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Thread: Retail coin shortages

  1. #1
    resident Humboldt's Avatar
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    Retail coin shortages

    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?

  2. #2
    resident Humboldt's Avatar
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    Just found this, pretty much sums it up: https://www.cnet.com/personal-financ...-coin-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.

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    Moderator YeOldeStonecat's Avatar
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    Haven't noticed...but it's surely interesting. Rarely use cash anymore, except for tips at the marinas 'n stuff like that.
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    Administrator Philip's Avatar
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    Interesting, I know there is a push to digital transactions vs. cash, but wasn't aware of the coin shortage.

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    Senior Member fastchevy's Avatar
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    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.
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    Senior Member Easto's Avatar
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    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.

  7. #7
    resident Humboldt's Avatar
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    Quote Originally Posted by fastchevy View Post
    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.

  8. #8
    resident Humboldt's Avatar
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    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).

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    Administrator Philip's Avatar
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    And then... swap them out for 10 oz silver bars or something at Apmex
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    Senior Member Easto's Avatar
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    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?

  11. #11
    resident Humboldt's Avatar
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    Quote Originally Posted by Easto View Post
    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.

  12. #12
    resident Humboldt's Avatar
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    90% of the change I buy is in brand new, just-minted condition.

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

  13. #13
    Senior Member Easto's Avatar
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    Quote Originally Posted by Humboldt View Post
    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.

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    SG Enthusiast Leatherneck's Avatar
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    I got about $100 worth of nickels, dimes and quarter. My local Zippy Mart is begging for quarters so might take 'em over.
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    resident Humboldt's Avatar
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    Quote Originally Posted by Leatherneck View Post
    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.

  16. #16
    resident Humboldt's Avatar
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    Quote Originally Posted by Easto View Post
    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.

  17. #17
    resident Humboldt's Avatar
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    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.

  18. #18
    resident Humboldt's Avatar
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    Quote Originally Posted by Easto View Post
    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.
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  19. #19
    Conspiracy Fool knightmare's Avatar
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    Takes a lot of Copper for "things" right now...
    I won't elaborate, just a crazy (5) idea....G
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  20. #20
    Administrator Philip's Avatar
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    Pennies since the early 1980s are only copper-plated zinc, because the value of copper is more than their face value.

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