It's just a case of "working the numbers." Folks using "plastic" spend
more because they don't have to worry about how much cash they have in
pocket or even the bank.
From the view of a small businessman, the advantage of "cash" is that you
can take it "under the table" and not pay taxes on it.
"Off the books" income is worth 20% (more or less) than "on the books"
income. That's a much larger margin than the 2% (plus, sometimes, $.50)
the credit card company might charge.
The least expensive gas station around here (ARCO) doesn't take credit
cards. They do take ATM cards, but it costs $0.45. The gas stations
that do take credit cards are usually sufficiently more expensive than
ARCO that even with cash back or other rewards, gas costs more there.
Hey they are elected right? ;)
Ok, just kidding, the ones in the treasury department are at best
appointed. Most are just public servents, some trying to make a name
for themselves. Just an observation.
You are correct, everytime a new coin comes out, the cost on venders
is hugh. Coin operated machines, cashiers, etc.
Always wondered why the fed didn't design a coin you couldn't confuse
for another coin. The NYC subways use to prevent their old tokens by
punching out the middle of the token in the shape of a letter. Like
the Y in NYC.
Just confusing at times, since I'm NO expert at what is happening. I'm
sure few are. :D
tom @ www.FindMeShelter.com
Sorry about spelling error. People are "lazy", not "laze".
Rick, that is not entirely true. Dollar coins would be popular if vending machines took them. They don't. Vending machines have been modified to take dollar bills, not dollar coins. If the machines would have been modified to take the coins, the dollar coins would likely have become more popular. Maybe not mainstream, but more popular. At least useful enough for people to carry around to use in vending machines at work or in public places like malls, airports, or whatever.
Coins are popular for saving because it's easy to do. We dump them in jars at home and then roll them up because it's an easy way to save. We then take the rolls to the bank and deposit them into our savings accounts. The dumb ones that are too laze to count them and roll them up themselves take them to those machines that count them up for them and give them a receipt. They "pay" for that service by not getting full value for their coins.
I think that eventually, pennies will likely be taken out of circulation altogether. It almost costs more than a penny to make a penny (if it doesn't already). Might as well just round things to the nearest nickel and forget about pennies.
We are only a few years away from vending machines that take plastic or let you
pay with a cell phone. These are already used in Europe and Japan. That will
spell the death of coins to a large degree (as well as the paper dollar).
I remember a news item from NPR about the way coin purses
have been rediscovered by young Italians
since they converted to more coins from printed money.
Huh? Plenty of vending machines around NY/NJ take dollar coins.
Particularly the transit TVM (ticket vending machines).
Atlanta's airport has a very high tech Coca-Cola vending machine
(not surprising since Atlanta is CocaCola's HQ).
- credit card payment, even the new contactless cards
- large flat video screen playing Coke commercials
A NJ highway rest stop had credit card payments on the ice cream machine
with instructions for how to buy more than one item on the same transaction.
So it's here already.
This is *SUCH* a typical topic for misc.rural! This
group has a hugely disproportionately high percentage
of people in it who believe in the sinister "they",
i.e. "they did it again", "they say...", etc.
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