Cent Production Through July

For a coin that so many say should be eliminated due to the cost to make and lack of many things to use for in commerce a production of 5,066,400,000 through the month of July, only half way through the year seems to be quite high? Unless, like I think, the older cents, like Canadian, are slowly being reclaimed for their copper content? This was 65% of all coinage production in July alone. An increase of 11% over June. Yes, I know that this is based on the Fed's needs and orders, but are the two working hand in hand with actual needs or are they working against each other not knowing if my idea of reclamation might be happening. Your thoughts if you please.

 

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What do you expect, Tommy! The Mint has been making the crappy Zincoln for about 35 years. Do you really think that any of them will outlast the old copper Lincolns?

Chris

 

That is what happens if low denomination coins do not actually circulate. You get them in your change but many or most people do not keep the "pennies" in order to use them for payments later. So unless you introduce the rounding of cash totals, they will continue to be produced - many of them ...

Christian

 

Ah yes, I can imagine the attrition rate has been high on the Zincolns! R.I.P. you low life cents. LOL.

 

People just throw these away.
They actually disintegrate while you watch.

 

Disintegration is not being done by people actually as they don't know the "integrity" in the money. But, it seems that "authorities" (whoever they are) do not know, either.

Don't you have this expression/idiom over there, "enough is enough"? More than "enough" is flooding, in the internet culture, called "spam". In the money, one from one cent is enough. One cent is the constant in the money over there. Its circulation of constant of money is against its nature. Integrity in the money is not obtained by circulating the one cent, it is obtained simply by keeping at least one piece of one cent coin always in the pocket, that's it. Once everybody does this, the job is completed. So, for ex, for the US, maximum number of one cent coin is more or less equal to the number of adults (working people) there, around 250? million one cent coins will be sufficient. Some people may lose, ok, 300 million one cent coins is enough for all people there. From time to time, only a few million pcs can be produced every year (depending on the mortality rate.) By this (by producing 300 million coins once only which is much less than hundreds of billions every year), not only time/effort/$/etc will have been gained, but also, ill-logics will have started to be healthy logics and this is the most important. (yes, medicine doctors too need a one cent coin in their pocket. Or, they may not be careful enough when they are injecting into the vein if they don't have the integrity, one cent coin, of the money always in their pockets.)

 

Never have so many words been used to say nothing.

 

Is this a reply to my reply (with so many words) ?

If so, ok, ignore my post. I'll write it in few words: (so that your few words will be kept on-topic.

Never have so many (billions of) one cent coins been used to do nothing.

 

Actually, cents do serve a purpose Erol. But it is a long since, past method in advertising that is no longer needed. Gas is priced at say $2.35.9 cents per gallon. Groceries and clothing and other items end in a similar fashion at say $1.97 or $1.98. Sales gimmicks which are no longer needed. If price rounding were initiated at an even dollar amount, the cent would eventually go away like the horse and buggy. But with say 300 million people in the U.S, (trillions) of cents made in only 6 months are a waste of government and taxpayers money overall and not needed.

 

Around 1/2 trillion cents (500 billion) have been produced after they ended the wheat backs. 1959-present.

 

On this page/chart, https://www.creditloan.com/media/ve-coin-circulation.png
1,65 trillion cents had been produced (as of 2009, since when is not mentioned, probably in 100 years.)

tommyc03, of course, "cents" do serve a purpose, did in the past, do in the today. You mentioned price labels such as $1,97. The "cent" in such prices is a thing, the "cent coin" is another thing. Without "cent coin", economy can still work. But, without "cent", economy can not work, especially in our this era in that all banking financial etc computations&programmes use "cent" (not dollar) in their computer programme algorithms. Computer programmes just convert "cents" to "dollars" by dividing "100" at the end, after running programmes. (however, "cent coin" is still necessary, but, a little differently. It is off-topic here. Detailed talking on "cent coins" is in the thread "Money with/out numbers".)

Edit: my mistake. Those economy finance computer programmes use even smaller than cent. Those numbers during computer programmes running are just numbers, they are not money. The become money after they are rounded to two digits after the comma, that's, the cent. Anyway, talks about such things "cent, cent coin" is more here https://www.cointalk.com/threads/coin-without-any-number-figure.299880/page-11

 

The smallest legal demonemation in the U.S. is the Mill. It is 1/1000 of a dollar 1/100 of a dime and 1/10 of a cent. That's why gasoline can be priced at $2.99 and 9/10s. If you look at your tax bill and sometimes your utility bills you'll see rates are often taken down to the Mill. Anyway, we seem to do pretty well without any coinage at the Mill level. I guess we could manage just as well without a penny. Australia seems to do pretty well without a penny. But they do have a 20 cent piece. I've always thought it would be cool to have a $2.50 bill. Two would make $5. Four would make $10. And the .50 cents would pick up some of the slack in change.

 

If the price label is written so, such as $2,999, I ask for the gas station to give my $0,001, i.e. one Mill when I buy one gallon of gas. If putting such a price label is legal, not giving the Mill back is illegal then when requested... You must be wrong. Officially the smallest denomination in the US is the cent.
Here are legal denominations:
https://www.treasury.gov/resource-center/faqs/Coins/Pages/denominations.aspx

where it says:

"...U.S. coins currently are made in the following six denominations: cent, nickel, dime, quarter, half dollar, and dollar..."

and

"...As the United States Mint produces the coins that Congress mandates, it does not have the authority to abolish a unit of currency..."

PS: So, in Numismatist definition of "coin", the term "governmental authorities" is the "Congress" then. However, one wonders whether the Congress members have "one cent" in their pockets or not. If not, the term "governmental authorities" in the numismatist definition of coin should be deleted.

 

ErolGarip Why don't you add up all the listed/known/published mintages from 1959- present for the Lincoln Cent, and then read my post again.

 

[/QUOTE]

When I used the word "donomination" I may have been in error.

However, the Coinage Act of 1792 describes milles and other subdivisions of the dollar:

That the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.

So it seems that perhaps at some point the mint had authority to mint a mill (milli) coin but, I suspect, was never directed to do so by congress.

It would be interesting to dig through the archives and see if there was any consideration for such a coin shortly after the Coinage Act was passed.

In any event next time I gas up I may pay in cash and see what happens when I try to get ALL my change back right down to the mill.

 

Just because they don't make a mil coin does not mean that the mil is not a legally defined denomination.

Do not confuse Congress member (individual) with Congress (the collective). What an individual member carries or believes does not determine what will be issued as a coin. It is the collective decision of the Congress (governmental authorities) that matters.

 

The Mill(i) (thousandth of dollar) or, say, the Micr(on) (millionth of dollar), etc may NOT be illegal in the calculation process on paper, on computer, etc. For example, such a figure "1,972457388etc" on paper/computer which is probably already seen in financial computations can also be read as "1 Dollar, 9 Dime, 7 Cent, 2 Mill, 457 Macr, 388 Nan, etc" if you prefer to read so and reading/writing so is of course not illegal. But, it won't make any sense for the community unless these coins (1Mill, 1Macr, 1Nan, etc) are produced. And, you as an individual do not have any permissiont to issue/produce the Mill/Micr/etc, it is in their authority of the Congress, their productions/issues are decided by the Congress for the legality. As of today, in reality, by law, existing smallest denomination is the Cent. So, that figure, after all calculations, is rounded, to two digits after comma and then "$" sign can be put in front of it and it becomes "money", that's, it becomes "$1,97". (writing it in smaller denominations, i.e. as $1,972, may not be illegal during calculations, but, it is illegal to put it on a price label because the Mill corresponding the last digit "2" does not exist according to the laws which are formed to keep a community&economy in the order.) So, legally, by law, the smallest denomination is the Cent.

Of course, to issue/abolish a coin is not determined by an individual/member of the Congress, it is determined by majority (by more than 50% or depending on the topic, sometimes by more than 70%) of the Congress members. But, these are WHEN a new law/statement/directive/whatever is being discussed by the members of Congress. BUT, there is already a law/whatever about the Cent... Even if there is no law saying "you have to have One Cent coin", only ordinary citizens are responsible about the Cent? Congress members are not responsible about the Cent? And, they are law makers. Each of them, and, all of them are also responsible. One Cent coin is in the individual responsibility as well as in collective responsibility. If a Congress member, as one of law makers, does not have a One Cent Coin in her/his pocket, she/he is unbelievable... So simple.

 

What an eloquent diatribe.

 

I think the only one whoever benefitted by this was Richard Pryor in the Superman movie.

 

"diatribe" ? That word is a foreign word to me.