Money

© Brooke Clarke 2017

Background
Description
    Money in Circulation
    Paper Money
    Coins
        Kwik Koin Dispenser
Photos
Patents
Related
References
Links

Background 

Although a common misconception is that money came about as an alternative to using gold, there is no scientific support for that (if you know of some let me know).  The Wiki page for money says " there is no evidence of a society or economy that relied primarily on barter.[12]   There is some evidence that Kings issued money, for example Tally sticks (Wiki).  This page written after I learned about Modern Monetary Theory.

Description

Money in Circulation

Milton Friedman (Wiki) believed that the money supply (Wili: Monetarism) conrolled the GDP (Wiki), employment (Wiki) and inflation (Wiki) through the Phillips curve (Wiki).  But all of these ideas have been shown to be false. (Ref 1, Ref 2)
Some people think the U.S. government has a "printing press" and can print as much money as they want to and that is a problem.  But the recent experience with Quantative Easing (Wiki) where Trillions of dollars have been put into the economy has not resulted in any inflation, although there are many economists who expect it any day now.  The Fed (Wiki) does not have any tools that can control inflation or employment (Ref 3). The only thing they can control is the overnight interest rate.

There are a number of measures of how much money is in circulation (Wiki: Money Supply, Fractional Reserve Banking) but Modern Monetary Theory suggests that these have no value in relation to inflation or employment.  Ben Bernanke's (Wiki) The Great Moderation (Wiki) turns out the be a myth as shown by the Global Financial Crisis (Wiki)

Paper Money

While I was a young man all the paper money I carried had the words "Silver Certificate, This certifies that there is on deposit in the Treasury of the United States of Ameerica One Dollar." at the top.  The idea was that you could take the Silver Certificate to any U.S. Mint (Wiki) and exchange it for a Silver Dollar (Wiki) which at that time contained a dollars worth of silver metal.

Some people think that FDR (Wiki) took the U.S. off the gold standard, that's not exactly the case, what Executive Order 6102 of 1933 (Wiki) did was to remove gold coins, gold bullion and "Gold Certificates" (Wiki) from circulation and change the price of gold from $20.67 per ounce to $35 per ounce.  Note the Silver Certificate remained in circulation. 

Nixon took the U.S. off the gold standard in 1971 (Wiki: Nixon Shock).  Between the end of W.W.II and 1971 the U.S. dollar was pegged to gold and the currency of 44 other countries was pegged to the U.S. dollar, i.e. the exchange rate was fixed between countries Wiki: Bretton Woods System).  I remember that a Pound sterling (Wiki) was $2.40.  Nixon Shock had the effect of floating all the exchange rates.

U.S. Paper money is printed by the U.S. Treasuary (WIki, Treasury).


Silver Certificate

Coins

The U.S. Coinage Act of 1792 (Wiki) established the silver dollar (used for paying debts) and the U.S. Mint.  Coins using gold, silver and copper were authroized for trade.  The U.S. Mint (USMint.gov) makes only various types of coins not paper money.

Kwik Koin

 Nickle dispenser by McPherson Mfg. Co., Tacoma, WN (Washington)

I came across this while looking at machines that handle coins.  It came from Las Vegas and was rumored to be from the Dunes Hotel basement.  At one time there were many machines in Nevada that used nickle coins so thie makes some sense.

Description
There is a slide at the bottom of the tube that supports the stack of coins.  When the slide is moved foreward with the hand in a cupped position the stack of coins falls down by 5 coins (25 cents) and is stopped by another slide.  When the spring loaded slide is allowed to return to it's resting position 5 coins are dropped into the operator's hand.  I think the holes in the tube are at $1 intervals (20 nickles).

Aluminum casting with stainless steel tube.

2491573 Coin Dispensing Machine, C. C. McPherson, Dec 20, 1949 -

Photos


Fig 1 Kwik Koin
Kwik Koin
                      Nickle Dispenser (25 cents per cycle)
Fig 2
2491573
                      Coin Dispensing Mechanism, C.C. McPherson, Dec 20,
                      1949
Fig 3 Slide in resting position
Kwik Koin
                      Nickle Dispenser (25 cents per cycle)
Fig 4 Slide pulled forward
Kwik Koin
                      Nickle Dispenser (25 cents per cycle)

Patents

Accubanker

Brandt (History, nop longer in business)

list of patents on Brfandt 730 bench top hand cranked Coin Counter and Packager
[the 740 is a motorized unit either bench top or free standing]

1816515 Adjustable spout, Edward J Brandt, Brandt Automatic Cashier Co, Jul 28, 1931 - coin output
1820343 Change making machine, Edward J Brandt, Brandt Automatic Cashier Co, Aug 25, 1931 - typewriter keyboard with all numbers on keys
1822560 Key for coin delivery machines, Edward J Brandt, Brandt Automatic Cashier Co, Sep 8, 1931 - as in typewriter key, not lock
1839946 Coin delivery apparatus locking means, Edward J Brandt, Brandt Automatic Cashier Co, Jan 5, 1932 - connecting coin tuybes to machine
1849318 Coin sorting machine, Carl Schwartz, Brandt Automatic Cashier Co, Mar 15, 1932 - motorized drum
1850148 Money sorting machine, Brandt Edward J, Brandt Automatic Cashier Co, Mar 22, 1932 - motorized drum slots for different size coins
1850198 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 22, 1932 - keyboard dispenser
1850257 Change making machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 22, 1932 - 
1850258 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 22, 1932 - swing arm output chute
1850313 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 22, 1932 - tubes in back + keyboard
1868272 Coin delivery machine, Edward J Brandt, Brandt Automatic Cashier Co, Jul 19, 1932 - multiple coins of same value
1885582 Coin delivery chute, Edward J Brandt, Brandt Automatic Cashier Co, Nov 1, 1932 - swing arm output chute
1887989 Shotgun cartridge, Paton Pollitt George, Rule Nimmo Walter, Winder Brownsdon Henry, Ici Ltd, Nov 15, 1932
1900039 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 7, 1933 - swing arm output chute
1901081 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Mar 14, 1933 - keyboard type
1917091 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Jul 4, 1933 - keyboard type
1932687 Coin tray, Edward J Brandt, Brandt Automatic Cashier Co, Oct 31, 1933 - 6 chutes + keyboard
1935012 Coin receiver, Brandt Edward J, Brandt Automatic Cashier Co, Nov 14, 1933 - used at the output of a coin counter or coin sorter
1944313 Money handling machine, Edward J Brandt, Brandt Automatic Cashier Co, Jan 23, 1934 - swing arm output chute + keyboard
2163082 Coin delivery chute, Edward J Brandt, Brandt Automatic Cashier Co, Jun 20, 1939 - swing arm output chute
2311732 Coin delivery chute, Arnold R Buchholz, Otis E Hoffman, Brandt Automatic Cashier Co, Feb 23, 1943 -
2348936 Coin sorting and counting machine, prenger William H, Brandt Automatic Cashier Co, May 16, 1944 - motorized does dime, penny, nickel, quarter & half dollar at the same time
2378828 Coin counting machine, Barganz Walter A, Buchholz Arnold R, Brandt Automatic Cashier Co, Jun 19, 1945 - has the look and feel of the 730
2406948 Coin Handling Machine, O.E. Hoffman et al, Brandt Automatic Cashier Co, Sept 3, 1946 - 8 keys, motorized
2642881 Coin sorter control mechanism, Buchholz Arnold R, Brandt Automatic Cashier Co, Jun 23, 1953 - notification that output container is full an needs to be emptied
2805825 Currency counting apparatus, Buchholz Arnold R, Julius Jorgensen, Brandt Automatic Cashier Co, Sep 10, 1957 - 
2861580 Coin handling machine with adjustable passage, Arnold R Buchholz, Haban Frank, Brandt Automatic Cashier Co, Nov 25, 1958 - 730 model can be adjusted for a specific coin.
2864385 Coin dispensing machine, Arnold R Buchholz, William H Sprenger, Brandt Automatic Cashier Co, Dec 16, 1958 - motorized keyboard type
2893406 Coin changer apparatus, Arnold R Buchholz, Haban Frank, Brandt Automatic Cashier Co, Jul 7, 1959 - keyboard esperate from coin handler  
2952348 Coin delivery chute, Arnold R Buchholz, Haban Frank, Brandt Automatic Cashier Co, Sep 13, 1960 -  
3413451 Predetermined count means for paper currency counter, Buchholz Arnold R, Johnson George V, Krause Arnold J, Brandt Automatic Cashier Co, Nov 26, 1968 - for banding   
3214096 Paper currency counter, Krause Arnold, Arnold R Buchholz, George V Johnson, Brandt Automatic Cashier Co, Oct 26, 1965 - 
4383540 Feeding mechanism for dual coin sorters operating in parallel, Roy W. De Meyer, Frederick H. Harder, Arnold R. Buchholz, Richard P. Uecker, John A. Kressin, Brandt, Inc., May 17, 1983  

Cummins

Glory

Klopp

Laurel

Scan Coin -

Semacon

Related

 Modern Monetary Theory -

References

1. Debunking Economics (Wiki) by Steve Keen, 2001 (my MMT page, Wiki) - aimed at the ideas of microeconomics (Wiki)
2. Zombie Economics by J. Quiggin (my MMT page) - Wiki book outline  - aimed at the ideas of macroeconomics (Wiki)
3. Modern Monetary Theory


Links

PRC68, Alphanumeric Index of Web pages, Contact, Products for Sale
Page Created 2017 Feb 1