Some people argue against the penny because of having to wait in line behind someone using pennies to pay for something. But if we are able to relax a bit, and utilize some understanding and empathy, we all may realize that an extinct penny will not solve having to spend some more time in contemplation behind someone who might be experiencing a much more extremely tight financial situation than us. My hope is that our Common Cents will not follow the same path as the endangered Common Sense and faltering Empathy that has become crystal clear in the fog of rampant corruption.
Crypto Currency is quite literally the most dangerous form of counterfeit currency—being based entirely on a privatized non existence. With an ever growing number of players in the counterfeit crypto currency casino chip con, there is an obvious analogy to the chain reaction occurring hidden deep within atomic bombs. The Crypto Currency Casino Keg will likely result in a similar worldwide devastation.
Although the entire world economy is virtually wireless and digital and actually pressing into a completely virtual state of existence with such farces as the Emperor's New Bitcoin Clothes, in a physical universe it is imperative to preserve a physical basis of economic exchange in the form of tangible currency.
Even with a form of coin and cash that can be literally placed from one hand to another, the desire for artificial growth results in a divisive inflation creating a rather unfortunate realm for values and a predetermined path for the endangerment and eventual extinction of smaller denominations.
To provide for an anchor to help restrain inflation from blowing up and from unnecessary rounding up of pricing, there is great wisdom in maintaining a lowest common denominator.
It has been argued justifiably that the cost of minting pennies is more than the face value of the pennies minted. But there is a much more cost effective way to look and see the true value of any penny.
If cost is the true motivator to eliminate the penny, then the penny will not be eliminated. The mintage of pennies will simply change to make more sense with less cents.
For instance during World War II there was a need for copper therefore pennies were minted in a more commonly available metal. A similar approach can be utilized during present day, with the single difference of accessing materials that will not degrade as easily as the steel pennies. Unless there are less expensive materials that last at least as long as current formulations, then this portion of the puzzle is solved.
A likely more significant addition to the solution is to limit mintages. Annual mintages could be drastically smaller or simply relegated to commemorative sets with circulation coinages skipping one or more years. Circulated pennies could easily be minted every five years or even shifted to decade mintages. Coinage obviously has the ability to last decades and beyond in circulation, so there is value in keeping coins in use for tangible money exchange.
Furthermore if cost is truly a concern of the Public Servants elected and appointed to serve the best interests of We The People, a better elimination of currency production is the two dollar bill. Personally I find favor with all denominations, but the two dollar note has never caught on, yet there is always a new round of printing when ever there is a signature change for the Treasurer or Secretary of the Treasury, which can happen multiple times during an elected Administration. The two dollar bill is literally a waste of money, on so many levels of comprehension.
The two dollar Thomas Jefferson note could remain for commemorative sets, but should be eliminated from circulation. And the One Cent coin must absolutely remain in common circulation. This simple act will ensure that the value of money is kept in a realm of honesty and attainable by US All.
Ultimately a basic freedom that must be maintained is the freedom to enact trade in a tangible and legally agreed upon currency and coin that is not digitally tracked via GPS or via any wireless or electronic means.
Worthy of mention here is the necessity to maintain mintage of the much more malleable and tender one dollar paper note that has featured George Washington since attaining the current standard size. Cost and lack of sustained durability has been the argument of many to do away with the dollar bill and instead replace it with a dollar coin.
Anyone who argues against the dollar note in lieu of a dollar coin likely has never tried to replace the Washington notes in their wallets or pockets with dollar coins. I have and it becomes much more cumbersome to manage a bunch of dollar coins. And I personally like the option of not always having to use larger notes that would result in more dollar coins in change. Ten one dollar bills are much easier to fit along side my fives and tens than ten bulky and much heavier coins.
A better replacement of bills with coins would be to target the larger notes for it is more likely that a person would need to carry less of them, and a few would go a long way. But then the wear and tear reason for replacement falls way short of the mark, since larger notes last much longer than the workhorse one. Yet it would be cool to seriously consider replacing the one hundred dollar note with a specially designed coin, and maybe even introduce higher denomination coins. These would be more difficult to counterfeit and steal in large quantities, but also much more difficult to conceal if someone does on occasion like to carry a large amount of tangible money in their wallet or money belt or wherever.
So as mentioned earlier here, an obvious choice of minting to eliminate is the two dollar bill. Since this has not already happened showcases yet another example of how common sense and efficiency seem to lack in government. But although maintaining a tangible form of currency may not seem efficient in the age of virtual and intangible money, also mentioned earlier is the need in a physical universe to have at our finger tips a form of legal tender that can be placed into another person's hand. It is a true joy of living to not have to swipe or insert a card or use the highly invasive smart phone to pay for something.
Another proposition that I am greatly opposed to is making drastic and devaluing changes to our currency such as moving from paper stock made from plant fibers to plastic or differing sizes between denominations as has been done in other countries. There is something to be said for adhering to tradition in many aspects of life, and the current size and texture of currency is known, common place and trusted. Yet I do believe that the quality of our paper money can be raised to a more durable, safe and functional level.
One proven durability enhancement with the added benefit of cost reduction in production is shifting to Hemp as a fiber of choice for paper currency. As famously represented on many sites, the early $10 Large Size 1914 Federal Reserve Note featuring Andrew Jackson (Mr. Jackson if you're nasty [shout out to Janet's 1814]) was apparently made with Hemp, and included in the reverse art is thought to be a depiction of Hemp being harvested, although it could be a form of wheat before genetic modification into the dwarf form. Whatever the source or artistic subject, hemp is still a top pick for our currency crop. And there is a nice chart and text via Hemp Inc comparing the clear advantages of Hemp over Cotton.
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