Every economist, businessman, banker, and monetary official knows about the coin shortage in the U.S., and increasing numbers of citizens are learning about it. For public relations purposes it is claimed that the shortage is the work of “collectors,” “vending machines,” “economic growth” and “retail sales taxes.” All of these factors together have probably had less to do with it than the un-mentionable hoarding. Although the mints have been working like mad, the banking system has less coin now than a year ago. To illustrate how little hoarding needs to be done to sack the Treasury: 1) silver coins outstanding amount to about $8 per person; 2) although there are eight million coin collectors, total current production of the mints could be absorbed by just one million hoarders setting aside one dollar a day in silver coins; 3) current production of silver coinage amounts to a dime a week for each household in the nation.
Treasury’s Shrinking Trove
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