Coin shortage at banks

I'm sure most of you are aware that there is a shortage of coins from banks because they aren't taking in the volume of customer return change due to covid 19 and banks are running low. Today I got a call from my boss because he knows I go through coins and he asked if I have any pennies I said yes and he said bring them to work he wanted to buy them. I have spent most of my shift rolling coins cause all 3 of his stores are out and I have 100's of dollars of Lincoln cents in a bucket at home. Never in my life did I think that i'd be a alternative to a bank for change lol.

 

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We just went to the bank today and cashed in $413.00 worth of coins. They were very grateful. She said they're having trouble getting coins from the Federal Reserve.

 

Do you guys know if they are they still minting 2020's at regular pace?

 

Not having any problems at my bank.

 

The US Mint doesn't have a regular pace.

 

as far as I know they are producing coins at a regular pace but that pace is variable for the mint lol.

 

I really think it's depends on your location and bank, My main bank has plenty of newer coinage but no older and they will not part with any unless you have a business account and my Bosses bank will only allow $3 to each account holder.

 

As of today I have rolled $120 of Lincolns and almost to the point I can't stand the sight of them lol.

 

Why roll them? Most banks around here will not even take them rolled, they have to go through the machine.

 

rolling them for my job, the bank they use only allows $3 to each account holder right now

 

The mint produces coins at a set speed. That speed can be adjusted slower or faster depending on the needs of the economy. Look at the production figures in your Red Book and you'll understand.

 

It bank and its location has everything to do with it. My bank has plenty of coin, all recycled. No limits on what you can take either. They very rarely get new bills in let alone new coins.

 

Okay okay, my question was worded wrong! Bare with me I'm new, but I do have a red book, and I do know there isn't a regular pace... I meant something more like: does anyone know what the projected amount of coins to be produced for this year are? Is there even such thing? Are they producing more due to the shortage, or closed due to the pandemic?

I picked up two penny boxes last Wednesday here in Southern California from my personal basic checking account, but they had to look through the visually inspect to verify boxes because they were mostly 2020's. From the other open branch of my bank yesterday I picked up my two nickel boxes and two penny boxes, all 2020's for the pennies (I know that when there's a coin shortage freshly minted coins are given to the banks more due to the lack of circulated coins in their stock). No problems mentioned for my same orders plus halves next week according to the bank... however 30 miles up the coast I'm told one roll per customer unless a business account is held.

Is anyone keeping the 2020's they get in anticipation of a low total mintage year?

Sorry I'm all over the place! I've collected world coins for decades, but my son and I have just recently gotten into coin roll hunting.

 

Nothing worth listening to especially not with the current cricumstances

Problem is there isn't actually a shortage, they're just sitting in jars and pockets and cash registers that either aren't allowed to be used depending on the state or people are scared to use cash and just go with cards to avoid it. There's plenty out there they're just stagnant

 

The mint reports how much they are releasing on a regular basis. There are people here on CoinTalk who follow that, so if you post that one question as a separate thread I'm sure you will get a great answer

 

Kinda thinking out loud, were we on razor thin coinage stocks before covid? Do (closed) small businesses really keep large amounts of change stocked in their tills?

If anything I’d think there’d be more coins in circulation because a lot of people switched to credit cards during April covid “money is dirty”.

2008 people cashed in jars of money like crazy. Now unemployment is worse and they’re sitting on it???

Strange. I kinda wonder where all these coins are hiding. Heh...well except for the buckets of coins mentioned here. Some day a few members of this forum will get their own TPG label. ;-)

 

No

No and yes. There's a ton of coins sitting in closed businesses and yes when you shut down commerce the physical money supply stops moving.

Everyone switching to cards means the change and paper money supply sits where it is and doesn't move

Because in 2008 people weren't told to be scared of their own shadow and never step outside or visit anything again.

There's plenty of coins of they're all just sitting in peoples homes and such

 

People don't have access to the usual means to trade in their coins (free bank coin counters), so they sit.
My Bank ASKED me today if I had anything rolled that they can buy.(they know I CRH) I had $240 in quarters in the car, sold them and told them I would be back tomorrow with $500 in quarters and $100 in nickels. They said they would be really glad to get them. Now if they only wanted my Half dollars I'd be set.

 

Meant to add that I am holding onto some rolls of 2020 Quarters P and D a couple rolls of each. I also picked through some BU rolls I had and made a roll of each with as close to perfect quarters as I could put together.

I think the Mint production is slowed due to Covid protocols, and that
hanging onto 2020 coins is a good bet. But what do I know. It's a gamble. I'm not overdoing the hoarding 2020 coins thing. In fact I just dumped $240 worth of them today, but I am keeping a fair amount. I was lucky enough to run across a lot of 2020 Weir Farms rolls. Many areas and b people on this site have not seen a 2020 in circulation yet.

 

There's no real shortage of coins. If all the banks opened back up and all the coin roll hunters took the rolls they've gone through back to the banks the banks would probably have a surplus on their hands. Lol