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Archive for Wednesday, April 27, 2011

40 years ago: Fearing shortage, local banks limit penny exchanges

April 27, 2011

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From the Lawrence Daily Journal-World for April 27, 1971:

  • Hoarders nationwide were reported to be saving pennies in hopes of earning more than the face value of the coins. A rise in the price of copper was causing some people to save their cents, but according to a recent issue of “Coin World,” it would have taken nearly 240,000 pennies to make $100 in profit if the selling price of copper was $1.50 a pound. In addition, the report mentioned that it was illegal to melt down the coins. Some U.S. banks were expressing concerns that a penny shortage might eventually occur. Lawrence banks that supplied local stores with pennies were putting limits on the number of rolls of pennies they would exchange for collectors in order to protect the supply.
  • Speeding citations in Douglas County had increased fourfold since a month before, according to county court records. Drivers appeared to be less concerned than previously about the cost of gasoline, with the result that they were not adhering to the 55 m.p.h. speed limit which had been aimed at gas conservation. Of the 205 citations turned in by law officials, 147 had been issued on the Kansas Turnpike. More than one-quarter of the citations were for speeds of 75 m.p.h. or more, while 58 were for speeds of 75 to 100.

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