Will People Still Collect Coins In A Cashless Society?
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- čas přidán 15. 03. 2024
- Thanks for watching and please let us know your thoughts in the comments!
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Freedom with cash. Fight we must!
Agreed!
Agreed!
I collect numismatic coins purely for enjoyment of the hobby. I find it interesting to research the background of each commemorative coin. I’m not looking to sell ever & hope one of the next generation in our family will inherit them and enjoy it for the hobby it is.
I have a feeling you would be at home on my channel!! We are all about just this!!
Me too - but that doesn't mean I don't want my "accumulation" to go down in value. I like to think I could a return on my "investment" if I ever had to sell.
Well I guess if they do not know you have it, they cannot take it!@@jaredroussel
That's great to hear! It's a very rewarding hobby with much to be discovered! Thanks for watching 😊
Hopefully we just use another currency, cause I aint giving banks or governments that much power. I think coin collecting will still be around, Ancient coins will still be huge because of the history.
I think you're right! If they are still being collected a few thousand years after being struck it's safe to suggest they'll still be relevant in years to come! 🥳
Glad to see someone tackle this question! I have had no success in asking and then your video popped up! Thank you! 😁👍
There will always be buyer's and seller's in the precious metals markets. No matter what happens, if it skyrockets to astronomical numbers to it dropping significantly to where it is now, they'll always be people interested and understanding the fact that there's only a finite supply amount and once that runs out, PMs will be even more rare and scarce than they are now. In my opinion, i think that it won't matter if it's a cashless society, digital society and financial transactions, we'll see, particularly gold and silver, continue to be a highly liquid physical tangible asset with intrinsic value
What happens if the Optus network goes down and EFTPOS machines go off line. It happened twice recently. You need a Plan B. 600% increase in usage of cards for payment since 2003 (or 2013) and 3% increase in notes of the 100's of thousands. Mainly the larger denominations.
Can't hack cash an it works without electricity and technology networks.
Imagine your bitcoin crashing and you can't sell because the system is down and when it comes back it's worth nothing, it's going to happen for sure
Thanks for watching! Very interesting times we are living in for sure! 😊
@@Jack-gn4glIt happened to me when the first KC3 coin came out. I couldnt get any because the Perth mint website crashed, then the next day the dealers were selling them for 3x the amount. 😢
With the world expecting another Carrington type event and the Sun is in solar maximum, it's suppose to be no question of if but when. Plus with power grids not strengthened, any emp could wipe out power out as well. Then we have a minimum of 5 yrs or more to rebuild. Then what good will digital currency be? We need to stand strong for a cash society!
The coins if demonetized would be withdrawn from circulation and melted down. Except for the ones hoarded by the populace as souvenirs and "collectors items". I think having no form of cash would be dangerous - especially during a time of war or during "outages" of electronic payment systems.
I don't think we'll be seeing a total cashless society anytime soon but it's very interesting to think about how it could impact collecting! 😊 Thanks for watching!
@@ThompsonsCoins People still collect roman coins and banknotes that are no longer usable. I think we'll be OK for a while. 👍
As a society we have been conditioned to pay everything on card, instigated by government and large corporations (ie banks).
In the early 80’s I wasn’t allowed to have a home loan without first applying for a credit card, it’s all the new generation that will get sucked in to this cashless society.
I went to order a pizza the other day and I always pay cash, those that chose to pay by card were charged an extra $1, I know it doesn’t sound much but 95 percent of the customers paid by card that’s a nice bonus for the pizzeria, and yes I know that some of that fee will go to the banks but not all of it.
What will happen in all the remote areas that don’t receive the internet I’m not talking about business but private people who sell privately. And if we go cashless then it should be made illegal to charge fees on purchases.
Love your videos keep up the good work
We will not go cashless. More and more countries are considering to make an amendment to their constitutions to protect the right to pay cash. Austria was the first country that started the discussion after our politicians realised that the people would force them to leave the European Union as soon as they want to go cashless.
It's cashless now.
HELLO! Fancy meeting you here in the comments section! Hope you are well and I hope that cash/coinage is considered some kind of freedom issue but it would take some kind of regulation.
WHATTTT!!!! A Shout out!!!! I am humbled my friend!!!! I am going to walk a little taller today! What an interesting topic 😅. It would seem in the states, there is a lot of money shuffling around this topic...And that money tends to work towards campaigns....On one side, you have cash which is pushed through the mint...We can track a bit of production and it is tax payer funded. Though the printing of money is not connected to gold reserves anymore I wonder...
If we went cashless, who would decided the valuation and would money become an intangible idea rather than a physical asset? In the states, you must use a social security (Gov. ID) to open a bank account. This is tied to the individual and can serve as a tracking mechanism for purchases and also can be frozen my the government. I am wondering, if we could not move about without the approval of a digital demigod, would the cashless society be more about freedom or control?
There are a lot of philosophical pulls on the human condition that could find issue with this idea... LOVED the video!!!
You've raised many fascinating thoughts on the subject and I definitely tried my best to maintain a focus on the great hobby of collecting as I know firsthand how vast the rabbit hole of a cashless society can become!
Thanks again for a fantastic question and I hope all is well in your part of the world!! 🎉😊
I am honored!! Things are crazy over here but one reward is, when things are crazy, the good in humanity can often be seen.@@ThompsonsCoins
Excellent topic!
I must say it's something that has crossed my mind more than once.
Thanks for watching Alan! 😊
Perhaps, in this cashless expanse, collectors morph into data archaeologists, tracing transactional footprints across servers, hunting elusive tokens and encrypted whispers. The echoes of coins will linger, etched in our digital musings and the quiet spaces of our hearts. I hope contactless swipes don't erase the tactile thrill of tales spun by worn edges and embossed faces. Evolve thy humble coin into talismans, storytellers and lucky charms.
Very interesting thoughts!! Thanks for watching Craig 😊
You need to compare with what has happened with similar historical events. Look at what happened with stamps, once the most popular of all forms of collecting; what happened to 1 and 2 cent coins after they were withdrawn?
Hmm stamps are similar but different in the sense that their intended function of being used fundamentally changed the properties of the item. It is very interesting to consider though and as you mentioned, 1 and 2c coins for the most part are still very widely accessible 😊 thanks for watching!
Suddenly, it would no longer be new coins but medals.
Interesting!
Tokens.
It's an interesting thought, the idea of legal tender no longer being part of the coin process! 🤷 Thanks for watching!
It would be interesting to know how many collectors collect circulating / circulated coins VS non-circulating coins. People who hunt through change looking for the latest circulating coins out this year (or errors or other oddities) would be the most affected. As you say, I think the mints will still keep producing NCLT coins and bullion coins, and Australia Post will keep producing PNCs - Now if the govt decided not to produce any more legal tender coins of any kind and for whatever reason banned the mints from it, that would certainly impact their business, and those who collect particularly denominations (eg $2 coins) as they'd now be tokens or medals (as the mints are government entities, I think the govt would wisely make the decision to keep collector coins at least). I think there will always be a market for bullion type products, so as long as the mint is able to keep producing those they will sell. For anyone's own personal collection, maybe a bump in price for anything seen as being now in short supply - and down the track, say 30 years, there might be fewer collectors as people won't resonate with coins as something they use every day, but on the flip side, a well kept collection should still appreciate in value.
I just ran across your channel liked and subscribed
Yes, I would lose interest in collecting coins and banknotes in a cashless society because there wouldn't be any new circulating designs to collect, and any old coins and banknotes would be too costly to purchased.
Now that it's March 2024, I'm guessing Australia has just one solitary wildflower -- the waratah? Not much of a "series" 🤔
Hopefully you've still got plenty of time for circulating coin collecting Kate! 🥳
That series has been very elusive! I'm not sure what the mint is planning on doing with that but I'd love to see more!
Thanks for watching 😊
i think copper and particularly nickel content will be worth FAR more than there face-value, similar to silver, but to to that extreme. keep your coins when you can, ladies and gentlemen!
Not really related, but I'd be really interested to hear the results of you asking people to list their age upon entry to an ANDA event. Sherri recently mentioned how in America the numismatic industry is getting quiet and the average collector age has increased. Is Australia a similar state or have we got more young people interested (possibly due to how our coin stuff often has a secondary topic like animals or space etc)
Hey Matt was wondering how you would store youre 35 years 14 coins in folder from mould etc for future reference as folder could deteriorate over time cheers tim
I think cashless society sets a dangerous precedent and is not the great thing it’s made out to be. Keep cash! No matter what!
On topic of the video, the dynamics behind who is coin collecting will shift significantly. Most people getting into coin collecting currently do so by starting with their pocket change.
New collectors joining will be slowed down as it would take a set to release that appeals to their other interests first. The collector sets will still be made, just that coin collecting’s barrier of entry will be lifted upwards a bit for new people.
Mints will always be relevant because even if they stopped making circulation coins, there are foreign countries where cash is still universally accepted and plus mints make more than just coins.
About 5 years ago when it became apparent we were soon going to lose cash I started hoarding coins, I wont say collecting as most are just run of the mill coins! While some may have a slightly higher value because of their rarity I have never gone through them with a collectors eye ! Coins will always have value, even in a completely cashless society you will always be able to exchange coins for a loaf of bread or a carton of milk! I have a 20 litre bucket full now and rarely if ever use a coin to purchase anything, the value is there and always will be!😅
It would be a better idea if you collected 1966 silver 50cent coins they have intrinsic value
@@phillipbyrnes2885 oh, you are a genius, where the f£€k are you going to find them!
too many unaccountable notes out there, underbeds etc.. will be some time but i think in the future silver and gold like they have been through time will be a global currency. Just like the spanish reales that was a global currency for almost 100 years but it was silver. I think that just like in the past coin collecting will still be a kings hobby
It would be interesting to see the fluctuations in prices if that did happen for me I’d probably keep my coins containing silver or gold ( proofs , pre decimals ) and sell off majority of the rest and convert it into more bullion products particularly gold and a smidge of platinum.
You will sell nothing for the programable money, the bank wont let it happen. The payment will be stopped. We will own nothing and be gob smacked slap happy ?
Ist the question should be what can I do to contribute to stopping the CBDC. 2nd If there is a CBDC it will be the end of ALL mints for it will be said that they and the coin making contribute to global warming. You would also no longer be able to buy anything the powers that be don't approve of, that would includes coin, bullion, sweets, junk food, going out to dinner, royal shows and amusements, travel any farer than 5 Ks from where you live, fuel and cars, etc, etc. The CBDC is programable and if what you want to buy is not on the approved items list the payment won't go through, just like when I tried to buy crypto with my Combank debit card.
You wont be able to donate to any cause that the " elite " don't approve of and that goes double for political parties and independents they don't like either. You wont be able to trade on the social networks for they are already monitored and any activity like that will be blocked and shut down in a blink of an eye thanks to AI fact checker like bots. We will be trapped in a nightmarish prison and the only way out will be the demise pill, one of very few items the " elite " will be happy to supply you with. That and bug burgers, GM food, Monthly GM jabs that you must get in order to receive you pittance UBI.
So we all better get political and politicly active wont we.
All that aside, great to see your videos as always. Cheers.
Who knows time will tell 🤔😊👍
great video! And getting into coin collecting as a hobby for myself. I have looked into recent coins and noticed a recent coin " Charles III 2024 $2 Al-Br Coin Pack". Could you please tell me what the Al-Br means? I have looked all over the internet, which is coming up with Artificial intelligence coin? Any help would be great!
Hi there! It refers to Aluminium Bronze which is the composition of the $1 and $2 coins in Australia. I hope that helps!! A great question! 👍😊
Cash is already "effectively" digital. Been this way for a very long time. Try to buy a car for a cash notes discount over a plastic savings card (not a transaction fee attracting credit card). Last car I bought was a 2007 Subaru WRX STi in rally blue with the big rear wings, gold alloys and huge Brembo's for my retirement present and got them down to AU$59,500.00 driveaway. I'd always wanted one however was shocked that they asked me to do bank transfer and that they would not accept a wad of Australian Polymer notes amounting to AU$59,500.00? Oh no they said. We don't care anymore and cash car buying went out in the late 90's. Google that one bud. Good video, however cash notes/coins requirements left the building over twenty years ago. And my .999 silver RAM collection of coins are increasing in value very nicely.
I would have walked out and said cya 👋👋👋
No way!@@2ime2shine
No. I don't like going Cashless as I still need to print out new notes from the ATM.
2023 2 billion notes in circulation.
The Government here in the US would love a CBDC , they could run wild without oversight or Morals, wait a minute, they are doing that now 😳😡, I Suspect we will lose the cent & nickel soon, Keep Stackin bro
We still collect coins because it gives us pleasure
Collector coins will live on ...
In canada the 2 dollar ( toonie )
Will always live ... we love them
Put simply,, a cashless society is doomed to fail and people will die.
Back to basics. Pennies are still only worth a dime a dozen, unless...mintage. Its all about the mintage and always will be. Modern currency, check the mintage. Simple really.
Americans will never let the our country go cashless we saw what Canada did to the truck drivers and some country's have already begun removing cash and starting this credit system you screwed because at anytime if you do something they deem wrong your accounts are frozen and you can't do anything about it except beg for your own money back.
Read the book of Revelations . One world currency , one world gov, one world Dictator
Coins forever
We came along way from the era of BARTERING 😊 , so CASHLESS will never happened.
There will still be a high demand for collectors coin even with electronic transactions.
Should increase the numismatic value.
Be discerning in what you buy I guess, like with everything. Keep away from fly by night fancies and maybe search for some intrinsic value, so you won't be as impacted by intergenerational consumer change-over. Who knows though, there maybe a rejection of cashless. That would be part of a wider social momentum back to the traditions we've been ushered away from. If that remains suppressed and is smothered, our history will be meaningless to the participants of the new economic reality.
Ist the question should be what can I do to contribute to stopping the CBDC. 2nd If there is a CBDC it will be the end of ALL mints for it will be said that they and the coin making contribute to global warming. You would also no longer be able to buy anything the powers that be don't approve of, that would includes coin, bullion, sweets, junk food, going out to dinner, royal shows and amusements, travel any farer than 5 Ks from where you live, fuel and cars, etc, etc. The CBDC is programable and if what you want to buy is not on the approved items list the payment won't go through, just like when I tried to buy crypto with my Combank debit card.
You wont be able to donate to any cause that the " elite " don't approve of and that goes double for political parties and independents they don't like either. You wont be able to trade on the social networks for they are already monitored and any activity like that will be blocked and shut down in a blink of an eye thanks to AI fact checker like bots. We will be trapped in a nightmarish prison and the only way out will be the demise pill, one of very few items the " elite " will be happy to supply you with. That and bug burgers, GM food, Monthly GM jabs that you must get in order to receive you pittance UBI.
So we all better get political and politicly active wont we.
All that aside, great to see your videos as always. Cheers.
Correction: 100's of Millions.😮
Do you value my coins if I go to your shop
Why are we letting banks and our governments dictating to us that this is the way we should go, a cashless society will only allow hackers and our banks to dictate to us how our money we earn instead of us to earn the right to spend our money, Grant Meyer.
I'm not goin' cashless until we stop getting charged extra for using our cards.
You need to look at why the government would make such a move. A couple of ideas coming instantly to mind would be to reduce costs and for instant taxation. In order to reduce costs, I can't see a government continuing a mint purely to cater for a collector only market. The Perth Mint would remain because they are a bullion manufacturer on a global scale, but the RAM would go. As far as collecting (numismatic) coins, I think there would be a seismic shift in pricing. Because government can tax immediately on a transaction, the cost of everything will bump up to cater for the direct and instant tax. Coin shows will almost certainly disappear as most trade at those shows is done with cash, pushing collectors either underground or to specialised closed loop markets such as auction houses. It will become very much like the art market. I guess it will all depend on how aggressive and hostile government becomes. It would not surprise me at all if government bans outright the ownership of gold and silver coins by private individuals.
Instant tax like say GST? I think you'll find it's already a factor when buying coins for dealers and mints alike (with the obvious exception of bullion)
The RAM is self funded too and generates funding largely through their numismatic program. There isn't actually a heap of profit to be made in the production of circulating currency as strange as that seems 😂
You'll also find most transactions at a coin show are actually not cash, the vast majority of dealers facilitate card payments although there is still plenty of cash changing hands which is great to see!
It's extremely unlikely that gold and silver ownership would ever be banned too. I'd sooner expect to see cash as the dominant payment method.
But most importantly, this is all great stuff to think about and discuss! Thanks for watching and sharing your thoughts 😊
Buy Precious Metals
The REAL question should be: Will people be stupid enough to go to a cashless society?
yes because coins are history.
Fight Labor Party Socialism , Never let them get rid of Cash
I think they would be worth more
Of causes not, how can it be worth anything if the programable money wont let you buy or sell it. Silly.
Ist the question should be what can I do to contribute to stopping the CBDC. 2nd If there is a CBDC it will be the end of ALL mints for it will be said that they and the coin making contribute to global warming. You would also no longer be able to buy anything the powers that be don't approve of, that would includes coin, bullion, sweets, junk food, going out to dinner, royal shows and amusements, travel any farer than 5 Ks from where you live, fuel and cars, etc, etc. The CBDC is programable and if what you want to buy is not on the approved items list the payment won't go through, just like when I tried to buy crypto with my Combank debit card.
You wont be able to donate to any cause that the " elite " don't approve of and that goes double for political parties and independents they don't like either. You wont be able to trade on the social networks for they are already monitored and any activity like that will be blocked and shut down in a blink of an eye thanks to AI fact checker like bots. We will be trapped in a nightmarish prison and the only way out will be the demise pill, one of very few items the " elite " will be happy to supply you with. That and bug burgers, GM food, Monthly GM jabs that you must get in order to receive you pittance UBI.
So we all better get political and politicly active wont we.
All that aside, great to see your videos as always. Cheers.
You confuse cash notes with promissory federals. There is technically no cash to deal with a fraction of current digital transactions. Silly.@@objectivesovereignty