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Coin Shortage?

Stevicus

Veteran Member
Staff member
Premium Member
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.

Is There Really A Coin Shortage?

“A disruption is a better way to describe it,” Ma says. “It’s reflecting the fact that, once circulation is resumed, these disruptions will ease out.”

Ma says businesses that primarily take coins, such as laundromats, vending machines and car washes, likely stopped operating during the pandemic due to social distancing and stay-at-home measures. These businesses are usually key components in getting coins back to banks to redistribute back into the economy. Since they weren’t receiving coins, the flow of them back into the economy has been significantly reduced.

In economic terms, the current coin situation is the result of a low velocity of circulation, or how quickly a single unit of money changes hands in an economy over a specific period of time. Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada Las Vegas, explains how the low velocity is affecting consumers and businesses.

“The coins just aren’t circulating fast enough to meet the demand,” says Miller. “During the shutdown, people just stayed home. And the purchases on retail changed a lot, and less coins were being used.”

I have a can full of coins, but rolling them all and taking them down to the bank can be time-consuming and tedious. So, they just sit there. If the banks had coin counting machines you could just bring them in, but they don't have that. There are those Coinstar machines in supermarkets, but they're a rip off, charging 10¢ on the dollar for coins.

Coins can be such a pain in the butt, and nobody really likes to take a lot of them - unless they need them. And now they need them.
 

Polymath257

Think & Care
Staff member
Premium Member
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.

Is There Really A Coin Shortage?



I have a can full of coins, but rolling them all and taking them down to the bank can be time-consuming and tedious. So, they just sit there. If the banks had coin counting machines you could just bring them in, but they don't have that. There are those Coinstar machines in supermarkets, but they're a rip off, charging 10¢ on the dollar for coins.

Coins can be such a pain in the butt, and nobody really likes to take a lot of them - unless they need them. And now they need them.

My bank has such machines and they count pretty quickly. I generally turn in a big cup of non-pennies whenever it fills up and it yields about $120-140
 

sun rise

The world is on fire
Premium Member
I hardly use cash for anything anymore outside of the farmer's market once a week.

This is of course a great opportunity to get rid of the penny but the business that make money off the metal have part of the soul of Congress so nothing happens.
 

robocop (actually)

Well-Known Member
Premium Member
They're giving my apartment complex free laundry machine operation, even though we get money from a bank weekly that has $5 worth of quarters.
 

Valjean

Veteran Member
Premium Member
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.

Is There Really A Coin Shortage?



I have a can full of coins, but rolling them all and taking them down to the bank can be time-consuming and tedious. So, they just sit there. If the banks had coin counting machines you could just bring them in, but they don't have that. There are those Coinstar machines in supermarkets, but they're a rip off, charging 10¢ on the dollar for coins.

Coins can be such a pain in the butt, and nobody really likes to take a lot of them - unless they need them. And now they need them.
Try a different bank. I think most banks have coin sorters.
 

McBell

Resident Sourpuss
coin shortage.jpg
 

bobhikes

Nondetermined
Premium Member
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.


.

I use 3 banks none of them take rolled coins any more. You have to use their machine and each charges a percentage to use the machine. Two of them used to be free for customers but they stopped that last year. I have 2 jars of coins and an filling a third that they will never see.
 

Thief

Rogue Theologian
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.

Is There Really A Coin Shortage?



I have a can full of coins, but rolling them all and taking them down to the bank can be time-consuming and tedious. So, they just sit there. If the banks had coin counting machines you could just bring them in, but they don't have that. There are those Coinstar machines in supermarkets, but they're a rip off, charging 10¢ on the dollar for coins.

Coins can be such a pain in the butt, and nobody really likes to take a lot of them - unless they need them. And now they need them.
they won't be getting my stash

it's MINE.....I saved it

some day coin....will be the ONLY way to go

I'm ready
 

Thief

Rogue Theologian
I've noticed ....the ATM doesn't have cash ready every weekend
then I have to drive to the bank and use the one there

wtf
 

Heyo

Veteran Member
I've been noticing that a lot of stores have signs up telling people that they're facing a coin shortage. Apparently, it's a national problem due to a disruption in the normal circulation of coins due to the coronavirus.

Is There Really A Coin Shortage?



I have a can full of coins, but rolling them all and taking them down to the bank can be time-consuming and tedious. So, they just sit there. If the banks had coin counting machines you could just bring them in, but they don't have that. There are those Coinstar machines in supermarkets, but they're a rip off, charging 10¢ on the dollar for coins.

Coins can be such a pain in the butt, and nobody really likes to take a lot of them - unless they need them. And now they need them.
1. That seems to be a US specific problem. Wouldn't we expect to see that everywhere if it was caused by Cov19?

2. Some businesses insist on card payment already because they fear the exchange of cash might be a way to spread the disease.

3. The banks would love to get rid of cash altogether. Then they would control all transactions.
 

Harel13

Am Yisrael Chai
Staff member
Premium Member
This is of course a great opportunity to get rid of the penny but the business that make money off the metal have part of the soul of Congress so nothing happens.
My first thought when seeing this thread was remembering this scene:
 

Saint Frankenstein

Wanderer From Afar
Premium Member
1. That seems to be a US specific problem. Wouldn't we expect to see that everywhere if it was caused by Cov19?

2. Some businesses insist on card payment already because they fear the exchange of cash might be a way to spread the disease.

3. The banks would love to get rid of cash altogether. Then they would control all transactions.
As a cashier, I would love it if we did switch to card transactions only, at least for the duration of the pandemic, as it would make my job easier and more safe.
 
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