The Providence news. (Providence [R.I.]) 1891-1906, 1902-06-18
Lots of Pennies.

You would think that large post Of
fee would take in through its stamp win
dows more pennies than 1t pays out. but
the contrary is the case" said clerk
In the Washington city office this morn
ing.
Il often have 10 exchange silver for
pennies In the afternoon with the news
boys on the front step OF the post Office
department building. and we are always
ready TO accommodate the boys when
they offer their nickles and dimes. In
this way the pennies the people pay are
at once thrown into the mighty stream OF
circulation, as / often pay out over 300
pennies In day or more than / take
in. In fact. we at all times keep re-
serve stock Of the handy little copper
coins.
Yes. know that many people suppose
that we receive pennies largely In ex-
cess OF what we pay out. the idea origi-
mating, no doubt. because those who
hand in In pennies for stamps may sup
pose that majority Of the sales are
thus paid for. / have sold a single PEN
ny postage stamp. two-cent stamp. q
penny newspaper wrapper or Il single pos
tai card and received $40 bill to change.
In short. the stamp window OF a post Of
fee is really place for changing bills OF
all denominat tions, and silver coins, es-
peoially on the department pay days.
when the large bills drop In here like
the dry leaves in the fall
A treasury official said that there was
big demand for pennies from all over
the country but there was no scarcity
OF the coin.
During the last calendar year." he
said, I'VE have put into circulation about
70. 500, 900 pennies, and the average year
ly output is about $4,000 900. Beginning
with August the mint in Philadelphia.
sN.. 1I,. ,i,,t hnra loo a ara
coined, will begin to turn them out by
the millions TO meet the demand for the
fall and holiday trade. We have greatly
increased our facilities for coming pen
MES. and we now have ten presses for
that purpose, as we do not use the
presses with which we coin gold and sill
yer pieces for copper coins. We buy tho
copper in strips by the avoirdupois
pound. and one press can strike of 100
a minute. or we can turn out In day OF
seven and half hours about 10000 PEN
nies.
Pennies disappear like pins-no one
knows where they go, but they CO. as
may be Judged when IT is remembered
that we have coined In all 10, 600 900, 900
pennies The old white eagle pennies,
which few OF the present growth OF small
boys have seen, are redeemed Wheh
turned in and made into nickel pieces,
which, by the way. are more copper than
nickel. as they are mace OF an aHoy Oh
75 per cent copper and 20 per cent.
nickel. Around the holidays, and before
the coming OF the circus into town, the
pennies are boarded by the small boy
all over the land by the millions, one
Washington boy OF my acquaintance hav-
ing dropped into his little home bank
So in pennies to go In savings bank.
The railroad companies and other cor
pora tions and firms who receive pennies
In Quantities turn them into the treasury
In bags subject TO count. and they are
redeemed In currency. There are untold
numbers OF pennies all over the country
in the banks of children. which are
withdrawn temporarily from circulation.
People do not like to receive pennies IN
change. vet. because they do not like TO
carr them I'm the pocket. often have TO
go out Of their way and 70 much trouble
10 secure them when needed Washing
ton Star.