Where does the annual coinage go??

TheBlackKnight

With the mint producing billions of coins every year, one would think that after a while, there would be enough in the system to cut back some. Where do the billions of coins go?? I can't believe that they are stored by collectors or that the economy is expanding such that they are needed for commerce.

nwcs

Probably a great deal sits in the vaults in anticipation of consumer spending. Some goes overseas in the form of demand for US currency (which is generally a noticable percentage) in lieu of the nation's currency (Turkey comes to mind immediately). Also, when cents start losing their copper plating (1982+ issues), I have heard that they will take them out of circulation.

Collectors probably do not account for even a noticable bump overall (with exceptions such as the 2000 Sac), but we probably underestimate the actual usage of American currency in America and the world by a large margin.

Neil

cladking

The coins are destroyed in auto recycling plants, lost in floods and fires, discarded
by those who consider change to be very little money, sucked up by vacuum cleaners,
thrown into wishing wells and ponds, lakes, rivers, and seas. They sit in vaults and
vending machines. The fed and mints generally are sitting on a one or two year supply,
but these last coins are otated so that there are no old high grade coins in storage.
They sit in piggy banks and hidden under floor boards. They are in large accumulations
by people who don't spend change. Most of the coins in existence rarely sit still for
more than three years, bt a small percentage will. Landfills, parking lots, and city streets
are littered with one cent coins because it takes more energy to pick them up than they
are worth. Chattanooga sends nearly $100,000 per year in small change from their
incinerator to the fed for redemption. Most cities just bury it because of the expense
of separating it.

More than 3% of dimes in circulation are destroyed each year. With nearly 40,000,000,000
in circulation the government has to mint nearly 1,200,000,000 just to stay even.

Until 1999 almost no modern coins were removed from circulation by collectors

relayer

Sitting in jars in homes around the entire nation.

TheBlackKnight

I think we all would be surprised at how much change is laying around on our nation's streets. Over the past several years as I walk and ride my bicycle, I would see coins along side the road and at intersections and pick them up. I decided to start keeping track and in 2002 I found $3.22 not a large amount but almost enough for a SubWay sandwitch. I don't get out every day and my route is pretty much the same when I do.

So if there is $3.22 in my part of Smalltown USA last year, no wonder the mint is producing billions of coins every year.

I didn't realize our coinage was that widely used overseas either, thanks for the info. very interesting.

Bear

I believe that all of the Kennedy Proof half dollars go directly to Russ.

BlueCole

mean, evil, sneaky dastardly (they wouldn't let me use the "b" version of the word) people go out into the middle of nowhere and bury them, hoping to drive some poor little metal detectorist insane with the thought of digging up one more clad. . .. . .

B

Conder101

I worked it out once and if family of four in the US loses or hoards 5 coins a week they will lose or squirrel away the entire years production from the mint each year. This assumes a population of 300 million and a mint production of 19 billion coins. That is 1.2 coins per person per week! Put away a roll of cents and you've used up your quota for the whole year already. Since the number that needs to be tossed into boxes or jars to remove the entire annual production is so small I've often wondered why it seems to be so easy to acquire change?

richbeat

Don't forget socks!!