The end of coins, posted by MAILMAN

[CSJournals-migration]

It's closer than you think....

 

Has anyone read the article in this weeks Coin World about smart phone transactions? It appears that in about 5 yrs. some of the people are figuring on most transactions to take place thru some type of hand held device. Does the collecting of coins slowly begin to fade away when the next generation grows up without using them? Does the Age of Technology drive prices up due to lack of supply or drive prices down due to lack of interest? Any guesses as to how this "might" affect the hobby? Will this cause you to rethink your collecting goals or habits? Just thought I'd throw this out, would put in a link to the article but I don't know how. Have a great day! MAILMAN

 

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[jayman1970]

I think we are still a long way out from not using currancy and coins in everyday transactions.I am sure one day we will be there,but i think decades not years.probably about the same time you get a barcode tatoo at birth !!!

[TD Henson]

I think it is highly possible that all types of coins will become even more collectable. No one sends post cards anymore, yet there are still many avid post card collectors. I also think about all the "junk" American Pickers buys and resells, most of these items are obsolete for the intended purpose but the market is huge for resale.

 

I also tend to agree with jayman1970 that we are still a long way off from becoming a cashless society.

 

Interesting post!

[Six Mile Rick]

Sounds like the END OF THE WORLD stuff I have heard about too.

 

NAAAA not for me. There are more coins added every year to the mint and proof set. We have so many to purchase to fill a set now a days then we had before 1999. Why would they stop---- when they keep adding?

[JAA]

I am sure that sometime in the distant future coins and paper currency will disappear from circulation and all financial transactions will take place electronically. That will not mean the end of coin production as government mints will continue to strike bullion coins and non-circulating legal tender coins for collectors. If coins were no longer used for financial transactions I believe that interest in our hobby may actually increase. For individuals that collect coins because of their artistic beauty or historical importance discontinued issues would only increase in desirability. Our hobby has been around since ancient times and will be around long into the future.

[nunfa0]

I almost never carry cash of any kind. The only times I do is when I am going around markets or garage sales. The use of cash has become quite rare in NZ. We have taken to electronic payments like ducks to water!!

[SPHansen]

They said the same thing when credit cards and atm cards came out, yet still coin and currency are here... I think that, while it is convenient to have the cashless options, real money will be a looong time leaving. Heck, we can't even get rid of the dollar bill, never mind all currency!