3 ms·
As an Australian, the one thing about America I wish we DID copy was the idea of $2/1 notes. Coins are such a pain in the ass, but $1/2 is enough that I don't
by llamaLord 3y ago
As an Australian, the one thing about America I wish we DID copy was the idea of $2/1 notes.
Coins are such a pain in the ass, but $1/2 is enough that I don't just want to refuse the change to avoid the inconveniences of carrying coins.
- PeterStuer 3y agoNot advocating for digital only, but I can't even remember the last time I carried cash.
- llamaLord 3y agoI mean... Yes, but IMO I think I'd be much more likely to carry a small amount of cash if I didn't have to worry about it converting into 10 different coins once I break the big note.
- hnick 3y agoWe did have them. We got rid of them because coins last longer so are more cost effective for small amounts like that.
- llamaLord 3y agoWas that before or after polymer notes? I have to assume that a polymer $1/2 wouldn't have this issue?
- hnick 3y agoI'm not sure but it looks like it was 1988 for the coins, which is when the notes were removed, then 1996 for finalising the switch to polymer notes, with some earlier introductions. I think whether it would help is somewhat complex because polymer notes do still wear out, and lower value notes have higher usage which makes them wear out faster. IIRC the main driver for polymer was security with durability as a nice side effect. This link https://www.rba.gov.au/publications/bulletin/2015/sep/7.html https://www.rba.gov.au/publications/bulletin/2015/sep/7.html says that median life for $5 notes is 3.5 years under one measurement system, which I would presume would be even lower for $1/$2 if we used them, since they'd get more frequent usage and less storage. It should be possible to calculate the costs, savings, and lifetime of all the coin and note variations but that's a bit much for me right now :)