It is 2025. This means that another calendar year has rolled about and we are all one step closer to the day when Grimaldi Mietitore as agent for The Eternal One, knocks at your front door and arrives to collect. As he walks at only a leisurely 1mph, then provided that you can outwalk him, you are safe. Be warned though, he will collect eventually.
After having lived through a century with our very own plague, as the people of the twentieth century did, them perhaps it is a good idea to address the maelstrom in out pockets. Admittedly, in a world of Electronic Funds Transfer and where people do not want to carry coins or notes any more (including the banks whose job it is to do banking), the demand for new coins is decreasing; however, I think that this is as good as any time to address the fact that the planchets of the coins that we use, were designed more than 200 years ago and are not really fit for purpose any more.
The last time that Australia had any significant kind of currency reform was 57 years ago in 1966, when we switched from a hybrid dozenal/vingtinal system of currency, to a decimal (cential?) one. One Dollar with 100 cents and 1000 mils (never issued) replaced the old Pound Australian of 20 shillings and 12 pennies. Opponents thought the old system daft. Starting on the 14th of February 1966, new coins and banknotes passed into the hands of shopkeepers and the general public.
This time around though, what I propose is not a total currency reform. I do not propose getting rid of any of the banknotes; merely replacing all of the little coins, with one single new one.
Here's why.
One 1966 Dollar had the same buying power as $15.59 in 2024. One 1966 Dollar was a brown banknote with a picture of the Queen's head upon it. One 1966 cent, that is the hundredth part of a dollar, would now have the same amount of buying power as 15.59 cents in 2024. Already we have two coins which now fall underneath that value; so by rights we could easily just get rid of them. Nobody would miss their departure.
But "oh, no no!" I don't hear you cry because this is the medium of text and you might be very very far away, getting rid of coins is chaos incarnate, is not? Well, no. The truth is that we have been here before any nobody really gave much of anything beyond a resigned sigh.
In 1992, Australia demonetised the 1c and 2c coins and as we proved, apart from hysterical people who claimed that charities would suffer (they didn't) getting rid of those coins and replacing with nothing at all, went by without a hitch. Everyone got pretty used to Swedish Rounding really quick; so any and all hoo-haa that was imagined, never happened. Likewise, when New Zealand went one step further and demonetised their 5c coins, that also went by without a hitch and minimal hoo-haa.
So my solution is to simply replace all of the cupro-nickel coins with this:
The 25c coin, which was tested and released into circulation, proved to be as boring as any other coin. The 25 coin is about as big as a Penny; which is fine. I got mine in change somewhere, spent a few, and kept one. There was a little bit of a look but beyond the initial interest, there was also minimal hoo-haa.
We could easily eliminate the 5c, 10c, 20c and 50c (the 50c is still a little bit useful), and replace them all with just quarters. Keep $1 and $2 coins and maybe bring in a $5 coin if we're that way inclined but as we've proven again and again, people get used to things pretty quickly and the break points for rounding up and down would be: 12, 37, 62, 87.
Just eliminating all of the coins of less than a Dollar value while being a perfectly sensible idea, at this stage is just too far of a step to jump across. One Dollar often doesn't buy things of itself but by the same token, it is a massive leap if the amount that someone has to pay for small items is $1.25 and either the shop or the customer has to lose a quarter of the value of the transaction. As it is, restaurants often already do not quote cents in their pricing but when the price of a burger is more than $20 at a fancy place (which seems like highway robbery perpetrated by the Hamburglar, to me), then the loss of 25 cents in 20 dollars is less than the price of the transaction fee which a shop might have to pay if this was done electronically.
Anyone who has ever played Monopoly knows that eliminating the black One Pound note happens voluntarily; round about when players start to buy houses. People are less likely to want to have to deal with the little black annoyance; so will accept fivers and tenners instead. At that is in a tiny ickle wee economy with only Fifteen Thousand Pounds in cash, in it. Old Kent Road's £2 ground rent is almost instantly an insult and an annoyance from the get go.
I know that a currency reform this late in time might look like rearranging deck-chairs on the Titanic as it hits the iceberg and slowly sinks into the sea of the cashless society but part of the reason why banks especially do not want to carry cash is the expense of carrying different coins. If a coin fails at doing the only job for which it was intended, which is to facilitate the exchange of goods and services for fiduciary tokens, then it is easy to see why fewer and fewer people want them in the first place.
I like cash. I like coins. I like knowing that the amount of money that I have on hand, is what I can actually use to pay for stuff. I like the false barrier to purchase that cash imposes because if you do not have the cash on hand you are less likely to buy stupid stuff. Like most people I huff and puff about having to do my own grocery checkout because I hate the idea that we've replaced someone's job with a machine that works not for dollars per hour but cents per month, but it really gets my hackles, feckles, and schmeckles up, that even supermarkets are baulking at the prospect of wanting to take cash. Chucking a bunch of coins into a machine aught not to be that difficult. Coin vending machines can even be operated on a purely mechanical basis.
Eliminate all the silver coins. Replace the lot with the quarter. Put a picture of a bumblebee on it. You'd get four bees to a Dollar. The important thing to remember is that I had an onion tied to my belt; which was the style at the time.