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Posted 03/05/2011 05:34 am
1864 as mentioned.
Legal tender was limited to 10 cents
composition was french Bronze (95% copper 5% tin and zinc) as mentioned
Why the change? Several reasons. The Copper nickel cents were being hoarded, nickel was becoming scarcer (this was temporary) and the public had readily accepted the bronze CWT's. This allowed the government to produce a lower weight cheaper coin that would circulate and at the same time increase the seniorage profit to the government.
Legal tender was limited to 10 cents
composition was french Bronze (95% copper 5% tin and zinc) as mentioned
Why the change? Several reasons. The Copper nickel cents were being hoarded, nickel was becoming scarcer (this was temporary) and the public had readily accepted the bronze CWT's. This allowed the government to produce a lower weight cheaper coin that would circulate and at the same time increase the seniorage profit to the government.
