More Coins Recycled Than Produced
A company that makes coin counting machines says that a historical precedent was set in 1998. More coins were put back into circulation by the general public than the amount the U.S. Mint produced.
According to figures released by Coinstar Inc. and the U.S. Mint, Coinstar placed well over 24 million more coins back into circulation than the number the U.S. Mint produced last year.
Coinstar's 5,400 machines allow consumers to throw piles of change in a machine, which sorts and counts them by denomination and spits out a receipt for the consumer. Coinstar then returns the coins to circulation through the Federal Reserve.
And here's another interesting fact the company tossed out: The more than 15.8 billion coins the company processed last year weighed well over 68,000 tons, as much as 440 Statues of Liberty.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 8, 9/99
First published on 09/01/1999