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" TREASURY DEPARTMENT 


Washington 


FOR RELEASE, MORNING PAPERS Press Service 


3 
| 
ne June 12, 1934 No. 1 - 91 


(6-11-34) 


1. An extraordinary demand for subsidiary coins, which has almost complotely 


\wuy 


exhausted the supplies in the Federal Reserve banks, the United States Treasury 
and the mints, has sprung up within the last few months, The demand is far out 
of proportion to any that has ever occurred before at this time of the year in 
the whole history of the mints, 

Shipments of subsidiary coins, including half dollars, quarters, dimes, 


|; nickels and cents, from the mints amounted to $3,603,000 from January of this 


same five months for the thirteen years prior to this year. Shipments in the 


five months, January to May inclusive, were but $2,477,000 from January 1, 1921 


? 


‘- to May 31, which exceeds by more than $1,300,000 all the shipments in the 


m to December 31, 1933, 


The extraordinary demand for "change" has put the Philadelphia mint on a 
three-shift basis and coinage operations have been speeded up at the Denver and 
San Francisco mints, 

The greatest demand is for Quarter=-dollars, Shipments in 1934 from the 
mints of quarters alono up to May 31 have amounted to $1, 465, 000, whilo for 

%» tho same months in tho thirteen prior years shipments of quarters had amounted 
only to $435,000. 

Shipments of coins are made from the mints to the Federal Reserve banks 

p and the cash division of the Treasurer's office on the order of the United 
States Treasurer, Ordinarily the Federal Reserve banks, especially that at 
New York, have a large reserve supply, These supplies have been rapidly 


. dwindling in recent months and rush orders for additional coins began to come 

















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to the mints in May. The banks are now receiving shipments as fast as the mints 
can turn out the coins, Production of copper cents, of which 82,650,000 
($826,500) have been shipped since Jamary 1, is just keeping abreast of the de 
mand, Of quarters there is a real shortage and orders are being rationed in~ 
stead of boing shipped in full, Last Friday night there was only $1,000 in 
quarters at the Philadelphia mint, but Treasurer Julian had orders for immediate 
shipment of $392, 000 of them, A rush order from Detroit was filled by shipment 
from Denver, though ordinarily Detroit's supply comes from Philadelphia, 

The demand is also heavy for half-dollars. Although the Treasurer's records 
show $435,000 in half-dollars as having been shipped from the mints this year, 
the New York Federal Reserve bank supplied to banks in its territory and shipped 
to other Federal Reserve regions $1,580,000 of them, drawn mostly from its own 
Feserve stocks, Distribution from the mints in the first five months of the 
previous thirteen years combined had been only $670,000 of these coins, 

The following table shows shipments of subsidiary coins from the mints for 


the first five months of each year from 1921 to 1934, with comparative totals: 


Halves Quarters Dimes Nickels Cents 
Srna ORS Mimes,_ Nickels... «Cents 


Jan. 1 to 
May 31: 
Delve xi ecausens se SY ie ee Se “+s - e+ 
eas Waiee 6 BRAS =o reves ee Se: = --- 
ohh 2 es esee $120,000 $165, 000 $175, 000 $115, 000 $101,000 
eae, eee ~—- --- 10,000 40, 000 7,000 
baa ke --- 25,000 --- 55,000 9,000 
1926, ere --- -~-- 60, 000 127,000 77,400 
aed ase ‘ ---+ --- 106, 000 2,000 38,000 
22 a ae en Ne 50,000 10, 000 8,000 18,000 26, 500 
PCO ca umaseeava ~-- --- 50,000 6,000 133, 000 
PIO 565. o-0a 5 Panes - 5 125,000 -—= 77,000 100,000 
DIU Laisa seneeenn --- ~=s --« -== 25,000 
LIS2.aceccceceses 100,000 --~ =u & ---+ --+ 
Sy criss cesta 400,000 110, 000 40,000 40, 000 22, 000 
Total, 1921 = 
1985, intel, 670, 000 435,000 353, 000 480,000 538,900 
1934. ...eeeeeeees 435,000 1,465,000 655,000 421,000 826, 500 


Grand Total 1921 - 1933, incl.... $2,477,000 
WOCa aac eeae vee awww, $5, 808,060