Pennies and Cents

[samclem]

@dtilque

However, for many years the Canadian nickel was made out of 100% nickel. Now I believe it’s made from the same or a similar alloy as the US coin.

No one has adressed why the US 10 cent piece was officially called a dime (or disme). As I understand it, someone back then had the idea of a three level money system, just like the L/S/D British system discussed upthread. That is, they expected amounts of money to be quoted in $/Dimes/Cents. Why they thought this was a good idea is a mystery to me, but fortunately common sense prevailed and we didn’t do that.

A previous thread http://boards.straightdope.com/sdmb/showthread.php?t=268339&highlight=jefferson+disme and a post from there

@brianmelendez

31 U.S.C. § 5101. The term “dime” (originally “disme”) has been around since the Coinage Act of 1792:
Quote:
Section 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values and descriptions, viz.

EAGLES —each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold.
HALF EAGLES —each to be of the value of five dollars, and to contain one hundred and twenty-three grains and six eighths of a grain of pure, or one hundred and thirty-five grains of standard gold.
QUARTER EAGLES —each to be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven eighths of a grain of pure, or sixty-seven grains and four eighths of a grain of standard gold.
DOLLARS OR UNITS —each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.
HALF DOLLARS —each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver.
QUARTER DOLLAR —each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver.
DISMES —each to be of the value of one tenth of a dollar or unit, and to contain thirty- seven grains and two sixteenth parts of a grain of pure, or forty-one grains and three fifths parts of a grain of standard silver.
HALF DISMES —each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifths parts of a grain of standard silver.
CENTS —each to be of the value of the one hundredth part of a dollar, and to contain eleven penny-weights of copper.
HALF CENTS —each to be of the value of half a cent, and to contain five penny-weights and a half a penny-weight of copper.

And in another old thread

@silenus

Jefferson coined the term disme, from the French dixieme, for a tenth of a dollar. Pronounced deem, it eventually became dime.

[h.sapiens]

@garygnu

This comes from dubloons or whatever being devided into 8 pieces (hence "pieces of eight). Call the pieces “bits” and you get one quarter made up of two bits.
The term is especially useful for raising your auction bid on your girl’s picnic basket.

Also helpful when getting a shave and a haircut.

[PoorYorick]

@Chronos

Officially, the US also has a monetary unit called the “mil”, equal to one tenth of a cent, but I don’t think there have ever been coins in that amount (there certainly aren’t now), and they’re only ever used in a few specialized contexts.

Back in the early '60’s, my grandfather in Oklahoma used to carry around a handfull of “mills” in his pocket for some reason, and gave me one (I’ve lost it since, darn it). If I remember correctly, each was silver in color, was lightweight (zinc?), had a hole in the center, and was stamped with something like (“Oklahoma,” and “One-tenth of one cent.” He said that they had been minted specially for taxes less than one cent. I didn’t think to ask him who minted the coins (did Oklahoma ever have a mint?), or when and how the mils were actually used…

[samclem]

@PoorYorick

Back in the early '60’s, my grandfather in Oklahoma used to carry around a handfull of “mills” in his pocket for some reason, and gave me one (I’ve lost it since, darn it). If I remember correctly, each was silver in color, was lightweight (zinc?), had a hole in the center, and was stamped with something like (“Oklahoma,” and “One-tenth of one cent.” He said that they had been minted specially for taxes less than one cent. I didn’t think to ask him who minted the coins (did Oklahoma ever have a mint?), or when and how the mils were actually used…

It was aluminum and made to pay sales tax. Well, actually a receipt for the customer of sales tax paid. In Ohio at the time it was a paper chit. In Ariz., a zinc token. etc.

[OldGuy]

@samclem

It was aluminum and made to pay sales tax. Well, actually a receipt for the customer of sales tax paid. In Ohio at the time it was a paper chit. In Ariz., a zinc token. etc.

Exactly. I believe it was the way to ensure the tax collected was turned over to the state. The retailers purchased the tax stamps (in Ohio) from the government and handed them out to the customers. The governemnt then knew they were getting all the tax they were entitled to (provided the customers insisted on getting the tax stamps.) We as students collected the tax stamps at school and could turn them in for something – what I don’t recall. It wasn’t somethign individual. I mean the school as a whole or perhaps a class a a whole collected the stamps. And since the kids were asking for them, the parents made sure to get them.