Nationwide Coin Shortage

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Alpha8472
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Nationwide Coin Shortage

Post by Alpha8472 » June 25th, 2020, 4:14 pm

Stores are experiencing a coin shortage due to COVID-19. With more people using credit or debit, the flow of coins has gone down. Banks are not getting regular deliveries of coins.

Most transactions under $10 are in cash. This is affecting gas stations and convenience stores the most. If more coins are not made or if cash flow does not increase stores could be out of coins in 2 weeks.

TW-Upstate NY
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Re: Nationwide Coin Shortage

Post by TW-Upstate NY » June 26th, 2020, 9:00 am

I would think the opposite would be true. I'll use myself as a case in point. I've gone pretty much to credit card only and I find it much easier to manage my finances. The bill comes once a month, I write a check for it and send it in. Matter of fact, this morning was probably the first time I've used cash in a store in maybe a month or so. I mean if you're using credit or debit, you're not getting change (as in coinage) back. True, some people get some cash back when they use a debit card, but that's bills not coins. I'm going to show my age here, but how many of you remember the penny shortage of the 70's? I can even recall some McDonald's In NE Pa. actually paid you a premium if you paid with rolls of pennies.

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Re: Nationwide Coin Shortage

Post by BillyGr » June 26th, 2020, 4:56 pm

TW-Upstate NY wrote:
June 26th, 2020, 9:00 am
I'm going to show my age here, but how many of you remember the penny shortage of the 70's? I can even recall some McDonald's In NE Pa. actually paid you a premium if you paid with rolls of pennies.
There was one after that (only being born in 1976, and I remember it - thinking in the 1990's somewhere) - at that time even the banks here would give you something like $0.55 per roll you brought in.

The other point made elsewhere on this was that people weren't turning in change since many banks had gone to drive thru only and often they can't take change (at least rolls) in those drive thru tubes (which many have only those, none of the older "drawer" style windows that banks had at one time).
Perhaps they'll reconsider that (with many having double door entries, they could even set up a single window using a counter at the second door), though at least some here have left lobbies open the entire time.

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Re: Nationwide Coin Shortage

Post by Alpha8472 » July 1st, 2020, 8:46 pm

Jack In the Box had signs posted that said please have exact change or credit card. Even Walmart was running low on coins. Stores and restaurants are trying to get people to pay with change because the coins are running so low. If you have coins, the stores and restaurants really appreciate it. All the coins are being kept at home with so many people paying with credit card.

Those that do pay with cash do not bring coins. Coins are seen as dirty and bulky. People will pay in bills and expect to get change. However, there are not enough coins to give out.

Safeway put a sign on the Coinstar machine saying to bring your coins to the customer service desk to get bills. Apparently, the Coinstar machine was not broken. Safeway employees had taped a paper over it.

It is getting so bad that Safeway is trying to steal customers away from Coinstar. Safeway has so few coins left. This may be a better deal, as Coinstar charged a fee to take your coins. Safeway does not charge a fee. Coins are now a precious commodity.

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Re: Nationwide Coin Shortage

Post by Super S » July 2nd, 2020, 6:41 am

This is something I have not heard about at all in my area. Still, it proves a point that not everybody likes to rely on using credit/debit for all purchases for a variety of reasons. This might not be a huge issue at higher-end businesses, but grocery stores, and discount type stores, serve a wide variety of income ranges, and there are people with bad credit who are unable to get credit cards, and others who are uncomfortable with debit cards.

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Re: Nationwide Coin Shortage

Post by SamSpade » July 2nd, 2020, 12:18 pm

News article covering the issue
Al.com - Coin Shortage? What you can do to help.
Last month, the Federal Reserve issued a statement saying that the coronavirus pandemic “significantly disrupted the supply chain and normal circulation patterns for U.S. coin.”

“In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees,” the Reserve said.

Starting in June, the Federal Reserve began temporarily allocating set amounts of pennies, nickels, dimes and quarters to banks. The limits given to each institution will be reviewed and changed as supply increases.

TW-Upstate NY
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Re: Nationwide Coin Shortage

Post by TW-Upstate NY » July 9th, 2020, 2:11 pm

Alpha8472 wrote:
July 1st, 2020, 8:46 pm
Jack In the Box had signs posted that said please have exact change or credit card.
I can top that one-saw one checkout at a local Wal-Mart this morning designated as credit card ONLY.

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Re: Nationwide Coin Shortage

Post by Super S » July 9th, 2020, 2:27 pm

TW-Upstate NY wrote:
July 9th, 2020, 2:11 pm
Alpha8472 wrote:
July 1st, 2020, 8:46 pm
Jack In the Box had signs posted that said please have exact change or credit card.
I can top that one-saw one checkout at a local Wal-Mart this morning designated as credit card ONLY.
My local Lowe's has had two self checkouts designated this way for quite some time, long before the pandemic started.

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Re: Nationwide Coin Shortage

Post by Alpha8472 » July 9th, 2020, 8:05 pm

The NCR self checkout machine requires employees to load the coins one at a time through the single coin slot. That is why employees hate to have cash in the self checkout. It takes a long time to put coins in.

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Re: Nationwide Coin Shortage

Post by storewanderer » July 9th, 2020, 8:49 pm

Whole Foods has had most lanes no cash due to Coronavirus for a while now. There are designated "cash accepting" lanes. Basically one lane. Clearly discouraging cash. They do not want dirty cash touching most of their lanes.

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