DailyDirt: Pocketful Of Useless Coins

from the urls-we-dig-up dept

Some people hate carrying around coins and just save them up in jars or throw them into water fountains. There is a never-ending discussion over whether or not to stop printing the US penny, but some folks just don't like rounding to the nearest nickel. Some new coins have been extremely popular (eg. the US state quarters), and all sorts of organizations are starting to print new kinds of collectible coins. Here are just a few examples of some not-so-rare coins.

• Military "challenge coins" are generally bestowed upon members of the armed forces for exemplary service and to boost morale. But other areas of the government have printed coins, too -- such as the secretaries of education, transportation and agriculture, as well as the Department of Agriculture's Office of Information Technology. If this coin tradition spreads, will there be inflation? [url]
• The US mint has previously produced half-cent, two-cent, three-cent and 20-cent coins -- so why not an 18-cent coin or a 32-cent coin? The argument is that these additional coins would minimize coin transactions, but how about a 99-cent coin? [url]
• The world's smallest coin could be a speck of diamond (about 750 nanometers across) with Elizabeth Windsor's profile etched on it. Nano-etching the lab-grown diamond demonstrates the capabilities of the James Watt Nanofabrication Centre at the University of Glasgow -- and similar processes could be used to produce patterns for novel semiconductors and nano-transistors. [url]

If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post.

Filed Under: coins, collectibles, diamond, money, nanofabrication, trinkets

Using Creative Fiction To Increase Value Of Trinkets On eBay

from the using-infinite-goods... dept

When we talk about understanding how to embrace the economics of infinite goods, one of the key points I've tried to make is that every product is a bundle of scarce and infinite goods. That's a point that some people have a lot of trouble with at times, insisting that some people who create infinite goods have no scarcities to sell... and, conversely, that those who make scarce goods, sometimes have no infinite goods to give away with them. While it may be a bit more complicated to separate out the scarce and infinite goods, it doesn't mean they don't exist.

Parker writes in to point out a fascinating example. Apparently a group of fiction writers are experimenting with selling physical goods on eBay with fictional stories given away "free" in the description. The project is called Significant Objects, and involves a bunch of fiction writers purchasing random trinkets, and then coming up with a neat story to go with them. The post at io9 notes that some stories seem better than others at increasing the auction bids, but points out that: "If Rosenfeld's success is any indication, these authors may actually get paid more for short fiction on eBay than they would at most publications."

Again, some will incorrectly claim that we're saying that fiction writers should start selling crap on eBay, but that's not it at all. This is just one (fun) example of many of content creators smartly using infinite goods (the stories) to make a scarce good (the trinket) more valuable, and putting in place a business model to profit from it. Once again, we learn that creativity knows no bounds, not just in creating content, but in playing around with new business models.

Filed Under: auctions, business models, fiction, infinite goods, scarce goods, significant objects, trinkets, writers
Companies: ebay