Coin Shortage - Its Happening

[james.hendrickson]

Guys,

I don't know if you guys are seeing this also, but there have been several headlines about a coin shortage in the US.

Here is the story as near as I can tell:

Evidently, whats been going on is the Fed has slowed down production of coins due to covid. As a result, they've had to ration the amount of coins that get delivered to banks.

In addition, people aren't going out as much as they did previously, so people with pots of coins at home aren't out spending them - which means the stores and banks haven't been able to put what existing supply they have back into circulation.

Result - coin shortage.

This also means that if you're paying cash in some stores, they won't be able to make exact change. Or, it means they'll just round the charge up to the nearest dollar.

[myrdale]

I first heard about this at the start of July. A local restaurant had a sign on the window asking for change.

I am curious are people just hording massive amounts of coins at home? I wouldn't have thought the government would have to pump that large of a volume of coins into the system constantly.

[disneysteve]

It's a combination of reasons. With so many businesses closed for a few months, there just hasn't been the normal circulation of coins in the country. Also, more and more shopping has shifted to online purchases paid with debit or credit card so there are a lot fewer cash transactions occurring overall. Even at in-person point of sale, a lot more people are using cards or electronic wallets like Apple Pay for sanitary reasons. And yes, collectively people do have a ton of coins at home in piggy banks and purses and coin jars.

[~bs]

no coin shortages here. its bad enough in the lower 48 that we may need to ship currency to our operations in affected states. hope it doesnt come to that

[disneysteve]

Some Wawa locations in this area have a deal where if you bring in $10 in change, they will give you $10 in cash and a free hoagie. So apparently some businesses are pretty desperate for change.

[~bs]

This is pretty hilarous. I can see people taking advantage of the arbitrage opportunity.


Will banks buy spare coins and change?


It all depends on the area you live in, but there's a good chance that credit unions and local branches of national banks will actually pay you extra value for change. A Wisconsin-based bank, Community State Bank, made headlines this week when it announced that it would offer a $5 bonus on $100 worth of coins, up to a $500 bonus. Some banks have offer a percentage bonus on any coins customers bring in: In Maine, Gorham Savings Bank (a statewide institution) offers a 10% buy back for any coins you bring in. According to American Banker, local branches of JPMorgan Chase in New York have also offered to buy back coins from customers, at various rates in different locations. And stores may also provide free counting services, such as Quick Trip, a chain of convenience stores spread throughout the South and Midwest, the Dallas Morning News reports.

When in doubt, call a local branch of a state or community bank or credit union to inquire about any buy back programs.

[cypher1]

Some Wawa locations in this area have a deal where if you bring in $10 in change, they will give you $10 in cash and a free hoagie. So apparently some businesses are pretty desperate for change.

I was actually planning to bring my change to the bank just for decluttering. But now I'll have to keep an eye out for free hoagie or other deals in my area.

[ua_guy]

Yup, I’ve seen it to. Lots of restaurants and stores have signs posted.

We pay with a card whenever possible unless the discount is significant. I’ve never carried coins-just brought them home and dumped them in a jar, occasionally cashed them in.

I probably have $50 sitting in the jar. Maybe it’s time to cash it in.

[bjl584]

I've been hearing about this but haven't experienced it personally yet.
I normally use a debit card, so maybe I just haven't paid attention

[disneysteve]

Delaware Park casino has a deal now. For every $25 in coins you bring in, they'll give you $25 cash and a $5 slot coupon. You can cash in up to $100 in coins for up to a $20 bonus.

[disneysteve]

A Chik-fil-A near me is doing a free small drink or shake with $5 in coins or a free meal with $50 in coins.

[cypher1]

A Chik-fil-A near me is doing a free small drink or shake with $5 in coins or a free meal with $50 in coins.

Aww snap! I should check out my Chik-fil-A tonight for coin deals. I was already planning to go there.