Coins and Cash: Shortages, Hoardings, and Threats

What is the cause of the current U.S. coin shortage and when have there been other shortages. Why is there a push to get rid of both the penny and the hundred dollar bill.

Topics covered include:

• How many coins does the U.S. Mint produce each year and why hasn't it been enough to avert a coin shortage in 2020.
• How the U.S. coin shortage in the early 1960s differs from today.
• How much profit does the U.S. Mint make producing coins even though it loses money minting both pennies and nickels.
• How often and under what circumstances do U.S. consumers pay with cash.
• Why the U.S. penny should be discontinued.
• Why companies and individuals are hoarding cash, mostly in one hundred dollar bills.
• Why the existence of one hundred dollar bills would impede the effectiveness of negative interest rates in the U.S.
• Why has the U.S. mint sold 300% more ounces of gold coins in 2020 compared to last year.

Thanks to Chili and Policygenius for sponsoring the episode.

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