I went to the grocery store a couple of days ago and there was a sign at the entrance apologizing for the inconvenience, but they were "temporarily" unable to make change. Then today, I see this article that says Covid-19 has caused a spike in cashless transactions... https://www.marketwatch.com/story/s...ess-transactions-2020-09-15?mod=mw_latestnews Is this the beginning of the end for coins and currency as we know it? If so, will today's "trash coins" becomes tomorrow's great rarities?
I am not a conspiracy theory sort of person, but this problem with making change is everywhere. It makes me crazy to use a card for five-ten dollar transactions. I hate that..... I am not ready yet to say this is a glimpse of the future, but if Covid passes and we still have issues with cash transactions, then yes I believe it will be the way business is transacted and we will get all the coins to ourselves!!
It's all just temporary. By temporary I mean it could last into next year but it's hard to say. Several factors went into this coin shortage: #1 Going back to March and April, people were told to stay at home so the usual circulation and deposit of coin jars into banks and Coinstars was considerably slowed down. #2 Many bank lobbies were closed thereby cutting off access for coins to be brought in and processed in either rolls or in coin machines and coin sorters. #3 Most armored car carriers reduced their weekly bank shipments/pickups to only twice a month. The thinking was with this is the carriers didn't want their employees to get sick from Wuhan virus as it is hard to find armored car employees due to the stringent criminal background checks that are required to hire them. This reduced the transportation of coins considerably. It is to this end I feel it won't matter how many coins the government produces to compensate for the lack of coins in circulation. Until deliveries return to normal a lot of these coins will just sit around in government vaults. Here is a solution that has worked well for me: I carry a small change bag that comprises nickels, dimes, cents and primarily quarters. I make exact change with nearly every transaction. Cashiers are often thankful for this. Most banks can spare a roll here and there if you ask around.
