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Replies: 16 / Views: 2,098 |
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Valued Member
United States
316 Posts |
Went to the bank today to handle some business and while I was there I decided to get some rolls of coins and to see if they found anything interesting or had anything interesting in any of their drawers like I usually ask. For some reason they're having a shortage on coins; they have absolutely no nickels whatsoever in either of their banks or several other Banks. Can anybody tell me what is up with the coin shortage or at least the nickel shortage? It was funny because the teller informed me that there were three others seeking coins multiple rolls of as well and they were not able to supply them with any nickels and they were limited to the other coins too.
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
United States
1373 Posts |
Your situation sounds normal to me, as my bank has been 'dry' for the past two years. Others have mentioned that I should try other banks but I don't want to go through all the work of leaving my bank to open an account in another one. I don't have enough funds available to have two accounts.
On the 'plus' side, I never have any trouble getting rid of any rolled coins now-a-days. My area stores are always looking for more change.
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Bedrock of the Community
United States
19122 Posts |
No issue getting rolled coins in my area 'out west', if the request isn't over-the-top--like several boxes of cents, nickels, dimes, etc. at a time.
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Valued Member
 United States
316 Posts |
Well I think I should have told you where I'm from I'm from Philadelphia Pennsylvania. I'm with a union bank.
@atticguy You don't have to have an account with a bank to get rolls of coins or bills. Now if you want your coins counted at the banks coin machine then if you're not a member of the bank they'll charge you a fee so you'll just stick with your own bank to return the coins that you're not keeping. I know when I was in law enforcement I would stop at this one main bank during my break at the teller window because this bank was the bank that received all the coins from their other Banks and rolled them there so I knew I was guaranteed to get silver and that's what I was looking for at the time to give to my dad. Now times have changed and they sub everything out. I don't know where you're from but you should be able to go to any Bank and they'll take your money and ask for coins I was able to do it through the drive-thru window instead of walking in. If they've changed in your area and you can probably answer grocery store person if you're friendly and say hey when you go to the bank and you get me blah blah blah coins and I'll give you the money for it depending on what bank they're with if that's what you choose to do. I always had the best of luck I'm going to a branch that was the main receiver of the coins from the other branches of banks. Also I always check the shelf at the window at the gas station because for some reason they do not like keeping Eisenhower's, Susan B Anthony, Kennedys for some reason. And they will put them up there for display. I also used to check the paper which is the daily paper from the neighborhood and you will always find coins when there's a burglary I hate to say that but it's the truth. I've returned coins to people who have been burglarized especially the elderly sometimes they let me keep a coin but I just asked for the return value of what I paid for them and gave them back. Many people now are getting rid of their coin collections so I would always check with your local stores if you get to know them because people are coming in also most of the kids are stealing the coins from their parents that have hit their collections away. Anyway that's my take
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Valued Member
 United States
316 Posts |
@ijm1944 No, it was just a single roll I couldn't even get that I couldn't even get a handful they absolutely had not one nickel seriously I'm telling you the truth not one darn nickel. So I guess when they're giving people change they're giving it to him in pennies because there were no nickels anywhere in any of their Banks I was shocked
Edited by Reno911 02/28/2023 6:18 pm
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Pillar of the Community
United States
3207 Posts |
I'd say it's due to COVID echoes and inflation
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Bedrock of the Community
United States
19935 Posts |
Quote: I'd say it's due to COVID echoes and inflation Ppppfffffft! Translation: Banks are too cheap to order coins. They're a loser for banks and they're tightening up.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
Edited by BadThad 02/28/2023 7:11 pm
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Valued Member
United States
233 Posts |
I work at a bank, the coin shortage is a myth. Banks just aren't ordering them. I blame Gen Z, they hardly ever carry cash, let alone coins, on them. And since banks aren't ordering coins that means businesses can't get them either.
If you look at the mint production numbers from 2020-2022 the totals of all coins are relatively close year to year. It's not like they decided to only make a quarter million Denver dimes, like the 1916. The lowest minted circulation coin the last three years is the nickel and they still made 1.6B, 1.57B and 1.55B the last three years. Hardly a shortage if you axe me.
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Bedrock of the Community
United States
19122 Posts |
Thanks DanFielding for the input. Would be interesting to listen to what a cross section of brick and mortar retailers, bank managers/senior tellers, federal reserve managers, mint planners/operations staff, and median age consumers think of coin availability--what the issues are, and are not. I suspect its a bit more complex and nuanced than many would admit.
Say high to Christine Sullivan for me...
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Pillar of the Community
United States
3848 Posts |
No such thing as a coin shortage. Just excuses from a lazy bank.
Suffering from bust half fever. Want to learn how to attribute early half dollars by die variety? Click Here: http://goccf.com/t/434955Shoot me a PM if you are looking to sell bust halves.
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Bedrock of the Community
United States
19122 Posts |
Might be fun to see a US map showing where 'coin shortages' are occurring--a geographic distribution. Perhaps reflected by zip code or county. Organize the breakout by shortage category: Very severe, somewhat severe, minor shortage, no shortage, surplus. Of course, these categories would need to be refined/defined. Would be difficult to pull this together, but could show some interesting patterns geographically. Now, to correlate all that with other economic/societal/political factors would be a kick.
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Moderator
 United States
187702 Posts |
Quote: Translation: Banks are too cheap to order coins. They're a loser for banks and they're tightening up. Ding Ding! 
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Pillar of the Community
United States
3207 Posts |
that math does not add up, if the banks aren't ordering coins, but the mint is churning out billions of various denominations, where are these newly minted coins going?
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Bedrock of the Community
United States
19122 Posts |
All I can say is, the three banks in my area (and their branches)---the ones which I frequent--do order coins, and are not limiting the number of rolls available to account holders. I suppose if the request for boxes/rolls was far over the top, then there might be concerns. I imagine the experience varies across the nation. In all, it's a subtle issue, and blanket assertions don't apply uniformly.
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Pillar of the Community
United States
3171 Posts |
Don't forget, a lot of our bills and coins are used by other countries.
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Bedrock of the Community
United States
19122 Posts |
Was at a Wells Fargo branch today, paying a bill and picking up rolls of nickels. Asked the branch manager about the coin supply and 'the shortage'. He indicated there isn't any shortage within the region he serves. Turns out one of the nickel rolls looked to be someone's hoard dump--no silver WW2 coins, but several decent '39s and 40s, and some BU 58s-61s. Used two of the BUs to replace coins I had in one of my nickel Danscos. Cool.
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Replies: 16 / Views: 2,098 |