2 of my Banks have notified me of another Coin shortage.

Discussion in 'Coin Chat' started by Beardigger, Jun 16, 2021.

  1. Beardigger

    Beardigger Well-Known Member

    I had ordered a box of half dollars from my bank for Tuesday and they did not come in, in fact my teller said that the only thing they got from their order was Pennies......but she would order my halfs again for tomorrow. Today she called to tell me she ordered my halfs, but got an eMail saying there was another coin shortage going on and they could not order for customers until further notice. But if the halfs come in I can have them.

    The other bank where work gets it's change and is my dump bank, has severely cut back on what we (work ) can get in rolled coins now.
    Has anybody else heard anything??
     
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  3. Beardigger

    Beardigger Well-Known Member

    was just searching the web to see if I could find out whats going on and read this blurb in one article.

    Because coin circulation patterns have not fully returned to pre-pandemic levels, caps were reinstated in May 2021.
     
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  4. yakpoo

    yakpoo Member

  5. JeffC

    JeffC Hogwarts Numismatist Apprentice

    Saw this U.S. Mint announcement on Facebook, telling us to help circulate.

    Two, Four, Six, Eight - We all have to Circulate! I'm not sure what AGGREGATORS are.

    US Mint Coin Shortage.jpg
     
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  6. furryfrog02

    furryfrog02 Well-Known Member

    Yeah I was told that my whole order may not come in this week. Was told the halves and cents would be ok but that the nickels may be a problem.
    Also was told at a different branch that they are short on quarters so could only get a couple of rolls.
    I guess we will see on Friday!
     
  7. Inspector43

    Inspector43 73 Year Collector Supporter

    How many billions of coins are sitting the mint vaults because there is no demand for them? They have a serious management problem. It is not my problem unless you look at me as just a taxpayer.
     
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  8. Inspector43

    Inspector43 73 Year Collector Supporter

    @JeffC I think the mint is referring to AGGREGATORS as those who keep their change in the cookie jar or coin collectors in general.
     
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  9. furryfrog02

    furryfrog02 Well-Known Member

    Maybe they should start putting out those dollar coins that have just been sitting around for years...
     
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  10. Beardigger

    Beardigger Well-Known Member

    I have one of those giant plastic Beer Bottle banks a little over 1/2 full of change I threw in there before I started CRH. If worse comes to worse I'll break into that and start looking!
     
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  11. JeffC

    JeffC Hogwarts Numismatist Apprentice

    Oh, that's what I gathered. Aggregators.
     
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  12. Wizank

    Wizank Well-Known Member

    Catch-22 If the stores do not let you spend your coins (i.e. credit card only), how can the Fed expect the number in circulation to increase?
     
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  13. furryfrog02

    furryfrog02 Well-Known Member

    [​IMG]
     
  14. Howard Ryan

    Howard Ryan Member

    Most of the new coins are legal tender for all debts owed and paid, to buy and sell as a medium of exchange for goods, so if a cashier refuses to allow you to buy with legal tender psychical currency such as at a supermarket or store of any kind then that would be illegal as he/she is refusing your legal tender.

    There is of course the whole deomitisation scam but that's a different story for a different time. Banks are trying to get their clinets to go cashless as are stores. Every bank is investing in blockchain and digital currency methods. It sucks.
     
  15. rte

    rte Well-Known Member

    Well it ain't me holding up the works.
    My change jar is only half full.
    When it nears the top I'll run it over to the casino coin counter then try to double it.
     
  16. Eric the Red

    Eric the Red Supporter! Supporter

    Ditto with my bank in Florida. A few weeks back they refused to give me coins lol. I then asked to order some rolled coins( just $100 worth) and they told me they got a message from the federal government of another coin shortage.
     
  17. Collecting Nut

    Collecting Nut Borderline Hoarder

    No problems with my bank.
     
  18. charley

    charley Well-Known Member

    Contract metals prices have increased significantly, and are not stable at this time. There are contract increase triggers, one being source material increases due to shortages not the fault of the supplier.

    The increased cost of the source material causes budget overruns, which requires Congressional approval for adjustment. This has happened many times in the past, however the present market is volatile, and non-predictable. It is fiscally responsible to activate a public awareness campaign to adjust supply imbalances by increasing circulation of existing (already paid for) coinage.
     
  19. charley

    charley Well-Known Member

    No.

    No. Again.
    Antidisestablishmentarianism.

    "deomitisation" : No. "psychical" : Again, no.

    Neither of these words are correct usage when discussing monetary systems.
     
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  20. Conder101

    Conder101 Numismatist

    Nope, there is no law requiring anyone to accept legal tender, so they are free to decline it.

    Not for the Mint, they handle their own purchasing and do not require Congressional approval, they don't receive any appropriations from Congress. But they do lock in their metal purchasing contracts long term so even if the market prices go up they still pay the contracted rate and it is the suppliers that take the hit. At least until the contract expires and then they renegotiate a new price. The new contract price is then figured into the Mints Budget. Remember the Mint is self funded, if the new contract price goes up and the mint has to pay more it just means lower seigniorages and less money turned over to the General Fund. Of course on the flip side if the Market price goes down the Mint still has to pay the higher contract price.
     
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  21. Jim-P

    Jim-P Supporter! Supporter

    At first I thought the bank(s) in question were making excuses to not provide customer service. But got me thinking....

    If "...coin circulation patterns have not fully returned to pre-pandemic levels," wouldn't that mean less coins are needed? Appreciate that more people don't want to touch things now, so fewer coins are needed in favor of cc transactions?

    Then I remembered while living in Europe the people that wound up with lots of coins from various countries because it was too hard to deal with different exchange rates and easier to just pay with notes. Eureka! There's a coin shortage because nobody knows how to count anymore. If they don't have an app to take a picture of their hand and tell them how much money it is, they don't know. It's easier to just pay with notes. And let the coins aggregate.
     
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