Will millennials kill coin roll hunting?

#1 We need banks to coin roll hunt. This is where we get large volume of coins all at once.
#2 Younger people are doing more of their banking online and not visiting physical banks
#3 Consequently, physical banks are closing. However, there is still a need for some physical locations, but various banks and credit unions are moving to a cafe-type model with fewer teller services and some are even moving to handling cash only through ATMs and not accepting coins at all.

The day might be a long way away that physical banks with full teller services disappear, in fact, this might NEVER happen. However, the day is upon us that the number of physical branches are being reduced and others are being replaced by locations that do not provide teller services. That will make coin roll hunting a whole lot harder to do.


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https://www.cmswire.com/customer-experience/the-future-of-banking-no-shoes-no-shirt-no-tellers/

 

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Businesses such as stores will always need cash for making change, so will street vendors such as taco trucks.

Just imagine placing an order at a street vendor selling tacos " Give me two Chorizo and egg, and three rolls of pennies.".

 

The love of money is the root of all evil. I predict we have a good 30 more years before there are no more coin roll hunts then we can melt all the copper penny hoards. lol

 

I got mine ready to go, and it's getting bigger all the time.

 

Coin roll hunting is a fix. Its like gambling but at the end I still have my investment. I feel lucky that my local bankers are more than happy to keep the coins flowing, order .50 rolls, and even show an interest.

 

I think a bigger question is, would millenials even be interested in coin roll hunting at all, given that they come from a generation where money is largely digital to begin with and they have entertainment opportunities that are so much more engaging, they're literally addictive.

Going forward, people aren't going to entertain themselves like they used to for no reason other than they have better options. People don't whittle quite like they used to, either.

 

In theory, yeah... but go to Sweden. You use your card at flea markets. Street vendors with "Square" attachments on their phones are utterly standard, now, even in the US. There will always be backwaters and pockets resistant to change but this is already here, now.

We're in a new era where the old rules no longer apply. In 20 more years, you will have relatively few adults left on earth who even remember what earth was life before email.

20 years after that, old people will tell stories about the quaintly odd cel phones they had to use 'back in the day'.

This train has no brakes and we have no clue where its going. Personally speaking, my guess is a lot of the 'coin collecting' types we see now won't come along for the ride.

 

Most likely not. Both my older kids think Im a freak. There will always be some need for tangeable exchange for goods and services in my opinion

 

They ruin everything else, so I assume so.

 

The real question is whether our collections will increase in value, or decrease due to the lack of coin collectors (and demand) going forward?

 

Prices have been flat for the past 20 years (negative if you account for inflation), without any indicators that younger people are taking up the hobby. The last 10 have been particularly ugly



The future does not look bright. It would take some weird, totally unpredictable trend for that to reverse (ala some cultural vogue like where people suddenly start wanting vinyl records again)

 

I agree that it is likely banks will close branches as more and more people do their banking online, but banks provide coins to stores, as well, and the managers and owners of those stores also use physical branches to make their daily deposits. As long as we have convenience stores doing at least some cash business we will have physical bank branches.

When the country goes cash free, then we will see the end of the traditional bank. But the end of coins and currency will go with them.

 

Point #3 is banks are physically closing? What planet are you from? As a Postal manager for years in a small town (5 routes, 4 traffic lights and less than 3000 deliveries) there are 8 full service banks there. And they are all busy. Smaller nearby towns have 3-5 banks there. That doesn't count the ATM's, branches in another store, etc. All those rich farmers need to spread that money around. Good grief, get out and look around. It's a big country out there.

 

Banks are, in fact, closing branches much faster than they're opening them.



... and what is to come does not take Nostradamus to see, as far as the generational trend and the need for standalone bank branches. Your narrative is like the magazine editor in 2000 saying "Magazines, close because of the internet?? Good grief! Why, we just had a banner year! There are over 13,000 operating magazines at this time and if you think people are going to give up the luxurious feel of paper to read something on a screen, why I've got a bridge to sell ya!!"

Some people had no difficulty seeing the writing on the wall.
Same goes for libraries, shopping malls, etc...

 

When I was ten years old we were going to have manned colonies on the moon by the turn of the century... Computers were going to make us all lead a life of luxury and we would be flying our cars to our destinations. That was the writing on the wall in 1969...... The writing on the wall isn't always as indelible as what we want to believe that it is in our current perspective.

 

and electricity so cheap that it wouldn't be worth the cost of a stamp to mail a bill.

 

This is true, however you also have pocket communicators that far exceed what Captain Kirk had... and information delivery devices that Science Fiction had barely thought up.

There will always be a need for banking centers if for no reason other than in-person verification of certain things will always be required but the idea that 'banking' itself requires such an institution is getting as obsolete as the idea that you need a big store to buy a book.

 

I'm still waiting for Scottie to beam me up!

 

Most of the innovations imagined since Einstein and others had a hard time at even considering it, will come true for the most part if humans and the earth escapes self or cosmic event total destruction, but that seems unlikely. Time travel seems impossible in body, but the quantum world is so different enough that no one can really predict what is possible or not. Heard a talk that the world we think of as a structured one, atomic particles, atoms, molecules, etc, is just another layer and the quantum effects on waves and interactions that events in the far past are still recorded in the interaction they cause slightly after the big bang, which may not have been the first ever, but one of a succession with repeats to come. Our universe may be geminal to a continuing evolutionary chain. With Crispr-Cas9 gene editing and the addition of 2 artificial genetic bases ( 4-> 6), scientists can make more different amino acids for genetic enzymes not present in nature. As a kid, I remember some of the ads in the back of Boy's life and comic books that advertised x-ray glasses, water babies ( shrimp) , crystal growing, and I had to be in science. The same thing is occurring today with young people around the world and many countries are counting on it being the step for their future economy. Gold and silver might become just a metal , as without the synthetic brain and physical body enzyme boosters and 20 year rebuild of your DNA and RNA(s) you will only live and be healthy the short time your ancestors did in 2020. Most of us won't be here, but the young ones will, and they will want the future, so we should not take them for granted to like coins or precious metals, or other non valuable entities, what actually boosts their brain and body will be the thing of importance to them.

Yes things might go wrong as Zager and Evans one hit song 2525 sang in 1969, but they seemed to have a hazy vision of the future. Enjoy learning. Jim

 

I know this all sounds forward thinking and wonderful, but in all seriousness.... There is absolutely no practically associated with the idea of having a cashless society..... Have you ever experienced an extended blackout? I have. Twice in fact. Once more than a week. Yet I still needed food and fuel. And batteries aren’t forever..... Practicality has to be taken into consideration. A digital garden of Eden sounds marvelous.... Until the batteries fade.