And now the penny is no longer being made in Canada as of Feb 1. Cost more
than a penny to make it. I still have some $1 $2 CDN bills as they are no
longer in circulation. We now have the Loonie and Toonie to replace the
paper bills.
From the Desk of
Kat Hall
Executive Assistant to Ms. Smith (Publisher)
Champagne Book Group
Review Coordinator
Author Liaison
www.champagnebooks.com
www.carnalpassions.com
www.burstbooks.ca
-Original Message-
From: Steven Medved
Sent: Monday, February 18, 2013 10:58 AM
To: phono-l@oldcrank.org
Subject: [Phono-L] DELETE warning, Economics and currency boring off topic
Yen Yuan USD CAD AUD CHF
Currency:
Curt is correct, the Yen is Japanese. The Yen is easy drop two zeros off,
30,000 Yen is around $300, or $319.31 as right now the Yen is 93.9438 to the
dollar. Each currency has a three letter designation, USD, CAD, AUD would
be US dollar, Canadian Dollar or Australian Dollar.
The Yuan is called the RMB (RMB, sign: ¥; code: CNY; also CN¥, 元 and CN元) is
the official currency of China (People's Republic of China). The primary
unit of renminbi is the yuán (元). One yuan is subdivided into 10 jiǎo (角),
which in turn is subdivided into 10 fēn (分). Renminbi banknotes are
available in denominations from 1 jiao to 100 yuan (¥0.1–100) and coins have
denominations from 1 fen to 1 yuan (¥0.01–1). Thus, some denominations exist
in coins and banknotes. Coins under ¥0.1 are used infrequently.
The British pound is called the pound sterling, GPB is the three letter code
as there are many pounds in the world today.
Hong Kong uses what is called the Hong Kong Dollar, the HKD which is always
around 7.75 to one as it is pegged to the dollar.
The Yen is called The Japanese Yen JPY.
Go to the universal converter:
http://www.xe.com/ucc/
When I was in Japan in 1989 it was around 120 Yen to the dollar. The Yen is
easy drop two zeros off, 30,000 Yen is around $300, or $319.31 as right now
the Yen is 93.9438 to the dollar. PayPal will charge you for the exchange
rate difference so you always get less than the posted rate. Banks normally
offer the best. Credit cards used to give you the best rate, no more. When
I flew into Japan five years ago I used my ATM card and got the best rate.
Economics:
I am parsimonious (and was a numismatist) so I live within my means (and
understand coins better than most). Before inflation took away my buying
power I used to travel as I work for an airline so I used to visit Canada
each year to see some wonderful Phono collectors and my wife's relatives.
Back then the USD would buy $1.55 CAD. Now it is around 1 to 1. Because I
traveled and was in Japan for 30 days while in the Air Force I am familiar
with different currencies and how the exchange rate works. From 2002 to 2010
I took a pay cut and did not get a raise, that is why inflation hit me so
hard. NOTE: airline employee travel is very stressful, you only get on if
there is an empty seat and it goes by seniority so you travel when no one
else wants to. These days it is very hard to travel and many of the people
I work with will buy tickets. The 2008 dollar lost $2200 a year in buying
power compared to the 2000 Dollar. The 2008 Dollar lost $4500 a year buying
power compared to the July 2012 Dollar. In 2013 the tax increase for me was
$100 a month, added to the last four years this is $475 a month, $558.33 a
month for the last 12 years. In 1977 bread went on sale 5 loaves for $1.00
and $200 would fill a station wagon with groceries, today it will not fill a
cart. Those of us who are age challenged will remember the 1964 Kennedy half
dollar was 90% silver, today if you melt it down the value is $10.80. I
have some silver US coins I got in change, the last was a 1954 US quarter in
the reject box at the toll booth. By 1970 silver was not in circulation
very often, but you could look in the change drawers and ask for them. From
1942 to 1945 the US made nickels of 35% silver, 56% copper and 9% manganese.
Today they are worth $1.70 if melted down.
http://www.coinflation.com/coins/1942-1945-Silver-War-Nickel-Value.html The
Swiss Franc CHF use to be worth around 60 cents, now it is worth more than a
US dollar. Canadian coins used to be 80% silver, 1965 to 1968 they were 50%
to transition people, then they went to pure nickel which is magnetic, today
they use nickel plated steel. The Kennedy Half Dollar was 40% silver from
1965 to 1970 to transition people. In the US from 1794 to 1838 coins were
larger and 89.2% silver, in 1838 they reduced the size and went to 90%
silver so from 1794 to 1964 the value of the dollar was relatively stable
compared to silver. The USD is made of cloth, 80% cotton and 20% linen with
red and green silk fibers to deter counterfeiting. The Canadian Dollars are
now made of plastic, they have one and two dollar coins. To explain why we
have inflation, an arch is composed of two opposing walls
