3 ms·
Several points: firstly i would assume every country has a process for disposing of bad and worn out notes and coins. If not i'm sure someone could work out how
by FridayoLeary 11mo ago
Several points: firstly i would assume every country has a process for disposing of bad and worn out notes and coins. If not i'm sure someone could work out how to profit from recycling dead pennies in true capitalist fashion. This leads on to my second point which is when the government has time they should get around to issuing a bill removing pennies (and maybe other smaller denominations) from legal tender.
But there is a wider point which i want to discuss. How long will physical cash last? I'm very fuzzy on this but i think in some of the Asian countries it is practically an endangered species. Tax people don't like large denomination notes. And virtually no legal big transactions take place in cash. America must profit massively from the fact that in many other countries dollars are the go to black market currency but that is a very singular advantage.
- 5555624 11mo agoPer the U.S. Mint, the life span of a coin is 30 years: "A coin’s typical lifespan is 30 years. See https://www.gao.gov/assets/gao-19-300.pdf, page 6." For paper money, depending on denomination, 5.7 to 24 years. (https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm https://www.federalreserve.gov/faqs/how-long-is-the-life-spa...)
- Symbiote 11mo ago> endangered species You have a probably-unintentional pun here. I'm explaining it since many people won't know the obscure word. https://en.wiktionary.org/wiki/specie https://en.wiktionary.org/wiki/specie (see 2).