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Bank Said They Have No Coin. (Due To Covid-19)

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 Posted 06/30/2020  4:52 pm  Show Profile   Bookmark this reply Add DelawareMatt to your friends list Get a Link to this Reply
Got this message today at work, FYI I don't work for the Fed. This will help explain why people had about their banks not giving out boxes.

--------------------------------------
NONCONFIDENTIAL // EXTERNAL

Good afternoon,

As you may be aware, due to the COVID-19 pandemic many banks and retail outlets have been experiencing low inventories of coins in recent weeks caused by the dramatic decrease in coin circulation through the normal supply chain. As of April 2020, the U.S. Treasury estimates that the total value of coin in circulation is $47.8 billion, up from $47.4 billion as of April 2019. While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. Given the Federal Reserve Bank of Richmond's role in distributing supplies of cash and coin to Federal Reserve FedCash® Services customers, I wanted to touch base to update you on recent actions by the Federal Reserve to address the issue.

In an announcement made today, the Federal Reserve will be convening a group of industry leaders for a limited-scope, limited duration task force, the. U.S. Coin Task Force, to work together to reduce the consequences and duration of COVID-19 related disruptions to normal coin circulation. This follows the implementation on June 15th of a temporary strategic allocation methodology intended to help resolve the near-term supply issues while ensuring fair and equitable distribution of existing coin inventories.

The coin supply chain includes many participants, from the U.S. Mint who produces new coin, to the Federal Reserve who distributes coin on the U.S. Mint's behalf, to armored carriers, banks, retailers and consumers, all of whom have a role to play in helping to resolve this issue. The task force will begin meeting in early July to develop recommendations for actionable steps our supply chain partners can take to address the issue.
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 Posted 06/30/2020  9:35 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
total value of coin in circulation is $47.8 billion, up from $47.4 billion as of April 2019

One billion is a number we often take for granted:

One billion seconds is 33 1/3 years.
One billion minutes ago is around the time Jesus Christ was walking the Earth.

Close to 48 billion dollars of coin currently in circulation impacts my thoughts about the concept of our society becoming cashless soon.

- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
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 Posted 07/01/2020  03:51 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
I am also a consumer who uses self-checkout in grocery stores, occasionally feeding a bill and getting change.
There, too, no problems.
Meijer stores across Michigan have discontinued cash use on self-checkout lanes, others soon to follow.
When I listen to LED ZEPPELIN...so do my neighbors...
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 Posted 07/01/2020  03:58 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
There's a coin shortage because the bank won't let us in.

That is a big part of it. The average person conducts his business, get change and tosses it into a jar. He may want to dispose of it, but the bank lobbies are closed and you can't send quantities of coin through the pneumatic tubes that most drive throughs use. So they don't have a convenient way to dispose of it. So it just keeps accumulating and not returning to the flow of commerce.


Quote:
Close to 48 billion dollars of coin currently in circulation impacts my thoughts about the concept of our society becoming cashless soon

$48 billion is $137 person. It really isn't that much.
Gary Schmidt
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 Posted 07/01/2020  09:37 am  Show Profile   Bookmark this reply Add coincollector123 to your friends list Get a Link to this Reply
During the pandemic I would meet customers in the drive thru if they had a large amount of change to deposit. At this moment the banks should not be turning down rolled coin and making exceptions to get that currency back into circulation. My branch could use some coin now but I should have enough to last about 2 weeks under normal circumstances. I am still working to get customers to come in and deposit coin now that our lobby is open.
I would say if your branch doesn't want to get your coin, then go to another branch/bank to help out.
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 Posted 07/01/2020  2:39 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
$48 billion is $137 person. It really isn't that much.
Seems about right. I seldom if ever have more than $80 in cash on me.

Since the pandemic, it is basically $0.
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 Posted 07/02/2020  10:14 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
That's $137 per person in COIN. I know I have many times that amount sitting around in boxes, bags, cans, tubs etc. And a GREAT many people have change hoards many times that amount sitting around.
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 Posted 07/02/2020  10:48 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply

I think what's important to this discussion is how much coin anyone has accumulated in the last 6 months.
Because 6 months ago there was no issue.

For me the answer is close to zero. I take my pocket change and get rid of it, except for the very occasional LWC or War Nickel I find. I probably accumulate less than 50 cents/year of U.S. coins.

But that's meaningless... we are talking about the aggregate behavior of an economy with 300 million consumers.
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 Posted 07/04/2020  01:19 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
That's $137 per person in COIN.
Oops.

<looks over at the change jar>

Still seems about a right.
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 Posted 07/10/2020  5:16 pm  Show Profile   Bookmark this reply Add Sagegirl to your friends list Get a Link to this Reply
Took my last bag of coins to the bank today. Total dumped since the 1st of the year $3239.57 Coins included the small dollar also. Coins were from a 5 gallon container and leftovers from roll searching over the last 5 years. My teller told me that she was happy to get some coins in and she was also happy that I was done bringing all those bags in. I used some of that change to pick up a couple of 1909 S VDB wheaties.
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 Posted 07/10/2020  6:31 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply

Quote:
I used some of that change to pick up a couple of 1909 S VDB wheaties.


Wow! Time for me to start a change jar!
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 Posted 07/11/2020  12:19 am  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
Kroger just announced they are no longer providing change back but giving you the option to have it loaded on your customer loyalty card to be applied to a future purchase.
Edited by Joe2007
07/11/2020 12:26 am
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 Posted 07/11/2020  1:31 pm  Show Profile   Bookmark this reply Add Sagegirl to your friends list Get a Link to this Reply

Quote:
Wow! Time for me to start a change jar!


I usually fill a quart jar a year, which will bring you about $85.00 +/-.

I was dumping coins into a 5 gal container for over 20 year, plus I was dumping all my unused coins from CRH into the bucket also. I roll searched a LOT of small dollar rolls so there was a lot of $1.oo coins in the bucket. For 3 years prior to dumping all those coins, I sorted, searched, and inventoried all of them. After filling coin albums, I decided to dump all coins from 1980 on that I didn't need. I kept all coins dated 1979 and back.

I am still going to hoard all my wheaties.

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 Posted 07/11/2020  9:38 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply

Quote:
Kroger just announced they are no longer providing change back...


Except at the self-checkout lines. Which is the only way I have shopped for the last 10 years.

I think this concept dovetails with the threads on cashless society ... COVID is providing the excuse to do the experiment.
For grocery stores, where repeat customers are the norm rather than the exception, the Kroger system makes perfect sense.

I expect every large chain will follow suit, and never look back.

Seems the news networks have finally caught on. CBS national news also did a piece on the shortage of coin this evening.
Edited by tdziemia
07/11/2020 9:40 pm
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