A "$" sign of the times?

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I recently read an article that the U.S. Mint normally produces 23 billion coins in a year to handle the needs of the economy. However, they are projecting that next year they will only have to produce 15 billion because they have received back into circulation tens of millions of dollars worth of coins this year. It is a sign of the times that when times get hard, loose coins in dresser drawers and piggy banks suddenly come back into circulation. This is probably one of the best economic indicators. The heck with what all of the high falutin' experts say, it is reality.

-- Colleen (pyramidgreatdanes@erols.com), November 26, 2001

Answers

Colleen:

There is also another explanation for this. Armored car companies are now starting to charge banks for storing coins in their vaults. Thus, the banks are cutting down on the number of coins they have in storage with these companies.

Also, I don't remember the number, but somewhere around 1,800 retail stores, etc. provide machines to turn coins into paper money. Since the coins don't need to be wrapped, it is prompting people to bring in their coin hoard, not necessarily due to financial need, but rather it is a conventient way to turn them into folding money.

With the banks, it is a bit like some repair places. With delivery available within two business days, they no longer need to maintain an extensive inventory.

-- Ken S. in WC TN (scharabo@aol.com), November 26, 2001.


I don't know how true it is but I also heard that there is a shortage of quarters since people are hoarding the "state" quarters. I've got about 8 from each state but I know of others that save them all.

-- Charleen in WNY (harperhill@eznet.net), November 26, 2001.

Charleen:

I do hope the person who came up with the state quarters idea got a substainial bonus. I've seen estimates the Treasury Department will net up to $1 billion off of these coins as they fall out of circulation.

Whatever happened to the new dollar coin? No one seems to be using them. Another Treasury Dept. windfall.

-- Ken S. in WC TN (scharabo@aol.com), November 26, 2001.


Since the dollar coin was issued in 2000, I personally only received 2 of them. (Still have 'em) Cash registers needed to be modified to hold another coin and vending machines needed to change also. I believe it was just too drastic of a change from the paper dollar. I wonder what people went through when paper was first introduced "way back when"?

-- Charleen in WNY (harperhill@eznet.net), November 26, 2001.

teh new "glod" dollar coin,,all depends where your at,, they are used all over around here,, even vending machines take them,, they'll get around soon enough. I read something about lip stick sales going up when the money gets tight,,seems its something women do,, stock up on lipstick !!!! go figure

-- stan (sopal@net-port.com), November 26, 2001.


that should be "GOLD",, seems my fingers work faster than the keyboard

-- stan (sopal@net-port.com), November 26, 2001.

So many transactrions these days are done on debit or credit cards so there is no need of change. The credit card always has the correct change.

I also agree that when times get tough people cash in their stash of coins.

Talk to you later.

-- Bob in WI (bjwick@hotmail.com), November 26, 2001.


I like getting dollar coins and $2 bills at the bank. They're great for tips when you go out and, quite frankly, save me money. Leaving a dollar tip on an $8-9 tab might be considered 'cheap,' but leaving the dollar coin is 'cool.' The same applies with $2 bills. People really like them, too.

A friend of mine has a restaurant I frequent and, as an experiment, I paid for my meals there entirely in $2 bills for a month. There were different waitresses involved at different times of day so it was fairly representative as a sample, albeit unscientific. Well, at the end of this 'experiment' I had proved my hypothesis. Not one single $2 bill ever made it into the till at the restaurant. Every single one was kept by the wait staff for themselves. They wanted those to take home as their tip money at the end of the night.

After I ended this 'experiment' two interesting things happened. One was that I still get asked on occasion about the $2 bills and even will bring some in once in a while. After I do, word gets around quickly and I'm asked about them again by anyone who wasn't working that day the next time I'm in.

Another thing I'll pass on about them is that I learned they're a great way for me to keep track of how much money I spend 'out of pocket' over a period of time. I'll get $100 in $2 bills and spend only those bills until they're gone. While it can be a little depressing sometimes, it does give me a reason to reign myself in once in a while, too. ;o)

-- Gary in Indiana (gk6854@aol.com), November 26, 2001.


Stan - I've heard the reason women buy lipstick when times get bad is that they can't afford to buy new clothes and jewelry, so a new lipstick is all they can afford to give themselves something new to wear.

-- Deb (andersland@webound.com), November 26, 2001.

yes i saw in the paper that the mint was laying off about 300 people ,because of this penomenom .... guess they will be emptying thier change jars too .... wish i had a change jar to empty ....

-- george darby (windwillow@fuse.net), November 29, 2001.


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