Is there really another a coin shortage

You can always look at the edge of the coin, if clad it’ll be half silver half copper. If silver it’ll be all silver

 

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all S minted proof and business strike bicentennial quarters were 40% silver.

 

The reverse

 

Although I DO carry bills in my wallet for emergency use--and occasionally to buy a scratch off Lottery Ticket--almost none of my routine purchases are other than credit or debit card; IF I do get any change when I get home it goes directly into some jars separated for cents, and all other denominations. When the jars get nearly full I roll the coins in their respective denomination wrapper and deposit them in my bank. Does this behavior contribute to the "coin shortage" in a minor way?

My wife and I went to a Dollar General store yesterday to buy some sandwich bags and YES, I did pull out a $5 bill to pay for them instead of using a CC/DC. As you know, just about everything at Dollar General costs $1, so with the 7% FL Tax it's $1.07. After giving us the 3 $1 singles and 93 cents change, the cashier--in a begging way--asked if we had any additional small change that she could "buy back", and so we exchanged 4 quarters and 2 dimes + nickel for a $1 bill and a quarter; and that is a real life example of the "Change shortage"!

 

Technically yes since youre sitting on it until you get a big amount and then instead of spending it it goes to the bank. It would be better if people were spending it instead of always depositing it or putting it into coin star where it takes a long time to get back to a store that way

 

I think Coinstar is good for the coin shortage. It gets people to redeem their coins rather than having them sit in jars at home. Most people are too lazy or don't have the time or patience to roll coins like we do. Because we like, respect and value coins, most of us don't find it to be much of a burden to roll them. But the rest of the world sees this as a tedious chore.

Banks used to have coin machines in their lobby, but they don't anymore. So if you aren't going to put the effort into rolling them yourself, which most people aren't going to do, then Coinstar at least gives the coins a chance to get back into circulation.

In terms of using them - sure, using them is ideal. But for some reason a lot of people dump them, either into the bottom of their purse, or in their pants or jacket pockets, only to empty them onto a tray or jar at night, and not put them back into circulation. So, Coinstar beats the coin jar at home that sits there for 10 years!

I knew someone who had a HUGE glass coin vase where he threw all of his coins. He never reused them. He said one day he will bring them into the bank to a coin machine. I don't know if he ever did.

So, Coinstar is good for these people to get their coins back out into circulation - and there are millions of people who do this!

 

It's better than nothing but there's still a significant amount of time and transportation that has to occur from the time you use one until those coins are back into circulation. His question was if things like that were contributing to the shortage which technically they are. They're better than the coins never coming back but anything that takes coins out of circulation besides using them regularly is contributing in someway or another.

They were to much of a hassle to maintain and then there was the big lawsuit about them being inaccurate which was the final thing that pushed the banks to get rid of them.

 

I didn't know about there being a big lawsuit. Seriously, people have nothing better to do than to sue for a machine being a few cents off? Even at a few dollars cumulatively, it's not going to make or break most people who use a bank (as opposed to those using check cashing stores).

I mean, how many times a year did people use those machines anyway? And if the bank machines can be wrong in one direction, they can be wrong in the other direction too. Maybe some people made a few extra cents. Maybe others lost. But to sue over it?

Anyway, in the end I'm sure the lawyers made out big time, everyone else lost out because the banks stopped offering a convenience!

 

It adds up especially when its off a significant amount of time. The payout was fairly small individually except for like coin roll hunters that would dump in those, but the total settlement was rather large.

When things like that are wrong it's always one way from something not getting counted not from it double counting things. The lawyers obviously made out the best but I wouldnt be too happy either getting shorted on my deposits.

 

If there were a disclaimer at the beginning where I would have to agree to losing a small % of my coins due to miscounting, I would consider it part of the "cost" of the service for using the machine and call it a day.

Obviously they didn't inform people or ask people to accept the machine's mistakes. So, that's a problem. I wonder how Coinstar gets away with doing it any differently? Or will they, too, be sued soon enough? What a ridiculous world we live in...

 

There was no disclaimer and they lost. It's no different than if everytime you deposited a check you didn't get the full amount. It doesn't make a difference that its a small amount, customers were getting shorted

As of now no ones really proven that they're shorting people especially not on a widespread basis. If it was proven they would get sued. They also accept coins at a much slower rate with a much smaller opening than the bank machines did which probably slows it down enough that its not really an issue with them.

 

@imrich I

Well, I was just gonna get on here and say that, I hope @imrich stays healthy, I hope all my friends on here stay healthy.
By the way, I haven't spent other than cash in months,
Found two of these in Pocket change last year.

 

Here's the other one.

 

I believe everyone here shares my wishes for you to also enjoy good health, and a continued positive attitude. I believe we're fortunate in our friendly relationship.
JMHO

 

What happens when the push for a cashless society exists?
Is there a real change shortage? I have my doubts>

 

Studying what is happening every night with federal banks,
I would agree to disagree, the money tranfer's etc. I also think that a lot of coinage is in that swap/ daily regulation. They can't melt it or magically trade it for paper currency. UNLESS?

You are talking about the rest of US right?
You will outlive me and I am young. LOL
You have my Grandpa beat and he was 4 years older than dirt.
Just sayin.

You will be around, I am sure of it!