U.S. coin shortage

[moonshadow]

A few weeks ago, Mom (who works at a bank) remarked on how they have almost ran out of coins on several occasions.

I'm now starting to see gas stations across my route hanging signs requesting any change customers may have.

It seems that paying in pocket change is now tolerable.

What strange times we live in...

[FranTastic444]

Yeah - read about that. Cannot understand why that would be given that people are buying online more than ever and many shops are asking for card payment as it is seen as less of a Covid risk than handling cash????

[moonshadow]

Yeah - read about that. Cannot understand why that would be given that people are buying online more than ever and many shops are asking for card payment as it is seen as less of a Covid risk than handling cash????

Yeah, that's what I would have thought... defying logic... par for the course anymore...

There is a whole heap of irony when it comes to our forms of currency. They say more people are using plastic (cards). Some are pointing to conspiracy, citing that some "deep state" is pushing us away from a cash society...

Maybe, who knows? But the irony of the situation is many of those same people advocate for the privatization of just about everything from schools, roads, even the postal service... yet for some reason privatization of our legal tender (cashless society) is a bridge too far.

I wondered if people really think hard about these things. Note the past tense "wondered", for the answer came to be pretty quickly....

NO

[moonshadow]

I've got an old $50 bill from the mid 1930's... sometimes I sit and study it hard, it's got loads of history attached to it that I'm doubting many people stop to consider. I'm debating on doing a video on it... stay tuned..

[r.m.anderson]

I believe that Canada is on track or already has eliminated the 'copper critter' 1 cent piece !
Of course these folks have the 'looney' the equivalent to the US $2 dollar bill or SBA $1 coin !

More and more merchants are offering charitable "Rounding - Up" to the even dollar.
The excess over $0.01 goes to whatever is the current needy organization.

Then there is the small time store with the tray near the cashier -
"Need a Penny - Take a Penny " or in small print "Leave a Penny" !

Fur sure one common language we will not speak and one common monetary will not entertain.
Got any round-to-its or stone-wheel currency - wheelbarrow loads accepted !

[moonshadow]

https://www.investopedia.com/terms/l/lawfulmoney.asp

Wow... how deep the rabbit hole goes...

I have to say, I have had many instances over the years where I have simply gotten lost in the seemingly endless sea of cultural and economic changes in the latter part of the 19th century through the first segment of the 20th...

I've got a hunch that the economic policies of the 1900's through the depression era were likely just as divisive as what we are experiencing today.

To make things more interesting, are the time honored entitlements that many conservatives cherish in the modern time were likely very hotly debated in the past with conservatives of the day likely pushing for what can be best described as "true capitialism".

I'm also working on getting through a book on coal towns, the life and times of the miners industry from the 1880's through the 1960s. I'm in the part now about when the union came and the circumstances that surrounded it.

Absolutely fascinating!

Oh there is just so much to talk about... it's too bad I can't find a single local soul that isn't flat out intoxicated on Trumpahol to explore these ideas with.

[Sinned]

Over here there is the fad of offering commemorative coins and it can be anything from Olympic designs to Beatrix Potter characters. Thus a lot get hoarded away by collectors hoping that they will be worth something one day. There must be millions in people's jars in their homes. Did you not have quarters or something with a design for each state? That's the start.

Over here there is a tendency to use cards a lot more and some shops are card only. Our store is at the moment only because it's one less method of transmitting the lurgy assuming of course that the lurgy can be transmitted on currency, coin or paper. No shortage of coin here.

[crfriend]

Did you not have quarters or something with a design for each state [in the US]? That's the start.

Yes, at least two round of, actually. Some produced very striking designs, but since so many were minted the odds of them being worth anything approach nil.

On the matter of the shortage, I suspect lots of people are still getting change from purchases, but never spend it because of the extra time it takes at the counter; thus it piles up in people's homes.

[r.m.anderson]

Did you not have quarters or something with a design for each state [in the US]? That's the start.

Yes, at least two round of, actually. Some produced very striking designs, but since so many were minted the odds of them being worth anything approach nil.

On the matter of the shortage, I suspect lots of people are still getting change from purchases, but never spend it because of the extra time it takes at the counter; thus it piles up in people's homes.

thus it piles up in people's homes.

Ya that change jar - you get home from shopping running about trip to the pub whatever and that change in the bottom of your pocket goes into a change jar.
Fast forward a few years take it the bank - well damn they don't have that change sorting machine anymore - so return with us now to the thrilling days of yesteryear
the manual method of counting the loot and teller says they don't accept that for deposits anymore at that customer window - you have to take it the commercial
banking window at the main branch - experience with Wells Fargo local bank - account closed because of this and myriad of other costumer issues.

[crfriend]

Fast forward a few years take it the bank - well damn they don't have that change sorting machine anymore - so return with us now to the thrilling days of yesteryear

Yes, part of it is self-inflicted. Getting rid of change has become a real nuisance. The banks also aren't helping any -- and the commercial change-conversion outfits charge a large fee for having a machine count change.

[JohnH]

How about getting rid of the penny and rounding to the nearest 5 cents? But no, we can't do that because of the zinc lobby. US pennies are mostly zinc.

[crfriend]

How about getting rid of the penny and rounding to the nearest 5 cents? But no, we can't do that because of the zinc lobby. US pennies are mostly zinc.

The next thing that'll be happening is that it'll creep to the dollar level where what once was $1.23 will become $2.00. I'm not convinced that's a good idea.

The penny, sure, but once that happens it's a potentially slippery slope.

[r.m.anderson]

How about getting rid of the penny and rounding to the nearest 5 cents? But no, we can't do that because of the zinc lobby. US pennies are mostly zinc.

Caution here - get rid of the penny rounding up to the nickel and then the dime quarter (no more half dollars or silver (SBA) dollars coins)
soon you will be rounding the Dollar stores out of business.
Well it could be back to beaver pelts or round-to-its stone wood or a facsimile.
The plastic digital age is with us - yet to come - it will be in your DNA - your net worth until cremated -OR- horrors "Soylent Green" !

[JohnH]

How about getting rid of the penny and rounding to the nearest 5 cents? But no, we can't do that because of the zinc lobby. US pennies are mostly zinc.

Caution here - get rid of the penny rounding up to the nickel and then the dime quarter (no more half dollars or silver (SBA) dollars coins)
soon you will be rounding the Dollar stores out of business.
Well it could be back to beaver pelts or round-to-its stone wood or a facsimile.
The plastic digital age is with us - yet to come - it will be in your DNA - your net worth until cremated -OR- horrors "Soylent Green" !

We managed to get along fine with pennies when the dollar was worth 5 times as much as it is now. That would have been the same as having nickels as the smallest currency now.
The Canadians have eliminated pennies around 2013 without the predicted dire consequences.

[Shilo]

I’m subscribing to Moon’s conspiracy theory about the plot to eliminate cash. I can’t resist a good conspiracy. Maybe it’s those evil Chinese people again stealing all the metal.