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Freddie Jones
 
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Keep The R10 Note

03 January 2018, 14:27

Robert J Traydon's call for a R 10 coin cannot be presented without comment from a different perspective.


Like Mr Traydon, I have travelled to many countries and handled many currencies. Wherever I have been, coins are spent with less respect or concern than paper notes or bills.


The case to avoid a R 10 coin is made by Mr Traydon in his article when he says that they will be spent or given away with little thought!


This causes the debasement of a currency, in turn, the devaluation of it and in its turn, this increases inflation.


In the USA the mighty US Dollar is still available as a $1 bill, while in neighbouring Canada they issued a $1 coin, and suffered inflation.


In the UK in 1971, with the introduction of a botched version of decimal currency, with the 'New Penny' being too high a value, it aggravated inflation.


With the introduction of the Euro, the countries with the very low value denominated currencies, Italy, Spain & Greece, suffered most from the effects of having high-value coins.


If the currency is debased and devalued in this way, the recipients of Mr Traydon's charity boxes and tips will no better of, as they will receive no more goods for their debased coins.


The introduction of the R 10 rand coin should be resisted by all those with authority to do so.

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

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