the US plan to put presidents on them

 

[Greg Bernhardt]

I hate coins. All I use is a money clip, so coins rattling in my pocket is a major annoyance. If they really phase out paper, I will go completely electronic.

 

[lisab]

I hate coins. All I use is a money clip, so coins rattling in my pocket is a major annoyance. If they really phase out paper, I will go completely electronic.

Me too. Although one nice thing about coins: since I always pay with paper, by the end of the day I often have a handful of coins. Every night I put them in a jar.

A few years ago I cashed in all my jars. Wow, ~10 years of coins was over $1,000 !

 

[turbo]

Coins are really handy if you travel by car. Some highways have LOTS of toll-booths and if you don't want to stop and do a paper-money transaction with an attendant, you'd better have coins to throw in the basket. Hard to make something like that work with paper only, and your change would have to be returned in coinage, anyway.

 

[mgb_phys]

That's having been said: I rather liked the Savajawea dollar

Was that meant to be an ironic expression on her face?

Historically trusting the godly nature of these white immigrants wasn't a terribly successfully outcome for Savajawea and her child.

 

[leroyjenkens]

Me too. Although one nice thing about coins: since I always pay with paper, by the end of the day I often have a handful of coins. Every night I put them in a jar.

A few years ago I cashed in all my jars. Wow, ~10 years of coins was over $1,000 !

I've been saving my coins in this little cardboard box I have. After about 6 years of saving, I weighed it yesterday and it weighed 12.5 pounds. Not sure how much money that is, but that's pretty heavy.

How did you cash it in? Please don't say with Coinstar.

 

[lisab]

I've been saving my coins in this little cardboard box I have. After about 6 years of saving, I weighed it yesterday and it weighed 12.5 pounds. Not sure how much money that is, but that's pretty heavy.

How did you cash it in? Please don't say with Coinstar.

OK I won't say it. But there was no way I was going to roll all those coins, which is required by my bank .

 

[turbo]

Ooooh! Bad! My credit union has a coin-sorting machine that is free for members to use. Credit unions are owned by the members and tend to put services in place that will keep the members happy.

 

[lisab]

Ooooh! Bad! My credit union has a coin-sorting machine that is free for members to use. Credit unions are owned by the members and tend to put services in place that will keep the members happy.

Yes I know. I'm in a credit union, it's the lousiest service I've ever had from a financial institution. Low fees, though.

 

[BAnders1]

Last time I paid in coins it was $2.75 in quarters, hardly a burden to count, but the cashier paused and gave me an extended dirty look. I don't use coins anymore because I don't want to leave the store as angry as I did that day.

 

[zomgwtf]

Last time I paid in coins it was $2.75 in quarters, hardly a burden to count, but the cashier paused and gave me an extended dirty look. I don't use coins anymore because I don't want to leave the store as angry as I did that day.

Living in Canada I receive payment in coins all the time lol. It's hardly difficult to count out... in fact we get paid with American money here too and I'm just saying it's a lot faster to count how much money you get in Canadian vs. American... Maybe the Americans should invest in some colour coded bills prior to getting coins?

 

[rootX]

My desk is flooded with loonies, toonies, nickels, dimes, and even pennies! Sometimes, I just put my little collection in front of the cashier and let her sort it out (for <3$). I just received one penny from the Tim's cashier because the bill was 1.84 and I gave her 1.85$.

 

[Math Is Hard]

My desk is flooded with loonies, toonies, nickels, dimes, and even pennies! Sometimes, I just put my little collection in front of the cashier and let her sort it out (for <3$). I just received one penny from the Tim's cashier because the bill was 1.84 and I gave her 1.85$.

What are loonies and toonies?

 

[rootX]

What are loonies and toonies?

 

[Math Is Hard]

ooh! Shiny!

 

[Proton Soup]

I had crazy uncle once that used to insist upon getting paid in half-dollars. He didn't trust paper money. Imagine what a pain in the fanny he must have been to the tellers at the bank, whenever he cashed his check (he didn't like banks much either). Must have been pretty cartoon-ish, to see a grown man leaving the bank with a large sack of money over his shoulder.

That's having been said: I rather liked the Savajawea dollar and Susan B...http://www.factology.com/sacajawea.jpg

[PLAIN]http://www.usmint.gov/historianscorner/images/susanba_obv.jpg[/QUOTE]

sacajawea i like. usually have one in my pocket.

but the susan b was a complete disaster. too much like a quarter. it was a complete flop and probably much of the reason dollar coins are hard to gain acceptance now.

but if you want to introduce the dollar coin, it is easy to do. stop printing paper dollars. stop minting pennies (retailers will need a new slot in their till for the dollars). give vending machine people a year to prepare. and for goodness sake, outlaw/recall that abominable susan b.

 

[mgb_phys]

stop minting pennies (retailers will need a new slot in their till for the dollars). give vending machine people a year to prepare. and for goodness sake, outlaw/recall that abominable susan b.

You can't stop using pennies because it makes you look like a 3rd world country where it takes a zillion zlotis to buy a coffee.

The vending machine makers are already prepared, they love the idea of coins.

One problem is that the late senator kennedy's seat included the company that makes all the paper for US bills.

 

[CRGreathouse]

One problem is that the late senator kennedy's seat included the company that makes all the paper for US bills.

Ah, unbridled corruption.

 

[mgb_phys]

Ah, unbridled corruption.

I assumed a pure coincidence

Of course if you got rid of notes and only had coins corruption would be a lot harder - it's hard to pay off a politician with a sack full of Susan B. Anthonys

 

[jtbell]

What are loonies and toonies?

When I visited Canada several years ago, I had to restrain myself from giggling, the first time I saw a discount store that called itself a "loonie store."

 

[mgb_phys]

I saw a discount store that called itself a "loonie store."

They are called loonies because the bird on them is a loon.
Not sure what Americans would call $ coins with Nixon or George W (or Carter or Clinton) on them

ps. Canada is getting plastic money soon, this is of course part of a plot to confuse y'all.

 

[leroyjenkens]

OK I won't say it. But there was no way I was going to roll all those coins, which is required by my bank .

How much do they charge? It's a percentage, right? How much did they get out of you?

Instead of turning my coins into cash, I'm going to end up taking that box to a store and buy a flatscreen or something with it.

 

[rootX]

When I visited Canada several years ago, I had to restrain myself from giggling, the first time I saw a discount store that called itself a "loonie store."

I don't think I ever saw a loonie store, it's always "dollar store".

 

[lisab]

How much do they charge? It's a percentage, right? How much did they get out of you?

Instead of turning my coins into cash, I'm going to end up taking that box to a store and buy a flatscreen or something with it.

I don't remember, it was several years ago. Also I'm not really sure it was a Coinstar...seems it was something similar though.

 

[leroyjenkens]

I don't remember, it was several years ago. Also I'm not really sure it was a Coinstar...seems it was something similar though.

I looked up the fees on Coinstar's website and it's 9.8 cents per dollar. If you did use Coinstar, you paid them 98 dollars.
I've already expressed how much I dislike coins in my first post, but I would carry my coins in my mouth before I dumped them in that machine. It boggles my mind that people will throw their money away like that. I'm not a cheapskate or anything, it's just the principle of it. Paying 2 dollars to have 20 dollars turned into 20 dollars is insane. That's like people paying a dollar every day to buy a cold bottle of water out of a vending machine when they could just get a filter at their house and fill their own bottle every day. People are sick.

 

[Office_Shredder]

I looked up the fees on Coinstar's website and it's 9.8 cents per dollar. If you did use Coinstar, you paid them 98 dollars.
I've already expressed how much I dislike coins in my first post, but I would carry my coins in my mouth before I dumped them in that machine. It boggles my mind that people will throw their money away like that. I'm not a cheapskate or anything, it's just the principle of it. Paying 2 dollars to have 20 dollars turned into 20 dollars is insane. That's like people paying a dollar every day to buy a cold bottle of water out of a vending machine when they could just get a filter at their house and fill their own bottle every day. People are sick.

You would rather the 20 dollars sit at home and not be spent because people don't want to deal with sorting through 20 dollars of nickels and pennies?

 

[leroyjenkens]

You would rather the 20 dollars sit at home and not be spent because people don't want to deal with sorting through 20 dollars of nickels and pennies?

First of all, I don't care what people do with their money, it's their decision. But based on that decision, I'll decide if I want to criticize it. Second, that 20 dollars should probably sit at home anyway. People buy too much junk nowadays. Everything they do requires money and everything that used to not require money, they've found ways for it to require money, too. They weren't happy with the free stuff. Lastly, if they left their 20 dollars in coins at home because they forgot that coins are money too, then they deserve to go without.

 

[Cyrus]

First of all, I don't care what people do with their money, it's their decision. But based on that decision, I'll decide if I want to criticize it. Second, that 20 dollars should probably sit at home anyway. People buy too much junk nowadays. Everything they do requires money and everything that used to not require money, they've found ways for it to require money, too. They weren't happy with the free stuff. Lastly, if they left their 20 dollars in coins at home because they forgot that coins are money too, then they deserve to go without.

Lawlz.

 

[cronxeh]

I ordered gold, palladium , and silver bullions. platinum was too expensive. I think Australian money looks cool. Its like plastic that is water proof and tear proof, not to mention hard to counterfeit. If I had to move anywhere it would be Australia.

 

[mgb_phys]

I think Australian money looks cool. Its like plastic that is water proof and tear proof, not to mention hard to counterfeit. If I had to move anywhere it would be Australia.

Canada gets the same plastic money as Oz from next year.

plus it's closer, the beer's better and you only have to worry about moose and grizzly bears.

 

[jtbell]

I don't think I ever saw a loonie store, it's always "dollar store".

Maybe it's a local or regional thing. The one I saw was in Calgary.

http://super_loonie_store.calgarydirect.info/

Not this one, specifically; the one I saw was on 7th Avenue downtown, next to a light rail station.

 

[Jimmy Snyder]

US running out of places to store money

I know the feeling.

 

[turbo]

Canada gets the same plastic money as Oz from next year.

plus it's closer, the beer's better and you only have to worry about moose and grizzly bears.

You forgot the worst thing of all - black flies!

 

[Chi Meson]

Just got back from Canada. Two weeks on Cape Breton Island; some responses:

Love the toonie! It has to be the most convenient coin ever.

The house we stayed at belongs to a fisherman (who had to go to Calgary because the large-vessel fishing industry has destroyed the fish population; different thread...). In his basement were three large jars (like huge pickle jars) one full of pennies, 5 cent and 10 cent coins. I estimated 5 or 6 hundred dollars in 10 cent coins alone, just sitting on his workbench in a house he rents out to strangers. Evidently, anything less than a quarter is not worth the time.

One hundred years ago, the smallest coin was still a penny. That's like having a dollar coin today being the smallest (OK, not exactly, I'm making a point).

The penny must go, but the Zinc Lobby (in the form of "Americans for Common Cents") love their cash cow.

Canada waited until the US Mint did the research and design for the dollar coin, and then they put it out; goldy and 11-sided. The US decided to remake the coin round (instead of endecagonal) and make it silvery. Merkins don't like fancy coins with multi-sides; them's fer commonists! (An exaggereated quote from a guy I saw on the news when the coins first came out).

People talked and talked about how it would be confused with quarters, but no one really had difficulty. They just said that they would confused them. [The best argument was how they couldn't tell the difference in their pocket, as though they commonly reached into their pockets and pulled out exact change all the time. second-best was the one about not wanting to be clanking around with $12 in dollar coins all the time, as though they currently clanked around with five bucks in quarters all the time].

30 years later, Canada has shown that it would have worked if only the US hadn't gone half-a$$ed about it. Anything that costs less than $10, you can take care of with 4 or 5 neat coins.

 

[turbo]

Personally, I'd love to get rid of nickels and cents and add dollar and two-dollar coins.

 

[mgb_phys]

There was a survey in the weekend papers, about 60% of Canadians want to get rid of the cent. A similar percentage of europeans want to get rid of the 1euro-cent coin.

Slightly higher among men (we have pockets not purses) than women.

 

[Chi Meson]

Personally, I'd love to get rid of nickels and cents and add dollar and two-dollar coins.

Dimes should go too, really, but that's like hoping for someone to give you an Acura when no one is even giving you a Kia.

 

[turbo]

Dimes should go too, really, but that's like hoping for someone to give you an Acura when no one is even giving you a Kia.

At least dimes are small enough not to be that much of a bother when you have several in your pocket. The pennies and nickels aren't worth the space they take up.

 

[Chi Meson]

There was a survey in the weekend papers, about 60% of Canadians want to get rid of the cent. A similar percentage of europeans want to get rid of the 1euro-cent coin.

Slightly higher among men (we have pockets not purses) than women.

Is their truth to the story that the penny costs more than one cent to make?

And another comment on the dollar coin: the designs that we have chosen for them have helped to ensure their non-use. The statue-of-liberty reverse is good, but the 3/4 view of the presidents' visages makes them look like commemorative coins, not currency. If you are going to do that, then stop printing the buck. People need a period of time to "get over it." Like twelve years ago when the other bills started to change and people said the new $20 looked like "monopoly money" (when it clearly didn't). What they really meant was "it looks different." Now we have gotten over it so much, that when they started coming out in different colors, the response became "oh look, the $50 is peachy color."

 

[xxChrisxx]

I hate shrapnel, and wish they'd get rid of 1 and 2p, but I've no problem with carrying £1 and £2 coins. Also on the Coinstar thing, I don't know how long it would take to roll? (I assume that's like bagging coins) but it's probably only take a few hours. Assuming 10 hours, you'd effectively be paying yourself $9.80 and hour. Sounds like a good job for a young son/daughter/nephew/neice etc (child labour for the win).

edit: oops caps. been dimensioning drawings : /

 

[turbo]

Is their truth to the story that the penny costs more than one cent to make?

For the last 4-5 years, it has cost more to mint pennies and nickels than their face value. For a time, when zinc and copper prices were on the rise, it actually cost about 2 cents to mint a penny. Both of those coins should go!