Will the USA Covert To A Cashless Society? 1 1

[Erin33]

I wanted to get the opinions from the people collecting coins for a while on this subject. 
I look this subject up on the internet and since I can remember they have always said we are. Tell me your thoughts on this please .

Edited November 12, 2023 by Erin33

[Coinbuf]

Maybe someday, but not anytime soon for a great many reasons.   The current administration would love that so they can track and tax your every move, but there are too many obstacles to make a true cashless society a reality now.   Perhaps in 25-30 years it could happen, however, that will only give rise to trading and bartering.   The more tightly the government tries to close its fist around the people, the more will slip through the cracks.

[dprince1138]

It certainly seems that it may.  The small coffee is $1.25?  Here is my debit card.  Palm chips next.  Don't have a hand?  NP, just snap on this utility member.

[powermad5000]

I think there is still opposition to it and it also depends on the level of opposition. True, things get rammed down our throats all the time over the years, but this is one that it is going to be difficult to just do so at the drop of a hat. I have not yet heard of a solid plan of how it is supposed to be accomplished. Are we all just supposed to use our credit and debit cards for everything (and pay the resultant fees that will eventually get tacked on)? Or is every American going to get issued a UniBank card that pays for everything?

I am not to worried about it right now. There is still talk of them eliminating the penny because it costs more to make a penny than a penny is worth at face value, but they have not figured that out yet either. I don't see how you could even do that because mathematically without 1 you can't have anything else. How would that work anyway? Everything done in nickels? Prices get rounded up? I see people getting completely screwed just by doing that if you stretch it over time and how many rounded up pennies get added up over 30-40 years. Guess who gets screwed with that? You of course! And who profits from that??? Hmm....just saying.

We as consumers already pay a bunch of bs fees to use our credit cards. Imagine if there now was no other way to pay except for that how many fees will get snuck in to every transaction. As far as it goes, I am in staunch opposition to it. It is bad enough that Covid changed everything at events and they make you use a credit card for everything. Yea, because I want to pay interest on a hot dog and a beer when I go to the ballgame. NOT! I am one of the ones that wants everything to go back to cash. CASH! I'm sick of waiting in lines with a beer in my hand waiting to pay because we have to wait for everyone's credit card to get approved. I think cash as legal tender should have to be accepted as a form of payment no matter where the transaction is at. Merchants who refuse to take cash should have to pay a fee for NOT taking it as an acceptable form of payment. But that's just me. Most of the millennials can't wait for old dinosaurs like me to kick the bucket.

[RWB]

Not officially. Requiring electronic payment excludes people from the economy, which is the opposite of what is desirable.

[EagleRJO]

Interesting question, particularly for coin collectors.  I don't think a true cashless economy would ever occur without a centralized digital currency.  Maybe in a futuristic movie, but there are too many people who think cash is king or wouldn't trust the government with a move towards a centralized digital currency thinking it would be in order for them to track and tax all transactions.  Look at the opposition and uproar over the Biden administration's proposal to require banks to report all transactions, not just suspicious ones, over a smaller $500 or $600 amount.

[VKurtB]

Eventually, we will go cashless. But expect the good ol’ U S of A to be the very LAST country to do it. Heck, we can’t even eliminate the cent, despite the fact that it’s obviously pointless. In France, they use Euro coins, but no cash drawers even have 1, 2, or even 5 Euro Cent coins in them. The smallest they use is 10 Euro Cents. (The Euro is higher value than the dollar.)

[cobymordet]

My response is unfortunately a bit more outlandish. I think the human race will never fully trust a digital currency.  In my simple opinion, Bitcoin has been a fantastic window into the volatility and insecurity that comes with a digital currency.  People require accountability.  There is no accountability for information that has no tangible existence.  On a side note, NFT's are by far the biggest farce to grace our world, yes, even beyond that of social networking sites/apps.  If the nincompoops in charge of nuclear weapons don't end civilization, the weather sure will.  Yes nay-sayers, Global warming is REAL and our planet is NOT flat and Earth is NOT the center of our universe.  I will imagine that based on how we have, in less than 500 years, fundamentally destroyed the world in which we reside, it is likely once the nuclear winter or ice age passes, what is left of the human race, if any, will have the opportunity to go back to a cashless society of goods trading.  Of course, the concept of money will no longer exist, but still, a cashless society we once again may be.  Just remember, I am not a doomsday nut, just a realist and I did say my idea was outlandish, hollywood-style.

Edited November 13, 2023 by cobymordet
Note to Self: Write --script. . .

[VKurtB]

On 11/12/2023 at 9:34 PM, cobymordet said:

we have, in less than 500 years, fundamentally destroyed the world in which we reside

If you'd really prefer living in 1523, I only wish I could help you get there. Me? I'll take 2023 any day.

Edited November 13, 2023 by VKurtB

[cobymordet]

My apologies to those offended by reality.  This isn't the forum. I'm not trying to be a hero or an a-hole, but it is what it is.

If a cashless world comes upon us, then would that not effectively negate the value/hobby of coin collecting?  With no future coins being produced, 2-3 generations into the future, coins and collecting them will be a forgotten pastime.  It won't be this generations' problem, but there would not be much of a point in collecting coins.

[Fenntucky Mike]

Nobody currently participating on this board will be alive to see it, and I'm hoping I've got another 30 years in me. 

[Coinbuf]

On 11/12/2023 at 10:18 PM, cobymordet said:

If a cashless world comes upon us, then would that not effectively negate the value/hobby of coin collecting?  With no future coins being produced, 2-3 generations into the future, coins and collecting them will be a forgotten pastime.  It won't be this generations' problem, but there would not be much of a point in collecting coins.

This question of a cashless society has been discussed to death ats as so many members there are very keen to eliminate all the lower denominations but especially the poor Lincoln cent.   I took the Denver mint tour prior to covid and here are the facts, yes the mint does lose money on the cent and nickel denominations, but what the people that say those should be abolished fail to tell you is that the mint more than makes up for those losses with the profits from all the other denominations that are coined.

But there are many hurdles to the elimination of any coin production, it would devastate areas of the economy such as mining and all the subsequent processes that metal goes through before it becomes a coin.   Too many people that think a cashless society is a good move fail to see the bigger economic picture and the overall impact that type of move would have on the economy.

To your question of what would happen if coins ceased to be produced, there are two schools of thought.   One as you suggest that coin collecting would go the way of dinosaurs, the other suggests that coin collecting would be stronger than ever due to no new supply.   My view is that the government would continue to produce coinage but only for collectors not for circulation and that coin collecting would continue for any foreseeable future.

[samclemen3991]

All I will say is when you start seeing coins from ancient Rome (A government that no longer exists) being tossed in the garbage as useless (No  gov. entity supports their value) then start to worry.

Otherwise collect what you like and pay with what you want.  James

[The Neophyte Numismatist]

~15-20% of Americans are cash dependent and ~2-3% depend on check cashing businesses to process their paychecks.  While these numbers are consistently decreasing, there is still a rather large dependence on cash to pay for goods.  This phenomenon is particularly so within our most vulnerable, Medicaid eligible populations.  However "Silent Generation" seniors are another demographic that is a common user of cash, while "Baby Boomers" are more inclined to make debit/credit purchases (understanding there is an intersection of seniors and needy/vulnerable population).

Point is... going cashless is not an easy thing to do (Then there is the consideration of seigniorage - a different argument all together).

 

[VKurtB]

On 11/12/2023 at 11:18 PM, cobymordet said:

I'm not trying to be a hero or an a-hole, but it is what it is.

Yup, it sure is, and it AIN'T what YOU say it is.

Edited November 14, 2023 by VKurtB

[EagleRJO]

On 11/14/2023 at 11:38 AM, Coinbuf said:

... coin collecting would continue for any foreseeable future.

Even with a centralized digital currency issued by the government, however unlikely that is to occur any time soon, I agree coin collecting will not be going anywhere.  Who knows, maybe to some future generation modern coinage of our time will become rare and valuable "ancient" currency. 

[dprince1138]

Of course, there will be the post-apocalyptic barter system.

[BillJones]

It is already happening. There are store that won't take cash now. Most people are paying with credit cards. I rarely use cash or coins. 

I'm not thrilled about it because I question that having all of my economic transactions recorded is a good thing. 

[Sandon]

    One can never know just what the future holds, but for reasons previously mentioned, I doubt that cash will completely cease to be used in our lifetimes. It will more likely continue in use alongside more modern methods of payment.

   In 1880, the only way you could see actors or musicians perform was to attend a live performance. Movies and recordings didn't completely replace live performances, nor did radio and television broadcasts, nor has the internet. There are simply more choices.

Edited November 15, 2023 by Sandon

[GoldFinger1969]

On 11/15/2023 at 12:29 PM, BillJones said:

It is already happening. There are store that won't take cash now. Most people are paying with credit cards. I rarely use cash or coins. 

I'm not thrilled about it because I question that having all of my economic transactions recorded is a good thing. 

Ditto....CitiFIELD, home of the Mets, went to CC only in 2021 following the pandemic.  But it's now standard (not sure about Yankee Stadium, haven't gone lately since I'm a Mets fan ) and although i think you can get a Mets Debit card for cash at some kiosks or the Help areas, it's a PITA if you forget your CCs.

[EagleRJO]

On 11/16/2023 at 12:39 AM, GoldFinger1969 said:

CitiFIELD, home of the Mets, went to CC only in 2021

I haven't been to a Mets game in a while and was curious about the peanut and hot dog vendors who roam the stands.  Did they get rid of those people, or do they now carry card readers?

[Teddy R]

On 11/15/2023 at 12:29 PM, BillJones said:

It is already happening. There are store that won't take cash now. Most people are paying with credit cards. I rarely use cash or coins. 

I'm not thrilled about it because I question that having all of my economic transactions recorded is a good thing. 

So...you don't like it but you submit to it. It only happens if we let it happen.

I use cash whenever possible and avoid CC only businesses.

I find it ironic that the snack bar at Central States last year was CC only. Probably necessary since it's difficult to hire and when you do, most cannot count.

To the OP, I'm not sure if we will or not but I don't think it would be good for getting new/young collectors into the hobby.

Edited November 16, 2023 by Teddy R

[GoldFinger1969]

On 11/16/2023 at 1:59 AM, EagleRJO said:

I haven't been to a Mets game in a while and was curious about the peanut and hot dog vendors who roam the stands.  Did they get rid of those people, or do they now carry card readers?

You know, that's a damn good question.  Team was so bad this year that I was too depressed to notice !! 

I'll ask my ticket partner but I know they were active in the premium seats (we're in the low-400's).  I'm gonna guess they had card readers but let me confirm.

Let's hit a game in 2024, Eagle !  

[powermad5000]

On 11/16/2023 at 12:59 AM, EagleRJO said:

I haven't been to a Mets game in a while and was curious about the peanut and hot dog vendors who roam the stands.  Did they get rid of those people, or do they now carry card readers?

I don't know about the Mets, but I could only assume it is the same as the Sox (or Hawks). The beer/hot dog/peanut/water guys all have their own portable card readers. The split the pot people only take CC's and they have their own readers. All the food vendors and in house bars and merchandise stores are all CC. Basically, if going to a ball game (or hockey) game here, don't bother bringing cash. It is useless in the stadiums. And I HATE it! CASH!!!!! CAAASSSSHHHHHH!!!!!!!

[EagleRJO]

On 11/16/2023 at 10:50 PM, powermad5000 said:

The beer/hot dog/peanut/water guys all have their own portable card readers

So much for being thrown the bag of peanuts from a distance (you got razzed about if you didn't catch) and passing the cash down the row of seats.  Unless people now pass their card down the row.  

Edited November 17, 2023 by EagleRJO

[powermad5000]

On 11/16/2023 at 10:39 PM, EagleRJO said:

So much for being thrown the bag of peanuts from a distance (you got razzed about if you didn't catch) and passing the cash down the row of seats.  Unless people now pass their card down the row.  

Hate to say it but yes, they pass their card down the row if the seats are full. Just let the world see your credit card number and a quick tilt to get the three digit code off the back and someone in the row will be all good. I keep my credit cards in separate RFID sleeves so I am a little better off than most as you can't scan my card, nor can you see the numbers, but I refuse to pass my card down the row. If it comes to that, I get up out of my seat and go get my own beer or food.

[Halbrook Family]

On 11/12/2023 at 9:18 PM, cobymordet said:

  It won't be this generations' problem, but there would not be much of a point in collecting coins.

Then gold and silver won't be collected? 

[cobymordet]

Gold & Silver and any other metal that has melt value would be collected for the metal itself.  I would think that if a person only collects gold/silver coins, then their motivation for collecting coins is not for the sake of the coin, but the metal that it is made of.  In my previous statement, I was referring to the hobby of collecting coins as a hobby, not some kind of a hedge bet against an "unstable economy" or however those cracky commercials go.  There are things that are important for an extended period of time but eventually become obsolete/niche.  Phone booths, newspapers you can hold on to, maps you can spend an hour trying to fold back into place after you spent an hour folding it down to the section you needed to get where you are going.  These things are now a "do you remember when" moment for anyone over 30.  In my opinion, if a cashless society becomes a reality and maintains stability, then, over two to three generations, the hobby of coin collecting will no longer be relevant.  Younger generations are already being groomed to use credit/debit cards and worse, their phone to purchase items.  An I-Phone commercial that has played recently shows a guy get approved for a line of credit within minutes.  No cash, coin or other physical source of payment needed, just a wonderful phone.  Personally, I prefer not to see a digital currency in my lifetime.  Give me about 40 more years, then y'all can let that door fly open.