Do We Need Coins (or M1 at all)

Fall 2009, I have a graduate class in sociology: Technology and
Society, and looking ahead in the assigned text, I found a journal
article by Bernhard J. Stern, "The Challenge of Advancing Technology"
from 1945. Stern cited data from 1943.

GNP = $155 Billion
Federal Budget = 44% of that or about $68.2 Billion
But
checking the Red Book and tallying the numbers, for 1943, the US Mint
struck only $148.5 Million in coins or about 2/10 of 1% of the budget.

Fast forward to 2002...2005 ... 2009...

Consider the Federal Budget.
Consider the Mintage figures.
Look at the paper money printed.

$12Million in state quarters... compared to a multi-TRILLION dollar
budget.
The coins are still in the order of tenths of a percent of the total.

Considering that each quarter costs 3 cents to make, why bother?

It's not like they get consumed.
They do not wear out.

Of what use is paper money in a world of credit cards, debit cards and
online banking?

Mike M.
Michael E. Marotta
"Looking ahead"

yes, soon enough.



"Mike Marotta" wrote in message
...
Fall 2009, I have a graduate class in sociology: Technology and
Society, and looking ahead in the assigned text, I found a journal
article by Bernhard J. Stern, "The Challenge of Advancing Technology"
from 1945. Stern cited data from 1943.

GNP = $155 Billion
Federal Budget = 44% of that or about $68.2 Billion
But
checking the Red Book and tallying the numbers, for 1943, the US Mint
struck only $148.5 Million in coins or about 2/10 of 1% of the budget.

Fast forward to 2002...2005 ... 2009...

Consider the Federal Budget.
Consider the Mintage figures.
Look at the paper money printed.

$12Million in state quarters... compared to a multi-TRILLION dollar
budget.
The coins are still in the order of tenths of a percent of the total.

Considering that each quarter costs 3 cents to make, why bother?

It's not like they get consumed.
They do not wear out.

Of what use is paper money in a world of credit cards, debit cards and
online banking?

Mike M.
Michael E. Marotta
"Looking ahead"

"Jan" wrote in message
...
yes, soon enough.



"Mike Marotta" wrote in message
...
Fall 2009, I have a graduate class in sociology: Technology and
Society, and looking ahead in the assigned text, I found a journal
article by Bernhard J. Stern, "The Challenge of Advancing Technology"
from 1945. Stern cited data from 1943.

GNP = $155 Billion
Federal Budget = 44% of that or about $68.2 Billion
But
checking the Red Book and tallying the numbers, for 1943, the US Mint
struck only $148.5 Million in coins or about 2/10 of 1% of the budget.

Fast forward to 2002...2005 ... 2009...

Consider the Federal Budget.
Consider the Mintage figures.
Look at the paper money printed.

$12Million in state quarters... compared to a multi-TRILLION dollar
budget.
The coins are still in the order of tenths of a percent of the total.

Considering that each quarter costs 3 cents to make, why bother?

It's not like they get consumed.
They do not wear out.

Of what use is paper money in a world of credit cards, debit cards and
online banking?

Mike M.
Michael E. Marotta
"Looking ahead"




Where'd you get the idea that coins don't wear out and don't need to be
replaced? Things happen to coins.They get replaced because of wear,damage
etc. Mint has guidlines for when a coin or a note is too old or worn for
circulation.They take them out of circulation and destroy them. I'm not sure
how often it's done with coins,but billions in bills are shredded every year
by the Fed.

"Mike Marotta" wrote in message
...
Fall 2009, I have a graduate class in sociology: Technology and
Society, and looking ahead in the assigned text, I found a journal
article by Bernhard J. Stern, "The Challenge of Advancing Technology"
from 1945. Stern cited data from 1943.

GNP = $155 Billion
Federal Budget = 44% of that or about $68.2 Billion
But
checking the Red Book and tallying the numbers, for 1943, the US Mint
struck only $148.5 Million in coins or about 2/10 of 1% of the budget.

Fast forward to 2002...2005 ... 2009...

Consider the Federal Budget.
Consider the Mintage figures.
Look at the paper money printed.

$12Million in state quarters... compared to a multi-TRILLION dollar
budget.
The coins are still in the order of tenths of a percent of the total.

Considering that each quarter costs 3 cents to make, why bother?

It's not like they get consumed.
They do not wear out.

Of what use is paper money in a world of credit cards, debit cards and
online banking?

Mike M.
Michael E. Marotta
"Looking ahead"


Actually I need coins. I want to wash my truck, but don't have any fives or
ones for the change machine. And I can only find 5 quarters, which are not
enough.

TerryS

In article ,
Mike Marotta wrote:

Of what use is paper money in a world of credit cards, debit cards and
online banking?

Privacy and/or paranoia. After 9/11, the Feds were demanding the
purchase records of some bookstores. A few of the more left-leaning
bookstores changed their record-keeping policies, and made a deliberate
effort to record as little as possible about cash transactions.
If physical currency was used to purchase a book, there was no need
to record the name of the purchaser or even the date of the transaction,
so long as the (accounting) books balanced and the inventory got updated.
It even used to be possible to place a completely untracable phone call
by putting coins into a device called a "payphone". Among other things,
this allowed people to report crimes to the police in complete anonymity.

Of course there is the obvious desire to remain anonymous when purchasing
illegal substances or soliciting illegal services. But wouldn't it also be
nice if your insurance provider couldn't prove that you ordered a chocolate
souflee, or your Bible-thumping boss couldn't find any evidence of your
vices?

--
Please reply to: | "Any sufficiently advanced incompetence is
pciszek at panix dot com | indistinguishable from malice."
Autoreply is disabled |

On Sep 5, 12:56 pm, (Paul Ciszek) wrote:
Privacy and/or paranoia. After 9/11, the Feds were demanding ...
It even used to be possible to place a completely untracable phone call
by putting coins into a device called a "payphone". ...

I agree. It was, I believe, Titus Vespasian who said to his son,
Titus Vespasian, "Moneta non olet." Money does not smell: it leaves
no traces of its origin. True enough, but the Federal government is,
however, the source of cash. They do not need it, really. It is a
convenience for us, at best.

In Iraq in the Kurdistan region, a certain issue of old Saddam notes
also served the same purpose: a finite number, more or less estimated
to be known, and therefore useful (at least for a few years) in a
limited way. In William Gibson's cyberpunk world, people use New
Yen. The discontinued currency has no "legal tender" status, but
serves as markers and counters among those who find them convenient.

Mike M.
Michael E. Marotta
"Anonymous"