According to the U.S. Coin Task Force, an estimated $48.5 million in coins remain uncirculated

vulcanize

Rounding up isn’t just for charity, stores urging consumers to spend loose change

https://www.denver7.com/news/national/rounding-up-isnt-just-for-charity-stores-urging-consumers-to-spend-loose-change

Time to take the coin jars and spend

MFeld

That figure sounds much too low. I bet that the combined forum membership, alone, has more than that amount tied up just for roll searching purposes!😉

Estil

And why would this of all things need a "task force"? And if they were really serious about this then offer a small premium of some sort. Just as an example off the top of my head, for every dollar in change you turn in, you get store credit for that store for that amount plus ten percent. So you could swap $10 worth of coins and get $11 back in store credit. I'm not sure exactly what would make for a fair reasonable exchange rate...I was just using this as an example.

I mean, how else are you going to "get" people to spend change/coins more? Virtually no one is going to go out of their way to do that "just because".

JBK

I see that the term "uncirculated" appears in the article but I think it is a misuse of the term.

The article also uses "out of circulation", which is more appropriate.

I agree that the figure stated is grossly underestimated. There are many times that in small dollars alone.

Glen2022

Dump all your coffee cans of loose coins into the coinstar machines and send me the rejects. Thanks in advance.

privatecoin

How about making a dollar worth something again?

MasonG

1. Refuse to provide denominations of such value that it makes sense to use coins in day-to-day transactions.
2. Concern because people don't use coins in day-to-day transactions.
3. ???

cladking

@MFeld said:
That figure sounds much too low. I bet that the combined forum membership, alone, has more than that amount tied up just for roll searching purposes!😉

Even in normal times I'd bet there's over a billion dollars in coinage that isn't circulating. Right now it would be substantially higher because of dwindling coin usage and inflation. Covid dramatically reduced the ability of coins to circulate.

They may be figuring any coin not seen since covid 19 no longer even exists but this is not at all true.

Or like most "news" they have some axe to grind that's hard to figure.

cladking

@MasonG said:
1. Refuse to provide denominations of such value that it makes sense to use coins in day-to-day transactions.
2. Concern because people don't use coins in day-to-day transactions.
3. ???

If the banks handed out $1 coins most of the coins would trickle back into circulation within a year.

Fraz

Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

@MFeld — Thank you for the correction in the next post; you’re thinking that I’m a dumbass, I’m sure.

MFeld

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

derryb

@MFeld said:
That figure sounds much too low. I bet that the combined forum membership, alone, has more than that amount tied up just for roll searching purposes!😉

You might be right!

giantsfan20

A Wells Fargo in CA has a sign posted at the door stating NO rolls for consumer and limit one of each denomination for business A bank as large as WF cannot get an adequate supply of coins?

McDonalds still has a sign up “Due to National Coinshortage pay with exact change or card”

What shortage as those here who able to get box quantities of coins unless good customer of banks.

seanq

@Estil said:
And why would this of all things need a "task force"? And if they were really serious about this then offer a small premium of some sort. Just as an example off the top of my head, for every dollar in change you turn in, you get store credit for that store for that amount plus ten percent. So you could swap $10 worth of coins and get $11 back in store credit. I'm not sure exactly what would make for a fair reasonable exchange rate...I was just using this as an example.

A dollar store chain in the northeast did exactly this in late 2020, you could exchange rolled coin for a gift card with a 20% bonus. I would love to know how much change they were able to pull in. The same store also added a $2 fee to every receipt to cover higher wages for their employees.

Sean Reynolds

ricko

I have jars of cents, nickels, dimes and quarters. I always carry change in my pocket when I go out - 4 cents, 3 nickels, 3 dimes and 3 quarters. That way I can always pay with exact change. I should roll up the coins in jars.... maybe some cold, snowy, winter day. Cheers, RickO

Glen2022

@MFeld said:

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

I think there is a flaw. If everyone, 330,000,000 had $1, that would be $330,000,000 outstanding. $50,000,000 outstanding, spread around (divided by) 330,000,000 equals $.15 per person..

Estil

@Glen2022 said:

@MFeld said:

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

I think there is a flaw. If everyone, 330,000,000 had $1, that would be $330,000,000 outstanding. $50,000,000 outstanding, spread around (divided by) 330,000,000 equals $.15 per person..

Yes! This right here is why it's so so so important to put that teeny little dot, that teeny little decimal point in the right place!!

https://youtu.be/H8gs7P3Vu58

291fifth

They are in Scrooge McDuck's money bin.

Fraz

!> @Glen2022 said:

@MFeld said:

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

I think there is a flaw. If everyone, 330,000,000 had $1, that would be $330,000,000 outstanding. $50,000,000 outstanding, spread around (divided by) 330,000,000 equals $.15 per person.

Thanks for the clarity.

Estil

@291fifth said:
They are in Scrooge McDuck's money bin.

But didn't Mr. and Mrs. Rich in that movie say that money belongs in a bank? You know, when those crooks tried to rob what they thought was Richie Rich's "money bin" only to find it was a vault of sentimental "money can't buy" sorts of things?

https://www.youtube.com/watch?v=OmlMgnc2dNc

Glen2022

@Estil said:

@Glen2022 said:

@MFeld said:

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

I think there is a flaw. If everyone, 330,000,000 had $1, that would be $330,000,000 outstanding. $50,000,000 outstanding, spread around (divided by) 330,000,000 equals $.15 per person..

Yes! This right here is why it's so so so important to put that teeny little dot, that teeny little decimal point in the right place!!

https://youtu.be/H8gs7P3Vu58

Yes, decimal points are important, as are zeros. After all, a zero is worth nothing, unless it is to the left of the decimal point. $1.00 vs $100.

The signs at retail stores asking for "exact change or credit/debit card only" disappeared after I took my coffee can of loose change to the local coinstar machine. Got about $120.00. (decimal points and zeros are correct).

Estil

@Glen2022 said:

The signs at retail stores asking for "exact change or credit/debit card only" disappeared after I took my coffee can of loose change to the local coinstar machine. Got about $120.00. (decimal points and zeros are correct).

You DID make sure to look through the change for any silver dimes/quarters, war/buffalo nickels, and wheat/copper pennies first right?

MFeld

@Glen2022 said:

@MFeld said:

@Fraz said:
Population ~330,000,000 divided by out-of-circulation ~50,000,000 equals ~66 dollars per head.

That would be $6.6, not $66, per head.

I think there is a flaw. If everyone, 330,000,000 had $1, that would be $330,000,000 outstanding. $50,000,000 outstanding, spread around (divided by) 330,000,000 equals $.15 per person..

Good catch. i just corrected the math, without picking up on his switching of the numerator and denominator in doing the calculation.😬

Glen2022

@Estil said:

@Glen2022 said:

The signs at retail stores asking for "exact change or credit/debit card only" disappeared after I took my coffee can of loose change to the local coinstar machine. Got about $120.00. (decimal points and zeros are correct).

You DID make sure to look through the change for any silver dimes/quarters, war/buffalo nickels, and wheat/copper pennies first right?

most certainly, and took any rejects as well.

olympicsos

@Glen2022 said:
Dump all your coffee cans of loose coins into the coinstar machines and send me the rejects. Thanks in advance.

Send me the silver

Overdate

Here’s a major part of the problem:

49 percent of all U.S. coins produced are cents.
It takes 30 cents to equal the purchasing power of one cent in 1913.

11 percent of all U.S. coins produced are nickels.
It takes 6 nickels to equal the purchasing power of one cent in 1913.

22 percent of all U.S. coins produced are dimes.
It takes 3 dimes to equal the purchasing power of one cent in 1913.

Very few halves and dollar coins are produced, and they barely circulate.

This leaves the quarter as the highest value circulating coin, and each quarter today has less purchasing power than a cent did in 1913.

Is it really surprising that putting change back into circulation isn’t a high priority for most people?

I think the coin “shortage” could be rapidly eased by producing fewer one-cent coins (or eliminating them altogether), and minting more of the higher denominations instead.

Coinscratch

Wait a minute, there is a US Coin Task Force? Do they dress like CAC sticker guy or just your run of the mill coin collector?

Glen2022

I agree. Cent coins are essentially worthless. They are, however, good for two things.

1. Keep a few in your pocket to give at retail sales to avoid getting more cent coins. and
2. they are good for collecting.

@olympicsos said:

@Glen2022 said:
Dump all your coffee cans of loose coins into the coinstar machines and send me the rejects. Thanks in advance.

Send me the silver

Sorry, the silver would be in the rejects, already sent to me.

Glen2022

I picked up my wife's purse last night. Had to weigh at least 10 pounds. Half of that is loose coins. probably at least $5. She has several purses. She should be able to ease the coin shortage all by herself.