US coin shortage?
Attumra
Posts: 182 ✭✭✭
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Attumra
Posts: 182 ✭✭✭
Attumra
Posts: 182 ✭✭✭
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No problems here. But banks are drive through only and I'd imagine some places don't have the time or resources to sit 30-90 minutes a day. I've been having tellers and attendants keep the change.
For one, it's a huge infection vector, and not worth the soap or the isopropyl alcohol to justify keeping it. I really don't want to contribute for making that one employee or owner have to make another bank run.
I let lady at the weed store keep the change the other day and she was really polite so I let her keep the $6 and coins today. I don't even wanna leave them in my pockets in the washer. My phone, debit card, backpack and protection are all I ever take out anymore, and minimize bringing anything in.
When there's a shortage here they offer coinstar at free or reduced prices. Haven't seen anything unusual and none of my change was rounded up.
This was already discussed earlier in another thread. Fed announced a couple of weeks ago that banks are on allocation regarding number of new coin boxes they can order. This is a YMMV situation for local banks. Many theories about the real cause but most agree that many bank lobbies being closed due to COVID-19 has disrupted the coin supply since customers can't withdraw or deposit coins via Drive through tubes.
I have received coins from banks many times over the past few weeks and as recent as yesterday. No problems! Either from the shortage or from the virus. I do wash my hands afterwards, but I haven't heard of anyone picking up,the virus from any form of currency.
Figures.
No issues with coins/change in this area. Banks/CU still drive through (except by appt.)... Coinstar reject slot was full of change a few times in the past two weeks...Cheers, RickO
It’s a case of once the message got out there people start believing it and acting as if it were true and then causing the very thing they believed.
TurtleCat Gold Dollars
If you do a search, there are 3 other threads discussing this. It's not local
It may not be local, but it also isn't everywhere.
teller sent me five rolls of quarters through the tube Friday.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Snowball effect: Federal reserve bank notified all US banks that it MAY see a (projected) shortage of new coins arriving from US Mint to fed reserve banks. Mint supplies primarily armored carriers with the new coins who in turn supply local banks. Contracted armored carriers are over reacting and limiting banks on the number of boxes of coins they can get. These boxes contain primarily recycled coins of which there is no shortage (the dog didn't eat them). True that less people are getting out to spend their change but at the same time there are less people out and about that need change in a transaction. True that carriers may experience fewer employees at work to distribute boxes of coins but if this were the case it would also be affecting the currency they deliver.
Over reaction by everyone in the supply chain. Bad news is that like most bad news from a government agency, there will likely not be an "all clear" follow up announcement. Banks will have to slowly figure it out themselves.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Got my first 2020 coins, a dime and cent, on Friday in Colorado, Utah at the McD's drive through. Longest I've ever had to wait for new coins to show up in my pocket. I live in NV and was on vacation in fabulous UT and AZ on Lake Powell.
bob
The referred memo from the Feds is national.
Local conditions depend on other factors. Including, probably, the willingness of local banks to eat the cost
Government had as many people stay home as possible, affecting shipping. Likely armored couriers did the same. There's always an issue with Fed banks have mismatching coin demand/supply (Like too many quarters in KC and not enough in Atlanta), the transportation slowdown is just making it worse. There's no "real" shortage of anything.
It might be national (the memo that is), but even Lowes isn't applying it uniformity. Maybe it's just being applied by certain states.
My mom is in Southern Ohio/Kentucky Area
Went to Wal Mart and was not allowed to use Cash for Self Checkout citing a coin shortage. Even when she went through the checkout they manipulated the coinage to avoid usage of pennies... Claiming coin shortage...
Same "coin shortage" sign here in Austin at the local grocery chain store.
It may well be a distribution problem due to covid-19, as others have said, at least for this current circumstance.
More systemically, though, more and more folks are finding coins are a nuisance and are dumping them in coin jars when they get home instead of re-spending them into circulation. There must be billions of the things in coin jars by now, outpacing the Mint's massive production.
Here's a warning parable for coin collectors...
So it's the cents that are the culprit. Maybe an attempt to limit transactions for analysis of possibly eliminating cents from our currency
no issue of money here, i can pay with change or bills the stores here don't really care, the banks here no issues with money,i cash checks no issue the bank is happy to cash it
Coins for sale at link below
https://photos.google.com/album/AF1QipOVMv7FZDb2BvqQnSIUKnelz2nhX9TVEMcKHgHm
There were reports of this a couple weeks back. Sadly the war on physical coins and currency continues
Exactly.
So long as the lobbies are closed people will just accumulate more and more coins. Since old coins aren't spent these recycled coins make up almost all of the US coin supply. The mint can't begin to keep up with the growing numbers in cans and jars.
If any part of the country had excess supply it would be shipped to another federal reserve district (who no longer directly handle coins themselves).
Indeed. Money has become irrelevant since even a week's groceries cost the largest bill in circulation. Pennies actually have negative value and the government allows credit card companies to give Rachel your phone number and profit when she catches someone turn senile. Then to rub salt in your wounds they allow stores to give a discount to those using credit.
Telemarketers are allowed to submit one phony credit card number after another until they get one that's good!!!
Apparently everyone wants their purchases tracked and untrackable cryptocurrency for government use.
No problem seen in CT.
OK. I read that a few times trying to figure how change is a disease vector, but your condoms got you covered!!!
Then I figured oh, your protection is a 9mm or the like.
I wonder if this explains the half dollar I got in change yesterday. Will they finally start being used? That would be nice.
Collector, occasional seller
Three different banks told me a 2 roll limit on cents. They don't understand I need almost two boxes a day to support my habit. I'll try wearing a mask tomorrow...
How can there truly be a shortage of coins? The US Mint, through Federal Reserve banks, released 12.46 billion coins in 2019 alone!
I personally believe the coin shortage has been engineered by the Federal Reserve who is preventing the entry of new coins into the system and removing existing coinage from the system. The Federal Reserve is making its move to achieve its goal of a cashless economy. There are a number of reasons they (and Washington and other nations) desire this:
The Federal Reserve, through its own banks controls the distribution of all new money that enters the system. It also controls the rules and regulations on all private banks. It has full control over your local bank, as demonstrated by the current "coin shortage." There is no better way to force a societly into electronic transactions than remove their access to cash. Currency usage will dry up if their are no coins available to accompany the transaction. Many national retailers are now limiting cash transactions.
I visit over 20 local bank branches (five different banks) a week, procuring sealed boxes of coins to search. In the past two weeks boxes of coins have dried up. Last week, the tellers were saying their orders have been strictly limited. This week they are telling me they are getting no coin deliveries. Notice the reduction of armored car trucks on the road? The coins are out there, they are just not moving.
COVID 19 has provided the perfect cover/excuse to declare a coin shortage to begin the cashless experiment in real time. A coin shortage is a cash shortage. Without coins 99% of all cash transactions cannot be completed.
My gut says the FED is sucking up all the coins and not returning them into circulation. My vision of the local bank of the future is a place, after it has been used by the federal reserve as a collection point of all remaining cash, where electronic accounts only of all types are opened and serviced and no actual cash changes hands. Ninety percent of bank visits will be eliminated (along with branches) when all transaction have moved to the electronic frontier.
Makes for a nice conspiracy theory until suddenly it isn't.
Drink the koolaide:
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
That sounds like one of the things that is happening but what about the people that do not have a credit or debit card and can't get one?
There was a time when not just anyone could have a phone number. Somehow that changed.
There are some who do not qualify for a state driver's license. However they are given a state ID upon request.
If an electronic account becomes a requirement to receive or to spend, everyone that wants or needs one will have one. I.E. EBT cards.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
The FED hates cash and has been at war with it for years.
But, I doubt this shortage was engineered or even widely foreseen. As soon as 90% of the bank lobbies are reopened it will disappear pretty quickly.
The government hates to waste opportunities but so long as people don't care if big business, big finance, and big government knows their every purchase there will be no cash soon enough anyway. The government already forces all of the costs of credit card usage on those who pay in cash. We already have our credit card companies calling us twenty times a day through their proxies in India.
A bell can't be unrung or a shark unjumped.
Oh I agree that that is what they have in mind. Its all about power and control from big government. I am glad I am 80 years old and not that well as I don't want to see what the next 20 years will bring. maybe its time to buy bitcoins or something like that. I definitely will stock up on everything that is not perishable in the coming months especially if repubs lose this next election.. The dems are now the socialist party and God help this country when they take over.
Between the virus and the riots not much going on out there. I can understand how that would effect coins/change in the market place. Not much of a market place anymore in the cities from what I see on the news. I haven’t seen a 2020 cent in circulation yet.
No, not really.
Unfortunately I 100% agree with you. Things are changing rapidly.
Did my part today, went to the local BOA branch and deposited some rolled nickels, cents and dimes. All searched for varieties of course!
First it was Disinfectant wipes, hand cleaner and rubber gloves. Then it was toilette paper and paper towels. Then it was frozen pizzas. Now it's change. Funny, I've never encountered any of this. My city must live a sheltered life, eh?
This is getting fuglier by the day