FROZEN CURRENCY

Evening Post, Volume CXXVII, Issue 118, 22 May 1939, Page 12

FROZEN CURRENCY

A curious situation has arisen out of the introduction of the newlydesigned United States five-cent coin —the nickel, says the "Manchester Guardian." The new coin, which is to supersede the familiar Indian-Buffalo piece, is the Jefferson .nickel, having upon on-e side the portrait of Thomas Jefferson, the third President, and on the other a representation of his famous mansion Montecello. Since the new coins were first put into circulation in November the Treasury has issued some 32,750,000 of them. It is found, however, that they are not being used freely but that people throughout the country are hoarding them. Some are, no doubt, being retained as souvenirs of the new issue, but the main reason for their being held out of cir culation is a belief that has frequently occurred in the annals of the coinage —namely, the spread of a rumour that the new coins will be recalled because it has been discovered that they have a defect and that they will, therefore, belore long be worth more than five cents each to collectors. So persistent is this rumour <nd so widespread the hoarding that the Treasury has issued an announcement to the public, stating that "the dimensions, metallic content, and weight of the Jefferson nickel are exactly those of the Buffalo nickel, which it was designed to replace; that absolutely no defect of any kind has been *found in it; and that its recall is not even remotely being considered."