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Topic: Bank notes and the future  (Read 10767 times)
Tanthalas17
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« on: April 11, 2014, 04:56:42 pm »

I stopped by a dealers shop a couple days ago to check out what he had in stock as well as have a general conversation. He raised an interesting thought.... if/when currency is replaced by credit cards. Where do you expect bank notes and their value to go from there? I think estimates are between 30-40 years currency will be eliminated...  :o :'(

   Thoughts?

-Chris
mmars
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« Reply #1 on: April 11, 2014, 05:32:29 pm »

Well, I look at what happened in 1987 when the $1 note was replaced by a coin.  Everyone socked away $1 notes with the expectation that they would be rare some day.  The outcome is that a 1973 series $1 note will sell for $3 apiece if you're lucky.

Most people would probably agree that currency will be replaced some day, whether in the short-term or long-term.  And I will assume this is correct.  What is unknown is whether currency will be eliminated or not.  By "eliminated", I mean the Bank of Canada will tell us that we have until a certain date to turn in our currency before it is rendered worthless.  If that happens, the market for collectible notes could spin off in any direction.  Small denomination notes would hold their value, but the larger ones could suffer when the face value has no guarantee of redemption.  On the other hand, larger denomination notes could become quite rare and they might become more collectible with time.  Or maybe circulating legal tender will become totally uncollectible as anyone born around that time will look at you with disbelief when you try to tell them about paper money just like the kids these days roll their eyes at you because you have recollections of ancient stuff like vinyl LPs and VCRs.

If circulating notes are phased out over time, meaning the BoC just stops making it but notes are allowed to retain their value in private hands, then there will be virtually no effect on the market.  Paying for notes with cash will become harder, and that might affect how people buy and sell, but overall, I don't think people are going to become fascinated by paper money and rush into the market once it becomes obsolete.  But I'm probably wrong as collectors always amaze me with their unpredictability, and for some reason, I can't get this image out of my head of lemmings running and falling over a cliff one after another after another after another after another...

    No hay banda  
Rigel1870
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« Reply #2 on: January 20, 2015, 04:44:53 am »

I hope physical currency is never completely replaced.  I've thought about this many times too.  You can learn a lot about a country's history by looking at the money.  It might happen since it'll be another way banks and credit card companies can make a buck when you swipe your card or scan your retina to lend your friend five dollars.  The best thing about cash is that you don't have to call and cancel your cash if you get robbed.
Seth
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« Reply #3 on: January 20, 2015, 07:20:14 pm »

Physical currency will always be around. It still works when the power goes out, it's the only way to pay at garage sales, and the Girl Guides still don't take Bitcoin or credit cards for their cookies.

Track your Canadian currency online!

http://www.whereswilly.com
tripoli
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« Reply #4 on: January 20, 2015, 08:48:46 pm »

I feel sorry for all the panhandlers here in Vancouver.....very few of these young hipsters use cash anymore as they never carry cash.   The panhandlers need to get imaginative about their begging....and I'm not being facetious here.
friedsquid
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« Reply #5 on: January 21, 2015, 11:12:56 am »

I feel sorry for all the panhandlers here in Vancouver.....very few of these young hipsters use cash anymore as they never carry cash.   The panhandlers need to get imaginative about their begging....and I'm not being facetious here.
Maybe they can start to carry debit card machines or ask for gift cards next time the person passes by...Get a job...Always found it hilarious when a panhandler is smoking ....like I feel sorry for this guy  :-D



Always looking for #1 serial number notes in any denomination/any series
Punkys Dad
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« Reply #6 on: January 22, 2015, 11:04:36 pm »

I often offer my local panhandlers food; a sandwich, or a cereal bar, or fruit, or even a spare bus fare. I always carry an extra snack in my backpack.

Dei Gratia

Teeny guy on my shoulder sez, It's only money mon
Rigel1870
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« Reply #7 on: January 30, 2015, 03:00:32 am »

The government probably wants to get rid of physical currency because it can tax you for all the stuff you sell at yard sales or on Kijiji.  You'll have to do a bank transfer via your cell phone or something like that.  The Canadian mint is developing things like the mint chip that have cell phone apps.  Also, it's a way for banks to tax you on each transaction.  If you look at a country like Sweden, the majority of their money transactions are done electronically.  I'm obviously against this, but it seems to be the trend unfortunately.
 

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