Obviously the federal government should’ve paid the stimulus money in dimes
Why do U.S. coins seem to be in short supply?
21–30 of 222 posts
Re: Why do U.S. coins seem to be in short supply?
#22What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
Well, take the store I work at, for example -- we've been told, by our bank that is open, that they're now limiting change orders to one roll of each denomination (for a total of $17.50), as they themselves are limited in what change they can get.
Usually, on a per week basis, we do one change order of at least over $100. Over $100 vs $17.50... The difference adds up rather quick, even if you do a run every other day (not quite sure how frequent change orders can be before they limit that too, though).
Re: Why do U.S. coins seem to be in short supply?
#23What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
Every walmart in Albuquerque has limited cash transactions to about half their registers.
Yep, same in rural North Dakota. All the self serves are card only. Screws up a lot of people here, but we already almost forced a lot of people to get Walmart Money Card or the equivalent because they were required to switch to direct deposit during the stay at home, or have their checks mailed. Welcome to more pain for the unbanked.
Re: Why do U.S. coins seem to be in short supply?
#24Earlier quoted context omitted.
There’s some businesses like laundromats serving areas where many folks don’t have washer/dryer in unit that are still coin operated. It’s a real impact for those since people now need to go further to wash/dry or find friends or family who will help out.
A lot of apartment complexes also have on-site laundromats that are coin operated. I've never understood why the cost of that isn't included in the rent, landlords can't be taking that much of a cut from it.
Having some additional charge/busywork helps to throttle demand so people don't hog them as much and make some effort to economize usage. Depending on the people served, that may or may not be necessary.
I think in CA, such charges are limited by the same laws as rent control, so at least they tend to be under-priced. At one I lived at (if SF's Tenderloin), it charged well below what nearby laundromats did per load ($1.25 vs much more for similar size).
Re: Why do U.S. coins seem to be in short supply?
#25What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
There’s some businesses like laundromats serving areas where many folks don’t have washer/dryer in unit that are still coin operated. It’s a real impact for those since people now need to go further to wash/dry or find friends or family who will help out.
I use a wash-and-fold service[1] at a laundromat that serves a mainly Hispanic neighborhood, and they recently started rounding my charges to the nearest dollar.
[1] Pay someone to do your laundry by the pound.
Re: Why do U.S. coins seem to be in short supply?
#26Earlier quoted context omitted.
Stores are unable to handle cash transactions because they can't make change, because they can't get enough from their banks, because the banks aren't getting enough supply, apparently.
In the past month I've received four half-dollar coins as change, which is four more than I've seen in the past decade. It seems like stores are reaching the bottom of their coin drawers; using coins they normally wouldn't.
At work, we've all basically agreed that if we run out of change and can't get any more, that we'll bring in our own jars, count it out, and exchange it for cash.
It's a last resort, for sure, but we've already discussed it. As of right now, we're limited to one roll of each denomination ($17.50) by our bank, so the need may very well eventually arise, and that means that some of my collection might just end up as someone else's change.
Re: Why do U.S. coins seem to be in short supply?
#27I feel like a smart country would take this opportunity to develop electronic, no-fee payment wallets, not just bring up a coin task force...
That would kill important business models that prey on poor people.
You're going to have to give us more information than this. Sure, lots of business models "prey on poor people", but which ones of those are threatened by electronic wallets?
Re: Why do U.S. coins seem to be in short supply?
#28The obvious solution is to make everything digital, but that impacts people who aren't digital. Never mind the anonymity aspect.
The other solution could be to get rid of cents all together.
This is what Vietnam has done and it is fantastic not having to deal with small metal change. Although, this created a new problem, they need to lose a few 0's. Being a dong millionaire (largest bill is 500k) means you've got about $45 in your pocket. Heh.
Re: Why do U.S. coins seem to be in short supply?
#29Earlier quoted context omitted.
That would kill important business models that prey on poor people.
You're going to have to give us more information than this. Sure, lots of business models "prey on poor people", but which ones of those are threatened by electronic wallets?
Lots of poor people do not have bank accounts, so there's no way they can use electronic only systems.
Re: Why do U.S. coins seem to be in short supply?
#30Earlier quoted context omitted.
There’s some businesses like laundromats serving areas where many folks don’t have washer/dryer in unit that are still coin operated. It’s a real impact for those since people now need to go further to wash/dry or find friends or family who will help out.
A lot of apartment complexes also have on-site laundromats that are coin operated. I've never understood why the cost of that isn't included in the rent, landlords can't be taking that much of a cut from it.
Many pay-to-use(coin or card) laundry rooms in apartment complexes are entirely contracted out to a third party company that handles everything; payment collection, machine leasing, service/repairs, etc. On the whole I think it's easier for them this way.
https://www.wash.com/360-laundry-room-solution/
https://www.coinomatic.com/multi-housing-coin-laundry-soluti...