Nationwide Shortage of Coins
hchcoin
Posts: 4,837 ✭✭✭✭✭
Time to cash in your piggy banks:
Federal Reserve Board Chairman Jerome Powell acknowledged a nationwide coin shortage due in part to the coronavirus pandemic and a blockage in the coin supply chain.
https://cnn.com/2020/06/18/us/us-coin-shortage-coronavirus-trnd/index.html
Even my local gas station sent me an email about it.
We are currently experiencing a nation-wide coin shortage with limits being placed on obtaining coins for our day to day business needs. We are asking, if possible, for you to please use exact change when paying with cash, or use alternative methods of payment.
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Oh I've got a pile of coins they can have.
That means everybody here will start hoarding every coin that they can get their hand on. They will be posting pictures of all of it here.
I’ve got a few boxes of searched half dollars I haven’t cashed in to the bank.......
Collector
91 Positive BST transactions buying and selling with 56 members and counting!
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Got rid of mine a couple days back.
I remember back when there was a cent shortage and the banks asked people to deposit their cents and people did. Maybe that will happen again. I understand people have concerns regarding coronavirus with regard to coins but I think the level of concern is disproportionate to the actual risk.
I spend small change, but save all my quarters.
A lot of people don't want to touch coins or currency right now so they are using plastic.
At Lowes, I got back $4 instead of $3.74.
Rounding.
bob
You got cheated on the chance to get a W quarter in change!
Early 1970s. If you deposited $25 or more in cents you got a certificate from the Treasury Department thanking you for doing your civic duty. If you were a minor you only had to deposit $5 in cents, which I did.
I still have the certificate somewhere. When i come across it I'll post a picture.
That’s pretty cool!
Admitting to my idiocy . . . .
I amassed 10-15 rolls (P & D) of every State Quarter (not the stuff after). They take up most of the safe . . . stored in those "Numis Square" boxes. Been saving them to wash the truck. I have enough where if I wash the truck once per week from now on, I will be 327 by the time I run out of quarters . . . and have one helluva clean truck.
I think I may take some in . . . . .
Drunner
JBK,
That certificate might be worth something today.
To My Fellow Coin Collectors,
I rarely use cash anymore. If I can't charge it, I don't buy it. Garage sales, flea markets, etc are the only rare exception, but I am not going to those now.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
Help me do the math here: 50 states X 2 each mint X1 0 rolls= 1000 rolls X 40 coins per roll = You are the problem
Just kidding. I know a ton of people who have done the same.
Ohhhh . . . yes. Not kidding on this. Had a father-in-law (retired) who helped . . . just hung out at banks and became a pest. I am purposely understating the accumulation . . like the full box of New Jerseys I bought back when they were on fire and expected to go for $100 as roll. Fellow teacher had them. He is still laughing at me. I think I made his house payment that month. Many others are actually 15-20 rolls.
I have the cleanest F-150 in town . . . . . . . . but, like I prefaced this . . . . . .
I am an idiot.
Drunner
The US mint dropped $1.8 Billion in quarters into circulation last year. Coin shortage? Take note of the source of this claim.
No Way Out: Stimulus and Money Printing Are the Only Path Left
I actually miss getting rolls of state quarters and the gold dollars at the banks. All 3 of my kids had all the gold presidential dollars until they stopped sending them to the local banks. I think that was a shame actually from a collecting perspective. I basically stopped collecting them at that point. All the kids cashed them in as well.
I remember that state quarter craze. I was never hooked, but now I hear stories coming out of the woodwork of how many people hoarded those clad issues and are now realizing that they are not worth more than 25 cents each.
I hoard the 1976 quarters looking for the DDO.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
Came straight from the FED so it has to be true
Plus it's on the internet @derryb
Well then, that settles it. The Internet never lies.
Coins don't really "circulate" any longer. They go from the mint to banks to stores and finally they are handed out by stores to make change. When people amass a a gallon or two they haul them to the bank.
With bank lobbies closed the coins are being headed off at the pass. In a few months the banks will want to impose limits on how many coins can be redeemed at a time and the mint will be awash in coins.
I tried to pay my taxes with cents, but they did not appreciate it.
I've got a twenty and two fives in my wallet, the same ones that were there when the lockdown started. I haven't spent a cent in actual cash for over three months. The new reality I guess.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins, justindan, doubleeagle07
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me. . . . . . .
I thought everyone was using plastic. I know I have been.
Great transactions with oih82w8, JasonGaming, Moose1913.
Prior to the pandemic, I was handing out dollar coins as tips.
And my stimulus cash is rolled within a rubber band.
Neither have seen any light, lately.
I'm still spending kennedys and ikes for tips.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I like the idea of using Kennedys and Ikes for tips. I have been using fresh from the bank vault $2 bills. I will use all three from now on.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
I posted this in the other thread....Cheers, RickO
Cheers, RickO"
"I have - literally - large jars of cents, nickels, dimes and quarters....A result of emptying my pockets at the end of the day, and instead of returning the coins to my next set of pants, I put them in their specific jars....maybe I can help the government with their problem
I'm sitting on about $1k in quarters. Not by choice, though.
My real estate company put all non-essential activities on hold in mid-March, to protect me, my crew, and my tenants. That included emptying my coin-operated laundry machines.
My bank closed the branch I frequented about 15 months back, because it was less than a mile from its main facility. Problem is, the main facility doesn't have drive up tellers.
Fast forward to today: My bank's lobbies are closed, and the only other branch with a drive up window has a busted coin counting machine.
So here I sit on my growing pile of quarters.
--Severian the Lame
I can’t quite figure this out. Clearly use of cash is down dramatically compared to years ago. The mint is making as many as they ever did. Coins don’t wear out very quickly; have you ever seen G - VG clad coin? Something seems broken with the mechanics of circulating coins. It’s like they have become one-time-use items and then go to the melting pot.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
CNN report, it's got to be true.
Actually don't have anywhere near what I have had in the past but my bad Jerome, I apologize. I'll get these to the bank tomorrow morning.
Hmn, might explain why I am receiving 2020 dimes and nickels in upstate NY already! Never get them before July 4th. Even finally getting a steady stream of 2019 quarters, no W's however. Most bank lobby's are going to be reopening soon, I have alot of accumulated change since March as well- all the coin machines were located in the bank lobbies around me.
I've been tossing a few bucks worth of change a week into the Target self-serve checkout machines, they paying the balance of the order with my credit card. I have a bunch of formerly mint-sewn State Quarter bags that I'm dumping. The self checkout takes $2 bills too, although I ran out of those weeks ago.
Nothing is as expensive as free money.
Yes, I'm part of the problem too. I have 34 boxes of cents that will all be going back into circulation soon. All but 10 or 15 coins that is
The same amount of coins existed before the pandemic as exist right now, so I'm confused how there is a "shortage". Wouldn't turning in all coins to your bank literally create a shortage?
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Claimed shortage is limited to new coins released into circulation by the Federal reserve banks. Local banks have the expensive privilege to ordering directly from the FED but 99% of them choose an armored carrier to supply them (with mostly recycled coins). Local banks are over reacting to the FED's message and possibly will create a real shortage if the public reacts by hoarding.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Th Hunt brothers are trying to corner the market on change. Just think the rates you can dictate to all the toll roads and gum ball machine owners. Yes - I know most people use electrons for tolls these days and gum ball machines are a quarter.