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Coin Shortage?
Posted by: Rick-o
Date: July 07, 2020 08:18PM
I've noticed signs asking to pay in correct change or by card due to a coin shortage.

This is a first for me. In my 62 years I can't remember ever having a coin shortage problem with retailers.

Is my memory suspect? confused smiley



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Re: Coin Shortage?
Posted by: Carnos Jax
Date: July 07, 2020 08:25PM
Can't remember where I heard it (here or elsewhere) but yeah, I've heard the same.
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Re: Coin Shortage?
Posted by: NewtonMP2100
Date: July 07, 2020 08:28PM
.....it was on the news.....the government reduced coin production.......many places are asking for exact change or to pay by debit/credit card.......



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Re: Coin Shortage?
Posted by: mrbigstuff
Date: July 07, 2020 08:30PM
pretty sure we can all find some extra coins to help out the government!
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Re: Coin Shortage?
Posted by: sekker
Date: July 07, 2020 08:31PM
I'll sell you 90 cents for a dollar...
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Re: Coin Shortage?
Posted by: jdc
Date: July 07, 2020 08:32PM
I didnt think people still used coins, hence the dropoff. I doubt if theres more than a dollars worth in all the cars + wifes purse + couch cushions here...



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: Coin Shortage?
Posted by: space-time
Date: July 07, 2020 08:41PM
I remember reading that the metal in some of the coins was worth more than the face value of the coin. I guess that could be true for the penny maybe, probably not for the larger coins. Anyway, if that were true, one could collect pennies and melt them for a profit?
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Re: Coin Shortage?
Posted by: Racer X
Date: July 07, 2020 08:45PM
In theory, yes. The use of copper worldwide has gone up, hence the copper-plated zinc pennies we have.

A lot of cheap Harbor Freight motors and welders use aluminum wire in their windings, instead of copper. They have really low duty cycles. Better of with older used equipment. (for example)



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Re: Coin Shortage?
Posted by: Sarcany
Date: July 07, 2020 08:49PM
Quote
Rick-o
I've noticed signs asking to pay in correct change or by card due to a coin shortage.

This is a first for me. In my 62 years I can't remember ever having a coin shortage problem with retailers.

Is my memory suspect? confused smiley

Nope. A drop in production like this hasn't happened within our lifetimes. Not even in war-time.

The mint can't operate with remote workers and government employees have a union so they can't be forced to work in unsafe conditions during the pandemic. They're prioritizing printing bills with what staff they can muster.

...I've heard that some banks are paying $1.10 for every dollar in change they receive over some minimum amount.







Edited 1 time(s). Last edit at 07/07/2020 08:50PM by Sarcany.
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Re: Coin Shortage?
Posted by: Michael
Date: July 07, 2020 09:47PM
NPR says it's a side effect of Covid-19. Stores were/are closed and bank lobbies, as well. So, coins just sat in the closed stores and at homes since people couldn't bring them into the bank lobbies.

[www.npr.org]
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Re: Coin Shortage?
Posted by: C(-)ris
Date: July 07, 2020 10:09PM
Quote
Michael
NPR says it's a side effect of Covid-19. Stores were/are closed and bank lobbies, as well. So, coins just sat in the closed stores and at homes since people couldn't bring them into the bank lobbies.

[www.npr.org]

Coins suck anyway. So does cash. Touchless/NFR is the way to go. Amazon is even a step further. Load up your cart and push it out the door and get charged.



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Re: Coin Shortage?
Posted by: wurm
Date: July 07, 2020 10:26PM
I assumed the cashless preference was as a result of Covid, due largely to the proliferation of germs on money in general.
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Re: Coin Shortage?
Posted by: ArtP
Date: July 07, 2020 10:52PM
Quote
Michael
NPR says it's a side effect of Covid-19. Stores were/are closed and bank lobbies, as well. So, coins just sat in the closed stores and at homes since people couldn't bring them into the bank lobbies.

[www.npr.org]

^^^ This... On point about retail and Bank Lobbies

Larger retailers get coins (and bills) delivered by Armored Car when they come pick up Bank Deposits. They are also putting a limit on the number of rolls you can get.

Smaller companies had to go the Bank to make deposits and get (or deposit) coins and bills. Bank lobbies are mostly closed due to Covid and coins are tough to send through those pneumatic tubes at the drive thru.

About 2 weeks ago I was at Meijer and employee was yelling the self serve checkouts (which I hate) were Card ONLY (Credit, Debit, EBT) - NO CASH - because of coin shortage.

Next visit i saw signage about the shortage on the door.



Edited 1 time(s). Last edit at 07/07/2020 10:54PM by ArtP.
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Re: Coin Shortage?
Posted by: AllGold
Date: July 07, 2020 10:55PM
Quote
ArtP
Quote
Michael
NPR says it's a side effect of Covid-19. Stores were/are closed and bank lobbies, as well. So, coins just sat in the closed stores and at homes since people couldn't bring them into the bank lobbies.

[www.npr.org]

^^^ This... On point about retail and Bank Lobbies

Larger retailers get coins (and bills) delivered by Armored Car when they come pick up Bank Deposits. They are also putting a limit on the number of rolls you can get.

Smaller companies had to go the Bank to make deposits and get coins and bills. Bank lobbies are mostly closed due to Covid and coins are tough to send through those pneumatic tubes at the drive thru.

About 2 weeks ago I was at Meijer and employee was yelling the self serve checkouts (which I hate) were Card ONLY (Credit, Debit, EBT) - NO CASH - because of coin shortage.

Next visit i saw signage about the shortage on the door.

Yeah, all the Meijer stores around here are card* only. You can't get cash back either.

* They also take checks. Who the hell pays by check these days?! grinning smiley







Edited 1 time(s). Last edit at 07/07/2020 10:56PM by AllGold.
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Re: Coin Shortage?
Posted by: NewtonMP2100
Date: July 07, 2020 10:59PM
....who pays by check......??


.....always the elderly person who is in front of me on the line......that's who......



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Re: Coin Shortage?
Posted by: Don C
Date: July 07, 2020 11:33PM
I pay our house cleaner once a month by check and some workers who did projects around the house but not much else. I think I have enough blank checks to last me the rest of my life and it is not all that large a stack of blanks.

I know that my credit union billpay system sends paper checks for some of my accounts.
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Re: Coin Shortage?
Posted by: Buzz
Date: July 07, 2020 11:50PM
It's my fault, I've been accidentally hoarding coins for years.... I just dump the change out of the pockets each night, and somehow it seems to accumulate faster than spousal unit, and our local laundromat can make it disappear. Our city water sucks rocks, and that rock residue does a number on your clothes. Can't afford the industrial water conditioners that the laundromat has, so it's worth it to let them do our laundry so it gets the benefit of that industrial strength hardware.

About 4 to 5 years ago spousal unit made me downsize our coin collection, so Coinstar, and Amazon, got about $4,000 of our business, and now we still have a bunch of half-gallon jars of coins in the closet. Biggest reason is the old, all copper pennies... can't bring myself to pour those into a Coinstar's mouth. Dealing w/ coins is a pain, so I don't.
==
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Re: Coin Shortage?
Posted by: Racer X
Date: July 08, 2020 01:35AM
Quote
NewtonMP2100
....who pays by check......??


.....always the elderly person who is in front of me on the line......that's who......
And they don't pull out the checkbook until the total is given, and they verify everything to their full satisfaction.

When I used checks, I had everything filled out but the amount before the cashier was even done.



********************************************
The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)
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Re: Coin Shortage?
Posted by: RAMd®d
Date: July 08, 2020 02:57AM
I have to think using credit cards for everything, including fast food and grocery shopping has played a part in coin shortage.

That's probably why COVID made things worse.

In the past couple of years, I've seen maybe a dozen people use cash.

I haven't had coins in my pocket for much much longer than that, except for quarters for the local DIY car wash.




When a good man is hurt,
all who would be called good
must suffer with him.

You and I have memories longer than the road that stretches out ahead.

There is no safety for honest men except
by believing all possible evil of evil men.

We don’t do focus groups. They just ensure that you don’t offend anyone, and produce bland inoffensive products. —Sir Jonathan Ive

Perfection is the enemy of progress. -Winston Churchill

-An armed society is a polite society.
And hope is a lousy defense.

You make me pull, I'll put you down.

Mister, that's a ten-gallon hat on a twenty-gallon head.

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Re: Coin Shortage?
Posted by: ztirffritz
Date: July 08, 2020 08:44AM
People don’t want to exchange money for fear of infection exposure or maybe since people have been home they’ve been rolling all those coins they’ve been saving for years.



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Re: Coin Shortage?
Posted by: rz
Date: July 08, 2020 10:31AM
I've probably got a couple hundred dollars in loose change. I need to take to Coinstar to convert to useful money.

When I bought my Macbook in 2006, I brought all my loose change to Coinstar to exchange for an Amazon gift card. Had over $400 in change!
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Re: Coin Shortage?
Posted by: NewtonMP2100
Date: July 08, 2020 10:37AM
....change.....is constant......



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Re: Coin Shortage?
Posted by: freeradical
Date: July 08, 2020 11:07AM
I never use credit cards for small purchases. I even buy groceries with cash.

What's really weird, is that laundromats now have machines that can use credit cards.

A 25 cent credit card transaction. Give me a break. It used to be that there was a $5-10 minimum for using a credit card. No more I guess. The credit card companies own us.
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Re: Coin Shortage?
Posted by: NewtonMP2100
Date: July 08, 2020 11:12AM
.....with coin shortage......will there now be in casinos......more.....slot shaming......???



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I reject your reality and substitute my own!
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Re: Coin Shortage?
Posted by: space-time
Date: July 08, 2020 11:30AM
Quote
freeradical
...

What's really weird, is that laundromats now have machines that can use credit cards.

A 25 cent credit card transaction. Give me a break. It used to be that there was a $5-10 minimum for using a credit card. No more I guess. The credit card companies own us.

do they still have a minimum fee? I think the fee was about 25 cents and then a 2-3% of the amount, so the laundromat would probably lose money in cases like that.

That being said, what can you buy in a laundromat for 25 cents? I was under the impression that a laundry load was about $2-5 depending on location. It used to be $1.25 in my old apartment building 15-20 years ago.
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Re: Coin Shortage?
Posted by: freeradical
Date: July 08, 2020 11:36AM
Quote
space-time


That being said, what can you buy in a laundromat for 25 cents?


Time on a clothes dryer.
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Re: Coin Shortage?
Posted by: RAMd®d
Date: July 08, 2020 12:27PM
Time on a clothes dryer.


Additional time on a clothes dryer.

I seem to recall needing $1.50 or so to get it started.




When a good man is hurt,
all who would be called good
must suffer with him.

You and I have memories longer than the road that stretches out ahead.

There is no safety for honest men except
by believing all possible evil of evil men.

We don’t do focus groups. They just ensure that you don’t offend anyone, and produce bland inoffensive products. —Sir Jonathan Ive

Perfection is the enemy of progress. -Winston Churchill

-An armed society is a polite society.
And hope is a lousy defense.

You make me pull, I'll put you down.

Mister, that's a ten-gallon hat on a twenty-gallon head.

I *love* SIGs. It's Glocks I hate.
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Re: Coin Shortage?
Posted by: freeradical
Date: July 08, 2020 12:54PM
Quote
RAMd®d
Time on a clothes dryer.


Additional time on a clothes dryer.

I seem to recall needing $1.50 or so to get it started.

That would be the washer.
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Re: Coin Shortage?
Posted by: NewtonMP2100
Date: July 08, 2020 01:26PM
.....2.....bits.....



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I reject your reality and substitute my own!
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Re: Coin Shortage?
Posted by: decay
Date: July 09, 2020 08:42AM
Fortunately my credit union has a coin machine inside the branch office.

All the banks seem to have removed them. They got damaged from people not cleaning out their change first.

I don't like paying a percentage to those coin machines, so I just deposit the change in my CU account when I take it in.



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