* MISSOURI (1937-1942): USA ★ UNSATZSTEUERBELEG 1 MILL!

* MISSOURI (1937-1942): USA ★ UNSATZSTEUERBELEG 1 MILL!
* MISSOURI (1937-1942): USA ★ SALES TAX RECEIPT 1 MILL!

Interesting circulated issue of 1/1000 part of the dollar!


Here is the reason for issuing such tiny amount of money:



"The tax amount [in Missouri] was set at one-half of one percent in 1934 but was raised to one percent in 1935 and to two percent in 1937. Calculation of these amounts raised another problem: how does the state collect taxes in amounts less than the federal coinage values? The answer was to issue tokens exclusively for the purpose of paying sales taxes in amounts of tenths of a cent, or mills. One mill was equal to one tenth of a cent.


"To illustrate this point, consider the problem raised by a three percent tax on a $1.25 purchase. The sales tax is 3.75 cents. Since amounts under one cent can not be covered by existing coinage, one solution is for the consumer to pay $1.29 and receive 2 mills in change. These mills (actually receipts for tax previously paid) could be used to cover the sales tax on a future purchase and the consumer’s loss was only .5 mill (.0005 of a dollar or one-twentieth of a cent).


"While this idea may have helped solve the revenue problem for Missouri, the idea did not receive universal favor with the public. One indication of this was a common name for the tokens, 'chiselers.'"


From "MISSOURI SALES TAX TOKENS" by C. Joseph Sutter. MISSOURI JOURNAL OF NUMISMATICS V. 24 1999, p.15

Zinc
VG!!!
Ø 22 mm
MASS 2.51 g

Lot 4319