Will Coronavirus Mean “The End of Coins”? (I Think Not!)
The advent of Coronavirus has caused the temporary end of handshakes, big Thanksgiving dinners, open school rooms, large corporate meetings, big football crowds, concerts, night clubs, conventions, most air travel and now some newspaper headlines tell us that coronavirus could spell the end of coins and the cash economy. Every financial transaction will take place online or with credit cards, Pay Pal, crypto-currencies or some new program they claim.
Don’t count on it. Every time I shop and offer cash, a smile comes to the eyes of the vendor, who often saves 2% with a cash purchase, since credit card companies often charge up to 3% for the “convenience” of a credit card. There’s no such thing as a “free lunch” and vendors pay for that plastic transfer of funds.
More importantly, this pandemic will be mostly over someday, probably within a year, and we will go back to normal. I have written about all the new coins being planned for 2021 and the rest of the Roaring 20s to come. I have not seen as much interest in new coins since the State Quarter series. Once we see some new designs on circulating coins, we will see new interest in the general population. Circulating coins will always remain pieces of American history you can hold in your hand, and they will continue to generate interest in older gold and silver coins, too.
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