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U.S. Mint slows down as economy struggles
FROM:
http://www.chron.com/disp/story.mpl/nation/6329036.html U.S. Mint slows down as economy struggles By STEVE RAABE DENVER POST March 21, 2009, 10:29PM DENVER - As the economy slows, so has production of coins at the U.S. Mint . Production at the federal government's coin factory in Denver fell 26 percent in 2008 from the previous year, contributing to a national decline in coin output of 30 percent. Mint officials said the drop is a direct reflection of the plunging economy and the resulting fall in cash-register transactions that require merchants to provide change. "Coin demand is definitely affected by economic activity," said Greg Hernandez, acting director of public affairs in Washington for the U.S. Mint. "Banks are not ordering as many coins as they were," he said. "If local banks are not getting orders from local merchants, it's going to affect mint production." Part of the coin-production decline stems from diminishing consumer interest in collecting quarters issued for each of the 50 states - a phenomenon that had ramped up the minting of quarters to a record level in 2000. And some analysts say increasing use of credit and debit cards has played a role in reduced demand for coins and currency. Economic conditions, however, are believed to be the biggest factor. ... |
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U.S. Mint slows down as economy struggles
In article ,
"Arizona Coin Collector" wrote: FROM: http://www.chron.com/disp/story.mpl/nation/6329036.html Economic conditions, however, are believed to be the biggest factor. I've also heard that economic conditions are causing more people to pay with cash instead of credit cards. This would increase the use of coins, I would think, but perhaps not enough to offset a larger decrease in spending. Paul -- Paul Anderson OpenVMS Engineering Hewlett-Packard Company |
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U.S. Mint slows down as economy struggles
On Mar 24, 6:39*am, Paul Anderson wrote:
In article , *"Arizona Coin Collector" wrote: FROM: http://www.chron.com/disp/story.mpl/nation/6329036.html Economic conditions, however, are believed to be the biggest factor. I've also heard that economic conditions are causing more people to pay with cash instead of credit cards. *This would increase the use of coins, I would think, but perhaps not enough to offset a larger decrease in spending. Paul -- *Paul Anderson * OpenVMS Engineering * Hewlett-Packard Company They tend to cash in huge jars/bottles/vats of accumulated change with coinstar when they decide to switch to cash in hard times. This happened after 9/11. |
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