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Nullo's avatar

What do you think of state currencies?

Asked by Nullo (21973points) September 1st, 2010

Say, for instance, that Wyoming were to start printing and minting its own money for use alongside the venerable Dollar.
I am aware that money is a federal thing

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9 Answers

Seek's avatar

I think I have enough to worry about.

iamthemob's avatar

What would the benefit be? I feel like the ability to travel between states would be hindered…the EU instituted the Euro in order to avoid this issue…

bob_'s avatar

I think it is a dumb idea, to be honest.

bob_'s avatar

@iamthemob It would unnecessarily complicate things.

WestRiverrat's avatar

Into the Mid 1880s currency was often printed by banks. It is still legal to print your own currency, as long as you label it as private currency. Many barter groups print their own currency.

Alternate currencies usually give a short temporary boost to a local economy, but ultimately work to destabilize the recognized legal currency of an area.

camertron's avatar

Well, you could do what the statehood quarters did back starting in 1998 or so. A series of legal, United States quarters were minted each with a different state illustration on the back. They were really cool – I have a collection of all of them in a little coin book. Each state held a competition asking locals to submit designs (at least my state did), then opened it up for a vote to everyone (even non-residents). I know that’s not quite what @Nullo is suggesting, but it’s a compromise. After all, @iamthemob‘s point is totally valid – it just confuses things. If each state made its own currency but that currency was acceptable anywhere in the country, then that would be fine, but once you get into the business of exchange rates and not being able to spend California currency in Colorado, we have a problem.

Jeruba's avatar

Guaranteed, in no time at all some folks would find a way to use it to screw other folks more than they already do. The people who already get the short end of whatever the deal is would lose out even more and the profiteers would profit even more; for example, businesses paying employees in state currency, with its limited acceptance (and none outside state borders), but charging federal currency for their goods.

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