Cionage is obsolete.
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In my opinion coinage is obsolete; I no longer use coins to make purchases. Coins are only good to make change, if for some reason the merchant will not take ATM, VISA, or AE. So why are billions of coins minted every year? What happened to the 10 billion coins minted last year and the billions of coins minted the year before? I just can’t believe there are not enough coins in circulation to last for the next 50 years. And don’t even start with the vending machine propaganda, even vending machines take bills now. I would hate to see the Mint shut down but right now they are just another source of devaluing the Dollar in my opinion.
Any comments?
Any comments?
0
Comments
And believe it or not, that market does absorb much of what's minted. You'd be surprised how many coins get squirreled away in change jars, lost, or hoarded each year.
get rid of paper money wile your at it??
Buy pabst blue ribbon you'll feel good you'll see, you can feel the fur thats in between your knees?
I have found power in the mysteries of thought.
It is always a question of knowing and seeing, and not that of believing.
Our virtues, and our failings are inseparable, like force, and matter. When they separate, man is no more.
.
and back to the bank is never quite enough support this demand. This means brand new coins
have to be added to the flow to keep up with aggregate demand.
There are numerous factors which determine demand and return flow. In the past the greatest
factor was the rate at which coins wore or the growth in the economy caused by population or
business activity but coin values have become almost incidental to being money. People simply
hoard and dishoard coins on a mass basis because they can afford to and it's a convenient way
to save for many people. Contrary to popular belief it's extremely unusual for any of these hoards
to exceed about three years in age. This can be determined by the rate at which the coins wear
out. If the hoards were older then there would be some coins in better condition by being protect-
ed from wear.
In addition to the net hoarding or dishoarding of the public there are still the same old forces at
work. The economy grows and the banks have more customers and demand more coins. While
loss wasn't a large factor in the past now days it's far greater. A quarter isn't worth as much so
people won't work as hard to get one back. Cents are thrown in the garbage and littered on the
streets. The person with the vacuum is more likely to just go ahead and run over the dime rather
than pick it up. Cars have an average of about 25 coins in them when they are sold for scrap and
the recyclers usually recover only five or ten. Municipalities ship truck loads of coins back to the mint
recovered from the garbage stream often from incinerators.
There will be a growing problem soon with quarters. These are getting significant wear and about
5% will need to get scrapped out. There was a 1% reduction in planchet thickness to compensate
for this (apparently) in 1999 but further reductions are likely to cause more problems than they solve
since the '95- '98 coins are still nearly as thick as when they were issued.
The economy is a huge coin grinding machine. This manifests itself in myriad ways but it always needs
to be fed so long as it's functioning reasonably well. Mintages have been decreasing in recent years
reflecting the lessened need for coins engendered by the increased usage of electronic transfers and
credit cards.
<< <i>The FED ships coins to banks when they are ordered. The flow of coins through the system
and back to the bank is never quite enough support this demand. This means brand new coins
have to be added to the flow to keep up with aggregate demand.
There are numerous factors which determine demand and return flow. In the past the greatest
factor was the rate at which coins wore or the growth in the economy caused by population or
business activity but coin values have become almost incidental to being money. People simply
hoard and dishoard coins on a mass basis because they can afford to and it's a convenient way
to save for many people. Contrary to popular belief it's extremely unusual for any of these hoards
to exceed about three years in age. This can be determined by the rate at which the coins wear
out. If the hoards were older then there would be some coins in better condition by being protect-
ed from wear.
In addition to the net hoarding or dishoarding of the public there are still the same old forces at
work. The economy grows and the banks have more customers and demand more coins. While
loss wasn't a large factor in the past now days it's far greater. A quarter isn't worth as much so
people won't work as hard to get one back. Cents are thrown in the garbage and littered on the
streets. The person with the vacuum is more likely to just go ahead and run over the dime rather
than pick it up. Cars have an average of about 25 coins in them when they are sold for scrap and
the recyclers usually recover only five or ten. Municipalities ship truck loads of coins back to the mint
recovered from the garbage stream often from incinerators.
There will be a growing problem soon with quarters. These are getting significant wear and about
5% will need to get scrapped out. There was a 1% reduction in planchet thickness to compensate
for this (apparently) in 1999 but further reductions are likely to cause more problems than they solve
since the '95- '98 coins are still nearly as thick as when they were issued.
The economy is a huge coin grinding machine. This manifests itself in myriad ways but it always needs
to be fed so long as it's functioning reasonably well. Mintages have been decreasing in recent years
reflecting the lessened need for coins engendered by the increased usage of electronic transfers and
credit cards. >>
I cannot speak for others, but I really like having you around. The knowledge you share with others is priceless, to say the least
Go BIG or GO HOME. ©Bill
<< <i>
I cannot speak for others, but I really like having you around. The knowledge you share with others is priceless, to say the least
Well, thank you.
I'm honored that you guys even put up with me.
<< <i>
I cannot speak for others, but I really like having you around. The knowledge you share with others is priceless, to say the least
.....
<< <i>Cars have an average of about 25 coins in them when they are sold for scrap and
the recyclers usually recover only five or ten. >>
..I wonder how cladking knows that.....?!?!?......
<< <i>I cannot speak for others, but I really like having you around. The knowledge you share with others is priceless, to say the least
I second this statement!!!! It is why I am on the boards in the first place - to learn from the experience of others!!!
Perry
Morgan, modern sets, circulated Kennedys, and Wisconsin error leaf quarter Collector
First (and only - so far) Official "You Suck" Award from Russ 2/9/07
anyway
we are getting more to a 'cash-less' society
i do agree with your statement in your OP
my daily shopping is usually debit card or ccard, i go to CoinStar a few times a year....i do carry quarters and 'golden' dollars only as change or tips
Never forget the day I took a bag of grungy, black and ugly silver coins to the local coin shop.
I left with over $800.
never did find that "alternator"
<< <i>
.....
<< <i>Cars have an average of about 25 coins in them when they are sold for scrap and
the recyclers usually recover only five or ten. >>
..I wonder how cladking knows that.....?!?!?......
I make it up as I go along.
This actually comes from a couple of studies of the subject and anecdotal evidence as well which
is why the number recovered is so imprecise. I'd guess this varies from one recycler to another
and there are a few different types of crusher/ shredders in operation.
I believe the first report I saw was about twenty years ago in Numismatic News but there have
been others. This probably varies a lot by car make and model.
As a little aside there are even a few coins that fall out of the compacted cars in transit. They get
jostled around or distorted by a magnet used to move them. I would assume most of the coins
end up in the furnace but some would come out in the "fluff".
Since clad/modern coinage is nearly 45 years old now it's great to have some folks on the forum who have extensive knowledge of these.
THANKS Cladking ! ! ! ! !
Regards, John
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
If you have to ask that question you don't watch tv. HSN, and all the other coin shows. They work for the
mint and it's their job to distribute them to the public.
bob
<< <i>Coins are very far from being obsolete. I usually get about two or three dollars in change a day from cashiers and vending machines. I have a giant plastic coca cola bank that I have taken to the bank four times now. The most one time was about $2300 and the lowest was about $1500. Not bad for loose obsolete coins. Think of the dollar bill. It has a life expectancy of 7 to 9 months in circulation. Dollar coin should have a 30+ years of circulation. That means that the dollar coin will at last the dollar bill almost 50 times. With the dollar worth less now, that means the poor old paper dollar will wear out faster to keep up with inflation. Also wonder why you find a dollar bill on the ground, probally the person that dropped it didn't hear it hit the ground, unlike coins. Even people that use credit/debit cards still hold on to their cash, just in case of identity theft.
If the dollar coin lasts so long then why are do they just keep minting billions? Is the coin jar in your house just getting larger and larger?
<< <i>What happened to the 10 billion coins minted last year and the billions of coins minted the year before?
bob
ecuador?
<< <i>In my opinion coinage is obsolete; I no longer use coins to make purchases. Coins are only good to make change, if for some reason the merchant will not take ATM, VISA, or AE. So why are billions of coins minted every year? What happened to the 10 billion coins minted last year and the billions of coins minted the year before? I just can’t believe there are not enough coins in circulation to last for the next 50 years. And don’t even start with the vending machine propaganda, even vending machines take bills now. I would hate to see the Mint shut down but right now they are just another source of devaluing the Dollar in my opinion.
Any comments? >>
Because there are Millions of folks out there that do not have the luxury of an ATM, VISA or AE card. This doesn't even address all the students and young folks who don't have bank accounts that spend millions on lunch, movies or the latest fad or gimmick or whatever.
As for the US Mint devaluing the dollar, the US Mint is probably the ONLY government entity that actually shows a profit by selling to us collectors. If you're really concerned about saving money, lobby your congressional district to get rid of the paper dollar! That one is the biggest waste of money and what the BEP sells barely offsets those costs if at all!
The name is LEE!
Becuase there are Millions of folks out there that do not have the luxury of an ATM, VISA or AE card. This doesn;t even address alll the students that spend millions on the latest fad or gimmick or whatever. >>
I'm sure they all use paper currency. But I guess someone would not like to round-off the change to the nearest $.
<< <i>Q]
Becuase there are Millions of folks out there that do not have the luxury of an ATM, VISA or AE card. This doesn;t even address alll the students that spend millions on the latest fad or gimmick or whatever. >>
I'm sure they all use paper currency. But I guess someone would not like to round-off the change to the nearest $. >>
No Kidding! Talk about a public outcry!
But, the IRS has been doing it for years so maybe not!
The name is LEE!
The only thing obsolete is income tax.
``https://ebay.us/m/KxolR5
<< <i>Coinagew wouldn't be obsolete if they made it larger denominations and if they stoped making paper money. >>
I guess someone has figured out that printing money out of paper is very lucrative.
Correct spelling too, it would appear.
ADD: In other words I agree with the OP for the most part, at least when it comes to this individual, aside from collecting I have zer0 use for coins or paper money. None.
Back in the early '80's, I started keeping a few of the nicest coins that I came across in circulation. I would put them into tubes. Generally, they were the most recent 2 or 3 years, but occasionally I'd find some nicer older coins, too. I've kept this process going for the past 25 years or so. It's weird how fast the time has flown.
Now, I've got an accumulation of common circulated coins, many of which are fairly close to unc. Most are cents, nickels, dimes and quarters. Should I be searching these, and for what? I'm not convinced that any of these are worth saving.
Since the early 1980s, I've also kept (multiple) Whitman books of found-in-circulation coins. Some of the better coins have made it from my tubes into the folders, but I've been less-than-diligent in pruning my "collection" to keep the better coins in any specific place.
Also, my fiancee's deceased husband had saved pennies in a large plastic Coca Cola bottle and other sundry containers, mostly from the '70s & '80s. I used to know what cents to look for, but I don't know what circulated cents might be worth keeping from 1980 on.
I like this kind of collecting as much or more than buying pricey stuff from the Mint or high-premium stuff from dealers. It's always interesting to see what's still floating around out there, and how it compares to what was floating around 10 or 15 years ago.
It may be that my idle pastime has saved some clad coins that would have otherwise been worn flat in circulation by now. Still, I can't see them being worth much.
I knew it would happen.