Retail coin shortages

Humboldt · Post by **Humboldt** » Tue Sep 14, 2021 11:51 pm

For a few months now our local banks aren't getting their coin orders filled.

Typically quarters in particular but sometimes everything.

I can go to 3 banks and not be able to buy any quarters.
Normally try to keep $60 extra from the till, so not being able to get any or be capped at $30 really sucks since we have a lot of cash transactions.

Supermarkets have signs saying they'll buy rolled quarters, many smaller stores have signs asking for exact change or e-payment PLEASE.

Everything I've read, it's not a shortage of coins in the economy but a shortage of supply cause people are hoarding them.

Any of you, especially in retail, seeing this as well?

Humboldt · Post by **Humboldt** » Tue Sep 14, 2021 11:57 pm

Just found this, pretty much sums it up: https://www.cnet.com/personal-finance/y ... n-shortage

People are using plastic in-store or buying online more and more for retail, and what cash they do spend they just let the coins sit at home.

We have a couple of animal donation jars on our counter that come in very handy, but after this long most of the employee stashes are tapped.

Post by **YeOldeStonecat** » Wed Sep 15, 2021 9:31 am

Haven't noticed...but it's surely interesting. Rarely use cash anymore, except for tips at the marinas 'n stuff like that.

Post by **Philip** » Wed Sep 15, 2021 9:50 am

Interesting, I know there is a push to digital transactions vs. cash, but wasn't aware of the coin shortage.

fastchevy · Post by **fastchevy** » Mon Sep 20, 2021 2:44 pm

My dad used to and still does takes all of his change at the end of the day and puts them in a jug/container. I picked up on this and I do the same thing. I've been able to use my change to go on vacations, etc. Just a habit I picked up from him.

Easto · Post by **Easto** » Wed Sep 22, 2021 9:03 am

One of the big chain supermarkets here had signs up at the registers for about 1 month asking everyone to pay with either credit or exact change due to a shortage. I didn't really understand why they alone were experiencing this when no other stores had this posted. Lately I have notice that many places that I shop, when I hand them cash they looked surprised that you're not choosing to use plastic.

Humboldt · Post by **Humboldt** » Fri Sep 24, 2021 12:46 am

fastchevy wrote:My dad used to and still does takes all of his change at the end of the day and puts them in a jug/container. I picked up on this and I do the same thing. I've been able to use my change to go on vacations, etc. Just a habit I picked up from him.

Me too.

And that's exactly why we're having shortages

They slowed down production last year, ramped it back up but lots of people are doing this.

The coins are totally out of circulation until they're pumped back in.

It's been about 4 months of a $30 of quarters limit at our bank buying change.
Some days they're just out.

Kind of spotty throughout the nation but has hit the west coast for a hell of a lot loner than I thought it would.

Humboldt · Post by **Humboldt** » Fri Sep 24, 2021 12:51 am

On a side note, since I work retail I swap my pennies out for quarters.

Never save pennies (except for wheat pennies, different topic).
Not worth the space or weight or time.

Save nickles and dimes but swap them out for quarters (back to the working retail thing).

With nothing but quarters, swap them out for $10 cash and stash THAT away (until you swap them for $20's).

Post by **Philip** » Fri Sep 24, 2021 10:13 am

And then... swap them out for 10 oz silver bars or something at Apmex

Easto · Post by **Easto** » Sun Sep 26, 2021 9:31 am

My Sparklets bottle doesn't fill up with change as much as it did 10-20 years ago. Back in the day when I would cash them in at my bank I might have $500 in loose change. Nowadays everything seems it goes right onto the CC. I'm sitting here looking at the bottle and I might only have about 3 inches of change in it. I'm guessing $65 if I'm lucky (and it's been a couple of years). With that said... I wonder how much of the US stockpile of loose change that is in circulation is actually just sitting in jars and drawers throughout the country?

Humboldt · Post by **Humboldt** » Sun Sep 26, 2021 9:36 pm

Easto wrote:My Sparklets bottle doesn't fill up with change as much as it did 10-20 years ago. Back in the day when I would cash them in at my bank I might have $500 in loose change. Nowadays everything seems it goes right onto the CC. I'm sitting here looking at the bottle and I might only have about 3 inches of change in it. I'm guessing $65 if I'm lucky (and it's been a couple of years). With that said... I wonder how much of the US stockpile of loose change that is in circulation is actually just sitting in jars and drawers throughout the country?

I'd be at a similar $ amount.

If you multiply $65 (ballpark, I figure some have more or much less) by 331,449,281 US citizens (Census Bureau, 04/26,2021), that's a lot of change.

Assuming many are minors with $5, still a huge amount.

No clue how much it contributes to the problem either, nor that it's a bad thing.

Just that when I go to the bank to buy change for my business and am capped or there's none to be bought,
for months, and hearing it's occurring on the east coast also, it's concerning.

Humboldt · Post by **Humboldt** » Sun Sep 26, 2021 9:39 pm

90% of the change I buy is in brand new, just-minted condition.

They're cranking it out, we're just not spending it.

Easto · Post by **Easto** » Mon Sep 27, 2021 9:27 am

Humboldt wrote:I'd be at a similar $ amount.

If you multiply $65 (ballpark, I figure some have more or much less) by 331,449,281 US citizens (Census Bureau, 04/26,2021), that's a lot of change.

Assuming many are minors with $5, still a huge amount.

No clue how much it contributes to the problem either, nor that it's a bad thing.

Just that when I go to the bank to buy change for my business and am capped or there's none to be bought,
for months, and hearing it's occurring on the east coast also, it's concerning.

You know, this thread got me thinking and I was trying to think of a reason why I couldn't help out and turn my change in at the bank. I usually hold off a little longer but I'm going to make a point of doing it this week. If you're not part of the solution, you're part of the problem.

Leatherneck · Post by **Leatherneck** » Mon Sep 27, 2021 1:19 pm

I got about $100 worth of nickels, dimes and quarter. My local Zippy Mart is begging for quarters so might take 'em over.

Humboldt · Post by **Humboldt** » Mon Sep 27, 2021 8:36 pm

Leatherneck wrote:I got about $100 worth of nickels, dimes and quarter. My local Zippy Mart is begging for quarters so might take 'em over.

As a retailer I'd appreciate it.

West coast, East coast, the great Midwest...damn.

More and more local business signs asking for exact change or electronic payment, still.

Humboldt · Post by **Humboldt** » Mon Sep 27, 2021 8:39 pm

Easto wrote:You know, this thread got me thinking and I was trying to think of a reason why I couldn't help out and turn my change in at the bank. I usually hold off a little longer but I'm going to make a point of doing it this week. If you're not part of the solution, you're part of the problem.

Humboldt · Post by **Humboldt** » Mon Sep 27, 2021 8:49 pm

I think it's pretty close to what they've already said, it's not a production issue anymore, we're just absorbing the change instead of spending it locally.

Local businesses hit up their banks for more change but the banks have less on-hand.

I've brought in about $200 in the past couple months.

The store needs it and it helps take the strain off our bank.

I went to 3 different banks one day and still came back with no quarters.

Humboldt · Post by **Humboldt** » Mon Sep 27, 2021 9:24 pm

Easto wrote:You know, this thread got me thinking and I was trying to think of a reason why I couldn't help out and turn my change in at the bank. I usually hold off a little longer but I'm going to make a point of doing it this week. If you're not part of the solution, you're part of the problem.

I still use a plywood ~piggy bank I made 40 years ago.

Rectangular, about 8"x10", slot in the top, sliding bottom panel.

knightmare · Post by **knightmare** » Tue Sep 28, 2021 10:13 pm

Takes a lot of Copper for "things" right now...
I won't elaborate, just a crazy (5) idea....G

Post by **Philip** » Wed Sep 29, 2021 7:02 am

Pennies since the early 1980s are only copper-plated zinc, because the value of copper is more than their face value.

BMED · Post by **BMED** » Thu Sep 30, 2021 10:57 pm

I save all my change throughout the year and end up cashing in for singles to stuff into G-Strings at the local Strip Joint. Always a win-win for both parties involved.

Post by **YeOldeStonecat** » Fri Oct 01, 2021 10:55 am

BMED wrote:I save all my change throughout the year and end up cashing in for singles to stuff into G-Strings at the local Strip Joint. Always a win-win for both parties involved.

I remember hearing all your change get put up on the runway at that strip joint we went to.......girl gave you a funny look...musta thought you were going to insert each coin 1x at a time like a piggy bank!

Humboldt · Post by **Humboldt** » Fri Oct 08, 2021 11:18 pm

Today it was 1's.

In addition to everything else, was going to buy $50 in one dollar bills.

Remembered Monday's a bank holiday, doubled it to $100.

First time ever, $25 cap on one dollar bills.