NN: "Viewpoint: Mint three-cent coin to save money" - Would you be amenable to a modern day trime?
Goldbully
Posts: 17,682 ✭✭✭✭✭
I think it's a pretty interesting idea. What are your thoughts?
Viewpoint: Mint three-cent coin to save money
Posted on August 12, 2018 by Numismatic News Staff
By Wayne Pearson
Rather than abolish the cent, as some would like, saving the cent could be as easy as 1-2-3. A Trime. Consider if we issued a three-cent piece. For every 100 one-cent coins, we could issue 16 trimes (48 cents) and 52 one-cent coins. That is a total of 68 coins. Already we have a savings of raw materials for 32 coins per 100 one-cent coins currently being made.
Multiply this by the billions made, and that is a lot of savings.
For identification, the coin would be smaller than a dime at 16.5 mm, thicker, and like the Philippines 5-sentimos coin, which has a hole in the center. The edge, rather than being smooth, could have a line in the center like the EU two-euro cent coins. In receiving change, instead of four cent coins when your change is four cents, you would receive a trime and a cent. Change of nine cents would be the same plus a nickel. The materials used would be the same as the current one-cent coin.
At any time if we should experience a shortage of one-cent coins – DOUBTFUL – we could make 15 trimes instead of 16, allowing for an additional three one-cent coins per hundred.
Multiply this by the billions made and we will be fine.
This “Viewpoint” was written by Wayne Pearson of Union City, Ind.
http://www.numismaticnews.net/article/viewpoint-mint-three-cent-coin-to-save-money
Comments
No. They would fare no better now than when they were in use in the 19th century. In fact, they would probably do much worse because the postage rate for a first class letter isn't three cents.
To little value to matter. Just clutter things up.
That is, without doubt, the stupidest thing I have heard of since, oh, the American Invents $1 coin act.
People today, myself included, have no ability to calculate in their heads. If the cash register doesn't tell them what is due back, the whole world stops. They can't count by 1s - imaging counting by 3s... OK, I owe you $1.86, that's ... $1 plus 3 quarters is 75 cents, so eleven cents left, Sorry, I can't make your change.
ANA 50 year/Life Member (now "Emeritus")
IMO, they would just create confusion.
Fan of the Oxford Comma
CCAC Representative of the General Public
2021 Young Numismatist of the Year
Only need the quarter...drop everything else for circulation.
Useless.
Put out a $3 Coin. Forget the small dust particles.
two and one-half cent coin is a better fit.
Besides, we could then advertise gasoline gallon prices to three decimals.
ZeroHedge makes debut at White House press corps briefing
Since there never were any "trimes" there could not be a modern one.
As for a 3-cent coin, that has been proposed many times, and failed each time due to lack of need. The same applies today. My suggestion was to eliminate both cent and five-cent coins, and circulating half dollar, and add a titanium $5 coin.
Why would a $5 coin work any better than a Presidential $1.
I took the Light Rail System in Baltimore on Saturday....the Kiosk gives back change in Prez $1's.
I had a good laugh when I watched a group of five people marvel at the coins they received back in change.
***Is that Gold?
***No I think it's pure copper.
***Is that a silver dollar?
***I've never seen one of these before.
***When did they start putting these into circulation?
I just kept my mouth shut as the train was not far off in the distance.
Enlightening experience for a fairly informed coin collector.
Goldbully. Yes. Vending companies hate the paper bill rejectors --- expensive, break down frequently and error prone. Coin rejectors are simple and reliable. Naturally, we have to bite the political backbone bullet and eliminate $1 $2 and $5 paper bills - although gradually.
So they'll do worse than today's half dollars.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
While the idea has merit the three facts that are left out our
1. Back in 1851 a three cent Silver was worth roughly in today’s cavalier $2
2. Today people don’t think in multiples of odd numbers as they did back then.
3. With electronic payment options like Venmo, CC etc the need for coinage is not as it was back then.
as they say on the Shark Tank for these reasons “I’m Out”
And btw I still love fishy scales or trimes or what ever people want to call em!
No, just like a $3 bill to me, we don't need or want them.
Brother, can you spare a trime?
Too confusing. Like was said earlier, it would be too difficult to provide the proper change.
Now, if you minted coins in denominations that looked like cell phones, most individuals that have them plastered to their ears would instantly know what they are.
Just think of it. A Cent could be an "Android". A Nickel could be an "Apple". ETC. ETC.
I'll bet you an Apple that my Android is Copper coated Zinc.
Pete
Interesting concept... just as other ideas that have been proposed ...- Nothing will come of it. Mostly for business reasons, these ideas get defeated long before serious consideration. The public does not care, and the people who produce copper and dollar bill material want to continue... So we muddle on and collectors keep collecting....
and the Mint keeps losing money - well, in some operations. Cheers, RickO
If these three cent coins are made the same size as the dime they will be very popular.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Since all changes to US coinage has to be done through legislation, probably nothing is ever going to happen.
We need to do:
Currency - $1000, 500, 100, 50
Coin - $20, 10, 5, 1, 0.50, 0.25
As has been said, it will never happen.