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Valued Member
United States
243 Posts |
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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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Pillar Of The Community
United States
2268 Posts |
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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Pillar Of The Community
United States
716 Posts |
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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Pillar Of The Community
United States
2317 Posts |
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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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Pillar Of The Community
United States
2268 Posts |
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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Valued Member
United States
162 Posts |
"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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Moderator
United States
17282 Posts |
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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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Pillar Of The Community
United States
716 Posts |
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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Rest in Peace
United States
9104 Posts |
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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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Rest in Peace
United States
9104 Posts |
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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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Rest in Peace
United States
9104 Posts |
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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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Rest in Peace
United States
9104 Posts |
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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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Pillar Of The Community
United States
1249 Posts |
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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 CabinetA Database of Counterfeit Coins. Attribution Services. NumismetricaCoin Collection Management Software for your Desktop and Mobile Devices.
Edited by SteveCaruso
03/13/2012 11:29 pm
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Rest in Peace
United States
9104 Posts |
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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Rest in Peace
United States
9104 Posts |
Anyone from Iowa? They banned non whole-cent pricing in 1985.
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Posted 03/13/2012 3:04 pm
