People would use coins and currency more often if items were priced to make them easy to pay for in cash. For example, in a state with 6% sales tax, 94 cents plus tax would be exactly $1.00.
If you look at the mintage figures of pennies versus dimes from 1967 to 2007, you will see two different trends. Penny production grew steadily in the 1970s, plateaued in the 80s and 90s, and in this decade has fallen back to 1970s levels. Yet during that same time, dime production has generally continued to trend upward.
If cashless transactions were really the culprit of diminishing coin usage, wouldn’t the dime production trends mirror that of pennies?
September 25th, 2008 at 3:00 pm
People would use coins and currency more often if items were priced to make them easy to pay for in cash. For example, in a state with 6% sales tax, 94 cents plus tax would be exactly $1.00.
September 26th, 2008 at 11:29 am
If you look at the mintage figures of pennies versus dimes from 1967 to 2007, you will see two different trends. Penny production grew steadily in the 1970s, plateaued in the 80s and 90s, and in this decade has fallen back to 1970s levels. Yet during that same time, dime production has generally continued to trend upward.
If cashless transactions were really the culprit of diminishing coin usage, wouldn’t the dime production trends mirror that of pennies?