Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-12-26
THE NIMBLE PENNY,
INTERESTING FACTS AND FIGURES
REGARDING THIS COIN.
The Demand IL Greater Now Than
sfdiary Money Pieces.

1.-THE old adage look after the pennies
and the dollars will take care Of them
selves is well illustrated now in the use the
people are making of this the smallest coin
minted by the government said Director
of the Mint Roberts to a Star reporter to-
day.
The origin of the original penny Is buried
in the mazes Of deep antiquity. coin of
the denomination of a penny, be 1t desig-
mated by other titles, has been in active cir
culation in all countries for ages, and in
the excavations at Pompeu corresponding
copper tokens have been unearthed, proving
it's use by the ancients. While it would be
impossible to select any particular one of
the splendid collection of copper coins
cash used by the Chinese on exhibition in
the National Museum as a penny, they, no
doubt, have such coin to correspond to
the relative value. of the lowest copper coin
made by other countries. In fine, humble
though it be, the penny is entitled to great
generation by others beside the small boy
to whom the possession Of a few is the
acme of his happiness and often the limit
of his worldly possessions.
Their Relative Weight and Value.
LAS these little circular tokens of value
pass from and to hand, few give them
are not composed entirely of copper, the
alloy being 95 per cent copper. per cent
tin and per cent zinc. They cost the gov
eminent about AZ cents a pound for blanks
meaning the circular discs prepared ready
to receive the impression Of the die. AS it
takes about 14S to weigh pound, the gov
eminent apparently makes $106 every
pound of pennies minted, and would in fact
make this surplus were 1t not that they are
redeemable in gold upon presentation at the
treasury, If ever presented, though, of
course. the amount presented for redemp-
ton is comparatively small
'All Of the pennies coined in this country
are minted in Philadelphia by law. This is
because formerly there was little demand
for pennies in the southwest and on the
Pacific coast. where for years until quite
recently the nickel was the smallest subsidi-
airy coin in active circulation. There Is,
however, law before Congress now per-
hitting their coinage in other minis.
Sure Evidence of Prosperity.
THE demand for pennies this year has
been greater than ever before in the history
Of the government, and the demand during
the past two years has been greater than at
any corresponding period. 1 attribute 1t to
the great increase in trade and the general
prosperity of the country. We are now re-
ceiVing orders from the Pacific coast for
pennies for use in the department stores
there, in shipments of 1909 and 5000, in
great number, proving lnat the merchants
out there marking their goods at 80 and
40 cents instead of 40 and 90 cents,
spectively, &c, as formerly. For years the
only places on the coast where you saw the
penny We're in post offices, and they were
refused, I understand, by the merchants
and the car companies until their more gen
eral circulation compelled their acceptance.
During the past two months the Phila-
delphia mint has struck on an average Of
about $4,000 worth of pennies or 100000
pieces a day. While the demand Is supplied
in any quantity we put them up In bags
containing $500. One press will turn out
about 5000 pennies a day, and pennies,
dimes and nickels are struck at the rate Of
from 100 to 100 a minute per press. The
eastern retail dry goods stores In the large
cities distribute millions Of these small
coins among the people annually.
Profit on Coinage.
1.-The nickel piece is composed Of Is per
cent copper and % per cent nickel, and we
mint about $500 worth, or 10000 pieces, a
day. The government pays for the blanks
all ready for stamping about 81 cents a
pound and a pound of nickels is worth,
coined, SAL, so the profit on the coinage Of
these pieces Is considerable. The demand
for nickels and dimes has kept pace with
that for pennies, and the minis are busy
turning them out The demand for the
subsidiary coins is unprec edented.
How many pennies would 1 estimate
have been coined and are outstanding! Well.
that is an interesting question, and l will
answer it as accurately as possible, but my
figures are estimated, though comparatively
accurate.
Monumental Figures.
81 should say that of pennies about SILL
100000. or 1,10o,000,00O pieces. have been
put into circulation; of nickels, s17,OOOOOO.
of 100000, 900 pieces; of dimes, s25O00,O00, or
1OO00OOOO pieces; of quarters, s65.0OOOO0
or 200 1000, 600 pieces; of halves, $4,000 900,
or 10000 900 pieces, while Of the dollar
piece 1900, 600 have been coined.
"These ar stupendous figures and show
what a great volume of subsidiary coins and
the 81 pieces have passed into the hands
of the people.
THE government, of course, will redeem
its own coins or receive them as presented
but among individuals limit or legal ten
der is established, which Is % cents for pen
MES, the same amount for nickels and $40
for dimes, quarters and halves. If debtor
wished to be spiteful to his creditor he could
otherwise tender him $1,000 in pennies or
100 600 copper cents, and the transactions of
trade would be clogged and horses and
trucks in demand, as must be the case IN
China, where the copper cash would ap-
pear to be current, and, in the absence OF
positive knowledge as to the amount, II
limited what Is a legal tender there a
wheelbarrow load is equivalent to trtf1ing
amount of our silver.
you will observe that In all OF the coins
l have named copper plays an important
part in their alloy. The same is true OF all
of our silver and gold coins, which are COM
posed of nine-tenths precious metal and one
tenth copper. This proportion holds good in
most of the coins of the great nations ex-
cept England, whose coins are somewhat
finer, containing a slight proportion more
of the precious metals.
CHINESE BANKING SYSTEM.