Philly bans cashless stores

[DrHenley]

Philadelphia PA just banned cashless stores because they said they discriminate against lower income citizens.

https://www.wsj.com/articles/philadelphia-is-first-u-s-city-to-ban-cashless-stores-11551967201

Businesses that have gone cashless point to greater efficiency for employees, who don’t have to make change or count cash at closing time, and improved safety because workers don’t have to carry large bank deposits.
But backers of measures forcing stores to accept cash say they worry about people who don’t have credit or debit cards. Supporters also say some consumers prefer to pay with currency for privacy reasons.

 

[jimLE]

Good for philly.

 

[KateMTx]

Well as a mostly-libertarian I generally don't support government bans on anything, but cashless stores are pretty terrible.

 

[Brent S]

I think it will eventually become a cashless society. Most young people don’t write checks or carry cash anymore. Plastic is great as long as there is electricity to run the machines, but pretty much worthless during an outage. One of my first businesses was a small woodworking shop. I got a machine that made a manual impression of the customers credit card. I don’t believe stores even have those anymore, but at least they could be used without electricity. I use cash, plastic, and write checks. Having multiple options makes sense to me. I also carry enough cash at all times to get me home if there is some kind of emergency while I’m out and all the networks or electricity are down. My current business uses an American Express card for 98% of all purchases. It’s mostly for the reward points I get for using it. The other 2% is for places that won’t accept American Express due to its transaction fees. I like the convienence of cashless transactions but am aware of how vulnerable it is to hacking, system failure or even the govt seizing it for whatever reasons. Cash or precious metals is portable, hideable and easily traded so it’s still my personal favorite.

 

[DrHenley]

This may sound counter-intutive, but hear me out...

I use plastic because I like cash.

No, wait, hear me out...

I go to the store and look in my wallet at the green. I'm hesitant to use the green because I like it in my wallet. So I use plastic to preserve the green.

It's actually a well know principle called "Gresham's Law" which put simply: "Good money drives out bad." People will spend the money they feel has less intrinsic value and hold on the money that they feel has more intrinsic value, even if they are theoretically worth exactly the same.

The principle, although older then the man it was named after, but it got associated with him because Queen Elizabeth I asked financier Sir Thomas Gresham why all the gold and silver was disappearing. He explained that "that good and bad coin cannot circulate together" and because of the debasement of the currency under Edward, "all your fine gold was conveyed out of this your realm."

Gresham's law was demonstrated once again when the United States went to completely debased coinage. When asked whether the new copper-nickel coins would drive the silver coins out of circulation, LBJ said:

Some have asked whether our silver coins will disappear. The answer is very definitely no. Our present silver coins won't disappear and they won't even become rarities...If anybody has any idea of hoarding our silver coins, let me say this, there will be no profit in holding them out of circulation for the value of their silver content.

Four Pinocchios on that one, LOL. (I'd even give it five, but four is the highest the scale goes)

So, by Gresham's Law, in my mind, currency has more intrinsic value than plastic, therefore I "spend the bad and keep the good."

 

[lonewolf]

food shopping in a supermarket I use a debit card, for online purchases a credit card which is paid in full at the end of each month, I don't have any debts-of any kind. bills are paid by check by post, small purchases in the corner store, Poundland and the like, which are usually under £20 are paid in cash. open air markets and the like all purchases are in cash as none of the traders has a card reader.

 

[Brent S]

food shopping in a supermarket I use a debit card, for online purchases a credit card which is paid in full at the end of each month, I don't have any debts-of any kind. bills are paid by check by post, small purchases in the corner store, Poundland and the like, which are usually under £20 are paid in cash. open air markets and the like all purchases are in cash as none of the traders has a card reader.

Plastic, both debit and credit, and cash are all just tools to be used. If used to your benefit there is nothing wrong with plastic. If keeping a balance on credit cards then your a fool though. That may sound harsh but what intelligent person would willingly pay 27% interest for small loans?

 

[KateMTx]

I think it will eventually become a cashless society. Most young people don’t write checks or carry cash anymore. Plastic is great as long as there is electricity to run the machines, but pretty much worthless during an outage. One of my first businesses was a small woodworking shop. I got a machine that made a manual impression of the customers credit card. I don’t believe stores even have those anymore, but at least they could be used without electricity. I use cash, plastic, and write checks. Having multiple options makes sense to me. I also carry enough cash at all times to get me home if there is some kind of emergency while I’m out and all the networks or electricity are down. My current business uses an American Express card for 98% of all purchases. It’s mostly for the reward points I get for using it. The other 2% is for places that won’t accept American Express due to its transaction fees. I like the convienence of cashless transactions but am aware of how vulnerable it is to hacking, system failure or even the govt seizing it for whatever reasons. Cash or precious metals is portable, hideable and easily traded so it’s still my personal favorite.

I love the convenience of plastic too and most of my transactions are with my card. But I always have a "cash stash" and there are times when I want to make a purchase in cash.

 

[Mountain trapper]

Maybe in a few highly populated areas some businesses may choose to go cashless, but it'll never go nation wide. At least not until we become a full socialist/communist country.

 

[Brent S]

Maybe in a few highly populated areas some businesses may choose to go cashless, but it'll never go nation wide. At least not until we become a full socialist/communist country.

Agreed, it’s not going to happen tomorrow, but it’s in the governments interest to have it happen eventually. Just think, no cash transactions, everything taxed. They will love it.

 

[lonewolf]

our weekly pannier market and the summer Sunday markets we go to are all cash only, stop cash and you kill those markets stone dead.

 

[jimLE]

I live in a small town of 1200+ in which some of the folks have cash money only.seeing how they can't afford to have a checking.