U.S. coin shortage?

[revvinkevin]

When I went to the grocery store the other day, I went to pay with cash. The cashier mentioned the going shortage, saying they are not giving out (coin) change and asked me if I wanted to donate to change (rounded up to the next dollar) back to the store, or donate to the current charity box there at the checkstand. I paid with a card.

 

[davey7]

We ran into this just over the Wisconsin border last weekend at Woodmans (pay for groceries with card anyways) but it was notable.

 

[perc-o-prince]

Kevin-

I'd question the legality of them accepting cash as a payment but not giving change! And, they'll take the change and put it in the charity box, but not give it to you?

Chuck

 

[neptunebob]

I just did my part today...

Sam left us with 2 gallon jars of rolled up coins after he passed away.  I brought it all to the bank (they are heavy!) and turned out to be $212 and some cents (a lot of pennies).  

 

There is also loose change, I guess I can use Coin Star for that.

 

[jetcone]

We're seeing here a 4% hike if you use credit or debit c

That to me is BS! They say the banks have upped the transaction fees and so pass it along to the consumer. In a pandemic with people out of work? Thats not gonna last I predict .

 

[perc-o-prince]

Hey Jon,

My info is admittedly outdated, but last I knew you can not be charged a surcharge for using plastic per the merchant's contract with Visa/MC (don't know about Discover/Amex). They can offer a cash discount, like Sunoco and some other gas stations do, but can't charge a penalty for plastic.

Anyone with a more up-to-date merchant's agreement know about this and if it still exists?

Chuck

 

[sudsmaster]

About 30 years ago I bought a little home coin sorting machine. Later upgraded it. It works OK, not great, but for the past 15 years haven't felt a need to use it, since nearly all my transactions are with plastic, or on-line.

 

Does anybody collect rare coins any more?

 

 

[kskenmore]

I am a Banker...

I work at a small community bank and we have experienced this coin shortage. We would order boxes of rolled coin and get 1/5 of what we ordered. I think there are several things causing this.

The flow of coin works like this...

1. Mint manufactures coins
2. Coin is distributed to Federal Reserve Banks
3. Boxes of rolled coin is distributed to large banks.
4. Large banks distribute boxes of rolled coin to smaller banks and retailers.
3. Coins flow between retailers, banks, consumers.
4. Banks and retailers sell coin back to up to National Banks and Federal Reserve Banks who sort and roll the coin again.

What I think caused this issue is a sudden decrease in consumers spending coin and also the fact that bank lobbies were closed for several months. Most people exchange large amounts of coin for cash/deposit in bank lobbies. Without this option, coins quit being turned in. Just our small bank had been selling back thousands of dollars each week in coin and suddenly went weeks without selling anything.

We were still having demand for rolled coin by the retailers that bank with us, but we were receiving none back. If this was happening at banks all over the country, (I am quite sure it was) this created an imbalance in the circulation of coin.