Should coins be phased out as legal tender?
Payments
Asked by Question Bot07/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 07/Sep/2015
They should be. Coins are expensive to make, transport, distribute, collect. Millions of them get lost every year. However, before one can casually make a statement of discarding them, one has to look at the industry:
How will the ecosystem that currently uses coins, handle the transition?
I, for one would like coins to be eliminated.
- How many coins in circulation?
- How often are they used in case payments?
- How often are they used elsewhere (think Buses, Trains, Bubble Gum machines, Vending Machines, Laundromat, etc.)
How will the ecosystem that currently uses coins, handle the transition?
I, for one would like coins to be eliminated.
- Belarus has no coins. They never issued them. (Source: Belarusian ruble)
- Moldova stopped minting coins, they are there in circulation, but are rarely seen. (Source: Moldovan leu)
- Laos, where coins were last minted & issued in 1952 (Source: Lao kip)