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U.S. Mint PSA Urges Coin Redemptions
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<p>[QUOTE="Robert Ransom, post: 4710868, member: 97872"]Just a few generalities (my opinion) concerning the coin shortage. January, no issues with coin shortages. February, no coin issues that I recall. March, stores wanting credit/debit card purchasing rather than cash because of pandemic. Banks began limiting transactions to drive-thru. April, big problem because people are not using coins for purchases and stores still prefer credit/debit cards as payment. Banks closed, no coins added to general circulation. May, Banks closed, CC/DC transactions continued. June, same. July, some opening of banks with social distancing. CC/DC transactions continue with some cash taken as payment.</p><p>These are my observations in my corner of the world and may not reflect national conditions. I heard some establishments refused cash because they could not give change. This leads to the question, where are all the coins supposedly in circulation?</p><p>One has to differentiate between coins available for circulation and coins actually in possession of the public.</p><p><a href="https://www.cato.org/blog/where-have-all-coins-gone" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.cato.org/blog/where-have-all-coins-gone" rel="nofollow">https://www.cato.org/blog/where-have-all-coins-gone</a></p><p>It seems the public is to blame for some of the shortage of coins because of the ('gazillions?) coins stored in their piggy banks and unwillingness to cash them in at banks which are closed. Wrong, in my opinion the root cause of the coin shortage is the unwillingness of the public to carry change. I never do and most men I know rarely carry change in their pockets. Most women I know usually open the change purse attached in their wallet and offer the correct change. I asked my wife why she offers change on a transaction and her response was, "To lighten the load of carrying the accumulated coins. When the change purse becomes too full, I dump most of it into small cosmetic bags, but save some to offer change at the stores." I suspect men are the real cause of the shortage because when I phoned ten of my buddies and asked them if they carry change, they all said no. When I asked if they knew of anyone who did carry change, they said no, again. I realize this was an insignificant sample size, but I think it warrants consideration.[/QUOTE]</p><p><br /></p>
[QUOTE="Robert Ransom, post: 4710868, member: 97872"]Just a few generalities (my opinion) concerning the coin shortage. January, no issues with coin shortages. February, no coin issues that I recall. March, stores wanting credit/debit card purchasing rather than cash because of pandemic. Banks began limiting transactions to drive-thru. April, big problem because people are not using coins for purchases and stores still prefer credit/debit cards as payment. Banks closed, no coins added to general circulation. May, Banks closed, CC/DC transactions continued. June, same. July, some opening of banks with social distancing. CC/DC transactions continue with some cash taken as payment. These are my observations in my corner of the world and may not reflect national conditions. I heard some establishments refused cash because they could not give change. This leads to the question, where are all the coins supposedly in circulation? One has to differentiate between coins available for circulation and coins actually in possession of the public. [URL]https://www.cato.org/blog/where-have-all-coins-gone[/URL] It seems the public is to blame for some of the shortage of coins because of the ('gazillions?) coins stored in their piggy banks and unwillingness to cash them in at banks which are closed. Wrong, in my opinion the root cause of the coin shortage is the unwillingness of the public to carry change. I never do and most men I know rarely carry change in their pockets. Most women I know usually open the change purse attached in their wallet and offer the correct change. I asked my wife why she offers change on a transaction and her response was, "To lighten the load of carrying the accumulated coins. When the change purse becomes too full, I dump most of it into small cosmetic bags, but save some to offer change at the stores." I suspect men are the real cause of the shortage because when I phoned ten of my buddies and asked them if they carry change, they all said no. When I asked if they knew of anyone who did carry change, they said no, again. I realize this was an insignificant sample size, but I think it warrants consideration.[/QUOTE]
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