Dollar coin shortage ?
dcarr
Posts: 8,697 ✭✭✭✭✭
Periodically, when I cash a check at the bank, I ask for a roll or two of small dollar coins for spending.
The last time I did that was several months ago.
Today I cashed a check at my bank and I asked for a couple rolls of dollar coins.
The teller told me that they didn't have any, and haven't been able to get any for the last three months or so.
This is the first time I ever asked for some and they didn't have any, going back all the way to the year 2000.
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Very interesting. I thought the Federal Reserve had huge stockpiles of these and were giving them out to anyone who asked for them. I'd be surprised if they ran out so quickly provided how little these coins see circulation.
Coin Photographer.
Supply chain issue.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Must be an area problem or perhaps your bank just does not want to be bothered with them. Try another bank. I have no problem getting all the boxes I want. Banks cannot order just a few rolls. I think the minimum order is $1000 or maybe even $2000. Some banks just float with what other customers have brought in. There is no shortage of dollar coins, just like half dollar coins.
They just don’t want to bother
Fed printed so many dollars that they have to use them first.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Where are they? I have yet to get a series 2021 note in any denomination.
Probably what they're paying to ship them is less than the fuel cost, so they don't ship.
Or the cost to ship is more than their value. We don't even have silver certificates, much less gold and they are'nt attractive like the education paper. That will be the only note I would collect.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
I do the same and had no problems ... every few months I get a roll and use them as tips ( i always remind the kids that these are dollars and not quarters) ... it is fun to see their reactions as most never seen any. Several times I heard ... "gee I am going to save this" thinking they are unique
OMG ... My Mother was Right about Everything!
I wake up with a Good Attitude Every Day. Then … Idiots Happen!
We're still on Series 2017A though that's likely to change very soon with the appointment of a new Treasurer this past week.
SC3.
Welcome to the forum.
If you’re OK with my condensed version of your handle, it’s easier to type. 😉🙀🦫
🎶 shout shout, let it all out 🎶
Not cost effective 🤑
I have not asked for small dollar rolls at the bank. The only rolls of dollars I did get, was from the mint when first issued. I do get them in change from the Post Office and a couple of vending machines that take larger bills. Have a small pile by my desk. Cheers, RickO
This isn’t exactly relevant to the shortage topic, but I was turned away from my local Post Office this past week because they refused to accept the dollar coins I was paying with (which were the only form of payment I had with me). The clerk, who also claimed she was the local supervisor, accused me of trying to pay with arcade tokens. I protested for a few minutes and even used my phone to pull up the official US Mint government website where I bought the coins, but she was not having it. Eventually I left because I felt bad for the folks in line behind me, and my package went out a day late. I filled out a written complaint on the USPS website including the US Mint link, and received a fairly generic reply from a regional employee. I guess I can’t fault her too much, given the coin says “Video Game System” on it 🤷♂️
Note: the reverse is actually rotated 45 degrees in this photo…in reality the line in the middle is vertical (simulating the old computer pong game), not horizontal
Nothing is as expensive as free money.
Sounds like the Mint Director needs to talk to the Postmaster General! 🤣
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
The above bold part doesn't sound right to me. I agree with @rec78 and @CaptHenway.
The teller hasn't been able to order boxes? or hasn't been receiving dollar coins from customers? Could it be your area of the country?, I doubt it.
Dollar coins have been the one coin I've been able to order and find from banks on a "continuous" bases during this entire supply chain, virus, shortage, lock-down, shut-down crap show!! I've had dollar coins coming out my butt. I could get more then I could ever search. It's been very successful as Mr. CaptHenway can attest.
Hit a few other banks Dan. The banks I hit don't want them and are glad to get rid of them........without having an account.
EDIT: P.S. Hell, what am I saying!?!?! PM me and I'll send you all the rolls you want.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Nothing is as expensive as free money.
OAKSTAR: PM sent.
Besides carrying small dollar coins, why would banks even have halves? Virtually no store has them for change- dollar coins or halves. I went into a bank last week and bought a box of halves. I'll do some coin roll searching and maybe find something cool...but besides collectors, who else is buying these and where are they going?? What is the cycle for them?? As you see from @PocketChange above, even some of the dollar coins aren't even recognized for currency! When was the last time you actually got a half dollar in your change?
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Actually, the NIFC (Not Intended For Circulation) dates were just minted for collectors.
And we're finding them in circulation, go figure!!
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
I will check with BankofHawaii tomorrow
banks don't normally order them from the carrier. They usually have only what customers bring it. Picked up some halves the other day and they nearly begged me to take 100 dollar coins off of their hands. FWIW no silver in the halves, getting harder to find.
The best thing that can happen to the Kennedy Half Dollar series is Congress discontinuing the clad half dollar as a denomination and withdrawing clad half dollars from circulation and then demonetizing and melting them. While keeping the 90% silver Halves legal tender and still making them for silver proof sets (along with modern Walkers kind of like the modern Morgan’s and Peace dollars). There’s simply too many clad half dollars out there and there’s enough 90% silver kennedy’s that if anyone wants one out of 300+ million people in the United States they can get one.
Yes and they wind up in circulation anyway because the nice ones worth more than the whole bag or roll itself is cherry picked and then the rest are spendable. Or collection dumps. You’d be surprised at the amount of collection dumps. I think demonetizing the clad half dollar and having banks no longer accept them after a redemption period like what’s done in other countries would cut down on the amount of proof/silver coins entering circulation.
It would make more financial sense to do that with cents and nickels and $1 bills.
I of out the best examples from the innovation rolls for my set and the kids set. Then use the rest for tips and allowances. I put plenty of NIFC coins into circulation. I had hundreds of the Vermont dollars, and have gotten a lot of positive feedback about those.
Zero issues here in the Denver area for you :-) My chases will order boxes at no cost and most of them around here always have rolls. Credit Union of Denver has a fee sheet for boxes, I think it's $10 for a box of dollars although they always have rolls. They've limited it to 2 rolls per visit for a few months, unless you have a business account.
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
No issues in Southern Colorado, I can order whatever I want and the bank calls me about a week later when they come in.
Lake Champlain ferry ~20 years ago.
). There’s simply too many clad half dollars out there ...
Very True.
I search half dollar boxes from the federal reserve every week. I have put together a complete (except for the 1970-D) BU set from 1964 to 2021 ( No proofs, but you can even find these, although most are considered impaired) right from circulation. March-August 2021. Including all silvers.
There are literally many BU halves from 1971-1976 still in circulation. Many, many 1976's. Bu's from 1977-date are a little tougher to find then the early dates but there a many still out there. Half dollars and dollar coins do not circulate much in my area if at all.
If you are putting together a Kennedy half dollar album in BU condition - don't buy them, order boxes from the federal reserve and you can put together a great set at face value. Same with the small dollar coins, All of them are in circulation in BU conditions even the NIFC's.
Actually it wouldn't be cheaper to get rid of $1 bills instead of $1 coins. https://www.gao.gov/products/gao-19-300#:~:text=In the past, Congress has,cheaper to stick with them.
Politically getting rid of pennies and nickels would be difficult. Since no one uses half dollars and they're a forgotten denomination. Politically the half dollar would be the easiest to withdraw.
Ah, no, too many people are around from JFK's time will not let it happen. Actually, any coin removal would be difficult except maybe the dollar coins as they do not have any political following.
If you still have Kennedy Halves in silver in the silver proof set and in other US Mint silver products as a compromise you can get it done while banks don't have to accept half dollars and you can withdraw/melt down the clad kennedy's. Kennedy halves aren't something that are spent in day to day commerce and the people who would fight to keep Kennedy know this. Then you can have an annual silver only Kennedy and Walking Liberty Half Dollar just like what's going on with Morgan and Peace Dollars.
I have collected halves in blue Whitman folders ever since I was a youngster, and continued the tradition with my boys. With the JFK's, we're just left with keeping up with each year's new P&D releases. I don't like the fact that they are now NIFC's. I've collected them for so long that I'd hate to give up continuing our sets. But half the fun was finding them fresh out of circulation or trading for them. But trading partners have dried-up over the last few years as well. Each year, I debate whether to continue.
Same holds true for the Native American dollars, as well as the latest quarters series. Each year I swear will be out last, as we now have to try & find or trade for P&D N.A.'s from the last 3 years, and each new "American Women" release.
We didn't even START collecting the "Inno-Bucks" series, since they were all going to be NIFC's from the get-go.
I have to hand it to the Canadians............. at least they just cut out production of their 1 cent coins "Cold Turkey", so I don't have to worry each year about our collections being "complete" and up-to-date. (Now, if only they would do the same for their half dollars as well......).
I wish theU.S. would stop producing halves (or ONLY include them in Mint/Proof sets), but as long as they can make a quick buck on them, that'll never happen. But if one day it DOES stop them, I would prefer they not be demonitized...... If down the line, I want to sell our collections, I don't know how many folks would want a complete set. If they wanted to just cherry-pick dates, and they were demonitized, then wouldn't there be a chance that the rest of my clad collection would be worthless?
I would prefer they not be demonitized......
I don't think they would demonitize them. Have they ever demonitized any US coins?
I have put together a complete (except for the 1970-D) BU set from 1964 to 2021
That actually sounds fun. I've gone through a few boxes of halves and noticed exactly what you're saying here, many, many bicentennials and loads of 70's. Can't find the 70-D? Is that especially hard to get?
Back to the original question @dcarr about dollar coin shortages, not around here, at least there was a so-called quarter shortage for two years and just recently the banks stopped giving me grief for asking for a box. I'll double check and try for some dollar coins...... how much would a box of those cost? It's $500 for quarters and $500 for halves.
Yes, the 70D is the harder of the JFK dates to find. I may be wrong, but were those only issued in mint sets?
Dollar boxes are $1000. The 1970-D's were only issued in mint sets and are 40% silver with a mintage of only 2,150,000. I doubt if I will ever find one in circulation.
Yes, the trade dollar was demonitized for a while and when silver was much lower in value you could get them below face value! (1930's)?? They were demonitized in 1876 but continued to circulate, but they have been remonitized in the coiinage act of 1965.
After Trade dollars were demonitized, they continued to circulate but they were discounted. US gold coins were demonitized during the gold recall (theft) by FDR in 1933. As stated above, the Coinage Act of 1965 made all US coins remonitized. I wonder if this includes our first US coin---the Fugio cent.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
You can only get face value for most clads anyway except for the highest grades once you factor in shipping, gas, parking costs to sell them online, at a show or a LCS. Better to have everyone turn clad halves at the bank except for the MS67-70 ones and melt the rest while silver remains monetized. Even the 40% bicentennial halves, there’s simply too many of them to have a significant premium. Maybe if you get rid of the clads, that will finally finally happen and what @cladking is predicting with clads will finally finally happen.
I think it's been going on for a while now but in slow motion. You can get $2.25 each for nice chBU '79 and '80 SBA's. This is because the mint set p0lastic is reactive and many of these are damaged now (especially the '79). Ikes are going for $3.75 to $4.20 WHOLESALE now in chBU. Nobody is buying or selling quarters except for several retailers on the net but they can't keep some in stock and I strongly suspect many of the coins shipped are tarnished because almost all clad comes from mint sets. I think this is what's causing things to happen in slow motion. Buyers don't want tarnished sets but have to set their buy prices knowing up to 80% of some dates will be tarnished. Then add in the fact that some of the best coins are listed as dreadfully common by all of the price guides. I had to laugh the other day when I saw Coinfacts suggests there are literally millions of '82-P quarters in Unc. I suppose they assumed a certain %age of coins in circ are still Unc but the reality uis there are not. There were a few badly made coins set aside and even these have a nearly .5% attrition. Any clad that walks into a coin shop is likely to end up in circulation.
The few collectors of clad are hesitant to pay 10 times catalog to get coins on eBay and this is what you'll have to pay in many instances. The markets are being suppressed and the coins are tarnishing so collection formation is proceeding slowly.
To date anyone who wants a clad can just buy a mint set and take his chances but this will be coming to a close because most of the mint sets are long gone now and the few surviving are tarnished. There is no BU roll market except in halfs and dollars and these bring strong wholesale buying. There is a developing market in clad dimes but it is in its infancy and there is still a lot of pricing to work out.
As has always been the case the problem with clads is the virtually total lack of demand. Supply has always been thin especially for nice attractive coins but there is no demand. The little demand started in 1980 and has been growing but only in the last few years has demand started putting any pressure on supply. I think the SBA supply will be adequate but obviously far fewer coins were set aside than anyone imagined at the time. Now chBU coins are coming from mint sets because the BU rolls are used up or on long term storage. Curiously the '81 coins which are mint set only are in mint sets that tarnish much less often so their supply is better, the demand is higher but in the long run the older coins might be more valuable. It's a strange world and clads are almost as strange.
The real sleeper for the SBA series is probably nice attractive and gemmy '79-S. This is MS-64 and above and including a few nicer MS-63's. These were poorly made so chatter free and well made coins are the exception. They do not appear in mint sets.
I probably wouldn't have accepted that $1 either! Thanks for the education on the innovation dollars.
Yes, that coin really DOES look like an arcade token. I know sometimes people like to bag on retail workers who do not recognize currency (i.e. $2 notes), but this NIFC coin is genuinely confusing, it is hard to be too hard on somebody who did not trust it.
If you haven’t seen any by now, they probably didn’t print any.
A quick shout-out to Tom (OAKSTAR) to thank him for searching thru tons of dollar coin rolls on my behalf, looking for (and finding) an elusive recently-minted Native American $1. Much appreciated!
-- Dave
I can"t remember the last time I actually went into a bank to cash or deposit a check or for any other purpose. Banks don>t like in person visits. Takes an employee to provide service (and salary expense). That is one reason there are so many ATMs now.
Very true. One of my long time banks, just about a month ago, stopped counter service. They only have window service now. So, if you want to bring in coins you are (sh*t) out of luck. The doors are still open for appointments to apply for loans and that kind of stuff, but no more counter service! NO more coins!