result #91435 - WOULD YOU GO ALONG WITH A PLAN TO ELIMINATE ALL PAPER CURRENCY VALUED $100 AND UNDER FROM CIRCULATION?

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result #91435 - WOULD YOU GO ALONG WITH A PLAN TO ELIMINATE ALL PAPER CURRENCY VALUED $100 AND UNDER FROM CIRCULATION?

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political : WOULD YOU GO ALONG WITH A PLAN TO ELIMINATE ALL PAPER CURRENCY VALUED $100 AND UNDER FROM CIRCULATION?

[+] ballot by texsue57
ACTIVE Mar 31,2006 - Wed Dec 24, 08

I've always gone by the equation that the highest value coin can't succeed unless it is 100 times the face value of the lowest coin or less. The highest value coin will never circulate to the extent that the others do.

Thus when they do away with the penny, it will become feasible. It still wouldn't circulate well, but they could do it.

The United States mint and the Treasury Department have pondered switching to an almost entirely coin based system if counterfeiting becomes a major problem as a result of advancing technology. The plan included adding $2, $5, $10, and $20 coins as well as a new $50 and $100 coin never before seen circulating in the United States. They'd be in the shape of a hexagon and would be about the size of the dime, penny, nickel, quarter, half dollar, and large sized dollar of pre-1979 times, respectively. $500 and $1000 denominations would be in the form of plastic plates with a number of security features that can't be placed in paper currency including microchips unique to each piece. They'd be scanned by a machine like barcodes are on packages.

I've always gone by the equation that the highest value coin can't succeed unless it is 100 times the face value of the lowest coin or less. The highest value coin will never circulate to the extent that the others do. But I suppose if this comes to pass I'd have to reconsider.

The required criteria for such a plan to be enacted would be that inflation would have to increase 0.2% as a direct result of counterfeiting. Currently it is almost immeasurable as only a miniscule portion of circulating American currency is counterfeit.

So would you go along with this if it meant the elimination of counterfeit caused inflation?

No	6
Don't Know	3
Yes	2

Ballot #91435: has 11 total votes.
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