Getting rid of solid currency?

Recently came across this story from CBS news about the Obama Administrations decision to cease production of solid 1 dollar presidential coins as an effort to save money

Story here:www.cbsnews.com... /8301-503544_162-57342452-503544/obama-administration-halts-production-of-$1-presidential-coin/

Is it possible that this could be the first step to an eradication of all physical money, including not only coins but perhaps some day paper money as well?
they mention right here that paper money has a lifetime as opposed to metal coin which will last for possibly thousands of years.

"Dollar coins are more expensive to make but last much longer than the paper bills, which last an average of 40 months, the GAO reports."

Already paper and coin money are being used less and less all while being replaced by debit cards and credit cards, digits in a bank account.
Even though the public doesn't necessarily agree with a move to less tangible money:

The nonpartisan Government Accountability Office reported in March that the government would actually save $5.5 billion over 30 years by replacing dollar bills with dollar coins, but the GAO noted that polls in the past decade found that the public doesn't support the idea.

If they want to cut waste perhaps they should reconsider the amount of money spent on war and lobbying
And to top it off, they have increased their security and watchfulness in other areas as well

The administration today announced other developments in its "Campaign to Cut Waste" today, including increased efforts to crack down on fraud. The Justice Department recovered more than $5.6 billion in fraud government-wide in 2011, a 167 percent increase in recovery from 2008.

what do you think? Legitimate way to cut spending or conspiracy to eliminate physical currency?

i have no doubt there is a move to eliminate cash, but, check this out.

As of 2010, it cost the U.S. Mint 1.79 cents to make a cent because of the cost of materials and production.[4]

wiki link

reply to post by rubbertramp


It's not worth a cent if it cost 1.79 cents to make, it's worth 1.79 cents.
But I agree there is a big move for plastic money

Originally posted by ZeussusZ
reply to post by rubbertramp

 

It's not worth a cent if it cost 1.79 cents to make, it's worth 1.79 cents.
But I agree there is a big move for plastic money

yet, you sure can't walk into a bank and get $1.79 for 100 of them.

Originally posted by rubbertramp
i have no doubt there is a move to eliminate cash, but, check this out.

As of 2010, it cost the U.S. Mint 1.79 cents to make a cent because of the cost of materials and production.[4]

wiki link

I do believe that the 1 cent denomination is the only coin that costs more to produce than what its denomination is worth. The OP did mention that they want to stop production of the 1 dollar denomination coin due to the fact that it is too expensive to make. That sounds like an very poor excuse to retire to paper notes.

Consider that most things manufactured today are designed to fall apart or are intentionally "disposable", making a coin that lasts, well, forever, doesn't sound like the manufacturing status quo of "produce wast and dump it on consumers to keep the cashflow" mentality.

I, for one, would love to see currency stamped on real and tangible semi and precious metals such as copper, silver, gold, platinum. That way, the coins would be worth their weight in ... whatever they are made of. If you own any of those metals, you instantly own tangible assets worth something at the grocery store by way of their sheer weight.

The other thing is that you could get very creative with the coins since their weight would be their worth, not their appearance; therefor, you could have custom made currency for whatever reason fancies you. As long as there is a mean to determine purity and weight at the point of sale, then it is all good

Although, I am not sure that a grocery store would appreciate a person paying with a spool of electrical copper wire, the idea is still there

reply to post by koadie


Thanks for the topic. I recently came across this interesting quote:
"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."

Cicero - 55 BC

In 2,066 years we don't seem to have learned much!

The ultimate goal is to remove ALL cash. Credit cards have been preparing us for that moment. The vehicle for control of all human beings in the future is a form of economic slavery. You will earn the figures in your bank account by your obedience to those in authority in the coming NWO, and you will lose buying and selling power if you step out of line. I think it was Gordon Brown, British Prime Minister when the first bout of this economic recession hit, who said something to the effect that it was time for a new economic order.
I am reasonably convinced that we are about to witness the Big Crash, one that will touch every corner of the globe. It's only out of complete financial chaos that they will be able to institute the change they are looking for. The shaking Europe and the USA are experiencing at the moment is just the beginning. It's almost time for the rug to be pulled from under our feet.