The E-Sylum:  Volume 11, Number 13, March 30, 2008, Article 15

ON REBASING COINAGE

In response to our recent discussions of the U.S. Mint's
problem with high metals prices, Martin Purdy wrote: "I've
heard of lots of countries that have abolished their lowest
denomination but never any that have actually revalued their
one-cent coins to circulate as fives - if any country has,
I'd love to have the details since it would make a great
quiz question."

I put the question to François Velde of the Federal Reserve
Bank of Chicago.  Velde is an E-Sylum subscriber and he has
proposed rebasing our lowest denomination coins as a solution
to the situation.  He was not aware of any countries that had
actually done this, though.  It's an interesting and novel
solution nonetheless.

 DICK JOHNSON: STEEL CENTS WON'T WORK!
 esylum_v11n11a20.html

 COUNTERPOINT: STEEL CENTS COULD WORK
 esylum_v11n12a14.html

  Wayne Homren, Editor

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