Suzy B's For Y2K?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Besides gold, silver, etc. would it make any sense to sock away Suzy B dollars instead of or in addition to paper dollar bills? TIA
-- Jeremiah Jetson (firstname.lastname@example.org), September 02, 1999
This is from the "Y2K Survival Handbook" (a quarterly magazine by Harris' Farmer's Almanac) which I picked up yesterday. This particular article (Money Matters) was written by Boston T. Party. I don't know what his credentials are so take it for what it's worth.
"I'd hold 10-20% of your cash in coin (dimes and quarters). Why? Because we'll go through something unprecedented in post-WWII history: a prolonged deflation. That's when cash becomes worth more in value, resulting in falling prices. What costs $15 today could be $3 in 2001 because there's less cash chasing goods. (Ammo, medicine, and other scarce crucial goods would be the only likely exception.). That's why you want small bills ($20's and under) and lots of coins.
Avoid Susan B. Anthony $1 coins, which were discontinued for being unpopular, proving that money must be accepted. Avoid pennies and nickels for their high weight/low value ratio."
-- NokternL (email@example.com), September 02, 1999.
Gawd, people don't want those stupid things NOW, why would they want them in a meltdown?? I'd stockpile Canadian pennies before I'd save those poor excuses for a misshapen quarter.
-- King of Spain (firstname.lastname@example.org), September 02, 1999.
Thanks all. Wilco.
-- Jeremiah Jetson (email@example.com), September 02, 1999.
Minus: Not recognized now, so a long learning curve to accept. Lots of joking at you as you tried to spend them. Standing out as someone "who sure is spending a lot of those things around town."
Too bad, because the Plus is:
Paper dollar bills have average life of 18 months now. If they become much more used that will shorten, and will Fed be printing up more low-value, high-wear paper vs. 100s?
I've seen people in 3rd world countries tenderly folding old worn bills, taping them up, even ironing them. Can't happen here?
-- Mr Gresham (firstname.lastname@example.org?), September 06, 1999.