Cashless Society? Not Yet!

Just when you think we are all on the path towards a cashless society, up pops a story to remind you of the importance of cash in hand. Take a moment to read Bob Sullivan's morning posting on The Red Tape Chronicles blog and bask in the knowledge that currency still has a very important function in our daily lives.

Credit and Debit cards are great, but we all still carry a bit of cash in our wallets or purses, or at least we rely on access to cash through the handy corner ATM. Some may even rely on the ATM too heavily, especially during travel.

When I traveled to Costa Rica last year, most all of our group made use of an ATM at some point or another. Even some of the smaller towns had an ATM near the square. Over the Holidays my immediate family traveled to the Chicagoland area for extended family events and there too, when we ran short of cash, we scurried arround trying to locate an ATM.

If our card issuer had lowered withdrawal limits without notifying us in either of these instances, we would have been hard pressed to function. Some purchases would have been fine with use of a debit or credit cards, but try to buy a towel, shawl or shirt in an open air market in Costa Rica and see how far a piece of plastic will get you!

So, no matter how cute those Life Takes Visa perpetual motion commercials may be, let's not write cash off just yet. The world is no where near ready for a cashless society.

Platinum Rising - New Platinum Products Expand Choices

Short supply and heavy demand from both industry and investment circles have driven spot Platinum above the $1500 mark this morning. This is record territory for Platinum, which invites a strong investment interest. With gold ebbing and flowing between $785 and $815, Platinum must present a more vibrant opportunity to many impatient minds.

For numismatists seeking Platinum, there is the option of the new 10th Anniversary Platinum Eagle sets, which carry an excellent design and offer good tradability. A recent release of the US Mint these special Platinum Eagles are being currently sold at just about 30% over melt. At this price they may benefit from the timing of the current market drive, as small investors may find them a feasible option, while numismatists with the budget may want to obtain this special set for their collection. Of course, the normal proof and uncirculated Platinum Eagles are also available in one ounce and all the logical fractions.

Also new are the 2007 Platinum Britannia coins from the British Royal Mint. These have been struck in 25 and 10-pound versions for mass sale, but there was also a scarce four-piece set issued with two larger coins denominated 100 and 50 pounds. This set was limited to a mintage of 250 and I think it must have sold out already. The Brits are also issuing an Emblems of Britain set of Platinum coins for 2008. Here too the mintage will be tight at 250 sets, with seven old-style circulating coins struck in Platinum to celebrate the 40 years of service from these designs. In late spring 2008 the Royal Mint will issue newly redesigned circulating coins for Great Britain, so this Platinum set is being pitched as the "last of the old". The price for this set is about 5000 pounds. Similar collector sets are also being issued in gold, silver and the circulating base metals.