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toast
Pillar Of The Community
Australia
1091 Posts |
 Posted 05/24/2005 9:43 pm
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I'm hoping someone here can explain this mystery.
I'm amazed at the demand for pennies.
For the last 30 years or more, The US Mint has made around 10,000,000,000 pennies a year. Over thirty years that would be about 1,500 pennies for every man woman and child in the USA.
What do you guys do with them all? 
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Susanlynn9
Forum Mom
USA
5533 Posts |
Posted 05/24/2005 9:53 pm
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Well, I saw about 2000 of them laying in the middle of our road.
Really...I'm being serious. About 2 years ago, my kids found a large mound of change laying in the road. Most of it was pennies but there were quite a number of nickels, dimes, and even quarters in there. They came and got me to go look at it and there were easily over 2500 coins there. None of the neighbors knew anything about them. My kids brought them home and there was over $60 there. The funny thing is that there was dirt and stuff all through the coins and they looked like they'd been there for a very long time, but there's no way they could have been laying in the open road for that long. Strange, huh?
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Kyra
Pillar Of The Community
USA
867 Posts |
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 05/25/2005 09:01 am
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We have 300,000 sitting in the bank vault awaiting CoinFest.
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cladking
Valued Member
USA
461 Posts |
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miker
New Member
USA
41 Posts |
Posted 05/25/2005 10:54 am
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I have a jar in my living room that probably has my 1500 in it. They are a pain to carry around. I probably should look through them but that will have to wait for a rainy day.
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CarlTromp
Valued Member
Netherlands
303 Posts |
Posted 05/25/2005 11:08 am
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Hmmmm, looks like you still have the problem that we had here untill 1980!
In 1980 our goverment took the 1 cent pieces out of roulation, sinds then untill the euro came we rounded everything of at 5 cents.
Now we have the same troubles again with the 1 and 2 euro cents, manny people dislike them, it's getting soon to heavy in the wallet, and people diddn't want them, so now we started to round the ammounts of to 5 cents again.
I don't know how you folks do it, but here we put all the change in a pot, and every now and then we take it to the bank to change it into paper money again.
Here in the house, we put after every shopping trip all the 50 cent 1 and 2 euro pieces into a cilinder, that we make empty once a year, when we book our holliday vacation :-)
Greetings, Carl
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cladking
Valued Member
USA
461 Posts |
Posted 05/25/2005 12:16 pm
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quote:
Originally posted by CarlTromp
Hmmmm, looks like you still have the problem that we had here untill 1980!
In 1980 our goverment took the 1 cent pieces out of roulation, sinds then untill the euro came we rounded everything of at 5 cents.
Now we have the same troubles again with the 1 and 2 euro cents, manny people dislike them, it's getting soon to heavy in the wallet, and people diddn't want them, so now we started to round the ammounts of to 5 cents again.
I don't know how you folks do it, but here we put all the change in a pot, and every now and then we take it to the bank to change it into paper money again.
Here in the house, we put after every shopping trip all the 50 cent 1 and 2 euro pieces into a cilinder, that we make empty once a year, when we book our holliday vacation :-)
Greetings, Carl
This is common here also. While the larger denominations circulate freely this practice of saving them for up to a year or two makes their velocity pretty low so even coins that are a quarter century old tend to be in V or VF. Cents though tend to stay in the jars longer because of the tiny reward for redeeming them. Also people will raid their jars for higher denomination coins which are actually usefull.
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ageka
Pillar Of The Community
Belgium
2078 Posts |
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SFDukie
Pillar Of The Community
USA
980 Posts |
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zakgold
Valued Member
USA
382 Posts |
Posted 05/25/2005 8:00 pm
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With the advent of Coinstar and other coin counting machine, I am surprised that many people don't take advantage of dumping their loose change for hard cash. Sure, they charge you a percentage, but I hate rolling coins (goes back to my paperboy days).
If the mint was smart, they sould set up stations like this at Post Offices, charge a small fee, and convert buckets of coins so they go back into circulation.
That way, the mint could make "only" a billion cents per year instead of 3, 4, or 5+ billion per year! There are enough other minted years to fill the need. We just need to get them converted into cash for YOUR pockets or a nice charity.
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Edited by zakgold - 05/25/2005 8:01 pm |
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Mike
Forum Uncle
USA
2883 Posts |
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Kyra
Pillar Of The Community
USA
867 Posts |
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cwtokenman
New Member
USA
44 Posts |
Posted 05/28/2005 12:54 am
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I look through all of mine for errors, then sort, roll and box the rest up. I had about 900 pounds of change 7 or 8 years ago. Likely to have upped that by at least a couple hundred pounds by now.
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TheForce
Pillar Of The Community
USA
2073 Posts |
Posted 05/28/2005 08:25 am
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Perhaps the mint should just significantly decrease the cent mintage since there are already billions in circulation. I'm always finding pennies on the ground or people at the store don't want the pennies in their change, etc...I'm sure the cent supply is high enough where the mint can lower the mintage numbers.
David
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Edited by TheForce - 05/28/2005 08:26 am |
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 05/29/2005 10:14 am
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quote:
Originally posted by Kyra
OK, you win! I only had about $300 when I left last week!
We are hoping for 400,000 by the event date. Contributions have slown down to a trickle these days. Getting lots of press now, so maybe that will help. Could really use 1 good corporate sponsor to make this easier.
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