Is this a uniquely US issue, and if so, why? Other countries have enacted similar lockdowns, wouldn't a coin shortage show up elsewhere given similar circumstances?
Why do U.S. coins seem to be in short supply?
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Re: Why do U.S. coins seem to be in short supply?
#112Is this a uniquely US issue, and if so, why? Other countries have enacted similar lockdowns, wouldn't a coin shortage show up elsewhere given similar circumstances?
It's not unique to the US. Last month I was at a shop in Barcelona, Spain, and the shopkeeper told me she was glad I was paying with coins because they were running out of them.
Re: Why do U.S. coins seem to be in short supply?
#113My mom took change into her metro area bank last week because they were giving 10% over face value for change. She got an extra $9. Nobody keeps change as an investment, but compared to interest rates the bank was offering on savings accounts, this was an incredible return. I'm curious if anybody with accounts at other banks tried withdrawing change to deposit in this bank?
Yup. Father in-law had this quarter collection. For whatever reason he spent decades collections quarters from each of the states and had well over $500 worth of quarters. None of us wanted his quarters. He was able to sell them at 3 quarters per dollar, a 25% profit!
Re: Why do U.S. coins seem to be in short supply?
#114Re: Why do U.S. coins seem to be in short supply?
#115Is this a uniquely US issue, and if so, why? Other countries have enacted similar lockdowns, wouldn't a coin shortage show up elsewhere given similar circumstances?
In Europe it is generally cheaper as a merchant to take credit vs cash, because they have low credit processing fees. Because of this they take credit for pretty much any transaction.
In the US, it's not uncommon to see places only take credit for purchases over $20, especially restaurants.
Re: Why do U.S. coins seem to be in short supply?
#116My first thought at the headline was that as people head home to isolation, the coins in their pockets stay home with them. Which is probably true. But the article talks about closing businesses, and those coins leaving circulation until those processes work through.
>https://www.nationalgeographic.com/history/2020/07/black-own...
The numbers are kind of all over the place depending on the source, and I'd imagine the ~40 million people on unemployment would be holding on to hard currency pretty tightly too.
Re: Why do U.S. coins seem to be in short supply?
#117Earlier quoted context omitted.
The Fed's stated goal is to create jobs, not destroy them.
> The Fed's stated goal is to create jobs, not destroy them. That’s not true. Here’s the truth: https://www.federalreserve.gov/aboutthefed.htm
Right there in your link:
> conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
(Emphasis mine)
Every single bullet that follows either restates the first bullet or is tertiary.
Re: Why do U.S. coins seem to be in short supply?
#118Earlier quoted context omitted.
Banks can't take pre-rolled coins. They have to break them and recount.
I had the opposite experience. Big Bank would not take my loose coins but happily gave me paper tubes and accepted the rolls a couple days later.
That was my experience as well. It’s all odd because coins can be accurately weighed if the denomination is separated.
Re: Why do U.S. coins seem to be in short supply?
#119when is the last time someone used a coin to pay for something that wasn't a coin operated machine. Just get rid of them, or make coins that are worth >= $1
Paying for parking without having to involve my phone or credit card is pretty nice.
I like paying for parking with my phone. It lets me extend when the time is about to run out and cancel the remainder when I leave early.
Re: Why do U.S. coins seem to be in short supply?
#120Earlier quoted context omitted.
A large number of banks have coin machines inside that will take unrolled coins and deposit them into your account for free. Coinstar unfortunately largely targets people that don't have bank accounts.
Pro tip: Coinstar wont take a cut if you get it as a gift card. The times I've used them I just opt for an Amazon Gift card or one for the local grocery chain that I'm already going to be spending money at.
That's, uh, taking a cut, albeit a smaller one. You'll lose the cashback or other rewards that you would've gotten for using a credit card. Gift cards can also commonly be obtained for under face value.