By Kathy Hughes
Our daintiest coin — the U.S. dime — has been minted since 1796. The reason it is so small is that, originally, it was nearly 90 percent silver and 10 percent copper. As such, silver was used more sparingly, giving rise to the expression “one thin dime,” as well as other expressions for smallness, like “stopping on a dime.”
The name dime derives from the same root as “decimal,” i.e., it is one tenth of a dollar. It should be no surprise that dimes are no longer made from silver; instead, they are nearly 90 percent copper, with nickel added. Currently, they are the same composition as quarters, only smaller, with the head of Franklin Roosevelt on one side.
Before adoption of the Roosevelt design in 1946, dimes had a woman in various poses as a symbol of liberty. They were really quite lovely. The last version is mistakenly identified as “winged Mercury” — the head of a woman wearing a winged helmet. At one time this was a common representation of “Liberty.”
The reverse side of dimes portrays what to some appears to be a bundle of arrows. Instead, it is another Roman symbol called the “Fasces.” This is a bundle of wooden rods, with an axe, as a representation of authority via the executioner’s axe and the rods used for punishment. An olive branch encircles the Fasces as a symbol of peace.
The dime, along with quarters, half-dollars, and dollar coins, is grooved around the edge. This is to prevent people from trying to file down the coins to obtain the metal, originally, silver. Dimes used to have buying power, as reflected in “dime stores” (compare to dollar stores), “five and dime stores” (nickels and dimes) and “dime novels” (the first paperbacks). Since dimes no longer buy anything, as far as can be determined, do we need them? Perhaps they are useful only as a way to break down a quarter, along with the nickel.
Half-dollars and dollar coins have largely been unsuccessful, leaving the quarter as the one coin we could not do without. Of course, relying on quarters would require largely inflationary changes in pricing practices. Also, one quarter is hardly ever enough — vending machines, including laundry facilities, require a dollar or more in quarters. They are bulky and heavy to carry around, making them inconvenient.
A world without any coins would be an expensive one, making it impossible to make change. China has practically eliminated circulating currency of all types, encouraging online exchanges like “PayPal,” along with credit cards. We could all have digital implants which could be scanned as a method of payment.
It remains unclear as to whether bitcoin and its imitators will be successful in the long run. Bitcoin systems eliminate banks and other financial institutions as middlemen in commercial exchanges, but is so complicated that, at present, the general public finds it incomprehensible.
Considering the purpose of money in making trade simple, convenient and practical (as opposed to cattle or bushels of produce), it has served us well for centuries. Paper money, like plastic, has no intrinsic value, but saves using up precious metals. Has currency come to the end of the road, to be replaced by even more abstract means of exchange? Should coins be made of plastic?
The near future may see the end of money, and going shopping, other than on a computer, may be an activity of the past. Another element of fun in life will disappear, along with cashiers, coin collectors and other unforeseen changes in society.
