Editorial

Americans keep lots and lots of coins

If current estimates are correct, there is enough loose change lying around our homes or offices or under the seats of our cars for each of us to rent a dozen videos, see five movies (matinee tickets) or have one really good meal at one of our fine restaurants.

Do the math: An estimated $7.7 billion in coins has been squirreled away by 281,421,906 Americans (official census as of April 1, 2000).

Because so many of us keep coins for a variety of reasons, the U.S. Mint must turn out more coins every year -- about 15 billion pennies, nickels, dimes and quarters in the fiscal year that ends Sept. 30.

While jars are the No. 1 containers for storing all these coins, it's good to see that piggy banks are in second place. Many Americans now saving for retirement learned to put some of the allowance or earnings from a paper route in a piggy bank.

Finding loose change can be a good job too. When automobiles are finally sent to the scrap heap, they are first scoured for coins that have dropped from pockets. One salvage yard which does a large volume of shredding of old cars says it finds as much as $1,000 a day.

Not bad. And the money probably goes into a bank account, not a jar.

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