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

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 Posted 07/11/2020  9:44 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
Went to my 'supply' bank Friday for some paper money AND to show my teller the two "W's" I found from the last box of quarters I got from them. She told me that if I had any change left that they'd take them if I re-rolled them.

I guess that if my supplier is looking for coins FROM ME that I won't be getting any more cases to search through for some time.
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 Posted 07/11/2020  10:16 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
So, I have been thinking about this issue a little, which brings me back to the post by DelawareMatt with the Fed's statement on the coin shortage:

Quote:
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.


So, here is how my brain sees this, but I hope that @pacomartin (and others) will see this thread and inject their wisdom:
1. the total amount of coin in the U.S. economy has not changed much. If anything, it has increased slightly according to that Fed announcement. So, we can say at worst it is a zero sum situation. By this I mean that if inventories are low in one place, then they must be high in some other place. It also means that we can take the mint out of the picture as a cause of the problem (if they were part of the problem, the total amount of coin would be decreasing).
2. that leaves these players enumerated in the Fed announcement: the Fed itself, armored carriers, banks, retailers, consumers.
3. I am going to give the Fed the benefit of the doubt and say they are not hoarding coin and then wondering why it is scarce and forming a study group. That leaves armored carriers, banks, retailers and consumers.
4. We have anecdotal evidence here that inventory at banks is low. There is always the possibility that it is only low at banks where CCF members go ask for coin rolls but I am guessing we are not a big enough factor to have this kind of impact, even though some of the CRH folks here sound like they have insatiable appetites )
5. Retailers. Kroger is America's 3d largest retail corporation, and they have low coin inventory problems. Of course we haven't heard yet from Walmart (#1) who dwarfs everyone else. Could it be that Walmart is hoarding coin to cause problems for its competition? Nahhh.
6. Armored carriers. Really? You think these guys are hoarding coins?
7. That leaves us with ... CONSUMERS! Yep, you and me and the family next door. We can't recycle coin into the economy if we are forced to stay at home, can we? Or, if we are out and about and buying stuff, do we really want to use filthy cash these days? Of course not. Everyone wants touchless transactions (never mind that there is no proof that COVID has ever been contracted from a Lincoln, a quarter or a dollar bill).

So, remind me why we need a Fed study?
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United States
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 Posted 07/12/2020  06:23 am  Show Profile   Bookmark this reply Add joecoin to your friends list Get a Link to this Reply
It's time for banks to offer a 10 percent bonus on all rolled coin turned in.

On a related note, since I am metal detecting more because of the virus, the coin supply is slowly increasing.
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 Posted 07/13/2020  12:18 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
Asked my nearby grocery store last night if they could use any change. They told me "YES!", so I'm bringing them $100 in quarters (wrapped) a little later today.
Always nice to make other people happy!

PS: I've also got lots of pennies to get rid of, but I doubt they'll need them.

PS/PS: When I dropped off my quarters they told me to bring them pennies (or anything) too. Told me their last order from Loomis was partially cut.
Edited by atticguy
07/13/2020 1:18 pm
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 Posted 07/13/2020  12:23 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
It's time for banks to offer a 10 percent bonus on all rolled coin turned in.
Banks are too greedy. They would not do it unless it helped retain customers and I do not see banks losing enough (profitable) customers because they cannot provide them coin.

The Fed would have to offer the bounty and I cannot see that passing either.


Quote:
On a related note, since I am metal detecting more because of the virus, the coin supply is slowly increasing.
The bright side. Excellent!
Valued Member
United States
116 Posts
 Posted 07/13/2020  2:21 pm  Show Profile   Bookmark this reply Add ACWhammy to your friends list Get a Link to this Reply
Do you think people will raid their coin stashes and put them back into circulation? Therefore increasing the amount of old change we'll see in circulation?
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 Posted 07/13/2020  3:51 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I know I will not, but never say never to anyone else.
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 Posted 07/17/2020  11:31 am  Show Profile   Bookmark this reply Add mysilveryears to your friends list Get a Link to this Reply
I just rolled up $150 worth of unsearched quarters that had been accumulating in a jar for who knows how long.
Dimes were done last week. Nickels will stay in their own jar until I'm desperate.
Pennies.. aaugh.. the Zincolns aren't worth the time it takes to roll them.
I carry a few rolls when I go to the P.O. or deli and just use them like $5 or $10 bills. After some quizzical looks they are typically well received, and I do get asked "do you have any more" occasionally.
If there are any rare errors or die varieties in those rolls, well, someone else can have the benefit of my lack of patience and poor eyesight.
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 Posted 07/18/2020  08:35 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
Do you think people will raid their coin stashes and put them back into circulation? Therefore increasing the amount of old change we'll see in circulation?
Roughly 70% of Americans have less than $1k in savings, most pay with plastic. I suspect the piggy banks were cashed in quite some time ago.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
266 Posts
 Posted 07/18/2020  12:50 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
Interesting to see this discussion over a month or so. Yes the change shortage is real. No it's not the banks or the feds. But probably consumers. Can't turn in change if you can't leave the house. My credit union offers a free coin counter. But it is the lobby which only recently reopened. I have read articles with quotes from Coin Star, their redemptions have dropped considerably.

My wife and I just went through all our change, pulled out what we needed for Whitman books. Had to make a trip into town to sign some papers at the bank. Figure we'd turn in the change we had gone through. $109 The coin machine prints out a receipt that you then take to a teller and deposit or get larger bills.

As I'm at the window, I hear the lady at the next counter arguing with her teller. Not yelling, but darn close. She was an elderly lady. Said she lived in a apartment complex for elderly. Many of them didn't drive. They had given her money to go get quarters for their laundry machine. But the credit union had set a limit of 2 quarter rolls per customer. I felt bad because two minutes before that, I had $60 worth of quarters in my hand. Would have gladly traded them out with her.

As I was leaving the teller was calling her manager over to see if they could make an exception for this lady.
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United Kingdom
1458 Posts
 Posted 07/19/2020  06:25 am  Show Profile   Bookmark this reply Add kena to your friends list Get a Link to this Reply

Quote:
She was an elderly lady. Said she lived in a apartment complex for elderly. Many of them didn't drive. They had given her money to go get quarters for their laundry machine.


So what the heck has been happening to the quarters that folks living in the apartment complex have been putting into the machines?

Couldn't someone come up with a plan to recycle the quarters that are already onsite that were used for the laundry machines?
CCF member Member Since: 07/27/2008
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 Posted 07/19/2020  07:49 am  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
In normal times here is where they go:
1. into the change machine in the laundromat
2. rolled up and taken to the bank

A possibility I had not previously considered: the problem is a conspiracy by laundromat owners
Edited by tdziemia
07/19/2020 07:51 am
Bedrock of the Community
United States
21181 Posts
 Posted 07/19/2020  1:50 pm  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
Moving us closer to the cashless society.
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