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The E-Sylum:  Volume 10, Number 19, May 13, 2007, Article 21

FEATURED WEB PAGE: DENOMINATIONS OF U.S. COINS

This week's featured web page is an abstract of a February 2004 article
in Journal of Evolutionary Economics: "The denominations of US coins:
a case of institutional evolution" by Adrian E. Tschoegl.

"'A great deal of small change is useful in a state, and tends to reduce
the prices of small articles.' Thomas Jefferson (1784; 1953, p. 178)

Abstract. The system of denominations of US coins, which the paper
treats as a quasi-genetic trait of the US monetary system, has not
been constant since inception but rather has evolved over time in the
sense of being subject to innovation and selection. However, all the
innovations have disappeared, as have a number of the original
denominations. Abstract theories of optimal systems of denominations
provide a good explanation of one selection factor, but other important
influences include limiting the number of separate denominations and
accommodating the requirements of decimal counting. However, even
some innovations that ultimately disappeared survived for decades."
Featured Web Site

  Wayne Homren, Editor

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To submit items for publication in The E-Sylum, write to the Editor 
at this address: whomren@coinlibrary.com

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