The Coin Shortage.

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BLUEJAYWAY
BLUEJAYWAY Posts: 11,798 ✭✭✭✭✭
in U.S. Coin Forum

Stopped into my local Lowe's today. There was a posted sign requesting this: "Due to a coin shortage we are requesting correct change for cash transactions". So I will remember upon my next visit with a cash transaction to bring my roll of 09-S VDB's,12-S Liberty Nickel roll,16-D Dime roll, and 32-D,S quarter rolls to aid in relieving the shortage. :D We all must do our part. Now where did I put that 1933 Saint.

Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".

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  • Jimnight
    Jimnight Posts: 10,846 ✭✭✭✭✭
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    I cashed in all my looked over rolls a week ago. Glad I did.

    I'm keeping my 10 rolls of BU red lincoln doubled dies.

  • Timbuk3
    Timbuk3 Posts: 11,658 ✭✭✭✭✭
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    :) !!!

    Timbuk3
  • johnny9434
    johnny9434 Posts: 34,096 ✭✭✭✭✭
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    I can turn in that half roll of 1913 v nickels I got laying around to help out.

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Wow... I wonder if they would pay a premium.... I have large jars of cents, nickels, dimes and quarters...and two gallons of wheaties...I will check Lowe's later and see if they are desperate enough to pay a premium :D;) Cheers, RickO

  • 1Bufffan
    1Bufffan Posts: 675 ✭✭✭✭
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    Yes I wanted to get rid of some of my 1916 Buffalo Nickel rolls but the "Date " looks a little "Fuzzy" almost like it's "Double" Have to looks at some others Maybe I'll try some rolls of 1918-D "No the Date looks funny on those also!! Guess I'll have to keep looking for some that I can spend to relieve the shortage!

  • Hydrant
    Hydrant Posts: 7,773 ✭✭✭✭✭
    edited June 23, 2020 11:03PM
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    Interesting.

  • BLUEJAYWAY
    BLUEJAYWAY Posts: 11,798 ✭✭✭✭✭
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    @Jimnight said:
    I cashed in all my looked over rolls a week ago. Glad I did.

    I'm keeping my 10 rolls of BU red lincoln doubled dies.

    I've got a penny gumball machine that those 1955DD would fit perfectly in.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • BLUEJAYWAY
    BLUEJAYWAY Posts: 11,798 ✭✭✭✭✭
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    @ricko said:
    Wow... I wonder if they would pay a premium.... I have large jars of cents, nickels, dimes and quarters...and two gallons of wheaties...I will check Lowe's later and see if they are desperate enough to pay a premium :D;) Cheers, RickO

    Ricko,If YOU cash in your coins your premium will be a toned quarter and 2 bags of dry cement. :)

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • Hydrant
    Hydrant Posts: 7,773 ✭✭✭✭✭
    edited June 23, 2020 11:05PM
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    Very interesting.

  • derryb
    derryb Posts: 38,614 ✭✭✭✭✭
    edited June 23, 2020 9:15PM
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    So how did the billions and billions of coins in circulation just suddenly disappear? There is no coin shortage. There is fear by the federal reserve that there MAY be slowdown in the new coins it receives from the mints and then puts into circulation. Banks/merchants are freaking out over the federal reserves warning about POSSIBLE delays in new coins.

    I've been buying sealed boxes of quarters from banks since the first 2019 W quarter came out early last year. On average, 90-95% of the boxes I open are not new coins. They are dirty old circulated quarters that have been re-rolled by the banks' and merchants' armored carrier suppliers. The federal reserve is actually creating a panic that will create a shortage in what the banks provide to their customers.

    I have tellers telling me that they have been instructed not to order boxes of coins from their carriers and to limit the rolls they issue to customers. While banks CAN order (new coins) directly from a federal reserve branch (who is also limiting what they issue) banks find it cheaper and more convenient to deal with contracted companies such as Loomis and Brinks.

    I did take 17,400 loose quarters to my Credit Union coinstar yesterday. A year ago they wouldn't let me drop more than $300 a week.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • joeykoins
    joeykoins Posts: 18,853 ✭✭✭✭✭
    edited June 23, 2020 10:48PM
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    @ricko said:...I will check Lowe's later and see if they are desperate enough to pay a premium :D;) Cheers, RickO

    RickO, you can hand over all your coins to ME!!! I'll make sure that you'll receive a premium. Lol :)

    "Jesus died for you and for me, Thank you,Jesus"!!!

    --- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.
  • derryb
    derryb Posts: 38,614 ✭✭✭✭✭
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    and it's getting worse.

    Something fishy?:

    "Coinstar, which processed $2.7 billion worth of coins last year, collects an 11.9% fee from customers. The company has said its business has decreased during the lockdown, but it is now starting to see a slight bounce back. And despite operating in Japan, Canada, Italy, and several other European countries, it hasn't seen the same issues outside the U.S."

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • Modwriter
    Modwriter Posts: 330 ✭✭✭
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    I went through 4 rolls of new 2020-D this week and they were already scratched up pretty bad. Saved 14 total MS.

  • Dave99B
    Dave99B Posts: 8,947 ✭✭✭✭✭
    edited August 1, 2020 8:13PM
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    Panera Bread today.

    Maybe coins will become so rare, that dimes will soon be worth 11 cents?

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • ms70
    ms70 Posts: 13,958 ✭✭✭✭✭
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    There's a convenience store by me that will exchange paper for your rolled coins + a 10% gift card of however much it is.

  • No Headlights
    No Headlights Posts: 2,176 ✭✭✭✭✭
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    Our local bank paid a 10% premium for change. But it only lasted a few days and then was shut down. They seemed to have gotten all they need. It would have been fun to glance through what was brought in. They announced the offer by email to their regular customers only.

  • JBK
    JBK Posts: 17,872 ✭✭✭✭✭
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    One bank that typically did not hand out Customer Wrapped Rolls has been doing that recently. Was at least hoping for something interesting mixed in but no luck.

  • Zoins
    Zoins Posts: 34,489 ✭✭✭✭✭
    edited August 3, 2020 2:35AM
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    I’m surprised that this is an issue. I would have assumed most people are okay with credit and debit cards now.

    Private Mint News | 2010 Lincoln Reverse Finalists
  • VTchaser
    VTchaser Posts: 309 ✭✭✭
    edited August 3, 2020 2:52AM
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    Eh, 10 years from now the mint will stop producing coins for circulation anyways

    $nosource

    Successful transactions with: robkool, Walkerguy21D, JimW, Bruce7789, massscrew, Jinx86, jonasdenenbergllc, Yorkshireman, bobsr, tommyrusty7, markelman1125, Kliao, DBSTrader2, SurfinxHI, ChrisH821, CoinHoarder, Bolo, MICHAELDIXON, bigtime36, JWP, 1960NYGiants, fishteeth

  • stockdude_
    stockdude_ Posts: 555 ✭✭✭✭
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    @Zoins said:
    I’m surprised that thi ;) s is an issue. I would have assumed most people are okay with credit and debit cards now.

    So are the Globalists ;)

  • thebeav
    thebeav Posts: 4,118 ✭✭✭✭✭
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    I haven't noticed an issue here in Buffalo since the whole thing started. Cashiers were asking for change a month ago,but not lately.....

    My Ebay Coin Store
  • REALGATOR
    REALGATOR Posts: 2,705 ✭✭✭✭✭
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    Just shows how many people continue to use cash. Still a lot of love for these metal discs we like to talk about.

  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,221 ✭✭✭✭✭
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    There is only a shortage of common cents. It makes more sense when you hear it.

  • derryb
    derryb Posts: 38,614 ✭✭✭✭✭
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    So, my state (FL) has entered "phase 3" of re-opening businesses and most businesses as well as bank lobbies are back in business, yet there has been no increase in the availability of rolled/boxed coins; original pandemic restrictions still apply. Is anyone seeing an increase in availability?

    I have yet to figure out how there can be a shortage. I understand a reduction in existing coin supply because some businesses have been removed from the equation but I would assume it would be balanced by a reduction in coin demand from those same businesses. In addition, while most all existing coins remain in the economy, the mint and federal reserve have been introducing billions of new ones each month into the system. Just where are all of the coins?

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • SimpleCollector
    SimpleCollector Posts: 536 ✭✭✭✭✭
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    The coins are in jars in peoples houses and trays in their cars. I know I put all my pocket change each day into a container at my house. Usually trade it in once every 2-3 months and use the cash for fun purchases. I haven’t traded in any coins since January and now am on my 3rd container, when I normally just have one. As the banks improved mobile banking and drive thru, I have no reason to actually visit the bank, nor do I have many places where I could spend the cash on fun/impulse items, so the change just keeps accumulating.

    I also just quickly drop all change from Drive thrus into the center console of my truck...don’t want to touch the coins, so just leave it there..

    My guess is that is what many people are doing.

  • fathom
    fathom Posts: 2,202 ✭✭✭✭✭
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    I'm on the west coast and here are some thoughts on the coin shortage:

    -Many businesses here are not fully open or operating at a fraction of volume. Some vending and amusement machines are turned off and not circulating monies' or not accessible to be emptied.

    -The big banks are such a bureaucratic mess they have not realized that there is no shortage at the branch level.

    -People are still scared of handling cash, are hoarding coins and even the stores that post signage they want coins have employees that frown with gigantic looks of dismay discouraging usage.

  • Baley
    Baley Posts: 22,663 ✭✭✭✭✭
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    Went through a drive through recently, sign said,

    "Sorry, exact change only, no coins are available. Apparently, they're all intercepted at the banks by greedy profiteers who drive around town every day buying them up 😕"

    Liberty: Parent of Science & Industry

  • Sweetpie
    Sweetpie Posts: 563 ✭✭✭✭
    edited September 27, 2020 6:05PM
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    It certainly didnt help us CRHers that maybe 1/3 of the banks are closed (temporary ?), thus created a much longer line at those banks with opened lobby.

    No way Im standing in line for 20-30 minutes carrying even a box of coins to turn in.

  • ms70
    ms70 Posts: 13,958 ✭✭✭✭✭
    edited September 27, 2020 6:12PM
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    I'm not even finding any in parking lots. Seriously. :/

  • derryb
    derryb Posts: 38,614 ✭✭✭✭✭
    edited September 27, 2020 8:13PM
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    @Baley said:
    Went through a drive through recently, sign said,

    "Sorry, exact change only, no coins are available. Apparently, they're all intercepted at the banks by greedy profiteers who drive around town every day buying them up 😕"

    Even in the face of a shortage, I found 76 of the new Marsh Billings W quarters in a bank box on Friday. Oh, the life of a profiteer. lol.

    Send me your address Baley, I'll send you a roll of the P quarters so that you can wash your clothes.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • Sweetpie
    Sweetpie Posts: 563 ✭✭✭✭
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    16% return!

  • BLUEJAYWAY
    BLUEJAYWAY Posts: 11,798 ✭✭✭✭✭
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    One of my local Lowes and Burger King still requesting correct change.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • Modwriter
    Modwriter Posts: 330 ✭✭✭
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    I am spending my non MS grade rolled coins around town. D, P, S minted. Doing my civic duty.

  • mothra454
    mothra454 Posts: 277 ✭✭✭
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    @Modwriter said:
    I am spending my non MS grade rolled coins around town. D, P, S minted. Doing my civic duty.

    I think @joeykoins will be following you around and buying a pack of gum with a $20 bill at each store you hit up ;)

    Successful BST transactions with: Cameonut, Rob41281

  • Modwriter
    Modwriter Posts: 330 ✭✭✭
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    lol I'm in Temecula, CA. Not sure where @joeykoins is. I do not keep coins that I will not submit for grading. For instance, I ordered a roll of Philadelphia mint quarters and only 5 will be submitted for grading.😎

  • savitale
    savitale Posts: 1,410 ✭✭✭✭✭
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    @VTchaser said:
    Eh, 10 years from now the mint will stop producing coins for circulation anyways

    As long as seigniorage still produces a paper profit, I believe the mint will continue producing coins.

    LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album

  • vplite99
    vplite99 Posts: 1,434 ✭✭✭✭✭
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    I am amazed that so many people are still using cash that a coin shortage exists. I've been using mostly a debit card for over 10 years.

    The casinos here in Vegas still mainly require cash, though.

    Vplite99

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