cost of DOF in Canadian currency

On 22/05/2010 5:11 PM, Dudley Hanks wrote:

But, as alluded to earlier, too many in the pocket can also be a problem.
Even light weight metals can get a bit heavy if too many coins find their
way into the pocket.

Take Care,
Dudley



Coins in the UK are thick and heavy and if you go on a pub crawl you
will soon be walking around with a 10lb. weight in your pocket.

On 23/05/2010 12:05 AM, Rich wrote:

~Except the MORONS won't do away with the penny, which would save
about $40M a year.

If they did that the retailers would cry the blues because they could no
longer use the psychological scam of advertising everything ending with
98 or 99 cents.

On Sun, 23 May 2010 07:40:20 -0700, gumby wrote:
: On 22/05/2010 9:51 AM, Dudley Hanks wrote:
:
: Yeah, the coins are cheaper in the long run. But, who wants to walk around
: with $150 in metal coinage clinking around in their pocket?
:
: Most bills I carry are $20.00 so see no issue with $5.00 coins so long
: as it stops there.

Q: What is the largest denomination coin the U.S. ever issued?

Answer next time.

Bob

Robert Coe wrote:
On Sun, 23 May 2010 07:40:20 -0700, gumby wrote:
: On 22/05/2010 9:51 AM, Dudley Hanks wrote:
:
: Yeah, the coins are cheaper in the long run. But, who wants to walk around
: with $150 in metal coinage clinking around in their pocket?
:
: Most bills I carry are $20.00 so see no issue with $5.00 coins so long
: as it stops there.

Q: What is the largest denomination coin the U.S. ever issued?

Answer next time.

$20 Eagle.

--
Ray Fischer

gumby wrote:
Dudley Hanks wrote:

But, as alluded to earlier, too many in the pocket can also be a
problem. Even light weight metals can get a bit heavy if too many
coins find their way into the pocket.

Coins in the UK are thick and heavy and if you go on a pub crawl you
will soon be walking around with a 10lb. weight in your pocket.

If you think they're heavy now, you should try walking around with a
pocketful of pre-decimal pennies, florins and half-crowns.

--
Martin S.

On 23 May 2010 17:51:40 GMT, (Ray Fischer) wrote:
: Robert Coe wrote:
: On Sun, 23 May 2010 07:40:20 -0700, gumby wrote:
: : On 22/05/2010 9:51 AM, Dudley Hanks wrote:
: :
: : Yeah, the coins are cheaper in the long run. But, who wants to walk around
: : with $150 in metal coinage clinking around in their pocket?
: :
: : Most bills I carry are $20.00 so see no issue with $5.00 coins so long
: : as it stops there.
:
: Q: What is the largest denomination coin the U.S. ever issued?
:
: Answer next time.
:
: $20 Eagle.

A: Commemorative $50 gold piece for the Panama-Pacific Exposition in 1915.

The mint has issued some gold boullion coins in recent years, also denominated
at $50; but that's a fictitious figure, their intrinsic value being much
higher. AFAIK, they have not, as Rich suggested, issued a $100 coin. Gold
coins have not been issued for circulation in the U.S. since the devaluation
of 1935.

Bob

On Sun, 23 May 2010 14:15:36 -0400, MartinS wrote:
: gumby wrote:
: Dudley Hanks wrote:
:
: But, as alluded to earlier, too many in the pocket can also be a
: problem. Even light weight metals can get a bit heavy if too many
: coins find their way into the pocket.
:
: Coins in the UK are thick and heavy and if you go on a pub crawl you
: will soon be walking around with a 10lb. weight in your pocket.
:
: If you think they're heavy now, you should try walking around with a
: pocketful of pre-decimal pennies, florins and half-crowns.

What was a florin? I remember shillings, sixpences, pennies, and farthings;
and I've heard of a ha'penny and a tuppence, although I'm not sure I've ever
seen either. But I thought a florin was a medieval coin from Italy.

I've also heard that you had something called a guinea, which was (IIRC) one
shilling more than a pound. But my informant seemed unsure as to whether there
was ever a coin for that. He believed the denomination existed only so that
the prices of expensive clothing and other luxury items could be quoted in
guineas rather than in pounds.

Bob

On Sun, 23 May 2010 08:56:29 -0700 (PDT), Rich wrote:
: On May 23, 10:45*am, gumby wrote:
: On 23/05/2010 12:05 AM, Rich wrote:
:
: ~Except the MORONS won't do away with the penny, which would save
: about $40M a year.
:
: If they did that the retailers would cry the blues because they could no
: longer use the psychological scam of advertising everything ending with
: 98 or 99 cents.
:
: Too bad for them. I'd have no problem with rounding up or down. Some
: of those counter-top charities might suffer though.

I don't know how it is in Canada, but I'm convinced that in the U.S. the
alleged high cost of producing pennies is largely an accounting fiction. In
any case, I'm sure the amount of money the mint generates in seignorage,
especially with all the commemorative crap they crank out nowadays, is quite
suffieient for their needs, no matter what it costs them to strike pennies.

Bob

Robert Coe wrote:
MartinS wrote:
: gumby wrote:
: Dudley Hanks wrote:
:
: But, as alluded to earlier, too many in the pocket can also be a
: problem. Even light weight metals can get a bit heavy if too many
: coins find their way into the pocket.
:
: Coins in the UK are thick and heavy and if you go on a pub crawl
: you will soon be walking around with a 10lb. weight in your pocket.
:
: If you think they're heavy now, you should try walking around with a
: pocketful of pre-decimal pennies, florins and half-crowns.

What was a florin? I remember shillings, sixpences, pennies, and
farthings; and I've heard of a ha'penny and a tuppence, although I'm
not sure I've ever seen either. But I thought a florin was a medieval
coin from Italy.

I've also heard that you had something called a guinea, which was
(IIRC) one shilling more than a pound. But my informant seemed unsure
as to whether there was ever a coin for that. He believed the
denomination existed only so that the prices of expensive clothing and
other luxury items could be quoted in guineas rather than in pounds.

A florin was two shillings. It was introduced in 1849 as the first step
towards planned decimalisation, which didn't occur until 1971. The 5p
and 10p coins were at first the same size and value as the shilling and
florin, until downsized in the 1990s, along with other decimal coins.
The 50p coin, which replaced the 10 shilling note, appeared in 1969. The
pound coin, to replace the note, was first issued in 1983.

Farthings ceased to be legal tender in 1960. There were no two-penny
coins since the 19th century, but there was a threepenny bit, originally
a small silver coin, replaced in the late 1930s by a larger 12-sided
brass coin. Crowns (5 shillings) were issued for special occasions such
as the Queen's Coronation in 1953, and weren't in general circulation.

Guinea coins of gold were issued from 1663 to 1813. Pre-decimalisation,
guineas were commonly used as the denomination in auctions of property
and farm animals. Today, they are still used in horse racing.

--
Martin S.

Robert Coe wrote:
Rich wrote:
: gumby wrote:
: Rich wrote:
:
: ~Except the MORONS won't do away with the penny, which would save
: about $40M a year.
:
: If they did that the retailers would cry the blues because they
: could no longer use the psychological scam of advertising
: everything ending with 98 or 99 cents.
:
: Too bad for them. I'd have no problem with rounding up or down.
: Some of those counter-top charities might suffer though.

I don't know how it is in Canada, but I'm convinced that in the U.S.
the alleged high cost of producing pennies is largely an accounting
fiction. In any case, I'm sure the amount of money the mint generates
in seignorage, especially with all the commemorative crap they crank
out nowadays, is quite suffieient for their needs, no matter what it
costs them to strike pennies.

Canada still has pennies and nickels too, but when you think about it,
with inflation around 10x or more over the last 40-50 years, having the
dime as the smallest denomination makes some sense. What can you buy for
under 10 cents today?

--
Martin S.