The Daily

Posts Tagged ‘currency’

A Penny Saved Is a Waste of Time

November 4, 2014 | by

How our coins got their names.

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The 1909 penny.

Election Day is here again, and I know there are some single-issue voters out there who haven’t forgotten an issue of our time that Congress has repeatedly failed to act on, despite the introduction of bills HR 3761 in 1989, HR 2528 in 2001, and HR 5818 in 2006. President Obama has stated that he is in favor—the lobbyists for outnumber the lobbyists against—and yet the Price Rounding Act, the Legal Tender Modernization Act, and the Currency Overhaul for an Industrious Nation (COIN) Act, respectively, have all failed to pass. As a nation, we have yet to abolish the penny.

A penny costs more to produce than it is worth (even after the 1982 change from a 95 percent copper composition to 97.5 percent zinc), so the U.S. loses tens of millions of dollars a year minting them; the sheer cost of lost time spent hunting for pennies, waiting in line behind someone else hunting for pennies, and disposing of pointless pennies once we have them has been estimated at as high as a billion dollars a year. No coin in U.S. history has ever been worth less than a penny is today, by a long shot: the half cent, eliminated in 1857, was worth more than a dime in today’s buying power. A penny saved may be a penny earned, but it is about two seconds of income for an average American, so who cares. Yet again, the Ben Franklin for our time turns out to be Andy Warhol: “I hate PENNIES. I wish they’d stop making them altogether. I would never save them. I don’t have the time. I like to say in stores, ‘Oh forget it, keep those pennies. It makes my French wallet too heavy.’ ”

One thing we’ll lose, when the penny eventually goes the inevitable way of the half cent and the Canadian penny (extinct as of 2012), is the last possible link between our language of money and the everyday physical world. Read More »

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A Profound Experience of Art, and Other News

July 29, 2014 | by

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What the Mona Lisa sees all day—cue a quotation from the “Most Photographed Barn in America” section of White Noise. Photo: Susan Lesch

  • Museums have a real, if enviable, problem on their hands—they’re too popular. “Seeing masterpieces may be a soul-nourishing cultural rite of passage, but soaring attendance has turned many museums into crowded, sauna-like spaces, forcing institutions to debate how to balance accessibility with art preservation.”
  • A proposed virtual-reality edition of Ulysses sounds about as abstruse as the novel itself: “As a user of In Ulysses walks along a virtual Sandymount Strand, the book will be read to them—they will hear Stephen’s thoughts as they are written—but these thoughts will then be illustrated around the user in real-time using textual annotations, images, and links.”
  • Fewer people are giving books as gifts—the number of gift-book sales fell by nine million in a year. (If you’d like to reduce the deficit and you need an excuse to give, today is International Tiger Day.)
  • Trend alert: there’s never been a finer moment to be a deceased performer. “Two thousand fourteen is only half over, yet the year in culture has already been dominated by people who are dead … I mean people like Michael Jackson, who, five years in the grave, performed at the Billboard Music Awards in May. And Rick James, who’s been dead for a decade and who has a new memoir this year. And the great Philip Seymour Hoffman, who died in February and has a new movie out.”
  • From Disobedient Objects, a book about design’s effect on social change, a look at the storied history of defacing currency.

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Our Office Plants, Ourselves, and Other News

July 22, 2014 | by

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Polly Brown photographs plants in offices. Photo via The New Yorker; plant also via The New Yorker.

  • Coming soon to the two-euro coin: Tove Jansson’s face. How can you get one? “ ‘Some collectors consider it important to obtain the coin from circulation, but it is easier to purchase the special coin in polished proof quality from numismatic shops or the Mint of Finland online shop,’ says Mint of Finland CEO Paul Gustafsson.”
  • Bertrand Russell: bright guy and all, but was his pacifism really so logically rigorous? “The peace agenda of Russell and his followers was always based on the assumption that war is simply a euphemism for the madness of state-sponsored mass murder, and that we could prevent it by standing up for moral and political sanity … But the paths to war are paved not with malice but with righteous self-certainty. People who choose to participate in military action are more likely to be altruists than egotists.”
  • How should you explain what your novel’s about? Not like this: “This was the story of a young guy, from a town, with a family, with a handful of familiar issues, going back to that town.”
  • The photographer Polly Brown “has spent the past year documenting the plants that bloom in the headquarters of Louis Vuitton, A.T. & T., Nike, Vogue, and even The New Yorker … Brown’s idea was to present the office plant as a representation [of] our ‘biophilic desires.’ ”
  • In 2002, radio producers interviewed “New Yorkers who were among the last—and in some cases, the very last—to hold jobs in industries that were dying … They came up with seven people—a Brooklyn fisherman, a water-tower builder, a cowbell maker, a knife-and-scissor grinder, a lighthouse keeper, an old-fashioned bra fitter, and a seltzer man.” The interviews are now online.

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The Edible Woman

August 7, 2013 | by

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Jane Austen’s ascendency to the rank of currency has inspired our friends at AbeBooks to suggest a series of literary bills. Perhaps our favorite is this Margaret Atwood $20 note—not least because it is she who once wrote, in Payback: Debt and the Shadow Side of Wealth, that “the primary wealth is food, not money.”

 

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