This article posted in Numismatic News. https://www.numismaticnews.net/article/behind-the-circulating-coin-shortage When I made my infrequent trip to town last week, I was chatting with one of the managers of my local Safeway about coins, as they just rounded up my refund on an item to $8.00 from $7.59. It seems that their store manager has requested $1,000.00 in change from the bank they do business with and only received $200.00 worth. My friend lamented that they have to fill the coin change dispensers at each cash register daily and could no longer do it. I offered all of the rolled change I had with me in my car and they hungrily accepted it. I promised I would bring them more, as I have around $300.00 rolled in change from the coins I have gone through. I was going to dump them at my bank, but they are closed (lobby) now, so this was a good opportunity to get rid of my unneeded change. Maybe others here can do the same?
I dumped $22 in nickels and $6 Pennies at my local speedy mart.....and my bank wants all the quarters I can spare......had $80 in the car w/me so sold them to the bank.
I just unloaded $100 in (customer-wrapped) rolls of UNC 2006 P&D nickels at my BoA. I have another $500 in Westward Journey CW nickel rolls, but they're too heavy to carry all at the same time. ~ Chris
I am afraid this nuisance will be with us a while. I have boxes of bicentennial quarters I have been tossing aside for thirty years just out of habit. I’ll do my good deed and roll them up for the cause.
There is no shortage of coins. There is a supply problem but not a shortage. Just wait until everyone dumps their coins and the supply problem has been fixed.
The supply problem is because everyone is hoarding them. I can't figure out why, but I have suspicions: 1. They suspect coins might be contaminated and spread the plague. 2. Nobody is spending money (or, people are buying many few less things), and so cash is not trading as well. 3. People are hoarding what they consider "hard money" in case the economy collapses. These poor fools just have no idea....
It’s funny you say that. Each Friday I withdraw $100.00 for weekend spending money. I haven’t done my regular Friday withdrawal for quite some time now and still have cash in my wallet. Most folks that I trade with daily want me to use my card. I bet you are correct and cash isn’t being hoarded so much as folks find it more troublesome to use than a card is.
Goober contrievence.......they want us to use our 'cards' so they can keep better track of our spending.
Its a heckuvalot easier to keep track of us when we use our cards..... hence the coin shortage, greeno. No goobering here.
People are afraid to use coins due to the virus. They never heard of hand washing. They probably didn't use soap when mom said to wash your hands. People in the supply chain are not working due to the virus. Businesses are not back to normal. These are a few reason why we have a problem with coins and a lack there of. Still, in my area there isn't any problem at the present time.
Of course, if everyone waits for everyone else to dump their coins... I don't think anybody's saying that the coins have disappeared, just that they aren't showing up where they're needed.
If my bank with the coin machine would open the lobby for people to use it, I would be first in line with about $2000.00 worth to dump. They won't though. I can go in to apply for a loan, but not dump coins.
If everyone was using cards then there would be plenty of coins available to fill orders for business. Once again if everyone was afraid of using coins, then there would be plenty of coins available for the businesses. The problem is it is difficult for people to return their coins back to the banks because so many of them had their lobbies closed for a long time. Returning coins through a drive through window is difficult and through pneumatic tubes at drive throughs is impossible. So change was received through commerce and stashed when they get home and it stayed there.
