This will stop when someone does a cost-benefit analysis.
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harold aptroot wrote:
Has anyone done a cost-benefit analysis of removing counterfeit currency?
I'm fairly sure that someone will have. In this country most of the cost falls on retailers. If counterfeit money is spotted, when they do their banking, it is confiscated without recompense.
Henry Minute Do not read medical books! You could die of a misprint. - Mark Twain Girl: (staring) "Why do you need an icy cucumber?" “I want to report a fraud. The government is lying to us all.” Why do programmers often confuse Halloween and Christmas? - Because 31 Oct = 25 Dec. Business Myths of the Geek #4 'What you think matters.'
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Henry Minute wrote:
we must fast be approaching the point where faking these is no longer economically viable
Our Canadian penny is rumored to cost between 0.8 cents and 1.8 cents. Either way, it doesn't make much cents to keep making it, so our government is trying to have it discontinued.
Sounds like a useful change. I wonder what name they will coin for the new currency.
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Sounds like a useful change. I wonder what name they will coin for the new currency.
What ever the name, the promise is a flavored replacement. The first to be released will likely be mint.
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What ever the name, the promise is a flavored replacement. The first to be released will likely be mint.
The new coin is going to be a peso candy?
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The new coin is going to be a peso candy?
I wouldn't bank on it, but when they're pressed they do some Loonie things. (and, for the non-Canucks)
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I wouldn't bank on it, but when they're pressed they do some Loonie things. (and, for the non-Canucks)
I'd like to put in my 2 cents worth, without the penny, we'll be nickel and dimed to death...
Steve _________________ I C(++) therefore I am
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I'd like to put in my 2 cents worth, without the penny, we'll be nickel and dimed to death...
Steve _________________ I C(++) therefore I am
Do you think anyone will ever pound some cents into the counterfeiters?
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Counterfeiters are not just people who want to get rich illegally. It can also be a rival nation(s) trying to undermine the economy of a rival. We've suffered so much because of this.
SG Aham Brahmasmi!
Yet when the central bank creates trillions of new Euros or pounds, its beneficial to the economy.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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Henry Minute wrote:
we must fast be approaching the point where faking these is no longer economically viable
Our Canadian penny is rumored to cost between 0.8 cents and 1.8 cents. Either way, it doesn't make much cents to keep making it, so our government is trying to have it discontinued.
Well, lets just say it cost a dollar to create a dollar. It really isn't counterproductive until it cost more than a dollar to create a dollar, because then you wouldn't be able to create enough dollars to pay for creating dollars.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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Do you think anyone will ever pound some cents into the counterfeiters?
Tim Carmichael wrote:
cents
Counterfeit! To answer your question, I think you're wishing well but I fear there may not be the pot of gold you're looking for at the end of this double rainbow.
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Do you think anyone will ever pound some cents into the counterfeiters?
Not as long as they can debit their credits.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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Well, lets just say it cost a dollar to create a dollar. It really isn't counterproductive until it cost more than a dollar to create a dollar, because then you wouldn't be able to create enough dollars to pay for creating dollars.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
Not quite true - it already costs more to make US currency than the currency is worth. (cf.http://www.moneyweek.com/news-and-charts/economics/how-expensive-is-printing-money.aspx[^] In actual fact, it can be beneficial to the economy to have the cost of money production exceed the value of the money produced! Dontcha jerst lurve economists?
Did you know: That by counting the rings on a tree trunk, you can tell how many other trees it has slept with.
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Fake £1 coin[^] numbers rise. What with the state of the economy and the rising cost of materials we must fast be approaching the point where faking these is no longer economically viable.
Henry Minute Do not read medical books! You could die of a misprint. - Mark Twain Girl: (staring) "Why do you need an icy cucumber?" “I want to report a fraud. The government is lying to us all.” Why do programmers often confuse Halloween and Christmas? - Because 31 Oct = 25 Dec. Business Myths of the Geek #4 'What you think matters.'
How about using a modern currency with many built-in security features? :rolleyes: See this: http://en.wikipedia.org/wiki/Euro_banknotes[^] (Might be even more cost effective to use virtual currencies)
You can't turn lead into gold, unless you've built yourself a nuclear plant.
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Oh I dunno - they can probably make them cheaper in China than the Royal Mint can. They certainly seem to make everything else for nothing...
Did you know: That by counting the rings on a tree trunk, you can tell how many other trees it has slept with.
Plus, in China they manufacture them from surplus lead, ship them to Britain, and kill two birds with one stone. They don't have to build the lead into toothpaste for export anymore. :)
My other signature is witty and insightful.
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Not quite true - it already costs more to make US currency than the currency is worth. (cf.http://www.moneyweek.com/news-and-charts/economics/how-expensive-is-printing-money.aspx[^] In actual fact, it can be beneficial to the economy to have the cost of money production exceed the value of the money produced! Dontcha jerst lurve economists?
Did you know: That by counting the rings on a tree trunk, you can tell how many other trees it has slept with.
Interesting article, but I think the argument saying the fact currency is costly prevents government from being irresponsible seems a little fallacious. A very large chunk of currency transactions have been virtual for many years, and it does not look like the decisions made by governments to create (or not) new money is influenced that much by the cost (or lack of cost) of the currencies.
You can't turn lead into gold, unless you've built yourself a nuclear plant.
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Well, lets just say it cost a dollar to create a dollar. It really isn't counterproductive until it cost more than a dollar to create a dollar, because then you wouldn't be able to create enough dollars to pay for creating dollars.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
It definitely is counterproductive to use a currency that costs more than its face value, but it does not make much sense to even use something that costs as much as face value. You'd then be back to the old times when gold was the currency and the amount of money you had was directly linked to the amount of material in your pocket.
You can't turn lead into gold, unless you've built yourself a nuclear plant.
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Fake £1 coin[^] numbers rise. What with the state of the economy and the rising cost of materials we must fast be approaching the point where faking these is no longer economically viable.
Henry Minute Do not read medical books! You could die of a misprint. - Mark Twain Girl: (staring) "Why do you need an icy cucumber?" “I want to report a fraud. The government is lying to us all.” Why do programmers often confuse Halloween and Christmas? - Because 31 Oct = 25 Dec. Business Myths of the Geek #4 'What you think matters.'
Henry Minute wrote:
What with the state of the economy and the rising cost of materials we must fast be approaching the point where faking these is no longer economically viable.
They will just have to start making £2 coins. :-D
Simply Elegant Designs JimmyRopes Designs
Think inside the box! ProActive Secure Systems
I'm on-line therefore I am. JimmyRopes -
Interesting article, but I think the argument saying the fact currency is costly prevents government from being irresponsible seems a little fallacious. A very large chunk of currency transactions have been virtual for many years, and it does not look like the decisions made by governments to create (or not) new money is influenced that much by the cost (or lack of cost) of the currencies.
You can't turn lead into gold, unless you've built yourself a nuclear plant.
Correct. Counterfeit currency is irrelevant in the macro-economic sense. The one way cost of coins is relevant is governments don't want people to disassemble and melt their coins and sell the metals at a profit, as a shortage of coins would harm the retail businesses. :)
Luc Pattyn [Forum Guidelines] [Why QA sucks] [My Articles] Nil Volentibus Arduum
Please use <PRE> tags for code snippets, they preserve indentation, and improve readability.
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How about using a modern currency with many built-in security features? :rolleyes: See this: http://en.wikipedia.org/wiki/Euro_banknotes[^] (Might be even more cost effective to use virtual currencies)
You can't turn lead into gold, unless you've built yourself a nuclear plant.
it doesn't fit the splendid isolation concept. :-D
Luc Pattyn [Forum Guidelines] [Why QA sucks] [My Articles] Nil Volentibus Arduum
Please use <PRE> tags for code snippets, they preserve indentation, and improve readability.
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Not quite true - it already costs more to make US currency than the currency is worth. (cf.http://www.moneyweek.com/news-and-charts/economics/how-expensive-is-printing-money.aspx[^] In actual fact, it can be beneficial to the economy to have the cost of money production exceed the value of the money produced! Dontcha jerst lurve economists?
Did you know: That by counting the rings on a tree trunk, you can tell how many other trees it has slept with.
OriginalGriff wrote:
In actual fact, it can be beneficial to the economy to have the cost of money production exceed the value of the money produced! Dontcha jerst lurve economists?
Well, that is because it keeps inflation in check, but almost all money these days are just digits on a computer. It cost virtually nothing to create 1, 100, a million, a trillion, or even a quintillion new dollars.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
