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V12 2009 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 12, Number 44, November 1, 2009, Article 16

INTERVIEW: THE IMPORTANCE OF COINS FOR THE AMERICAN ECONOMY

GloboNews logo Last week I mentioned that I'd been asked to be interviewed by the Washington correspondent of a Brazilian TV station, GloboNews. Reporter Raquel Krahenbuhl wrote:

"I am doing a story on the current condition of coins (penny, nickel, dime, quarter) currency in the United States, and the importance those coins for the American economy.

The story is getting attention in Brazil because coins are being used less and less in the marketplace due to usage of credit and debit cards. Now the Brazilian government is planning to launch a campaign to promote usage of coins."

Dick Johnson kindly forwarded me these talking points just before she arrived at the lobby of my office building around 9:30am Monday:

  • Progressive nations -- Australia, New Zealand, Finland, Israel -- have abolished low value coins as their economic value has diminished.
  • More nations will also abolish low value coins and round off to next higher denomination coin, this effects economies and efficiencies.
  • European nations learned they have too many Euro coin denominations -- five or six is ideal -- not eight different as some have.
  • Half dollars are least circulated U.S. coin denomination.
  • Ultimately U.S. will have only a dime, half dollar and dollar coin of existing denominations, the cent, nickel and quarter will be abolished.
  • New U.S. coin denominations will be Five and Ten dollar coins.
  • Coins will continue to be used for cash transactions and for vending machine use.

Her cameraman set up tripods for his camera and lights, and before long the interview was underway. I hadn't studied, so I winged it. I think it went fairly well, though. Her questions were easy, although I had to dance around my lack of knowledge of the actual numbers of coins involved.

The story was aired on Tuesday, but unfortunately is not available on the web site.

Wayne Homren, Editor

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