WhyNot?

consolidating coins

Category: Inventing
Responses: 4 (1 in support, 0 neutral, 3 in opposition)
Number of views: 1266
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I lived in New York City in the late 90's and found that the penny had become so useless as an exchange medium that people threw them away. In like manner I often found my pockets weighed down with other coins when it became easier to pay with paper money and accept coins in exchange. If there were some simple inexpensive way to bind coins in batches to make them equivalent in value to paper money it would be easier to get rid of excess coins in ordinary commerce. Banks charge to accept masses of unsorted coins so simple consolidation would be a charge free way of using this legal tender without paying to pay. Paper rolls do not do the job.

sand, Sep 16 2005

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Comments from other members:

Add your comment

Um, they are called coin rolls. A roll of pennies makes $0.50. A rol of quarters is $10.00 However many establishments won't accept a roll of coins.

Some banks have sorting machines where you can take your coins in for deposit or cash.

classicsat, Sep 18 2005

If avoiding large amounts of coins is the goal I suggest using a check card. If you have coins you wish to throw away please throw them my way. I will accept any denomination, even the lowly penny.

I have been tossing all my pennies in a can for over ten years. I currently have over 50,000 pennies.

Hyenuf, Sep 19 2005

The concept is not to make a standard high value roll of coins enclosed by opaque paper which requires sitting down and fooling around with loading the things but to clip together , say, four quarters that can easily be accepted as a dollar and unclipped by a simple flip of the thumb. Being almost valueless, pennies are more of a problem, but a ten penny clip would be useful. That banks charge for taking legal tender should be illegal.

sand, Sep 19 2005

It occurs to me that clipping them together would add more bulk & weight to your pocket during the time you are tranporting the coinage from where ever it was you bound them to where ever it is you hope to spend them.

Additionally, coins bound in such a manner would take up more room in the cash drawer so it probably wouldn't be popular with the merchants.

Hyenuf, Sep 19 2005

Before the introduction of the Guilder, the Dutch had a unique range of coins and notes:
1, 5, 25 Cents, 1, 5, 25, 100 Guilder.
This is approximately a "log" scale, each coin / note was then roughly the same multiple of the one before (x4 or x5), unlike the more conventional 1,2,5,10,20,... series. And it resulted in fewer different denominations.

As a result it was easier to get rid of your coins, fewer different types to sort through.It also caused more prices to be xx.25 or xx.75 than in other countries.

This was a GOOD IDEA. It is a pity it was not adopted for the Euro.

ChrisF, Apr 12 2006