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Where do our coins go?



 
 
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  #1  
Old November 6th 03, 07:37 PM
Bruce Remick
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Default Where do our coins go?

With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

I can understand the arguement that tons of cents are lost or discarded
each year, but I don't buy that for the larger denominations to the same
degree. Sure, tons of all denominations go into jars and banks, but not
forever. They eventually make their way back into the system. Why did
we need over a billion new quarters each year (pre-state quarters). I
can only trust that someone determined that we did. I just can't fathom
how last years three billion dimes disappeared to the extent that we
need another three billion this year to maintain the status quo. The
old ones are not being destroyed. They never appear to wear smooth.
Many are just in a "delay mode" in homes waiting to be cashed in for
paper.

Is population growth a factor? Are there more "cash register"
businesses today than there were in recent years past? Do people really
use more coins than they once did. I would guess otherwise.

How about some learned and enlightening opinions?

Bruce
Ads
  #2  
Old November 6th 03, 07:59 PM
Craton
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Posts: n/a
Default

Bruce Remick wrote:

With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

I can understand the arguement that tons of cents are lost or discarded
each year, but I don't buy that for the larger denominations to the same
degree. Sure, tons of all denominations go into jars and banks, but not
forever. They eventually make their way back into the system. Why did
we need over a billion new quarters each year (pre-state quarters). I
can only trust that someone determined that we did. I just can't fathom
how last years three billion dimes disappeared to the extent that we
need another three billion this year to maintain the status quo. The
old ones are not being destroyed. They never appear to wear smooth.
Many are just in a "delay mode" in homes waiting to be cashed in for
paper.

Is population growth a factor? Are there more "cash register"
businesses today than there were in recent years past? Do people really
use more coins than they once did. I would guess otherwise.

How about some learned and enlightening opinions?

Bruce


I remember a story a few years ago (I did a google search and can not
find it) about a trash company who salvaged coins from the garbage and
they made a pretty mind boggling amount of profit from doing so. If I
remember correctly, they incinerated the garbage and would pull the
damaged coins from the ashes and turn them in for profit.



--
Jason Craton ---- CONECA N-3407 --- WINS #5
---------------------------
Interested in error coins?
http://www.error-coins.com - A work in progress (lack of progress
really).
  #3  
Old November 6th 03, 08:12 PM
Scottishmoney
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Posts: n/a
Default


"Bruce Remick" wrote in message
...
With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

Bruce


I think about this myself, and frankly when the economy is booming and
commerce is on the rise you can easily explain increased demand. Conversely
right now the economy is diving(even with a recent rosy figure on econ
growth, the unemployment rate is still high) coin mintages are going down.
This years quarters have had the lowest mintages in years, some of the
states had enough minted for 2 for every American.

Coinstar type machines in stores and banks have brought back some coinage
into circulation that otherwise sat useless, and this might be reflected in
lower mintages lately, and most happily for an increased variety of older
change in circulation. Even though this is happening, I still think they
haven't yet tapped the greater portion of hoarded change.

I confess I am guilty of hoarding, though after a few months when it fills a
gallon jug I take it to the coin machine at the bank. But I am sure there
are more than a few people whom could care less to even do that much. I
know people whom save it up perpetually, and never seem to put it back in
circulation.

Dave


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  #4  
Old November 7th 03, 01:32 AM
Steve Grant
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"Bruce Remick" wrote in message
...

[snip]


Not quite the question you asked, but I've seen this one raised: "How much
US paper money is either in circulation or being hoarded, world-wide, right
now?" The answer seems to be, "Nobody knows."


  #5  
Old November 7th 03, 01:38 AM
Lyntoy1
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Default

Where do our coins go?

Well, it is a matter of religious faith with me that old coins actually die
(mint joke). The good ones, such as Bust or Flowing Hair coins, go to coin
heaven. The bad ones, such as all modern issues, go to coin Hell. Or should.
Anyway, thats how we have always believed in my family. Mike
  #6  
Old November 7th 03, 01:41 AM
Bob Peterson
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Default

David Hall believes the good ones go to PCGS, and the bad ones to ACG.

:-)

"Lyntoy1" wrote in message
...
Where do our coins go?

Well, it is a matter of religious faith with me that old coins actually

die
(mint joke). The good ones, such as Bust or Flowing Hair coins, go to coin
heaven. The bad ones, such as all modern issues, go to coin Hell. Or

should.
Anyway, thats how we have always believed in my family. Mike



  #7  
Old November 7th 03, 07:22 AM
Alan & Erin Williams
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Posts: n/a
Default

Bruce Remick wrote:

With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

I can understand the arguement that tons of cents are lost or discarded
each year, but I don't buy that for the larger denominations to the same
degree. Sure, tons of all denominations go into jars and banks, but not
forever. They eventually make their way back into the system. Why did
we need over a billion new quarters each year (pre-state quarters). I
can only trust that someone determined that we did. I just can't fathom
how last years three billion dimes disappeared to the extent that we
need another three billion this year to maintain the status quo. The
old ones are not being destroyed. They never appear to wear smooth.
Many are just in a "delay mode" in homes waiting to be cashed in for
paper.

Is population growth a factor? Are there more "cash register"
businesses today than there were in recent years past? Do people really
use more coins than they once did. I would guess otherwise.

How about some learned and enlightening opinions?

Bruce


THEY ARE NOT ALL AT MY HOUSE KEEP LOOKING MOVE ALONG MOVE ALONG NOTHING
TO SEE HERE.

Alan
'nasty headmaster of empty nothing here move along'
  #8  
Old November 7th 03, 11:49 AM
note.boy
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Posts: n/a
Default

Foreign tourists to the USA will take some coins home, this must add up
to a very large number every year. Billy


Bruce Remick wrote:

With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

I can understand the arguement that tons of cents are lost or discarded
each year, but I don't buy that for the larger denominations to the same
degree. Sure, tons of all denominations go into jars and banks, but not
forever. They eventually make their way back into the system. Why did
we need over a billion new quarters each year (pre-state quarters). I
can only trust that someone determined that we did. I just can't fathom
how last years three billion dimes disappeared to the extent that we
need another three billion this year to maintain the status quo. The
old ones are not being destroyed. They never appear to wear smooth.
Many are just in a "delay mode" in homes waiting to be cashed in for
paper.

Is population growth a factor? Are there more "cash register"
businesses today than there were in recent years past? Do people really
use more coins than they once did. I would guess otherwise.

How about some learned and enlightening opinions?

Bruce

  #9  
Old November 7th 03, 12:41 PM
Scottishmoney
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Posts: n/a
Default


"note.boy" wrote in message
...
Foreign tourists to the USA will take some coins home, this must add up
to a very large number every year. Billy


Net haul from Ukraine in Sept 2001 127 coins
" " " Poland " " " 20 coins
" " " Netherlands " " 5 coins
" " " France Nov 2000 217 coins

So you Yuropeons aren't the only guilty parties, I brought home lots of
souvenirs. Basically with a few exceptions in Ukraine whence I was short of
bills for a small transaction, I saved all my change.

Dave


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Outgoing mail is certified Virus Free.
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  #10  
Old November 7th 03, 02:32 PM
Ric Burney
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Posts: n/a
Default

Bruce Remick wrote in message ...
With the recent discussions about the US cent, I can't help wondering
where our coins disappear to each year. If there have been adequate
numbers of nickels, dimes, and quarters for commerce each year over the
past decade, why has it been necessary to produce billions more the next
year? Where do the old ones go?

I can understand the arguement that tons of cents are lost or discarded
each year, but I don't buy that for the larger denominations to the same
degree. Sure, tons of all denominations go into jars and banks, but not
forever. They eventually make their way back into the system. Why did
we need over a billion new quarters each year (pre-state quarters). I
can only trust that someone determined that we did. I just can't fathom
how last years three billion dimes disappeared to the extent that we
need another three billion this year to maintain the status quo. The
old ones are not being destroyed. They never appear to wear smooth.
Many are just in a "delay mode" in homes waiting to be cashed in for
paper.

Is population growth a factor? Are there more "cash register"
businesses today than there were in recent years past? Do people really
use more coins than they once did. I would guess otherwise.

How about some learned and enlightening opinions?

Bruce


Well, I don't know about learned or enlightned, but from reading a few
of the other posts here, it's quite clear where all those coins are
going..
they're being eaten! Thats right.. eaten! It makes perfect sense
now. People discussing the soaking of coppers in extra virgin olive
oil..removing dirt..yeah, sure they are. Why, someone posted just the
other day about his malady of gas (or would that be melody) because of
his consumption of coinage.
And then there's the hard evidence right here of someone making a
snack of pocket change:
http://www.thestujoecollection.com/r...edeubanks.mpeg
So the mystery is solved. *burp* (dang war nickels).
 




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