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#1
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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 |
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#2
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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
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"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 --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.530 / Virus Database: 325 - Release Date: 10/22/03 |
#4
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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
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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
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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
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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
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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
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"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 --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.530 / Virus Database: 325 - Release Date: 10/22/03 |
#10
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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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