The U.S. Cent, A Perspective, Part II

The assumption that Americans do not circulate the cent is false;

The mintage of the U.S. Cent is about 8 Billion per year,
which amounts to about 40 per year for each of approximately
200 million Americans making purchases regularly.

Each of those 200 million may make at least 1 cash
transaction per day, about 5 days per week, with about
2 cents per transaction, receiving about 10 cents in change
per week.

Using these rough numbers, and the about 1 cent for
each of those 200 million people minted per week, it is clear
that Americans do circulate cents, and return about 9 cents
into circulation for each new cent minted.

This means that the cents entering circulation are
about 10 percent newly minted cents, and 90 percent are
being recirculated by the public.

And this suggests that any public appeal by anybody
with wide media exposure might easily increase the number
of cents recirculated, almost eliminating the need for the mint
to mint new cents.

Joe Fischer

"Joe Fischer" wrote in message
...

The assumption that Americans do not circulate the cent is false;

The mintage of the U.S. Cent is about 8 Billion per year,
which amounts to about 40 per year for each of approximately
200 million Americans making purchases regularly.

Each of those 200 million may make at least 1 cash
transaction per day, about 5 days per week, with about
2 cents per transaction, receiving about 10 cents in change
per week.

That two cents is received in change, not used by the purchaser.


Using these rough numbers, and the about 1 cent for
each of those 200 million people minted per week, it is clear
that Americans do circulate cents, and return about 9 cents
into circulation for each new cent minted.

I get two or three cents in my change in my one daily cash transaction. If I am
like your average person with that one cash transaction, I will not have the
opportunity to use these cents later in the day. As it is, these cents will
join the others in my piggy bank at the end of the day. The next day the cycle
continues. This is not how cents were intended to "circulate".


This means that the cents entering circulation are
about 10 percent newly minted cents, and 90 percent are
being recirculated by the public.

And this suggests that any public appeal by anybody
with wide media exposure might easily increase the number
of cents recirculated, almost eliminating the need for the mint
to mint new cents.

Joe, I still don't know what you're advocating here........... We don't need any
more cent production? Or we should continue minting them because they are
important in commerce?

Bruce

On Wed, "Bruce Remick" wrote:

Joe Fischer wrote:
Using these rough numbers, and the about 1 cent for
each of those 200 million people minted per week, it is clear
that Americans do circulate cents, and return about 9 cents
into circulation for each new cent minted.

I get two or three cents in my change in my one daily cash transaction. If I am
like your average person with that one cash transaction, I will not have the
opportunity to use these cents later in the day. As it is, these cents will
join the others in my piggy bank at the end of the day. The next day the cycle
continues. This is not how cents were intended to "circulate".

Cents were not "intended to circulate", they have
been only for making change since the last peanut or
candy vending machine that accepted cents vanished.

It doesn't matter how or when one person puts
the cents back into circulation, as long as it is within
a few months or a year.

This means that the cents entering circulation are
about 10 percent newly minted cents, and 90 percent are
being recirculated by the public.

And this suggests that any public appeal by anybody
with wide media exposure might easily increase the number
of cents recirculated, almost eliminating the need for the mint
to mint new cents.

Joe, I still don't know what you're advocating here........... We don't need any
more cent production? Or we should continue minting them because they are
important in commerce?
Bruce

They should be minted until the FRB does not
request more, and the FRB will stop requesting more
when the majority gets into the cycle of returning cents
to circulation.

I know definitely that no more cents need be minted,
because the public holds about 5 times as many as circulate.

And hopefully most of these will eventually be put
into circulation. I see a big increase in number of
transactions over the years, but that may be changing,
things may begin to balance.

I feel somebody is failing to issue a simple plea
for the public to take the cents to the bank or Coinstar,
but it doesn't seem to be a president's job to do that,
but if a few words would cause it to happen, it would
be a good thing.

There is a problem arising, when the dreamers
finally realize that cents will never be accepted for
metal value as silver is, there could be a flood that
will cost the government a lot of money in handling
and storage.

So it seems very important to get just a few
more cents back into circulation so that the FRB
will not request so many, and the mint can strike
maybe a hundred million, and the loss on that
would only be a few thousand dollars.

That should make everybody happy except
the extremists that want the cent to disappear.

And no legislation would be needed, avoiding
any "requirement" by the public.

Joe Fischer

"Joe Fischer" wrote in message
...
On Wed, "Bruce Remick" wrote:

Joe Fischer wrote:
Using these rough numbers, and the about 1 cent for
each of those 200 million people minted per week, it is clear
that Americans do circulate cents, and return about 9 cents
into circulation for each new cent minted.

I get two or three cents in my change in my one daily cash transaction. If I
am
like your average person with that one cash transaction, I will not have the
opportunity to use these cents later in the day. As it is, these cents will
join the others in my piggy bank at the end of the day. The next day the
cycle
continues. This is not how cents were intended to "circulate".

Cents were not "intended to circulate", they have
been only for making change since the last peanut or
candy vending machine that accepted cents vanished.

It doesn't matter how or when one person puts
the cents back into circulation, as long as it is within
a few months or a year.

I find it hard to accept that cents were not intended to circulate. As far as
being used only for making change, the nickel and dime pretty much fall into
that same category today, yet I believe they are intended to circulate.

On one hand, you claim that people need to turn in their hoards or the mint will
have to continue making billions of cents each year. On the other hand, you
claim (above) that "it is clear that Americans do circulate cents, and return
about 9 cents into circulation for each new cent minted." I can accept either
one of these premises, but not both.

Bruce

On Thu, "Bruce Remick" wrote:

I find it hard to accept that cents were not intended to circulate. As far as
being used only for making change, the nickel and dime pretty much fall into
that same category today, yet I believe they are intended to circulate.

Circulate, sure, but not the same day or week.

On one hand, you claim that people need to turn in their hoards or the mint will
have to continue making billions of cents each year. On the other hand, you
claim (above) that "it is clear that Americans do circulate cents, and return
about 9 cents into circulation for each new cent minted." I can accept either
one of these premises, but not both.
Bruce

It wouldn't be necessary for all the hoards to be
turned in, just a percentage of the ___400___ Billion
that are not circulating.

And that is why a simple media wide plea might
work, once it is realized that only a 10 percent increase
in current circulation numbers, there should be more
optimism and no feeling of futility that might induce
a kneejerk reactionary legislator to feel it requires a
law to be passed.
Even Kolbe might have solved the problem
simply by asking the reporters that published the
controversial articles to just plead for people to
turn in cents and solve a lot of problems, they
could still have published the picture of his
smiling face.

Joe Fischer

"Bruce Remick" wrote in message
news:9tbAg.1652$W01.1434@dukeread08...

"Joe Fischer" wrote in message
...

The assumption that Americans do not circulate the cent is false;

The mintage of the U.S. Cent is about 8 Billion per year,
which amounts to about 40 per year for each of approximately
200 million Americans making purchases regularly.

Each of those 200 million may make at least 1 cash
transaction per day, about 5 days per week, with about
2 cents per transaction, receiving about 10 cents in change
per week.

That two cents is received in change, not used by the purchaser.


Using these rough numbers, and the about 1 cent for
each of those 200 million people minted per week, it is clear
that Americans do circulate cents, and return about 9 cents
into circulation for each new cent minted.

I get two or three cents in my change in my one daily cash transaction.
If I am like your average person with that one cash transaction, I will
not have the opportunity to use these cents later in the day. As it is,
these cents will join the others in my piggy bank at the end of the day.
The next day the cycle continues. This is not how cents were intended to
"circulate".


This means that the cents entering circulation are
about 10 percent newly minted cents, and 90 percent are
being recirculated by the public.

And this suggests that any public appeal by anybody
with wide media exposure might easily increase the number
of cents recirculated, almost eliminating the need for the mint
to mint new cents.

Joe, I still don't know what you're advocating here........... We don't
need any more cent production? Or we should continue minting them because
they are important in commerce?

Bruce






Bruce, Joe is not the sharpest knife in the kitchen drawer, if you know what
I mean.

Replying to his posts is a waste of time. Billy

On Thu, 03 Aug 2006 16:03:58 GMT, "note.boy"
wrote:

Bruce, Joe is not the sharpest knife in the kitchen drawer, if you know what
I mean.

Replying to his posts is a waste of time. Billy

http://www.pooroldredneck.com/

Joe Fischer