quarter dollars, dimes, nickels, and cents in America. Money to serve
well a variety of uses must be of different denominations, and "small
change" is necessary to make small purchases and for exact settlement
in larger payments that are not multiples of the standard unit. The
amount required (or most convenient to use) in each denomination
of fractional coins is thus a more or less certain portion of each
person's monetary demand, shaped by experience and fixed by habit. For
example, within certain elastic limits of convenience quarters may be
used for halves, and dimes for nickels (and _vice versa_); but each
person has a point of preference. The total demand for each kind of
change is the sum of the individual demands. This point where the
amount of coins of any denomination (in relation to the whole monetary
system) is most convenient may be called the saturation point of that
kind of small change, up to which point the people prefer a share
of their money in that form, and beyond which they will, if free
to choose, exchange that kind for other denominations (smaller or
larger). Each kind of money, as the cent, nickel, dime, has its own
peculiar demand and its saturation point.

MONETARY SYSTEM OF THE UNITED STATES, 1915

Metals | Weight, grains | Fineness |Ratio to gold
1. Gold coins | 25.8 | .90 | 100
2. Silver dollar | 412.5 | .90 | 15.988 to 1
3. Silver, subsidiary | 385.8 | .90 | 14.953 to 1
4. Nickel (5 cents) | 77.0 | .25 | ...........
5. Copper (1 cent) | 48.0 | .95 | ...........
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Metal |Limit of issue | Legal tender for|Receivable for
| | private debts |public dues