Shortage of Coins due to Corona Virus?

Discussion in 'Coin Chat' started by fretboard, Jul 16, 2020.

  1. fretboard

    fretboard Defender of Old Coinage!

  2. Avatar

    Guest User Guest



    to hide this ad.
  3. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    I also heard before the shutdown people were going into banks and withdrawing considerable amounts of money from their accounts. So more people are holding cash/coin right now.
     
  4. NOS

    NOS Former Coin Hoarder

    From reading the comments in the article one will see posters who espouse they have $500-$850+ worth of coins just sitting around but that they are too lazy to roll them and they refuse to pay the high Coinstar fees*.

    They go on to say they will not budge on redeeming them until the free coin counters at their local banks are brought back. It sounds like a solution could be for the government to temporarily subsidize the redemption fees at Coinstars or similar coin redeemers at grocery stores until supply is replenished.

    *Yes, I know one can redeem without a fee by opting for a gift card but not everyone knows this or they just want to have the cash...
     
  5. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I have had a plastic coin stacker on my nightstand since forever and drop my change into it every night. When the stack is full, I roll it and drop the roll into my dresser drawer. I had accumulated almost $600.00 in rolled change that I took to the bank last week. I knew the ladies at the bank would sigh in disgust.... They cheered me when I started pulling those rolls out of my bag!
     
    Inspector43 and fretboard like this.
  6. ewomack

    ewomack Senior Member Supporter

    There have been a few other threads on this topic here, which sounds strange at first, but this link offers a possible explanation:

    "'During this pandemic, the demand for circulating coins has drastically increased, in part, because precautions taken throughout the nation to slow the spread of the virus have reduced retail sales activity and significantly decreased deposits from third-party coin processors,' said Michael White, spokesman for the United States Mint."

    And it sounds like the Mint is trying their best to respond:

    "[The Mint has] ramped up the number of coins they usually produce as well. In June, the Mint produced almost 1.6 billion coins, and White said they are on track to produce 1.65 billion coins per month for the remainder of 2020 or an annual production of 19.8 billion circulating coins. Compare that with 12.4 billion in produced by the Mint in 2019."

    I'm currently in a position where I don't use currency at all, so I haven't noticed anything. I also haven't seen any signs, at least not yet, in stores in my area asking for exact change or even mentioning the shortage. Of course, I'm also not getting out as much as I used to.
     
    Inspector43 likes this.
  7. CommemHalfScrub

    CommemHalfScrub Active Member

    my local bank, which has about 12 branches, has a free coin machine for members. During the shutdown, the manager told me that they just had bags of coin sitting in their vault from the machine, because the service that came to pick them up had shut down. Seems that this could have contributed as well.
     
    -jeffB likes this.
  8. john65999

    john65999 Active Member

    WHEN i was doing some business in a nearby city (waterbury, ct)..noticed at a gas station a sign that said: "due to the nationwide shortage of coins, please have exact change or pay with cc" so it has hit home for me..my bank still hands out rolls, (reluctantly)..lol
     
  9. Bill H.

    Bill H. Member


    ABSOLUTELY NOT. The government should not subsidize redemption fees at coin star type businesses. That kind of government expenditure is silly. The temporary coin "shortage" is just that, temporary.

    Calm down Francis.
     
    masterswimmer and Inspector43 like this.
  10. furryfrog02

    furryfrog02 Well-Known Member

    @NOS I think you may be talking about me...
    I may redeem some coins in the one coinstar at the grocery store that has been open intermittently, but I have too much to do it all that way.

    28 boxes that are unopened. The stack on the right are solid 2019P and I'm going to talk to my bank and see if they want any. The stack on the right are mixed boes that need to be searched.

    Each bag has $50 in searched cents.

    IMG-8258.JPG
     
  11. -jeffB

    -jeffB Greshams LEO Supporter

    See? It's his fault! :rolleyes:

    Remember, "hoarding by collectors" was the excuse the government used to stop putting mintmarks on coins in 1965. It was a ridiculous excuse then, but I wouldn't be surprised to see it trotted out again now.
     
  12. furryfrog02

    furryfrog02 Well-Known Member

    Believe me, I'd be happy to get them back into circulation. This is all accumulation since March when my CU shut its doors.
     
  13. Mountain Man

    Mountain Man Well-Known Member

    That would add a new and fun dimension to collection. ID which mint produced a coin based on the dies. LOL
     
    Randy Abercrombie likes this.
  14. Mike Davis

    Mike Davis Active Member

    Funny you mention that, the mint is hiding W mint quarters which had increased the demand by collectors lately.

    Personally, t I think it is a way to push for digital currency and move away from coins. But then I tend to follow black helicopters occasionally too.
     
    KevinM and Randy Abercrombie like this.
  15. -jeffB

    -jeffB Greshams LEO Supporter

    I don't think for a minute that They are intentionally inducing a coin shortage, never mind that They set up coronavirus to push for digital currency/microchip implants/whatever.

    But there are certainly interests who would be happy to see the end of cash, and if something happens to hasten it along, they might not fight it very hard.
     
    atcarroll likes this.
  16. Mr.Q

    Mr.Q Well-Known Member

    While in our bank the other day I saw something that surprised me UPS delivering coins wow. You would think that Brinks, Wells Fargo, or other armed service organization would be preferred. I guess during this COVID thing they have to rely on other resources...
     
  17. Mike Davis

    Mike Davis Active Member

     
  18. Mike Davis

    Mike Davis Active Member

    Sorry I'm still learning....

    I just can't conceive how then the coins have made such a disappearing act with as many coins have been minted. Not to mention, pretty much all of a sudden
     
  19. Collecting Nut

    Collecting Nut Borderline Hoarder

    No coin shortage in my area. It's all made up anyway.
     
  20. Conder101

    Conder101 Numismatist

    And also the excuse they used when they tried to pass legislation to make coin collecting illegal. Basically the legislation would have made it illegal to buy or sell ANY coin for more than its face value.

    You see that hoard of cents that furryfrog has? Just from what I can see in that picture, that represents the the entire annual coin production from the mint for something like 2,000 people. And he is just one person (and their name is Legion) The mints entire annual production only amounts to abut 50 coins per person. If everyone lays aside ONE coin per week, the entire 19 billion coin production disappears. Now think about this, the average person (who doesn't use plastic for EVERYTHING) probably tosses aside about 6 coins per DAY. If those coins don't get back into circulation that amounts to 25 years worth of production each year, or two years worth every month. Well with a lot of the banks and coinstars etc closed down, those coins aren't getting back into circulation and haven't been for about three months (that's six years worth of coins going one way and not coming back). The banks and the Fed have gone through their stockpiles and pretty much the only thing coming into the pipeline now is that one coin per person per week from the Mint.
     
  21. KevinM

    KevinM Active Member

    I went to go get quarters for our change order yesterday "nadda" "not happening"
    they have to rely on what the FR supplies to them.I started thinking how many people have coins at home but the lobby is not open?I brought my quarters to work today and cashed out.I really did not have that much $40 worth since March 1 when all this started but then I have not ate out at fast food since then not once! I detest those long lines so no change.
     
Draft saved Draft deleted

Share This Page