Albo P Fossa—November 25, 2020
Chicken Little told Henny Penny, “The sky is falling!” 😱
On November 25, the Santa Fe New Mexican published an article from New York Times writer Alan Yuhas. The title asked, “Who will miss coins when they’re gone?” The answer is an emphatic “Everyone!”
Yuhas wrote of both the decreasing need for coins and increasing payment without cash. Nope. Consider your bank, the source of all your payments.
How many prices end with “ninety-five” or “ninety-nine”?
For Santa Fe parking meters, your credit card gets you an hour when you need ten minutes: use coins. PNM charges a penalty for paying via credit card; pay by check. But wait: stamps (and envelopes) are not priced in dollar amounts.
Sales tax, income tax, utilities, medical expenses, tortillas, a can of beans, red chilé, toilet paper, credit card interest, and so on… Looking for a price that doesn’t ask for coins? Pay a buck for a Roadrunner ticket.
You’ve paid for all these necessities, for so long. Then, one day, you want to take your money out of the bank. Why? Who cares? Would you take your money in dollars without wanting every red cent? Guess.
It costs more than a nickel to make a nickel and more than a cent to make a penny. But we still need nickels and pennies as long as there’s a dot in the middle of prices. Period.