The Washington herald., 1914-07-15
Psychology Of Small Coins.


ny JOSEPH EDGAR cHAsIBERLIN.
There is proposition before Congress to add a
scent piece the coinage OF the country certain
demand for such coin has arisen Several cities
have 3-cent street car fares. New York and other
cities have 3-cent ferry charges. And everywhere
there tendency to bring down the price OF certain
articles from a nickel to cents. This cheapening
process would be facilitated by the coinage of 5cen
pieces, because people like to pay with single coin
wheneysf they can and dislike to be bothered with
handfuls of coppers Or to be making small change
constantly. Probably If we had practicable 3-cent
piece and became accustomed to it, should wonder
how we ever got along without it.
1t is true that our people have had 5-cent pieces
before now. and did not find them convenient enough
to retain. But there seems to have been special
reason for that in each case.
3-cent piece of silver, with three large HIS
pretty nearly covering side of ii, in common
use before the civil war Naturally these coins were
very small being of silver and were easily lost Peo-
pie used to call them FISH scales" and they certainly
looked it Nevertheless, they often convenient,
and nobody to have thought of abolishing the
coin until it disappeared with all the other silver
coinage at the time of the civil war; when the high
price of silver and gold relatively the cheapened
paper currency drove all metal out of circulation The
denomination kept up however, in 3-cent shin
plaster" which was the smallest denomination of
paper money known. Postage stamps cost 3 cents in
those days and the scent fractional currency was
convenient.
When metal change came back again, after the
resumption of specie payments the 3-cent piece was
again coined, but it made of nickel instead
of silver and considerably larger than the old
silver sh-scae. That was what was the matter with
it, it very nearly the size of silver dime, and
continually getting mixed up with the dime. If
one did not watch quite sharply one would get g.
cent piece in change for dime. 1t was nuisance
on this account and the people rose up in wrath
against it The coinage of # was discontinued in
1890, and it soon passed out of circulation.
But it was not condemned because it was 3-cent
piece. 1t was condemned because il was too easily
confused with the dime. II it had been properly diff
ferentated. it would have been liked.
If we are going to have 3-cent piece again, it
will be necessary that shall be easily distinguished
from every other coin, or it will be useless.
For some time after the war there was also 2-cent
pece-an ugly bronze coin, almost as large as the
big copper ante-belum cent This coin was always
unpopular-perhaps because it worth only
The psychology of small coins is a curious thing.
Nobody has any grudge against the cent. because
the cent has to exist it is the foundation of the
rency it is the ground-s of millions it is respect
able. But piece is ignomnious- It is not a
necessary counter indispensable unit like the cent
1t pretends to represent wealth But it is insult
to the poverty of the poor 1t to look up and
say. well, / all you've got" The 2-cent piece
of the 7os and Sos thoroughly hated, especially
it was so abominably ugly. To the public relief.
the coinage of it was discontinued in 1890 along with
that of the scent nickel
Since that time there has been no coin between
the cent and the nickel half dime. 1t makes wide
gap. which the intelligence of the legislator sup
posing that TO exist and the ingenuity of the de-
signer ought to bridge with something practicable
distinct and convenient We have lately proved that
we can produce beautiful coins in this country. A
fine scent piece ought TO be evolved.
By way of dropping the subject the fact may be
mentioned that there people who still collect the
old silver half-dime That was a very pretty little
coin Its manufacture discontinued in 1857, so
that it has become somewhat scarce.
That coin pure Joy to several generations of
American children. Its bright glitter its tiny grace,
made it rather more attractive, to small child with
rudimentary notions of the purchasing power of
coins, than the dime or even the quarter. II ever
coin had a spiritual character. emotional value,
quite apart from its exchange value it was that little
silver scent piece.