Why is there a coin shortage? where are they all going to ? is some nut hoarding all of them? have the mints discontinued minting them ? why ?
thanks for the link > they explain its because of the closure of banks and business . But wouldnt that just put more coins in the system ? if my business closed I dont think I would sit there with my cash register full of coins i would go trade them in at the bank,coinstar because I would want the paper dollar . ??
This explains a lot.
You can’t take your coins to the bank or coin star if the bank or coin star aren’t open, either.
It’s not so much there’s a coin shortage as the coins are in the wrong places. It’s like how after a bad storm airplanes are all at the wrong airports to make the schedules work smoothly - the planes are out there, just not conveniently located. Likewise, the coins are out there, just not in the places people want them to be.
Eventually it will all work itself out (particularly as people turn in coins to Coinstar and banks that are now open again) but meanwhile there will be shortages in some locations.
Well I found that article to a bit confusing . It stated that business like laundromats because of the pandemic were not operating so there is a shortage from them depositing coins back to the bank. From what I know about laundromats what they take to the bank is the paper money they get in there coin changer machines and teh quarters from the washers and dryers go back in the coin exchange machines. They dont take big bags of coins to the bank they are taking stacks of paper money to deposit .So this professor at columbia university is absolutely incorrect with that statment and who knows what else I stopped reading after that point . Thanks though I appretiate it
Lots more discussion on almost the same topic here:
Notice that this conversation started in late July and is still going on today. And references an earlier conversation from early July.
I know an owner of a laundromat, and she does indeed take large sacks of coins to the bank, because the change machine is owned and run by another company.
People are hoarding coins because they are desperate for real change.
As opposed to papering over our current cracks in society?
So if the government needs more coins, they just make some?
I thought that went out with Ludwig II, Mad King of Bavaria.
Although I can hang out at the laundromat and sell three quarters for a buck.
Well, yeah - that’s how coins get made in the first place, after all. But the mint has a limited capacity, and the US Mint has been running less than that due to covid concerns.
Do you know the purpose of this arrangement?
I have no idea. I don’t know have the company makes money on a change machine, but I know that she doesn’t have to pay to get it fixed if someone attempts to break into it.
I’m still going to hang out at the laundromat selling quarters three four a dollar.
Any chance it was money laundering a lot of small bills?
I just came back from grocery shopping and had taken our coin bank with me, hoping to exchange the contents at the Coinstar kiosk. That thing is still out of order.
Sorry to hear that. It’s inconvenient for you and inconvenient for the people on the other end who want/need your coins.