US Coin Shortage (1 Viewer)

[Frogzilla]

Did y’all know USA has a coin shortage right now? Just found out, ordered some papers, and ready to give my local bank a small supply boost. Join me!

I’m guessing with this community’s affinity for round disks, there are some serious spare change collections on here.

Join me!

 

[JMC9389]

I'm sure this is because people haven't been going to the stores lately to buy things in cash and are deferring to online shopping and to credit/debit cards for payments.

 

[arch3r]

As typical - I probably have too many.

 

[phaze12]

@Frogzilla dont even bother rolling the change. They will just break them an feed the coins through a coin counting machine.

 

[Forest@Farmington]

I have a nice jar full of coins as well. I am hearing some banks will not count and take them in.

 

[Frogzilla]

@Frogzilla dont even bother rolling the change. They will just break them an feed the coins through a coin counting machine.

Hmmm the sign at the branch said rolled.


And rolling is kind of fun

 

[RichMahogany]

Yeah there’s been a coin shortage for a little bit now. Found around $90 in quarters through friends and family a month and a half back so I can continue to do my laundry haha

 

[Av8tion]

There's no such thing as a coin shortage... there's the same amount of coins around as there always has been... it's just not circulating as much as it normally does...

 

[RichMahogany]

Coins are the new toilet paper. Hoarders galore.

 

[Josh Kifer]

Yeah there’s been a coin shortage for a little bit now. Found around $90 in quarters through friends and family a month and a half back so I can continue to do my laundry haha

I just had to buy 200 bucks worth of quarters for the slot machine. It was a damn adventure...

 

[SpaceMonkey420]

I just had to buy 200 bucks worth of quarters for the slot machine. It was a damn adventure...

They are asking more then face value here locally. The local casino is also taking it and rolling it free of charge. They normally charge 15%. They are now Paying face value. We’re a small town. I heard the one laundry Coin op had scalpers emptying the change machines And charging a Premium to customers. My math says a 5 gallon bucket of quarters is aprox $2400. I have at least one. Maybe ill vault it. Lol Hopefully we wise up and fix the change system. It’s broken. Been broken. Costs more then a penny to make a penny. Figure that logic? God bless the USA.

 

[Josh Kifer]

They are asking more then face value here locally. The local casino is also taking it and rolling it fee of charge. They normally charge 15%. They are now Paying face value. We’re a small town. I heard the one laundry Matt had scalpers emptying the change machines And re charring a Premium to customers. My math says a 5 gallon bucket of quarters is aprox $2400. I have at least one. Maybe ill vault it. Lol Hopefully we wise up and fix the change system. It’s broken. Been broken. Costs more then a penny to make a penny. Figure that logic? God bless the USA.

One of my players works at a bar and I was able to buy his quarter tips for a bit. Worked out for me! I'm gonna post in my forum selling quarters for 33 cents each....

 

[Colquhoun]

its only a shortage among retailers. That’s because coins only flow in one direction. Retailers>you>bank>retailers. Right now, the coins are stuck at you.
We are using the same denominations of coins for the last century, but inflation has made coins almost unnecessary. That’s why we hoard them instead of spending them. How often do you buy something under a buck?
We could remove pennies nickels and dimes and no one would notice. If you want coins, make a $5, $10 and $20 coin. Paper money was only meant for rare purchases...that’s why they’re paper.

 

[natumes]

My wife works at a bank and says she hasn't seen any of this coin shortage. None of the retailers that bank there have had any issues getting any amount of coins. She comments on it every time we go out and businesses have the little signs up, usually along the lines of "they get change every Monday and haven't changed amounts or anything..."

 

[Frogzilla]

They are asking more then face value here locally. The local casino is also taking it and rolling it fee of charge. They normally charge 15%. They are now Paying face value. We’re a small town. I heard the one laundry Matt had scalpers emptying the change machines And re charring a Premium to customers. My math says a 5 gallon bucket of quarters is aprox $2400. I have at least one. Maybe ill vault it. Lol Hopefully we wise up and fix the change system. It’s broken. Been broken. Costs more then a penny to make a penny. Figure that logic? God bless the USA.

I’m with you with the penny.

As to the short term low amount in circulation, does the problem correct itself if a few folks with massive deflating hoards (Like you and me) put them back to where they should be, flowing around?

 

[Jambine]

Most casinos in Blackhawk do not dispense any coin at the kiosk for slot tickets. Gotta go to the cage if you want that last $0.38

 

[RichMahogany]

Have gone to my local credit union/bank twice looking for $20 in quarters. Denied both times

 

[Josh Kifer]

Have gone to my local credit union/bank twice looking for $20 in quarters. Denied both times

Kifer Quarter Co is here to help. Spend 35 bucks and I'll get those quarters to ya!

 

[RichMahogany]

Kifer Quarter Co is here to help. Spend 35 bucks and I'll get those quarters to ya!

Looking for sharp mint/ex only. No bike tires

 

[Frogzilla]

Bank time!

 

[hdgeno]

We got rid of the penny a number of years ago now, and it isn’t missed. Next should be nickels and dimes. Quarter should be the lowest coin, or maybe even get rid of that.

 

[phaze12]

Hmmm the sign at the branch said rolled.


And rolling is kind of fun

Hmmm. Definitely go with the sign. But at most banks You don’t need to.

 

[Jambine]

Pennies, dimes and half dollar coins are definitely a waste of time and money
For that matter, so are $10 and $50 bills

 

[Saoliver]

Pennies, dimes and half dollar coins are definitely a waste of time and money
For that matter, so are $10 and $50 bills

LOL. You are correct. And a lot of poker players consider $10 and $50 to be unlucky. But I couldn't resist...

 

[abby99]

Not all banks have coin counting machines. When my Chicago area bank decommissioned theirs about four years ago, they told me that they get so many jams that they weren't worth it. Jams were from Canadian and other foreign coins, slugs, casino tokens, and general debris like stones.

My local convenience store is asking customers to use plastic instead of cash. They're mostly in need of pennies. I'll take mine in this week.

 

[BGinGA]

Pennies, dimes and half dollar coins are definitely a waste of time and money
For that matter, so are $10 and $50 bills

True. Also true if amended to include chips vs coins/bills:

Pennies, dimes and half dollar chips are definitely a waste of time and money
For that matter, so are $10 and $50 chips

That leaves 5c, 25c, $1, $5, $20, $100, $500, and $1000 for currency. Ditto for chips,, but add 5000, 25,000, and 100,000.

 

[Lars]

I imagine you guys have seen this but I thought I would share it.

 

[allforcharity]

We should change all coinage and bills to compression clay chips, then. GPI can take over the US Mint.

 

[Marius L]

The US cracks me up. Have you guys heard of plastic? Who uses coins anymore...

 

[Frogzilla]

The US cracks me up. Have you guys heard of plastic? Who uses coins anymore...

US invented credit cards, but you’ll still see a fair number of cash transactions especially when it’s a small transaction (like buying coffee at a gas station). Some retailers even encourage cash for these low purchases due to the per-transaction fees of some payment merchants