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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 The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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