The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1898-01-29
MOUNTAINS OF PENNIES.
UNIQUE FEATURES ABOUT THE
CENT AND ITS CIRCULATION.

Something Like 1000. ooo.o 900 of the Lit
Coins Distributed-Plays an Humble
But Important Part in Trade-HOw
Their Use Has Been Increased.
The most useful and Woodworking
member of the coin family, according
to the Washington Star, consists of
ninety-fve per cent. of copper and five
per cent. tin and zinc, and bears on its
face the legend zone cent" The of
the cent to this position of supremacy
has been rapidly going on the past few
years. 1t doesn't require person OF
advanced age or long memory to re-
call the time when the humble coin
was practically unknown west of the
Mississippi. Now its use is well-night
universal, and the demand for it is in
creasing so rapidly that the Philadel-
phia mint is compelled tUturn out one-s
cent pieces at the rate of nearly 4, 900, ;
600 per month to keep up the supply.
According to the estimate of the di-
| rector of the mint, there are at present
something like 1000, 900, 900 pennies
in circulation, engaged in carrying on
the small business of the country.
Two recent devices have been large
ly responsible for the increased use of
our only copper coin. One is the
| penny-in in the-slot machine, which has
spread over the land like the locusts
of Egypt within the past two or three
years. A single automatic machine
company in New York City takes in
have million pennies a day. AS
there isn't crossroads village in the
country that hasn't chewing gum,
kaleidoscope, music or weighing ma
chine operated in this way the num-
Der of coins required to keep them ali
going is enormous. The other inven
ton responsible for the rise of the
cent is the bargain counter" The
craze for forty-nine cent and ninety
nine cent bargains makes work for o
lot of pennies. Superintendent Mil
man, of the New York subtreasury,
said the other day that it was no un-
usual thing for one of the great de-
partment stores which make o special
ty of bargains to- take $4,000
worth of cents-1, 900, 900 pieces-at a
time. The penny newspaper and in
some places three-cent street car fares
have also increased the field of opera.
tions of the one-cent piece.
s'The cent. is really the most inter
esting and least known of our coins, u
said Mr.. Milman, "and there are some
very curious facts about it. The sub
. treasury is the clearing house for the
pennies in circulation in the metro
polital district, and the penny is fol
us a barometer, calendar and &c
curate index of business conditions
''There is no better indication o
lively trade conditions than the cent
During periods of dizziness they al
ways accumulate on our hands, ant
, when trade revives' they begin to cir
culate rapidly again. They come t.
us from the slot machine companies
the newspaper offices and the stree
railways, and they go out to the de
! partment stores, the toy and confec
tionery shops and the small trade
/, generally. Of course, some of then
8 come and go through the banks.
}. ssCome this way" said Mr.. Milman
i sif you want to see the way we han
9 die pennies" and he led the way
]. the minor coin division, where half
). dozen clerks were busily at work. I
d the corner of the room was stack c
t canvas bags reaching nearly to tn
g ceiling and making q good-size
!. pyramid. "Those are all pennies,
:. said the director. 81 suppose ther
d are some 100, 900 pieces there
: and we have more below" In anothe
s corner of the room there was STAG
d of loose coins piled high above th
l. heads of the clerks, who were busil
counting them off into the canvf
bags. The pennies are kept in bag
of 1000 each. and when they come
4 they are all counted over. An e!
y press wagon drew up at the door, an
behind its grated door could be see
b the canvas bags piled high. 'There
8. a sample lot of half million or {
"a from the the slot machine company,
p said the superintendent, ''and here
s. a boy with 800 bill who will g
q ten bags of pennies for lit. That
8, the way they come and CO."
% There are several unique featur
81 about the coinage of pennies, and Il
20 work is managed in a somewhat dl
ID ferent fashion from the turning out
al gold and silver coins.
y Though the United States Cover
90 ment is the only authority entitled
30 indulge in the manufacture of coin
o. our Uncle Samuel does not prepa
the blanks from which pennies a
made. He finds it cheaper to let o
III the work by contract than to do
n. himself, and it is at present in t
,d hands of Cincinnati firm. TIL
er prepare the copper blanks in shee
St. large enough to turn out 100 piec
as each. 1t is not known exactly ht
I'd much the Government pays for the
,is blanks, but the price is in the vicini
ed of 81. 25 per 1000, or trifie over o
ke mill for each unstamped cent.
In the disparity between the real a
hit face value of the cent there is &C
I'd siderable profit for the Governmel
ala for the reason that great proporti
M of the pennies coined will never
ON presented for final redemption.
n;s enormous number of cents are lost
So. one way or another every year. Th