CoinPeople.com > Silver lining to coin's demise

Tiffibunny

Feb 28 2006, 09:16 PM

http://www.nzherald.co.nz/section/12/story...jectID=10370382

ccg

Mar 1 2006, 09:01 AM

I don't understand the need to demonitize... why not just drop it out?

Both in the U.S. and Canada, large cents are still legal tender...

tabbs

Mar 1 2006, 02:05 PM

QUOTE(ccg @ Mar 1 2006, 09:56 AM)

Both in the U.S. and Canada, large cents are still legal tender...
[right][snapback]164007[/snapback][/right]

So? This "legal tender" concept applies to debt payments only anyway. If you want to buy something in a store, the merchant may refuse your cash no matter whether it is 2 or 200 years old. Here in Germany, the DEM (mark, pfennig) coins are not legal tender any more but some stores still accept them.

May well be that the idea of old coins still being "legal tender" has some important symbolic value in some countries. Other than that, however ...

Christian

henare

Mar 2 2006, 09:26 AM

QUOTE(ccg @ Mar 1 2006, 01:56 AM)

I don't understand the need to demonitize... why not just drop it out?[right][snapback]164007[/snapback][/right]

for the same reason computer companies stop supporting old products: because it costs money to keep supporting that stuff.

ccg

Mar 3 2006, 04:04 AM

QUOTE(tabbs @ Mar 1 2006, 07:00 AM)

So? This "legal tender" concept applies to debt payments only anyway. If you want to buy something in a store, the merchant may refuse your cash no matter whether it is 2 or 200 years old. Here in Germany, the DEM (mark, pfennig) coins are not legal tender any more but some stores still accept them.

May well be that the idea of old coins still being "legal tender" has some important symbolic value in some countries. Other than that, however ...

Christian
[right][snapback]164084[/snapback][/right]

Yes, but it's the symbolism that I like. It's nice to know that a coin or note is still valid for payment of taxes to the authority who issued it.

ccg

Mar 3 2006, 04:06 AM

QUOTE(henare @ Mar 2 2006, 02:21 AM)

for the same reason computer companies stop supporting old products: because it costs money to keep supporting that stuff.
[right][snapback]164767[/snapback][/right]

Wouldn't people just eventually stop using them (5c), thus negating the need to withdraw them?

I statement to your question- they can stop supporting old products, but that's not the same as recalling them.

gxseries

Mar 3 2006, 03:16 PM

It's just a "brilliant" idea for the NZ government to claim that they are "worthless" and hence saving the need to pay "extra" to remelt them.

I seriously wonder when Australia will take it's action. It's 20 and 50 cents coins are a bit too big for my liking!