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ballsalsa
Universally Loathed and Reviled



Registered: 03/11/15
Posts: 20,837
Loc: Foreign Lands
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National Coin Shortage
#26822516 - 07/14/20 08:30 AM (3 years, 6 months ago) |
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Anyone else in the US been seeing signs asking for payment in exact change or with card because of a national coin shortage? Been seeing them for over a week, myself. Weird that nobody is talking about it. I'm having a hard time wrapping my head around what the implications of such a shortage might be, but nothing I come up with sounds good.
Thoughts?
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SirTripAlot
Semper Fidelis



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Re: National Coin Shortage [Re: ballsalsa]
#26822545 - 07/14/20 08:55 AM (3 years, 6 months ago) |
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Without a doubt, it is perplexing. The signs are everywhere over here in the Rustbelt, as well.
If there is a shortage then there most be less circulation.....WTF people hoarding coins? Money typically is dirty AF....blame it on Covid?
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DividedQuantum
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Re: National Coin Shortage [Re: ballsalsa]
#26822558 - 07/14/20 09:05 AM (3 years, 6 months ago) |
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Same here in the intermountain West. I first noticed it about three weeks ago, when my brother began having a very hard time doing laundry. Then my Dad told me he cashed a check at the bank, and instead of getting change they had to withdraw the difference from his bank account and give him round cash.
Like you guys, I'm perplexed.
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ballsalsa
Universally Loathed and Reviled



Registered: 03/11/15
Posts: 20,837
Loc: Foreign Lands
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Seems to me that someone is hoarding the coins, and it would have to be such a crazy amount of coins that it must be the banks themselves. There is a fundamental legal difference between coins (currency) and federal reserve notes (dollar bills) but ostensibly they have the same face value so the only reason to hoard coins is the belief that the cheap metals will appreciate well above the face value of those coins or the belief that the federal reserve will dissolve soon and leave the bills without value
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DividedQuantum
Outer Head


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Re: National Coin Shortage [Re: ballsalsa]
#26822633 - 07/14/20 09:51 AM (3 years, 6 months ago) |
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That's some doomsday shit.
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MightyWhite

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Re: National Coin Shortage [Re: ballsalsa]
#26822659 - 07/14/20 10:05 AM (3 years, 6 months ago) |
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One of the mints shut down/stopped production for awhile because of Covid, that's why there's a shortage right now
I've got a 1/2 gallon Absolut vodka jar almost filled with nickels, dimes and quarters. I've been hoarding
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Brian Jones
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Re: National Coin Shortage [Re: MightyWhite] 4
#26822677 - 07/14/20 10:15 AM (3 years, 6 months ago) |
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It's not really that. It's that the whole money supply chain has been halfway shut down for months, particularly the cash/coin supply chain. And even if you have coins or the store or the bank has coins, nobody wants to be handing them back and forth. There is hoarding, but mainly not intentionally.
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christopera
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Re: National Coin Shortage [Re: Brian Jones] 1
#26822921 - 07/14/20 12:19 PM (3 years, 6 months ago) |
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I haven't carried cash or coins in 20 years.
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nooneman


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Re: National Coin Shortage [Re: ballsalsa]
#26822981 - 07/14/20 12:46 PM (3 years, 6 months ago) |
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It makes sense: physical stores are closed, so they're not taking in any coins (or distributing any), and they're not cycling coins back to the bank. People aren't using vending machines or anything either. So all the coins are sitting there and not in circulation.
This thread is making me want to hoard the spare change in my car
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Asante
Mage


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Re: National Coin Shortage [Re: nooneman]
#26823182 - 07/14/20 02:14 PM (3 years, 6 months ago) |
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hummingbird

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Re: National Coin Shortage [Re: Asante]
#26823254 - 07/14/20 02:58 PM (3 years, 6 months ago) |
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At the beginning of the pandemic, many places weren't taking cash...because of the risk it may have the virus on it? I see it as a push towards moving into a cashless society. I've been hearing about the coin shortage for almost a month now. I've asked workers at stores about it and they all seem to say they haven't really been affected by it...even though they are signs up in their stores...
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Capuchin
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Wow. I am just hearing about this. Didn't notice because I often use my card. No coin shortage for me though because I've a pretty decent sized jar full of coins from pocket change saved over the past year and a half. I hate carrying the stuff and have my own washing machine so, really don't have much use for coins.
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