I am assuming that after reading the signs on business establishments and listening to the comments made by proprietors of local businesses, it seems that there is an acute shortage of coin of the realm. Without sounding insulting, I am talking about pennies, (not JCP), nickels, dimes, and quarters. The last time I checked, we still live in a land that has been built on a capitalist ideology in which a person is still allowed to own private property and is allowed to accumulate wealth. We are still able to buy or sell said property at a profit that is beneficial to both buyer and seller. One of the major economic driving forces within our financial system is the law of supply and demand. With that being said, and without appearing to be wasting the reader’s time by restating the obvious, I have a solution to this dilemma.
If anyone pays attention to the New York Stock Exchange or the Chicago Board of Trade, then you know that commodities are bought and sold all the time and the value of the US greenback is compared to the Yen, Euro, and other currencies and its value is measured against that currency. I think that since our coin is made out of metals that are traded in our stock exchanges such as copper, nickel, silver, and zinc, then coins qualify as a commodity. And since the coin of the realm can be described as a commodity then under the law of supply and demand it should be treated as such. So, if both the US government and the banking industry are having a problem obtaining enough coin of the realm to circulate then maybe they should create an incentive for people like me, and maybe you, who may also have an abundance of said coin to relinquish it back to those institutions at say, five cents on the dollar. WHY NOT!!!
After all, many retail outlets have a machine that will take and sort such overabundance of coin and charge people up to eight cents on the dollar for the privilege. If I am asked to collect all my coin, bag it, sort it and take my time to haul it someplace then I think that I should be recompensed for my time and effort. If I have to spend my time going through all the seat cushions in my house or searching under all the seats in my car looking for change then I should be paid for it.
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And what about all of those “piggy banks,” mayonnaise jars, and coffee cans that many folks have that they use to drop in their accumulation of coins at the end of the day? If the banks can charge interest on loans and collect fees on just about any services that they provide then it’s time that we get some of it back.
Rise up all you coin hoarders, collectors, and kiddies who have an allowance stashed away somewhere in the back of your closet. Let’s capitalize on this dilemma that was not of our own making and help our two revered institutions make it through this seemingly devastating period in our history.