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The denominations of US coins: a case of institutional evolution

Author

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  • Adrian E. Tschoegl

    (The Wharton School SHDH 2000, University of Pennsylvania, Philadelphia, PA 19104-6370, USA "A great deal of small change is useful in a state, and tends to reduce the prices of small articles." Thomas Jefferson)

Abstract

The system of denominations of US coins, which the paper treats as a quasi-genetic trait of the US monetary system, has not been constant since inception but rather has evolved over time in the sense of being subject to innovation and selection. However, all the innovations have disappeared, as have a number of the original denominations. Abstract theories of optimal systems of denominations provide a good explanation of one selection factor, but other important influences include limiting the number of separate denominations and accommodating the requirements of decimal counting. However, even some innovations that ultimately disappeared survived for decades.

Suggested Citation

  • Adrian E. Tschoegl, 2001. "The denominations of US coins: a case of institutional evolution," Journal of Evolutionary Economics, Springer, vol. 11(3), pages 359-384.
    • Handle: RePEc:spr:joevec:v:11:y:2001:i:3:p:359-384
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    Cited by:

    1. Tschoegl, Adrian E., 2010. "The international diffusion of an innovation: The spread of decimal currency," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 100-109, January.

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