4
The problem is the coins purchasing power is only about 1/13th what is was back then. In the 50's and 60's coins had enough purchasing power that they were "real money" and so they were used and stayed in circulation. Today their purchasing power is so low that they are not worth carrying and using so most of them are just received in change and then are tossed in jars, trays etc. for a long, sometimes VERY long time. That takes them out of circulation, but the businesses still need them for making change so the Mint has to make more and more of them. Cents are practically a one way coin now mint to Fed to bank to business to consumer to jar. Sometime instead of the jar they are just thrown away. The nickel isn't far behind. It takes about 65 cent to purchase what a nickel did in the early 60's.
Quote:
The US population is at best 3-4x what it was back in the good 'ol strike days...certainly we can have good quality strikes with less nickels. Do we really need billions each year? 3-4x what we minted in 1960 should be OK.
The US population is at best 3-4x what it was back in the good 'ol strike days...certainly we can have good quality strikes with less nickels. Do we really need billions each year? 3-4x what we minted in 1960 should be OK.
The problem is the coins purchasing power is only about 1/13th what is was back then. In the 50's and 60's coins had enough purchasing power that they were "real money" and so they were used and stayed in circulation. Today their purchasing power is so low that they are not worth carrying and using so most of them are just received in change and then are tossed in jars, trays etc. for a long, sometimes VERY long time. That takes them out of circulation, but the businesses still need them for making change so the Mint has to make more and more of them. Cents are practically a one way coin now mint to Fed to bank to business to consumer to jar. Sometime instead of the jar they are just thrown away. The nickel isn't far behind. It takes about 65 cent to purchase what a nickel did in the early 60's.
Gary Schmidt