Are we in the middle of a coin shortage?
Goob
Posts: 339 ✭✭✭✭
This could just be an issue with the banks in my region, but this weekend, I went to two banks not too far from me and I was only able to acquire two rolls of nickels and three rolls of dimes.
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No, there is a surfeit of change.
You can order what you want from the bank. It takes a few days.
True enough but according to my bank tellers, they are a bit limited on what they can order right now, so that really makes me a bit unsure.
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I don’t get it. Other banks, try?
No
No. My bank used to tell me that they could not get $2 bills. They just did not want to bother. Then I reminded the Head Teller of how much I had in my IRA there.
True, though they're quite far. There's one I've been to a few times that's closer than the other two however the weird thing is I'm pretty sure they can't order rolls (or they just never want to), as I've actually never once gotten a roll from them that wasn't customer wrapped. I don't think I should count them anyway as they're always seemingly a bit short on rolls. The other two I checked were Bank of Americas that usually have a good amount of coins (unfortunately excluding halves and dollars) on them, and they didn't have anything! The first bank yielded everything, which at that time meant $6 in nickels and $10 in dimes, and the other bank had absolutely nothing. It could be part that one of the typical tellers wasn't there that day, but I don't think there'll be a way to find out until she's on shift again.
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Mine keeps running out of everything and orders the minimum. I just look at them and tell em thank you
I love my credit union.
No excuses, no bitching, no whining on both sides.
I too drop in to get stacks of two dollar bills for Tips.
I think we are in the midst of a period where coins will become obsolete. People now use most credit and debit cards.
True, although at the very least with the continuation of the production of coins, you'd think you could at least find some coins at the bank, right? At this point, I can easily find more coins on the ground in a week than on a trip to the bank!
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I have friends that say that they have the difficulties getting coins from the bank. They attribute it to the managers’ and the tellers’ willingness to sell.
Wherever you shop, ask the cashier if there are any dollars and half dollars. Liquor stores and places where they sell tobacco products have desperate silver in their tills. I even ask if they have a roll, if they look at me funny, I say that they are for a game at my kid’s birthday party. Always say they’re for a kid, few care about coin collecting and poker change. Buy with cash, request four quarters for one of the dollars. That’s how I got my first W quarter. I’m sorry that you have to hustle for coins to search.
Definitely pays to do whatever possible to do rare coins. Addicts seem to do whatever they can to fuel their addictions and that can certainly equate to easy silver for the taking, although not in the…best way possible. I do get $1-$5 in quarters each time I go to my local gas station. Haven’t gotten anything rare yet but I’m still persisting!
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My bank tellers shake their heads when I come in with hundreds of dollars in coinage, every couple months. And most of it is clad Kennedy halves , small dollars , nickels , dimes ,quarters and zincoln cents. Much of it is uncirculated statehood and national parks quarters. No shortage here.
Seems every collection I buy has an over abundance of it; and banks are my go to guys for some things that would serve better as ballast for a ship, than a listing on eBay plus shipping.
It is kind of a bummer because the coins are generally uncirculated and aesthetically pleasing.
``https://ebay.us/m/KxolR5
Do they charge you to take them?
No. Probably due to it being a business account.
``https://ebay.us/m/KxolR5
I'm wondering how long before the banks charge customers for bigger orders like a box(s)
I'm surprised that they don't.
Last month while shopping at a retail chain called Ocean State Job Lot, I heard an announcement over the PA System that they are doing a Coin exchange promotion (not sure it is still active). Basically, bring in rolled coinage, and you get back their store gift cards worth 140% of the coin value. Example: bring in $100 in coins, get back $140 in their store gift cards.
(Yet, we just haven't heard yet)
They should. They pay more than face to get them
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That's okay, they can just pay Grandma a little bit less interest on her savings account and it'll all even out.
Actually we are in a who cares about the customer any more shortage . So many banks only want to sell you what makes money for them. They act like you are imposing on them if you make any special requests.
Shocking, really, that a business wants to make money. Doubly shocking if their business actually is money.
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LOL. Don't mention Grandma in these parts. Some of these folks are dying to get their hands on Grannies' change jar.
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My understanding is the credit unions have coin counters and don't charge for using them. Wonder if they are a good place to ask for coin rolls?
Got a little off topic. Banks are a customer service business and need to provide better service all around. Back on coins topic they should charge flippers who bother them for boxes of coins DOUBLE FACE VALUE.
Yesterday I deposited $1409 in presidential dollars, statehood, national park , plus women on quarters. Kennedy halves from 1970-current, uncirculated rolls of nickel and cents. Of course we had to bust open all the rolls. They sure were shiney and new. This was the umpteenth time. This did not include the hundreds of dollars people bring to a coin shop in jars, that they or their family member saved (everyday) for years. Sometimes I feel like an under appreciated banker and despised coin
dealer, at the same time. And to think I care about my customers. Shocking.
“Not one cent for collectors”, rather…..
``https://ebay.us/m/KxolR5
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
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Just curious....for B&M dealers who dump uncirculated rolls into the coin machine, do you first try to sell them across the counter at a tiny markup over face, such as 5% or 10%?
There are lots of coins i would buy by the roll or bag at those prices.
Some dealers do. They are more likely to do so if they know they have a buyer. There's no advantage to holding for weeks waiting for someone to show up.
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I guess I should be proactive and let them know.
As they should. 👍
If my bank did not charge me fees, I would not ask to get bulk coins at cost.
The banks should provide the service as it is the place where the fed distributes rolls. A reasonable fee should be charged. When you go to the grocery store do you say You paid for most items but you should get some free?
[Dang straight, I have coupons that say so.(edit-addenda)]
Avoid analogies—however they do provide me services too—bags, hand sanitizer, masks, samples, carts, bones, and the baggers offer to carry it out.
One teller helps me carry out boxes of coins.
I’m paying for the coins, I don’t ask for free ones.
So, we quit getting coins from the banks—they won’t lower our fees.
We got YNs looking for sources, why cut them off?
A dealer's time has value. He loses money working on that small a margin.
That said, I have saved certain things for certain good and/or nice customers. One guy collected those cardboard dime saver cards that banks used to give out, so instead of just destroying them to get the junk silver out I would take the coins out one by one and then give the holders to the collector.
I agree. That's why I was wondering if dealers would try to sell across the counter for 5% or 10% over face rather than take the time to break open the rolls, go to the bank, and pour them into the coin machine.
That's the part that seems like a waste of time and money, assuming that there is someone who is willing to go to their shop and pay a few % over face.
Another option: We used to put a lot of stuff that came in at face value into the cash register, such as Unc-ish cents from 1959-on, circ Jeffersons from 1939-on other than the good dates and the warnicks, etc.
One problem with BU common date rolls is that some people wanted to sit at the counter and look at each and every coin in the roll before deciding if they would take it at the small margin asked.
That’s good business practice. But this is the coin hobby not a lobby for banks. Do you guys really want that to happen?
Roll and box hunters and mint set breakers feed collectors and TPGs. When banks add fees most up the line pay more.
The Mint sells rolls. I can get one at the bank, I can sell rolls and coins for less, I make some cash, and I buy coins from dealers. Some of them feed, clothe, and educate others.
I let the other customers in line before me.
Members begrudge collectors this niche in the hobby?
Fees that discourage beginners from seeing more coins in hand?
Pity the searchers’ ignorance for such perseverance as to look at 2500 2023P cents so collectors can buy “extra v”s that are TPGed.
They should give the cents away if free costs no more than gathering, storing, transporting, recycling, and/or throwing them away.
Grammar edits.
There is a severe shortage of coins that the Mint is willing to sell for a reasonable price.
As a customer of banks and a shareholder in banks, yes I want the banks to charge a premium. Why should any business be subsidizing your hobby? If they were giving them to you at cost is one thing. But giving them to you at LESS than their cost makes no sense.
In theory, you could actually make money just by delivering the coins to other businesses who also pay transportation costs to get their coins. Why should everyone in the chain pay over face value and then give them to CRHs at face value.
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You say that they are subsidizing, I pay fees for them to invest and release money in any form that they use. They know that collectors utilize their services. They have actuaries. They know the costs of business.
You can probably show post a shot of the breakdown in your dividend payment the burden of roll hunters on the bottom line-—the certainty with which you write, and all. That’s a question to ask before you lend them your money.
I use a bank that charges .50 per roll—invest in that one. Seventy-five percent of my boxes and rolls come from a credit union where you do not invest.
Poor people buy rolls and boxes—you need more dividends—say it ain’t so.
Plenty of coins available up here in The Commonwealth. Even Pennies. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
From what I can tell: To the banks, coins that are sorted, counted and rolled are worth more than just a pile of coins. Coin star will take the coins, pay you the face value minus some percentage. They then sell the rolls to the banks for face value. Banks will not accept coins as deposits unless they are pre-counted and rolled. They weigh the rolls to make sure they are counted. Roll hunters are losing money unless they find some "rare" coin or silver mixed in with clads. I saw the videos of the guy opening boxes of half dollars that were all silver. Is that just luck? or what!?
I have not had a problem getting a roll of quarters, nickels, dimes, but pennies? not available on request anymore. Call the manager and arange for a delivery?
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
How about getting the 2x2 out of the plastic three ring binder page? Can't push through those.
Seriously, though- I don't think it's the physical effort of pushing the coin out, it's the time it takes to do it if there's more than just a few. I recently unholdered a tub of cheap world coins in 2x2s, spent half an hour on the job.
Maybe I’m just fast.
Not true with all banks. Great Northern banks near me take only raw coins(unless bank wrapped) and run them through a coin counter. I took in $500 in wrapped (by me) half dollars and they took them in the back room and dumped them into a coin counter. All three branches that I deal with did this. So, after a while I simply took raw coins in to these banks.
That's impressive. Great Northern Bank is a long standing community bank.