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 Replies: 11 / Views: 1,343 |
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Pillar of the Community
United States
3207 Posts |
During the era the US Half Cent was minted, what types of goods were so inexpensive that the price could not reasonably be rounded to the nearest cent? Was, say, flour so cheap that few people wanted a full cent's worth of it? |
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Moderator
 United States
56855 Posts |
Most likely one postage stamp. John1  |
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Pillar of the Community
United States
4691 Posts |
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Bedrock of the Community
United States
94367 Posts |
From all I've read, a Half Cent in 1800 was worth about 6 cents in today's buying power. Somehow that doesn't seem right, but then, that's about the value of a nickel - and we still mint these! |
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Pillar of the Community
United States
4233 Posts |
Many commodities were priced in the tenths of a cent (per lb, gal. etc) and I'm seeing things like a loaf of bread $0.125 and a dozen crackers $0.105 here https://babel.hathitrust.org/cgi/pt...25&skin=2021Maybe it goes back to "pieces of eight" too - "two bits" was a quarter dollar, one bit 12.5 cents. Hard to make change for a bit without the half. But I'm just speculating. |
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Bedrock of the Community
United States
11880 Posts |
The U.S. Continental Congress in 1786 made the lowest denomination of account in the country the mill or 1/10th of a cent, also 1/1000th of a dollar. Well into the 20th century, States were issuing tokens for payment of taxes in denominations of mills, 1/4 of a cent, 1/5th of a cent, etc. usually in base metals. So there was demand for denominations less than 1 cent. Some examples of these state-issued tokens in lieu of money can be seen for sale here on ebay: https://www.ebay.com/b/Tax-Tokens/1...7/bn_2313867 |
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Bedrock of the Community
United States
11951 Posts |
I always thought the Half Cent was used to make change. When the Spanish real was legal tender, one real was worth 12 1/2 cents. Of course items could have been priced down to the Half Cent. Example - five pounds of flour at five and one Half Cents. |
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Bedrock of the Community
United States
17884 Posts |
Found this, a bushel of potatoes in 1825 cost 12 cents. Now a bushels is a LOT of potatoes. I could easily see a merchant selling a small quantity for a small enough amount to make a Half Cent useful. |
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Bedrock of the Community
United Kingdom
17883 Posts |
In "The Complete Book of United States Coin Collecting" (1976), Norman M Davis gives a few examples of prices ending in half-cents:
- A circulating library catalog for twelve-and-a-half cents (1808)
- A pair of shoes for sixty-two-and-a-half cents (1840)
- Candy for twelve-and-a-half cents per box (1841)
- Souchong tea for sixty-two-and-a-half cents per pound (1844)
He also says that the coins were useful in making change for the Spanish real, which was worth twelve-and-a-half cents. but that some people did not like to admit being 'poor' by using half-cents! He adds that by 1859 most people had acquired the habit of disregarding fractions and did expect to receive them in change, and that they were used most in large cities.
Edited by NumisRob
10/25/2021 11:21 am
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Moderator
United States
187582 Posts |
Quote:From all I've read, a Half Cent in 1800 was worth about 6 cents in today's buying power. Somehow that doesn't seem right, but then, that's about the value of a nickel - and we still mint these! Agreed.  |
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Moderator
United States
187582 Posts |
Quote:I always thought the Half Cent was used to make change. When the Spanish real was legal tender, one real was worth 12 1/2 cents. Good to see you again, GR58!  Quote:
He also says that the coins were useful in making change for the Spanish real, which was worth twelve-and-a-half cents. Looks like a good reason to have one then. Which means today there is no reason for the cent to remain, while the nickel can be justified by the quarter existing.  |
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Pillar of the Community
United States
4415 Posts |
Of all the Spanish coins that freely circulated stateside in the early 1800's, the two real piece was by far THE most commonly seen denomination. The fact that so many of these two-bit pieces were in circulation is evidenced by the large numbers that were stamped by contemporary merchants. Likewise, a great many Half Cents were stamped, too. |
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Replies: 11 / Views: 1,343 |
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Posted 10/24/2021 6:32 pm
