I think the issue is no one can take their change to the banks. I am in the northeast, and I have triple the amount of change as normal, because none of the bank lobbies her are open to let us use the change machine.. a normal jar of $150 in change is probably closer to $400 now, with no relief in site to cash it in.
Dang! How do you accumulate so much change? I can't remember the last time I got any change! Just don't use cash these days. Even if I was I have never accumulated that much change...even when I was all cash...and I never spent change!
@SimpleCollector said:
I think the issue is no one can take their change to the banks. I am in the northeast, and I have triple the amount of change as normal, because none of the bank lobbies her are open to let us use the change machine.. a normal jar of $150 in change is probably closer to $400 now, with no relief in site to cash it in.
I watched the meeting, seems like nothing, bank lobbys closed for months, retail customers not using cash in business that was still open...what'd you expect.
Old school here. Although I have a debit card I still carry and use cash exclusively. Every day I come home from work, change goes in a jar. Usually cash it in a couple times a year ( and buy a couple widgets ). Probably sitting on double the usual amount due to closed bank lobbies. Maybe I'll keep saving and buy that 2014 Gold Kennedy I need for my Registry set.
Don't cents and nickels cost the Mint and US taxpayers much more to mint than they are worth in fiat currency?
So pass a law to make the Federal Reserve Banks (basically all of the banks we use, are really intertwined like a pile of hibernating rattlesnakes) take the coins back at 2 cents per cent and 7 cents for a nickel (still below their cost to mint) and see how many coins are really out there. There is no real shortage. LOL. They may find that so many are turned in for a profit, that they will not need to ever mint cents and nickels again for quite a while, except for special occasions.
@tommyrusty7 said:
Any word on the release of the Salt River W's yet?
I heard July 10th but that is Friday not a Monday like they usually do. Also, my local bank told me they had a conference call today and were told coin shortage will be at least through the end of the year so good luck getting quarter boxes!
No W's on ebay. One seller has unopened Salt River rolls, but I'm sure he knows they contain no W's. There are reports of numerous rolls/boxes of Salt Rivers being found, but with no W's.
Salt River W's were supposed to be released to public on June 1 in the P & D bank rolls/boxes. However temporary closure of West Point mint for three days at the end of March and then again for the entire third week of April may have disrupted the logistics of getting the Salt River W coins to the P & D mints in time to be included in the ballistic bags sent to federal reserve banks for distribution. The fact that new boxes of Salt Rivers with no W coins are being found indicates the W's didn't make it into the monster bags prior to being sent to the federal reserve banks. In 2019 the W's were sent to federal reserve banks to be salted into rolls and in 2020 a change was made that sent the W's directly to the P & D mints to be salted into the ballistic monster bags prior to their being shipped to federal reserve banks for the rolling operation.
This creates three scenarios:
(1) The W's will be included in future bags of P & D Salt River coins provided there are still P & D coins that have not yet left the P & D mints.
(2) All Salt River P & D coins have left the two mints with no W's but, as was done in 2019, the W's will be shipped to the Federal Reserve banks separately and salted into the remaining P & D coins that are awaiting to be rolled.
(3) Because of delays the W's will not make it into Salt River P & D rolls/boxes at all and will be held and released into Marsh-Billings-Rockefeller coins (along with the MBR W's) scheduled for release Aug. 31st as was done twice before in the quarter W program. No announcement as of yet from the mint on this occurring; CoinWorld will likely be first to break the story.
In the event that (1) or (2) occurs and since P & D boxes of the Salt River coin have already been released (number unknown) to the public either scenario should result in a higher concentration of W's per remaining new roll/box of P & D coins.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Here in Las Vegas, Boyd Casinos (Suncoast, Gold Coast, The Orleans, Aliante, Sams Town, Cannery, California, and Fremont) sent an email letting players know they are offering a FREE Coin Exchange service for a limited time.
Yesterday at Station Casinos’ Red Rock all the Redemption Kiosks we’re out of coins. If you had a slot TITO (ticket in ticket out ) voucher for $35.62 ( for example), you would receive $35 cash and a voucher for the change (.62cents). The casino cage said they were running out of coins and could not fill the Kiosks.
@derryb said:
Hit four Wells Fargos today. Was informed by one of the tellers that my normal pickup of three boxes of quarters was being reduced to one a week because of a Federal Reserve directive. Hit a total of twelve WF's a week, will likely be hearing more of the same story.
I agree most boxed coins are simply recycled and handled strictly by armored carriers. I do know they turn to the Fed branch bank for new coins periodically which injects new coins into the system. The only reason I can think the FED would tell banks to limit what they give out would be because with bank lobbies closed the armored carriers are not getting the input of used coinage to re-roll.
This may have led to an increase on the demand they are putting on the FED branch banks for new coins and the FED sees an increasing threat to its supply. Supporting this theory is the fact that I have seen an increase in the number of boxes of new coins that obviously had to come from the FED. Unfortunately many of those boxes of new coins were not of the coins in the W series and some of the ones that were 2019-2020 quarters contained no Ws at all.
@amwldcoin said:
with no relief in site to cash it in.
.
i've used rolled up quarters to pay for numismatic items. i'm sure gas stations/grocery stores have no problem taking them in lieu of cash. a little here, little there.
@tommyrusty7 said:
The manager of that Wells Fargo says this is the first time she has seen that in 40 years of banking.
It's bad here in Oregon for coins and I've only seen this once in the 80s. It was for cents in new England. I remember my bank depositing 2 cents each into my account. I doubled down on half dollars and spent them on candy. Grandma once told me of change shortages like this a few years after the depression and again in ww2.
I suspect there will be no federal reserve announcement when the crisis is over and local banks will continue to ration until they realize their vault is full.
No Way Out: Stimulus and Money Printing Are the Only Path Left
@johnny9434 said:
the bank asked me this am to bring in any change I have floating around and even what I got in my pocket. told them ill bring in what I have
Yep, they're taking but they are not giving. Might be a good time to ask why all the change is being sucked out of the system. I know why.
No Way Out: Stimulus and Money Printing Are the Only Path Left
I have 4 boxes of quarters I am holding on to . I can always get rid of them at a later date if I want to but until I see what they are up to I will hold them, They will always be worth $2000.
Grocery stores near me are posting signs that they will take payment in rolled coin, and you can take coin to customer service and exchange it for bills.
Tir nam beann, nan gleann, s'nan gaisgeach ~ Saorstat Albanaich a nis!
@johnny9434 said:
the bank asked me this am to bring in any change I have floating around and even what I got in my pocket. told them ill bring in what I have
Yep, they're taking but they are not giving. Might be a good time to ask why all the change is being sucked out of the system. I know why.
Is it because of all the dudes driving around town hoarding coins?
I am one of those old dudes but there is a much deeper reason than that. It is much cheaper for the old rich bankers if they don't have to open their lobbies and can just do everything on line if there is no currency to pass around. Line up to get you number imbedded on your hand.
Is it because of all the dudes driving around town hoarding coins?
Only if they aren't selling the W quarters at @ 40X face and are not returning the rest to circulation. Dumped $1921 in the Coinstar this morning.
That is a lot of work putting that many quarters in a Constar. I dumped $2400 in a credit union in one day when the lobby opened about a month ago so I know how much work it is.
Propane gas has been hard to find around these parts
m
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Isn't it more expensive to use Constar rather than a credit union and the coinstar machines I have seen would be hard to put many coins in at one time.
Isn't it more expensive to use Constar rather than a credit union and the coinstar machines I have seen would be hard to put many coins in at one time.
I'm using my no fee CU coin machine. Even though it is not a Coinstar brand I incorrectly refere to it as a coinstar.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Is it because of all the dudes driving around town hoarding coins?
Only if they aren't selling the W quarters at @ 40X face and are not returning the rest to circulation. Dumped $1921 in the Coinstar this morning.
That is a lot of work putting that many quarters in a Constar. I dumped $2400 in a credit union in one day when the lobby opened about a month ago so I know how much work it is.
I put $5500 worth of unc statehood quarters, one day ( and cut open mint sewn bags to do it) . $3000 in Ike Dollars, on another occasion.
I asked our bank today if I could drop off $30k+ in change...everything from bags of Lincoln Cents to Statehood Quarters to Presidential Dollars...
But I wouldn't pay them a fee or roll them for them...I'm still waiting for a reply...
John Brush President of David Lawrence Rare Coins www.davidlawrence.com email: John@davidlawrence.com 2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
@derryb said:
I suspect there will be no federal reserve announcement when the crisis is over and local banks will continue to ration until they realize their vault is full.
Yesterday my local bank said this was discussed on their conference call with management and branches were told coin shortage projected to last through end of year. Shortage from bank lobbies being closed.
@tommyrusty7 said:
I have only been finding them when they are first released as I am close to Denver and they hit the banks here early.
they still have to go from the Denver Mint to a federal reserve branch bank before they get to a local bank. Some federal reserve banks don't release all the coins they receive when they receive them. I just recently came across six boxes of brand new, shiny 2019 San Antonios.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Comments
I think the issue is no one can take their change to the banks. I am in the northeast, and I have triple the amount of change as normal, because none of the bank lobbies her are open to let us use the change machine.. a normal jar of $150 in change is probably closer to $400 now, with no relief in site to cash it in.
Dang! How do you accumulate so much change? I can't remember the last time I got any change! Just don't use cash these days. Even if I was I have never accumulated that much change...even when I was all cash...and I never spent change!
Interesting.
I watched the meeting, seems like nothing, bank lobbys closed for months, retail customers not using cash in business that was still open...what'd you expect.
Old school here. Although I have a debit card I still carry and use cash exclusively. Every day I come home from work, change goes in a jar. Usually cash it in a couple times a year ( and buy a couple widgets ). Probably sitting on double the usual amount due to closed bank lobbies. Maybe I'll keep saving and buy that 2014 Gold Kennedy I need for my Registry set.
Any word on the release of the Salt River W's yet?
Don't cents and nickels cost the Mint and US taxpayers much more to mint than they are worth in fiat currency?
So pass a law to make the Federal Reserve Banks (basically all of the banks we use, are really intertwined like a pile of hibernating rattlesnakes) take the coins back at 2 cents per cent and 7 cents for a nickel (still below their cost to mint) and see how many coins are really out there. There is no real shortage. LOL. They may find that so many are turned in for a profit, that they will not need to ever mint cents and nickels again for quite a while, except for special occasions.
My US Mint Commemorative Medal Set
I heard July 10th but that is Friday not a Monday like they usually do. Also, my local bank told me they had a conference call today and were told coin shortage will be at least through the end of the year so good luck getting quarter boxes!
PCGS has yet to certify one
No W's on ebay. One seller has unopened Salt River rolls, but I'm sure he knows they contain no W's. There are reports of numerous rolls/boxes of Salt Rivers being found, but with no W's.
Salt River W's were supposed to be released to public on June 1 in the P & D bank rolls/boxes. However temporary closure of West Point mint for three days at the end of March and then again for the entire third week of April may have disrupted the logistics of getting the Salt River W coins to the P & D mints in time to be included in the ballistic bags sent to federal reserve banks for distribution. The fact that new boxes of Salt Rivers with no W coins are being found indicates the W's didn't make it into the monster bags prior to being sent to the federal reserve banks. In 2019 the W's were sent to federal reserve banks to be salted into rolls and in 2020 a change was made that sent the W's directly to the P & D mints to be salted into the ballistic monster bags prior to their being shipped to federal reserve banks for the rolling operation.
This creates three scenarios:
(1) The W's will be included in future bags of P & D Salt River coins provided there are still P & D coins that have not yet left the P & D mints.
(2) All Salt River P & D coins have left the two mints with no W's but, as was done in 2019, the W's will be shipped to the Federal Reserve banks separately and salted into the remaining P & D coins that are awaiting to be rolled.
(3) Because of delays the W's will not make it into Salt River P & D rolls/boxes at all and will be held and released into Marsh-Billings-Rockefeller coins (along with the MBR W's) scheduled for release Aug. 31st as was done twice before in the quarter W program. No announcement as of yet from the mint on this occurring; CoinWorld will likely be first to break the story.
In the event that (1) or (2) occurs and since P & D boxes of the Salt River coin have already been released (number unknown) to the public either scenario should result in a higher concentration of W's per remaining new roll/box of P & D coins.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Here in Las Vegas, Boyd Casinos (Suncoast, Gold Coast, The Orleans, Aliante, Sams Town, Cannery, California, and Fremont) sent an email letting players know they are offering a FREE Coin Exchange service for a limited time.
Yesterday at Station Casinos’ Red Rock all the Redemption Kiosks we’re out of coins. If you had a slot TITO (ticket in ticket out ) voucher for $35.62 ( for example), you would receive $35 cash and a voucher for the change (.62cents). The casino cage said they were running out of coins and could not fill the Kiosks.
If I lived closer I would take them 3 boxes of quarters I don't really need.
Sounds like a fun job.
Liberty: Parent of Science & Industry
.
i've used rolled up quarters to pay for numismatic items. i'm sure gas stations/grocery stores have no problem taking them in lieu of cash. a little here, little there.
It's bad here in Oregon for coins and I've only seen this once in the 80s. It was for cents in new England. I remember my bank depositing 2 cents each into my account. I doubled down on half dollars and spent them on candy. Grandma once told me of change shortages like this a few years after the depression and again in ww2.
I spend quarter rolls at coffee shops, gas stations, variety stores and they all seem grateful to get them.
I suspect there will be no federal reserve announcement when the crisis is over and local banks will continue to ration until they realize their vault is full.
No Way Out: Stimulus and Money Printing Are the Only Path Left
the bank asked me this am to bring in any change I have floating around and even what I got in my pocket. told them ill bring in what I have
Yep, they're taking but they are not giving. Might be a good time to ask why all the change is being sucked out of the system. I know why.
No Way Out: Stimulus and Money Printing Are the Only Path Left
I have 4 boxes of quarters I am holding on to . I can always get rid of them at a later date if I want to but until I see what they are up to I will hold them, They will always be worth $2000.
Grocery stores near me are posting signs that they will take payment in rolled coin, and you can take coin to customer service and exchange it for bills.
Is it because of all the dudes driving around town hoarding coins?
Liberty: Parent of Science & Industry
I am one of those old dudes but there is a much deeper reason than that. It is much cheaper for the old rich bankers if they don't have to open their lobbies and can just do everything on line if there is no currency to pass around. Line up to get you number imbedded on your hand.
Maybe the bankers ought to stop at a coin shop. They always complained when I brought them change, prior to this year.
``https://ebay.us/m/KxolR5
Only if they aren't selling the W quarters at @ 40X face and are not returning the rest to circulation. Dumped $1921 in the Coinstar this morning.
No Way Out: Stimulus and Money Printing Are the Only Path Left
That is a lot of work putting that many quarters in a Constar. I dumped $2400 in a credit union in one day when the lobby opened about a month ago so I know how much work it is.
That's just my weekly visit.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Propane gas has been hard to find around these parts
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Isn't it more expensive to use Constar rather than a credit union and the coinstar machines I have seen would be hard to put many coins in at one time.
I'm using my no fee CU coin machine. Even though it is not a Coinstar brand I incorrectly refere to it as a coinstar.
No Way Out: Stimulus and Money Printing Are the Only Path Left
OK, that makes sense,
Maybe they should break out all those bags of dollar coins and try to get them circulating
Thats the last thong we need. Who wants to carry those things around in their pockets!
I got 5 rolls of Salt River and 5 rolls of Bats lady weekend.
SR are duds I know, thx to this thread, but of the 2 or 3 bats I opened no Ws yet.
I also got maybe $40 in nickels. All of this was between 2 banks.
All after dumping over $400 in coin.
Acetone and dipkill the virus on coins. > @tommyrusty7 said:
I put $5500 worth of unc statehood quarters, one day ( and cut open mint sewn bags to do it) . $3000 in Ike Dollars, on another occasion.
Not sure why there is a shortage.
``https://ebay.us/m/KxolR5
War on cash?
No Way Out: Stimulus and Money Printing Are the Only Path Left
I asked our bank today if I could drop off $30k+ in change...everything from bags of Lincoln Cents to Statehood Quarters to Presidential Dollars...
But I wouldn't pay them a fee or roll them for them...I'm still waiting for a reply...
President of David Lawrence Rare Coins www.davidlawrence.com
email: John@davidlawrence.com
2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
Do Coinstars take Ike dollars? Google tells me no.
Yesterday my local bank said this was discussed on their conference call with management and branches were told coin shortage projected to last through end of year. Shortage from bank lobbies being closed.
FYI
My local TD banks are limiting coinage to 2 rolls per denomination.
Wells Fargo banks are 1 rolls of each except for the pennies - which you can hv max. of 2.
Why even bother as no Salt River W's are being put out anyway.
up until the shortage I was finding boxes of many of the earlier releases that finally made their way out of the federal reserve bank.
No Way Out: Stimulus and Money Printing Are the Only Path Left
I have only been finding them when they are first released as I am close to Denver and they hit the banks here early.
they still have to go from the Denver Mint to a federal reserve branch bank before they get to a local bank. Some federal reserve banks don't release all the coins they receive when they receive them. I just recently came across six boxes of brand new, shiny 2019 San Antonios.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Thats great, I have not been able to get any quarters at all here since they tarted this.
Did get three boxes yesterday, all dirty old quarters. Pretty much dried up in my area as well. Gonna take a break til things pick up.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Sounds like a good plan to me. That is what I am doing but am keeping in touch with the banks.