Coin Shortage?

[exchemist]

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.

In Europe, use of cash has been discouraged by the likelihood it could spread the virus. People are using touch less cards to pay for far more transactions, helped by the widening of upper and lower limits on this type of payment. The is increasing talk of cash disappearing entirely, in fact.

I don’t know what this does to the proportions of notes and coins in circulation, but lower volumes will mean bigger fluctuations in the amounts of each denomination on hand.

 

[stvdv]

Is There Really A Coin Shortage?

As far as I understand, they want only digital money, no more coins. So this is not so strange to me. I rather keep "real money" though

 

[Valjean]

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

It's my understanding that this is illegal. Within US jurisdiction a seller must accept cash. It's written clearly right there on the currency: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE," (capitals the treasury department's).
Look for yourself.

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

Not just the banks, business and government agencies would be interested in your transactions, as well.

 

[Heyo]

It's my understanding that this is illegal. Within US jurisdiction a seller must accept cash. It's written clearly right there on the currency: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE," (capitals the treasury department's).
Look for yourself.

I don't know if businesses in the US did reject cash but that might be legal as they have freedom of contract. (No shirt, no shoes, no card - no service.)

Not just the banks, business and government agencies would be interested in your transactions, as well.

That why I fear it might get implemented as soon as they are sure they can get away with it. (If they try, I'll print my own money.)

 

[Valjean]

I don't know if businesses in the US did reject cash but that might be legal as they have freedom of contract. (No shirt, no shoes, no card - no service.)

Yes, they may refuse service, but giving service then rejecting legal tender for payment seems like a different issue.

 

[Unveiled Artist]

As far as I understand, they want only digital money, no more coins. So this is not so strange to me. I rather keep "real money" though

Can you imagine our greats will wonder what a dollar bill is?

 

[ChristineM]

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.

Coins are a pain in the butt, we usually throw them in a jar. Full it holds over 60€.

Getting rid is no problem the local supermarket takes them in exchange for notes, no commission.

 

[sun rise]

it's not stealing

it's hoarding

I can see a small hoard of real silver dimes and quarters which is a silver bet. But the current coins?

 

[McBell]

I don't know if businesses in the US did reject cash but that might be legal as they have freedom of contract. (No shirt, no shoes, no card - no service.)

That why I fear it might get implemented as soon as they are sure they can get away with it. (If they try, I'll print my own money.)

Is it legal for a business in the United States to refuse cash as a form of payment?
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.

Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor.

The Fed - Is it legal for a business in the United States to refuse cash as a form of payment?
​

 

[McBell]

Thus far, only two states—New Jersey and Massachusetts—have passed laws requiring businesses to accept cash. A handful of cities, including Philadelphia and San Francisco, have as well.

Is It Illegal for Businesses to Refuse to Accept Cash?.​

 

[Stevicus]

Thus far, only two states—New Jersey and Massachusetts—have passed laws requiring businesses to accept cash. A handful of cities, including Philadelphia and San Francisco, have as well.

Is It Illegal for Businesses to Refuse to Accept Cash?.​

Just for the record, I will still accept cash from anyone who wants to give me some.

 

[Thief]

I can see a small hoard of real silver dimes and quarters which is a silver bet. But the current coins?

the real silver began to disappear decades ago

but I do have some dollars with that Indian girl portrait
still in the wrapper yr2000

and some freshly minted 20dollar bills in the old gray face style...yr2000

and yeah...I empty my pockets into jars everyday

coins are hard to get now

it's going to get worse

 

[Thief]

Thus far, only two states—New Jersey and Massachusetts—have passed laws requiring businesses to accept cash. A handful of cities, including Philadelphia and San Francisco, have as well.

Is It Illegal for Businesses to Refuse to Accept Cash?.​

went to a dentist recently......
the visit cost 110dollars

I had twenties

no change

so they will bill me for the last 10dollars

 

[sun rise]

the real silver began to disappear decades ago

but I do have some dollars with that Indian girl portrait
still in the wrapper yr2000

and some freshly minted 20dollar bills in the old gray face style...yr2000

and yeah...I empty my pockets into jars everyday

coins are hard to get now

it's going to get worse

Now if you have a silver certificate redeemable in lawful money at a Federal Reserve bank, you have something special.