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Samsung pays Apple $1 Billion in 30 trucks full of 5 cents coins
james_lohr
Member #1,947
February 2002

That was brilliant. ;D

NiteHackr
Member #2,229
April 2002

It used to be that paper wasn't really currency, but was a promissory note that basically said you would get the metal coins which have actual value that was owed to you. Over time paper started to replace coins but still had to have metal to back it up (gold) as it is still just a promissory note. Now a days we have worthless paper without the gold to back it up. Something has to give sooner or later.

LMFAO!!! ;D

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Timorg
Member #2,028
March 2002

I find it so odd that the USA still uses such small denominations of coins. I guess it is a hold over from when holding American debt was worth something. Australia got rid of 1c and 2c coins in 1992. The value of the coins was so small, there wasn't much point keeping them.

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Thomas Fjellstrom
Member #476
June 2000
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The only excuse we were given for keeping the penny was having the GST (was 7% Goods and Services Tax). Was recently-ish reduced to 5%, and may be reduced to 0% at some point, maybe. possibly.

But yeah. Penny is going buh-bye here soon.

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Bob Keane
Member #7,342
June 2006

The reason the penny held out for so long in the U.S. was because it was cheap to manufacture. It cost 1/5th a penny to make. Getting off topic a bit, 30 trucks would not hold $1 billion dollars in nickels. I would like to see Samsung pay the judgement in discounts for thier products.

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Thomas Fjellstrom
Member #476
June 2000
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Bob Keane said:

The reason the penny held out for so long in the U.S. was because it was cheap to manufacture. It cost 1/5th a penny to make.

That hasn't been true in a long time (if ever).

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Jonatan Hedborg
Member #4,886
July 2004
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Bob Keane said:

30 trucks would not hold $1 billion dollars in nickels

Just basing it on the weight of the coins, you would need about 8200 dump trucks to carry the 1.05*10^11 pennies (~50% of all the pennies in circulation). Why anyone ever believed this was true is beyond me :-/

EDIT: ah never mind, it wasn't pennies, but 5 cent coins. They would only require 3200 dump trucks.

LennyLen
Member #5,313
December 2004
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Bob Keane said:

Getting off topic a bit, 30 trucks would not hold $1 billion dollars in nickels.

Actually, that's getting back on topic.

Ben Delacob
Member #6,141
August 2005
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NiteHackr said:

Now a days we have worthless paper without the gold to back it up. Something has to give sooner or later.

Paper? Oh, it's much worse than that. Banks (not government mints) determine the value of American currency through debt. They're basically allowed to pretend they have 9 to 33 times as much money as they really do (hurray deregulation!). See http://money.howstuffworks.com/personal-finance/banking/bank1.htm

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NiteHackr
Member #2,229
April 2002

Bob Keane said:

I would like to see Samsung pay the judgement in discounts for thier products.

LMAO, that would be brilliant. ;)

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_Kronk_
Member #12,347
November 2010

Paper? Oh, it's much worse than that. Banks (not government mints) determine the value of American currency through debt. They're basically allowed to pretend they have 9 to 33 times as much money as they really do (hurray deregulation!).

That's kind of how the fractional reserve system works :-/ So if we want to have a truer and simpler financial system, we'll have to ditch that too. You know, I have friends that talk about wishing we could go back to bartering for things... I'm beginning to agree, though it would make online shopping pretty difficult. Although if this great transformation did ever occur, we'd have near non-existent taxes and we'd have a deregulated market, so stuff would be as cheap in a brick and mortar store as it is online. That's the ideal anyway.

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