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Here is what I would do for the coin "problem"

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United States
244 Posts
 Posted 03/13/2012  3:04 pm  Show Profile Bookmark this reply Add ljenkins990 to your friends list Get a Link to this Reply

Quote:
just think about the millions of vending machines


And coin-op laundromat washers and dryers.
And automatic toll booths (if there are any left, they're pretty much extinct in DFW).
And self-serve car washes.
And arcade games (they are still hanging on).
And subway ticket kiosks.

etc.

Suspend minting all current denominations (except for NIFC issues) until there is a legitimate need for replacement coinage. I bet if the mint issued no new cents, nickels, dimes, or quarters for two years, no one other than collectors would even notice. Kill the $1 bill and get those bags of Presidential Dollars out in curculation where they belong, but keep them NIFC after that and just mint Native American dollars for circulation.
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 Posted 03/13/2012  3:12 pm  Show Profile Bookmark this reply Add wquinn to your friends list Get a Link to this Reply
Very nice commercial, but did they really have them priced way back then like that?

It would be interesting to figure out when the 99 cent and fractional cent gas prices started, since we have never had a one tenth cent piece.

I looked around briefly and couldn't find any photos of gas prices in the 1950s.
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 Posted 03/13/2012  3:32 pm  Show Profile Bookmark this reply Add clairhardesty to your friends list Get a Link to this Reply
I still say that the "problem" that some coins cost more to get into circulation than their face value is a fabricated notion. Prior to 1965 all coins cost more to get into circulation than face value because each coin contained its face value in precious (or semi precious) metals. After adding the cost of production and distribution they all were "upside down". I don't understand why this is suddenly a problem. So what if cents coat a nickel and nickels cost a dime to get into circulation if they last for thirty years and actually circulate. Why is it so important for fiat money to have an initial cost below face value? It is virtually today to put a coin into circulation for less than a nickel, even if it is made of air, so if that is an issue then the dime should be the smallest denomination. If some coins have truly stopped circulating then send them the way of the half dollar, to the old slow press that makes circ-strike coins for collectors at a rather nice profit. Make a few million dollars a year that the mint can spend on artists and engravers who can make truly handsome coins.
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 Posted 03/13/2012  3:35 pm  Show Profile Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply

Quote:
It would be interesting to figure out when the 99 cent and fractional cent gas prices started, since we have never had a one tenth cent piece.


A quick Google image search turned up the following:

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 Posted 03/13/2012  3:40 pm  Show Profile Bookmark this reply Add wquinn to your friends list Get a Link to this Reply
That looks like it could be from the 1950s, so they had that 9/10 cent, way back then too. I wonder when it started?
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162 Posts
 Posted 03/13/2012  4:10 pm  Show Profile Bookmark this reply Add ZiggyZ to your friends list Get a Link to this Reply
"Prior to 1965 all coins cost more to get into circulation than face value because each coin contained its face value in precious (or semi precious) metals."

This is not true. The reason for the switch from silver to clad was that the price of silver was approaching the face value of the coins. Governments have always made a profit (seigniorage) on the coins they mint.
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 Posted 03/13/2012  4:24 pm  Show Profile Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Yes. By "really ridiculous" I meant "even more ridiculous than it is right now." Fractions of a cent won't make any sense (no pun intended) whatsoever when there's no longer such thing as a "cent" in the first place...
The cent will still exist electronically, so it is not really an issue.

Quote:
After adding the cost of production and distribution they all were "upside down". I don't understand why this is suddenly a problem.
Because of inflation, labour costs are higher than they were back then. This is the point, inflation has made the cent and nickel coins irrelevant.

Quote:
So what if cents coat a nickel and nickels cost a dime to get into circulation if they last for thirty years and actually circulate
Because they do not! The reason why they have to mint billions of cents each years is to replace the ones lost to the change jars and trash cans.
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 Posted 03/13/2012  7:25 pm  Show Profile Bookmark this reply Add clairhardesty to your friends list Get a Link to this Reply
That gas price photo could be from as late as 1973. That is the price I was paying then and a friend was driving a 1957 Chevy Nomad wagon (I had a 1961 Ford Falcon wagon). I think that originally the funny fractional cents were because of taxes and that many prices had fractions other than .9. I remember seeing .4 somewhere, might have been in Texas in 1968. We got full serve premium for 17.something in Abilene and three kids washed the windows and checked the oil and tires.
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 Posted 03/13/2012  9:11 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
Just try try to get change for a $500 bill at the local bank.


Why would you do that when almost any dealer would pay a premium?
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 Posted 03/13/2012  10:55 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
recast the cent in some sort of cracker material that dissolves in the rain


That's what we have now. I saw an AU53 zincoln in another thread, and it already was deteriorating badly.

That youtube ad should make no sense to a coin collector. 14£99d is a LOT less than 15£. Back then, 14£99d would be 14£41p.
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 Posted 03/13/2012  11:11 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
Prior to 1965 all coins cost more to get into circulation than face value because each coin contained its face value in precious (or semi precious) metals.

Only true in 1919, 1963 and 1964. Other years, there was seigniorage.
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 Posted 03/13/2012  11:17 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
So what if cents coat a nickel and nickels cost a dime to get into circulation if they last for thirty years and actually circulate.

It costs .2¢ or more each time a coin is handled.
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 Posted 03/13/2012  11:28 pm  Show Profile Bookmark this reply Add SteveCaruso to your friends list Get a Link to this Reply

Quote:
It would be interesting to figure out when the 99 cent and fractional cent gas prices started, since we have never had a one tenth cent piece.


The mil has been a unit of our currency for a very long time. I'd also hazard to guess that it's probably the most "obscure," but at the same time very widely-used unit there is.

However, since there is no piece for it, we've always rounded.

Never seems to upset the gas stations. ;-)

"99 cents" on the other hand, we've gotten from marketing.
-Steve (GSNA R-2306)
The Black Cabinet
A Database of Counterfeit Coins.
Counterfeit identification and attribution services.
Edited by SteveCaruso
03/13/2012 11:29 pm
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9104 Posts
 Posted 03/13/2012  11:36 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Today, my change at Chipotle's was 55¢, a quarter and three dimes, dunno if they had a nickel shortage or what.
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 Posted 03/13/2012  11:47 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Anyone from Iowa? They banned non whole-cent pricing in 1985.
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