Thread Number: 83668  /  Tag: Other Home Products or Autos
U.S. coin shortage?
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Post# 1080082   7/6/2020 at 17:30 (1,383 days old) by perc-o-prince (Southboro, Mass)        

May not be the right forum, but has anyone else heard of this? I didn't know it was a thing" 'till I saw the sign at Lowe's checkout.

Chuck


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Post# 1080083 , Reply# 1   7/6/2020 at 17:33 (1,383 days old) by toploader55 (Massachusetts Sand Bar, Cape Cod)        

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Yes. Heard about this last Friday.

I happen to have a bucket of change I wanted to roll. So, I went to the Bank for wrappers and the teller said "Oh, Thank God... we are so short on change."

I had a few snarky remarks but she was nice and didn't deserve them.


Post# 1080084 , Reply# 2   7/6/2020 at 17:39 (1,383 days old) by appnut (TX)        

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I have a bunch of loose change I'd like to take ot my credit union, but they only do drive through right now and I don't do drive through.  


Post# 1080088 , Reply# 3   7/6/2020 at 17:47 (1,383 days old) by polkanut (Wausau, WI )        

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Yes, I saw a note last Weds. from the bank the O'Reilly's store I work at put in with our daily currency order. And, the locally owned bank that we use is only servicing coin orders for its own customers at present.

Post# 1080089 , Reply# 4   7/6/2020 at 17:51 (1,383 days old) by DADoES (TX, U.S. of A.)        

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There are advisory signs at my bank drive-through but only on the building windows at the business lane, so can't read all the text from the car lanes, only the larger header line.


Post# 1080090 , Reply# 5   7/6/2020 at 17:52 (1,383 days old) by CircleW (NE Cincinnati OH area)        

I saw something about it when I was at the register at Cracker Barrel last week.

Post# 1080106 , Reply# 6   7/6/2020 at 19:33 (1,383 days old) by perc-o-prince (Southboro, Mass)        

So, any ideas on what's causing it?? Can't be that there is that much "exact change" used by consumers that the CV closures have affected it, can it?

Chuck


Post# 1080115 , Reply# 7   7/6/2020 at 20:53 (1,383 days old) by qsd-dan (West)        

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Saw this pop up on another forum last week. This kind of BS throws up a bunch red flags on my radar. The Federal Reserve claims the manufacturing of coins has slowed due to the virus but I call bullshit on that. The average life of a coin is at least 40 years and it's not like people all of the sudden started hoarding them or tossing them in the trash.

I have a nasty feeling this is the beginnings of physical to digital currency transfer being forced upon us. I hope I'm wrong.


Post# 1080118 , Reply# 8   7/6/2020 at 21:09 (1,383 days old) by toploader55 (Massachusetts Sand Bar, Cape Cod)        

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While was rolling and sorting coins I thought"What is going to happen to people that have collected Rare Coins for all these years ??? They will be worth nothing ?

I have that gut feeling too that something is brewing...


Post# 1080119 , Reply# 9   7/6/2020 at 21:49 (1,383 days old) by Tomturbomatic (Beltsville, MD)        

Except for lottery tickets, I have been using plastic for everything. I read that many customers were using plastic because they were wary of getting exposed to the virus so they were using plastic so I decided to use it, too.

Post# 1080158 , Reply# 10   7/7/2020 at 10:16 (1,382 days old) by gizmo (Victoria, Australia)        
Why are you using cash?

Covid 19 can be easily spread by handling cash.
Many/most stores here in Australia (at least in my corner of the place) have signs up either requesting you to use non-contact forms of payment, or stating outright "due to Covid 19 we no longer accept cash."
Technically cash can be used for any debt but I haven't heard of anyone being enough of an a-hole to push the issue. I guess the business is not allowing you to incur the debt unless you agree to non-cash payment.

They prefer paywave type transactions where your card doesn't even touch the reader, but will allow insert card/use keypad transactions, and sanitize the keypad between customers.


Post# 1080160 , Reply# 11   7/7/2020 at 10:25 (1,382 days old) by DADoES (TX, U.S. of A.)        

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Transactions at work are still running the usual ratio of approx 1/2 cash, 1/2 ccard.


Post# 1080163 , Reply# 12   7/7/2020 at 10:57 (1,382 days old) by ozzie908 (Lincoln UK)        
Since the covid 19 issues

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There is a toll bridge on the Humber river between us and Hull and I went over it once with no change and so had to park up cross 8 lanes of cars and go to the office to pay for both trips on the bridge.

Went over it Thursday last week and got the change ready to hand to the cashier, No coins I was told its card only and on the front of each booth window is a card reader so you can do contactless payment its now the rigour of nearly every shop that NO cash is required just card payments.

Are we going the same way?


Post# 1080171 , Reply# 13   7/7/2020 at 11:54 (1,382 days old) by Golittlesport (California)        
Saw that sign at Home Depot yesterday

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Time to start rolling that coin and turning it in, folks!

Years ago when my son was still at home, we had a bucket in the pantry that we tossed loose coin into. Being a male household with pockets in stead of purses, spare change was always emptied into the tub when entering the house. When the tub filled, I told him if he rolled all the coin in the bucket that he could have it. He did and made over $500!!

If there are others out there like us, we all may be causing this coin shortage. LOL


Post# 1080178 , Reply# 14   7/7/2020 at 12:18 (1,382 days old) by ea56 (Cotati, Calif.)        
Being the Skinflint That I am

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I carry an old fashioned coin purse in my pocket for coins and bills.  I haven’t carried bills in my wallet for over 30 years or more.  This way I almost always have exact change when I pay with cash, which is less frequent all the time now.  Its much easier to keep track of my cash this way, no stray coins come flying out my pocket when I pull out something else from that pocket.  And having been a waiter in my teens and 20’s off and on I always keep my bills “faced” and in the numerical order of their denomination. 

 

Even though I don’t pay with cash often I would hate for it to disappear.  If everyone did what I do and paid with exact change when paying with cash maybe we wouldn’t have a shortage of coins.

 

For those that don’t want to go to their bank or CU to cash in their coins, many large grocery stores have change counting machines near the front of the stores.  I’ve not used one myself, but I believe the process entails dumping your coins into a hopper and the machine counts and sorts the coins and issues bills for the total you placed into the machine.  This is a good way to avoid having to roll the coins.

 

Eddie


Post# 1080189 , Reply# 15   7/7/2020 at 12:44 (1,382 days old) by qsd-dan (West)        

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Should I put this back into circulation or hold on to it as a future novelty?

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Post# 1080202 , Reply# 16   7/7/2020 at 14:53 (1,382 days old) by perc-o-prince (Southboro, Mass)        

Eddie- Always faced and in order here too. I learned it from the "older" ladies I worked at atmy first real job post newspaper delivery. That way, you never mixed the bills up and lessened the chance of giving a wrong bill in change from the till.

re: the change machines at grocery stores, Coinstar and the like charge a premium for using them- 11.9%! However, if you turn your coins into an e-giftcard or donate the coins to charity, there's no fee.

I always just roll ours. We keep a quart Mason jar handy and I roll when it's full. I end up breaking $100 every time!

Chuck


Post# 1080210 , Reply# 17   7/7/2020 at 16:02 (1,382 days old) by ea56 (Cotati, Calif.)        
Chuck

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I didn’t realize that the fee for these change sorting machines was so high.  All the more reason to use your change for exact paymt of cash purchases on an ongoing basis.  This way it never builds up.  

 

Or, if you like to use your excess daily coin pocket change as a means of saving, keep a supply of the coin rolling tubes on hand and when your coin container gets full, wrap em, roll em and cash em in.  

 

No way am I gonna give someone 11.9% of my coins saved for the convenience of having them count and roll em.

 

Eddie


Post# 1080214 , Reply# 18   7/7/2020 at 16:49 (1,382 days old) by countryford (Austin, MN)        

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The bank I used to bank at in Minnesota had the coin sorting machine. I would just take all my coins there, unrolled, and they would dump it in the machine and give me the amount in cash, or deposit in my account. I don't know if they still have it or not, since I left that bank 15 years ago.

Post# 1080217 , Reply# 19   7/7/2020 at 17:33 (1,382 days old) by warmsecondrinse (Fort Lee, NJ)        

Some of the coin machines allow (or used to) you to avoid the fee by choosing a receipt that's only good at the store the machine is in as well choosing as a gift card.

I've seen an occasional mention of the coin 'shortage'. They all said the same thing. The 'shortage' is from people not making unnecessary trips, so instead of dumping their change into machines when their coin jar is full, they start a second one. The same number of coins are out in circulation, just a slowly increasing % of those coins are sitting in people's homes. The Fed is supposedly increasing production, but there really isn't much extra capacity. I just assumed that's because there's never been a need because (as stated above) coins last for decades.

Paper currency: The paper/cloth blend most currencies are made from don't play well with most microorganisms. If they did, there'd've been multiple global pandemics going on for the last couple hundred years. I haven't read anything suggesting the Covid-19 lives ionger on bills than other bacteria and viruses do.

Yeah, I used to be a bank teller so my bills are faced the same way and in order in my wallet. Funny, though. I don't care which way the order is or if they're upside down or not.


Post# 1080240 , Reply# 20   7/7/2020 at 19:29 (1,382 days old) by qsd-dan (West)        

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I did some digging and it appears the last coin shortage was in the 1960's after a switch to clad coinage from silver. People were hoarding older coins which caused a temporary shortage until clad coins flooded the market.

"Stink Eye" mode remains in effect.


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Post# 1080242 , Reply# 21   7/7/2020 at 19:37 (1,382 days old) by perc-o-prince (Southboro, Mass)        
Jim...

As I said above, "However, if you turn your coins into an e-gift card or donate the coins to charity, there's no fee."

Looking at the list, if Lowe's is still on there, I'm for that all the way! Yes, it's less than an hour to wrap, but if I can use it fee-free somewhere I already spend money...

Chuck


Post# 1080255 , Reply# 22   7/7/2020 at 21:20 (1,382 days old) by combo52 (50 Year Repair Tech Beltsville,Md)        
Coin Shortage ?

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My Credit Union lets us just dump coins in their machine for free. 

 

About once a year I take all my spare change including lots that were found in FL washers traps, some of it is really dark and discolored, Last time the Lady working at the CU said I should keep my coins in a dry location when she saw how discolored some were, LOL

 

I have long thought that the US Government should encourage people to return change , maybe by requiring banks etc to have free sorting machines.

 

It is both wasteful and unpatriotic to hard coins, you are costing the USG money [ your money too ] because they have to make many times the number of coins actually needed.

 

It is also environmentally unsound to hoard coins, doing so wastes energy making something that the world does not need, the amount of mining world wide to get the metal and the Hugh amount of energy consumed making and disturbing new coins much of which could be eliminated, use of Coin and even paper money is going way down, it really might not even necessary to ever make any more metal coins.

 

John L.


Post# 1080261 , Reply# 23   7/7/2020 at 23:06 (1,382 days old) by Supersuds (Knoxville, Tenn.)        

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"I did some digging and it appears the last coin shortage was in the 1960's after a switch to clad coinage from silver. People were hoarding older coins which caused a temporary shortage until clad coins flooded the market."

No, there was a shortage of pennies in the 1970s, when the price of copper went up, too. This was solved by making pennies mostly of zinc.




Post# 1081161 , Reply# 24   7/15/2020 at 15:20 (1,374 days old) by qsd-dan (West)        

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And so it begins...

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Post# 1081164 , Reply# 25   7/15/2020 at 16:07 (1,374 days old) by RP2813 (Sannazay)        

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The Hotel St. Francis in San Francisco apparently still offers a money washing service (not to be confused with shady "laundering" practices),  which began in 1938 when coins were still made of silver.  Oh, the scandal of spending "dirty money" and soiling one's gloves!

 

 



CLICK HERE TO GO TO RP2813's LINK

Post# 1081167 , Reply# 26   7/15/2020 at 17:08 (1,374 days old) by petek (Ontari ari ari O )        

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Not that there's a coin shortage here I know of.. but the Imperial Theatre, formerly the Capitol where I got my first job at 16 y.o., and is now a live theatre owned and operated by the Sarnia Little THeatre group is struggling having to be closed. Today the ran a fundraiser called A Bit of Change or something asking people to donate their coins, which you can't redeem at a bank right now anyways, so I took a pailful I've beeing adding to for perhaps a decade, all quarters, dimes and nickels. I'm guessing there would be at least $200 if not more in it. But I hate to see them go under and the theatre shut down.

Post# 1081207 , Reply# 27   7/16/2020 at 06:07 (1,373 days old) by retro-man (- boston,ma)        

I was at the bank this week making my weekly business deposits and had added a couple of dollars worth of change in my deposit. I said to the teller that I had heard about the coin shortage and figured I would help out. She stated that there is no coin shortage that they have heard about. They place their request with the federal banks and it arrives as usual. No one has informed the banks about this. So where did this "fake news" come from???

Jon


Post# 1081222 , Reply# 28   7/16/2020 at 10:06 (1,373 days old) by DADoES (TX, U.S. of A.)        
Fake Coin Shortage

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The shortage may affect some areas and not others.  As mentioned above, my bank has signs at the drive-through advising of coin shortages ... apparently they're aware of it and affected, otherwise they wouldn't have put up the signs.


Post# 1081363 , Reply# 29   7/17/2020 at 09:41 (1,372 days old) by vacerator (Macomb, Michigan)        
Somebody closed the mints!

Yet want's everything else opened! Di Di Duh! "Twighlight Zone" music.

Post# 1081857 , Reply# 30   7/21/2020 at 11:13 (1,368 days old) by Revvinkevin (Tinseltown - Shakey Town - La-La Land)        

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When I went to the grocery store the other day, I went to pay with cash. The cashier mentioned the going shortage, saying they are not giving out (coin) change and asked me if I wanted to donate to change (rounded up to the next dollar) back to the store, or donate to the current charity box there at the checkstand. I paid with a card.


Post# 1082234 , Reply# 31   7/24/2020 at 14:27 (1,365 days old) by Davey7 (Chicago)        

We ran into this just over the Wisconsin border last weekend at Woodmans (pay for groceries with card anyways) but it was notable.

Post# 1082238 , Reply# 32   7/24/2020 at 14:41 (1,365 days old) by perc-o-prince (Southboro, Mass)        
Kevin-

I'd question the legality of them accepting cash as a payment but not giving change! And, they'll take the change and put it in the charity box, but not give it to you?

Chuck


Post# 1082244 , Reply# 33   7/24/2020 at 15:45 (1,365 days old) by neptunebob (Pittsburgh, PA)        
I just did my part today...

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Sam left us with 2 gallon jars of rolled up coins after he passed away.  I brought it all to the bank (they are heavy!) and turned out to be $212 and some cents (a lot of pennies).  

 

There is also loose change, I guess I can use Coin Star for that.


Post# 1082502 , Reply# 34   7/26/2020 at 16:26 (1,363 days old) by Jetcone (Schenectady-Home of Calrods,Monitor Tops,Toroid Transformers)        
We're seeing here a 4% hike if you use credit or debit c

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That to me is BS! They say the banks have upped the transaction fees and so pass it along to the consumer. In a pandemic with people out of work? Thats not gonna last I predict .


Post# 1082958 , Reply# 35   7/29/2020 at 16:19 (1,360 days old) by perc-o-prince (Southboro, Mass)        

Hey Jon,

My info is admittedly outdated, but last I knew you can not be charged a surcharge for using plastic per the merchant's contract with Visa/MC (don't know about Discover/Amex). They can offer a cash discount, like Sunoco and some other gas stations do, but can't charge a penalty for plastic.

Anyone with a more up-to-date merchant's agreement know about this and if it still exists?

Chuck


Post# 1083038 , Reply# 36   7/30/2020 at 03:35 (1,359 days old) by SudsMaster (SF Bay Area, California)        

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About 30 years ago I bought a little home coin sorting machine. Later upgraded it. It works OK, not great, but for the past 15 years haven't felt a need to use it, since nearly all my transactions are with plastic, or on-line.

 

Does anybody collect rare coins any more?

 


Post# 1083077 , Reply# 37   7/30/2020 at 09:25 (1,359 days old) by kskenmore (Kansas)        
I am a Banker...

I work at a small community bank and we have experienced this coin shortage. We would order boxes of rolled coin and get 1/5 of what we ordered. I think there are several things causing this.

The flow of coin works like this...

1. Mint manufactures coins
2. Coin is distributed to Federal Reserve Banks
3. Boxes of rolled coin is distributed to large banks.
4. Large banks distribute boxes of rolled coin to smaller banks and retailers.
3. Coins flow between retailers, banks, consumers.
4. Banks and retailers sell coin back to up to National Banks and Federal Reserve Banks who sort and roll the coin again.

What I think caused this issue is a sudden decrease in consumers spending coin and also the fact that bank lobbies were closed for several months. Most people exchange large amounts of coin for cash/deposit in bank lobbies. Without this option, coins quit being turned in. Just our small bank had been selling back thousands of dollars each week in coin and suddenly went weeks without selling anything.

We were still having demand for rolled coin by the retailers that bank with us, but we were receiving none back. If this was happening at banks all over the country, (I am quite sure it was) this created an imbalance in the circulation of coin.




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