The End of our hobby? Doomed?

News: Registration is free here at the CPMF!

What becomes of our hobby.Will new collectors in future generations become involved,having never seen a paper money note? Should we all burn our bank cards,demand cash from our bank branch,fill our wallets with currency,and purchase what we will?

Ever take a $1.00 note to a gas bar attendant,all of 17 years old? LOL.I have,the reaction is hilarious,oh and most will refuse the "cash" if they do not have a elder superior to consult because they have NO CLUE.

Should members of a cash hobby rally to the cry to keep paper money flowing?

Shall we abandon paypal as a tool for a means to an end?

Is convienance(read lazy) about to abolish our hobby,and privacy?

Should we insist on cash,cheque or Money Order and then demand physical from the bank?

Opinions,me I have to get to the bank and pull out pesos,and quit sending people payments for notes via electronic methods!

TowerGroup has released new research concluding that, while futurists have spun predictions of a "cashless" society since the middle of the last century, momentum is gathering that may turn this vision into reality in as little as 10 years. The report says that a combination of market- ready and emerging technologies is aligning to drive a majority of consumer payment transactions from cash toward other payments "form factors" - including the Internet, mobile and contactless payments.


"By 2015, a substantial share of consumer payments globally will have moved from cash to other payment mechanisms," said Theodore Iacobuzio, managing director in TowerGroup's Executive Research Office and content lead on the European Banking & Payments practice at TowerGroup.
"Many of these new form factors are already being tested in broad consumer settings in countries around the globe - from contactless payment terminals and fingerprint recognition payments, to mobile and micropayment roll-outs."

full article:http://www.paymentsnews.com/2006/01/momentum_buildi.html

And then,this article,the speaker sponsered by the Bank of Nova Scotia:

Catherine Johnston, President & CEO, The Advanced Card Technology Association of Canada

Thank you Drew (Brown of Scotiabank). I'd like to thank John Bumister and the Board and members of TMAC for allowing me to share some thoughts and observations with you today. I'm very happy to be here and on behalf of my board of directors, I bring you their best wishes for a successful conference and continued success as you move into the future of stored value payments.

I'd also like to thank Scotiabank and Scotia Capitol Markets for sponsoring my participation.

When John invited me, he suggested that I could be controversial which worries me a little. For the past two years we have both sat as members of the Canadian Payments Association Stakeholder Advisory Council and I'm not sure whether John meant that I should be more controversial than normal. Hmmm…

Well at any rate, before I start, I must tell you that I have a problem today. I truly do appreciate Scotiabank's sponsorship, and indeed I have a personal banking relationship with the institution, but I wish that it had been any other organization because I am going to say things today, in the context of this presentation, about Scotiabank. What I am going to tell you is true, it is accurate, and I'm afraid it is very complimentary. Scotiabank has taken a unique position; one I hope that other Canadian financial institutions will follow quickly. So you see my dilemma.

Before I start, I'd like to offer a few definitions. You don't have to strictly agree with these, but they will help you understand what ACT Canada means by certain terms. The first is smart, or chip, card. This is a PC on a piece of plastic, complete with an operating system, application software and application data. You should also think of these as distributed data centers.

Stored value, from our definition, is electronic value that resides on the chip and can be spent at participating merchants. E-cash is stored value, but differs as it can also be transferred between individuals, emulating cash. Lastly, you will hear me refer to FI's, financial institutions throughout my presentation; a term that includes banks and credit unions.

Now, to get to the heart of the matter. Are we truly moving toward a cashless society?

There is no controversy here. The answer is yes,........... . In North America, Canada took a dominant lead in the introduction of stored value products on smart cards. Let's take a moment to look at the technology that is making all this possible.

full article: http://72.14.253.104/search?q=cache:CHo5eq4oW5gJ:www.actcda.com/resource/9910TMAC.htm+cashless+society+in+Canada&hl=en&ct=clnk&cd=3

Shall we abandon paypal as a tool for a means to an end?

YES!! As Canadians, we should close our PayPal accounts and start sending e-mail money transfers instead!  To heck with fees for receiving money.  And start listing your eBay items in Canadian dollars too!  Then we can transactions done sooner instead of asking silly questions like what is the expletive exchange rate.

AGREED 110%!!

I agree. Start by getting rid of Paypal.

Rick

Now, to get to the heart of the matter. Are we truly moving toward a cashless society?
There is no controversy here. The answer is yes,........... . In North America, Canada took a dominant lead.....

Pay pal and USD listings in Canada for Canadian notes? Go figure.
As one who is in the currency and stock markets,I can tell you,and have stated to my clients for 3 years,the USD is a depreciating asset,and will continue on that track.

My thoughts are we need the CPMS to take an official stand against a cashless society for obvious reasons
This is serious folks,we will have NO paper money soon enough,I'm surprised at the lack of discussion so far.This is far more detrimental to our hobby than TPG which has generated 100's of posts on this site.
Where are the CPMS members on this issue?
Dealers should be up in arms? There livelihood is about to be pulled out from under them?
Where's the petition to the BOC expressing outrage about a system  we haven't asked for.

Dealers,what do you have to say about this?

Aww,maybe it's no big deal?!

I agree with getting rid of paypal and people sending EMT's its cheaper and then the money is on hand. I just do not see Canada getting rid of paper money(cash) in our life time.

Arthur

I just do not see Canada getting rid of paper money(cash) in our life time.

Read the articles in full Archey,this should be complete by 2012-2015.

I do not know your age,but I plan to be around in 2015!

I do not believe that cash will ever be fully replaced by electronic transactions.  Credit, debit, etc will gain in popularity. But for convenience, cash is still king, and will always remain in common use.  Just try to make a purchase at a garage sale with a debit card.  

Well I do plan on living past 2015 I am just saying that I do not see it happening in the 100 years or at all for that matter.

Arthur

This article is written as a propaganda tool for ACT (Advancement of Card Technologies).  The "techie" pundits want people to believe that there'll be a radically different future.  Obviously they want us to believe that a cashless society is around the corner.  (such an ideology only advances their cause).  However, the technologies themselves, many of them are still in the pilot stage. They seem to be even larger targets for fraud, and still wrought with many  many problems (obstacles to overcome). They don't delve into that too deeply.  Plastic may be embraced by the consumer but that doesn't mean that the older establishment will be replaced in 10 years.  There's still millions of people who have value the old system, and it is unlikely that they'll relinquish that system any time soon.  A cash system allows for privacy, for liberty to spend on whatever, a certain kind of flexibility not afforded by the card model.  

If paper money is replaced by plastic smart cards (not polymer) in Canada, then that won't make your paper (or polymer) money any less valuable.  It would still be very collectibe since its no longer made.  It might make your collection more valuable.

However prevalent our debit/credit cards are today-- I have a hard time imagining cash being completely replaced by credit.

When I worked in Nuclear Medicine I was told that it was an old obsolete techology that would be phased out and the opposite became true (it was used more often to complement Xray).  We heard that MRI would replace CT scanners, and that has not turned out to be the case.  With these expensive technologies the medical practitioners have found that they provide assistance where the other is lacking.  Where there may be weakness in one system, the other system shows a strength and vice versa.  I think that could be the same for money.  I believe the 2 systems will co-exist for a very long time.

The whole discussion is `funny' to say the least.  It is like saying stamp collectors should insist on  using smail instead of email to keep the hobby alive !    What about collectors of cigarette packages, should they insist on people smoking?  take it easy,  nobody produces or uses  1937, 1954 anymore, we still collect them, don't we ?

A rational discussion is about exchange of ideas.I'm putting forth an idea that INDUSTRY LEADERS SAY is TRUE----what we believe is inconsequential if not backed up by FACTS.

I may believe there is no such thing as drinking and driving because i do not drink,but the FACTS state my belief is UNTRUE.

I do not think a speaker,sponsored by the BNS no less,that says of a cashless society

Now, to get to the heart of the matter. Are we truly moving toward a cashless society?
 
THERE IS NO CONTROVERSY HERE.THE ANSWER IS YES.

The Royal Bank seems to agree with the BNS

Cashless society is on the cards
Wednesday, June 14, 2006
A trip to the corner shop may never be the same again.

If you pop out for a Sunday paper or a bar of chocolate, you will no longer have to worry about bringing a pocket full of change.

The new system will make it quicker and easier to pay for goods and allow everyone to carry less cash, said Kieran Hines, of market analyst Datamonitor. 'It is aimed entirely at replacing cash,' he added.
http://www.metro.co.uk/weird/article.html?in_article_id=15405&in_page_id=2

To argue that snail mail vs email saw no dismantling of regular post is redundant.No one forced email upon us,neither is regular postal services withdrawn so you have no choice but to adopt email.

Cigarette packages-I actually used to collect them,dont smoke now,dont collect them now,but I'd suggest it's small because its socially unacceptable,no one wants to touch it!
My point is that as the youngsters see less and less cash,and the currency generation passes,the hobby will all but disappear,as cigarette package collecting did and has.Will become socially unacceptable one day to have cash.

No one produces 1937,or 1954 notes,we still collect them alright,but will future generations?

But my point is bigger than this-How will brick huntere hunt,how will new error collectors find new finds,ect ect ect....they cant and wont with a cashless society.
If not the end of the hobby,it will shrink astronomically.


Will some one take a stand?

walktothewater.
well thought out reply,i hope your thoughts are true.

here's another article

Credit card firm targets teens
By Joe Morgan
 
 
 
MASTERCARD was accused yesterday of encouraging teenagers to go into debt with the launch of a payment card for children.
The biggest credit card group is issuing prepayment cards to let youngsters purchase products on plastic........

Supporters, however, regard the cards, which are issued by Bluecorner, as the natural step in an increasingly cashless society. They argue that the prepayment cards will familiarise children with plastic without spending too much.

www.timesonline.co.uk/money

Getting the kids used to the cashless society
Mastercard introduces credit cards for children

Steve Watson | January 27 2006

Mastercard is to introduce credit cards directly aimed at children, encouraging them to go into debt and consume products without the use of cash.

Supporters regard the cards, which are issued by Bluecorner, as the natural step in an increasingly cashless society. They argue that the prepayment cards will familiarise children with plastic without spending too much. Says the London Times.

The cards are designed to get children used to the fact that cash is obsolete and their money, and the amount they are allowed to spend is controlled by someone else who also profits from their spending.



The cards, which have different designs based on popular teenagers' magazines and radio stations, have charges of £9.95 fee to open the account and 85p for each withdrawal from an ATM cash dispenser. There are penalty fees of £4.99 for cancelling an account or ordering a replacement card.

Phil Davies, the director of business development at MasterCard Europe, defended the cards saying: “Parents can control the amount of money their son or daughter spends on the card by limiting the amount of money placed on the card."

So in effect it is exactly the same as an adult credit card, except the controlling of the amount of money in adult life is carried out by the globalist bankers who profit from the cashless society.

A cashless society would mean total control over everyone as people would be forced to pay for everything electronically. Every purchase would be traceable and the ability to buy or sell could be halted immediately at any given moment.
 
 

You make very valid arguments BUT
all I say is they cant even get rid of the penny !

doug62-You make very valid arguments BUT
all I say is they cant even get rid of the penny !

LOL ,but if you abolish the penny, number of nickels in use goes up.
I suppose there could be additional nickel usage based on changed habits--people having a nickel jar rather than a penny jar for example.

How about we just revalue all are currency and coin by 10x. That is a 'new penny' == 'old dime'. Your $50,000 salary is now a $5,000 salary. but your $1.00 soda is now 10¢

Now even a penny is valuable, and having a dollar in your pocket is really worth something.

That means my 1935 $2.00 in Unc is worth $185/ :-/ :-?