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Lowes today self check out no cash credit only. Same at Walmart today.

hobo finds wrote:Lowes today self check out no cash credit only. Same at Walmart today.

I experienced the same thing last week at Home Depot and Target self-checkout. I ate at Chipotle last week, they would not take ANY cash unless you had exact change.

https://www.armstrongeconomics.com/arms ... mployment/

Blog/Economics
Posted Aug 13, 2021 by Martin Armstrong
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The Federal Reserve’s take on the coin shortage says that there are ample coins in the economy, but the banks have also been closed so there was a shortage also created by the fact that businesses could not get coins from a local bank that was operating only in a virtual mode. This also contributed to the problem. So banks, mints, transportation, and mines were all shut down which has created the problem you see in coin shortages, but this similar problem has infected all of the economies. So we have shortages in just about everything.

Slaphot wrote:https://www.armstrongeconomics.com/armstrongeconomics101/economics/shortage-unemployment/

Blog/Economics
Posted Aug 13, 2021 by Martin Armstrong
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The Federal Reserve’s take on the coin shortage says that there are ample coins in the economy, but the banks have also been closed so there was a shortage also created by the fact that businesses could not get coins from a local bank that was operating only in a virtual mode. This also contributed to the problem. So banks, mints, transportation, and mines were all shut down which has created the problem you see in coin shortages, but this similar problem has infected all of the economies. So we have shortages in just about everything.

Sorry Martin, I ain't buying that.

Guess that is why

Haven't tried to get boxes, but have hardly (won't say never, because I've had a couple of cashiers give me rounded change because they were out of one or another coin) seen an absence of coin at retailers. I've been paying cash, and getting change, just like always.

Banks don't like giving out boxes of coin because those boxes cost them money - in general (unless they are old school banks that have their own counters and coin sorters and rollers, which have a different cost) they have to pay a premium to the armor car companies.

What I have also seen is an increased disdain or at least lack of respect for coin as people just leave change behind and if they drop a coin on the ground they just leave them. I pick them up.

My Bank Of America ordered me two boxes of halves and was able to get one box of cents. I haven't done any halves in three years....The halves may take off as (2) quarters replacements. I have been spending them and a few retailers thanked me for them. Do to the lack of quarter dollars. Wife and I have also been paying in rolls of cents...some like it and some are indifferent.

The money investor guys on the radio this money talked about the change shortage....we (RC members) know it is not real..there are millions of $$$ stored in the FRB depositories around the country

They said that with the small biz closures last year that the coin deposits were down 45% maybe this is true but...

They also said they didn't believe the shortage..."just look on the ground coin everywhere".

I don't think there is a true shortage. I think that COVID has caused lots of businesses to seriously re-evaluate what they can do to cut expenses. One way is to not order as many coins, which cost money for the banks to have delivered via armored truck.

Again, I stated before that there are MANY coins out there. I'm seeing a TON of 2021 quarters. Yes, there are businesses that are changing their ways as mentioned by recyclersteve. I got ""rounded" at a fast food joint about a week ago. That doesn't bother me, but a restaurant demanding exact change FROM A CUSTOMER can go straight to ****.

Cu Penny Hoarder wrote: Now I am keeping ALL the coins I get, even the zinc pennies. You guys should be doing the same.

Can you elaborate on why you are doing this? Do you think that a time will come when people/banks will want to buy your coins from you? Not being smart at all, just trying to follow the logic and intent.

There is NOT a coin shortage but the fed is still limiting the banks from ordering the amount of coin that they need. This in turn causes some business to not be able to get the coin they need.

A lot of business's like Chipotle have used this to their advantage by simply not ordering coin. This actually saves them some big bucks if you calculate it on a national level. Not only do they not have to pay for the services to have the coin rolled and delivered, pay to get it deposited if they have extra, but they also get the keep the "change" when they don't have you change back.

I always tell the cashier to keep the coins. I do very few cash transactions and they [coins] are just not worth dealing with.

thecrazyone wrote:

Cu Penny Hoarder wrote: Now I am keeping ALL the coins I get, even the zinc pennies. You guys should be doing the same.

Can you elaborate on why you are doing this? Do you think that a time will come when people/banks will want to buy your coins from you? Not being smart at all, just trying to follow the logic and intent.

Because it's tangible and not worthless paper.

Got it. Thank you

highroller4321 wrote:There is NOT a coin shortage but the fed is still limiting the banks from ordering the amount of coin that they need. This in turn causes some business to not be able to get the coin they need.

A lot of business's like Chipotle have used this to their advantage by simply not ordering coin. This actually saves them some big bucks if you calculate it on a national level. Not only do they not have to pay for the services to have the coin rolled and delivered, pay to get it deposited if they have extra, but they also get the keep the "change" when they don't have you change back.

Why is the fed limiting banks from ordering the amount of coin that they need?

Reading Numismatic News, for 2021 the mints are on track to possibly beat the record number of coins produced in 1964.

The local banks and credit unions are no longer willing to sell coin, because of "the coin shortage."

coppernickel wrote:Reading Numismatic News, for 2021 the mints are on track to possibly beat the record number of coins produced in 1964.

The local banks and credit unions are no longer willing to sell coin, because of "the coin shortage."

Billions and billions of new coins minted every year, yet none available?

I'm still able to get nickels from my credit union, but I only ask for $20 at a time. I don't do pennies boxes anymore, I have enough of those... just keep the coppers I get in change... in fact I keep ALL change now.

Billions and billions of new coins minted every year, yet none available?

I'm still able to get nickels from my credit union, but I only ask for $20 at a time. I don't do pennies boxes anymore, I have enough of those... just keep the coppers I get in change... in fact I keep ALL change now.[/quote]

Now we know who is responsible for the coin shortage.

68Camaro wrote:Haven't tried to get boxes, but have hardly (won't say never, because I've had a couple of cashiers give me rounded change because they were out of one or another coin) seen an absence of coin at retailers. I've been paying cash, and getting change, just like always.

Banks don't like giving out boxes of coin because those boxes cost them money - in general (unless they are old school banks that have their own counters and coin sorters and rollers, which have a different cost) they have to pay a premium to the armor car companies.

What I have also seen is an increased disdain or at least lack of respect for coin as people just leave change behind and if they drop a coin on the ground they just leave them. I pick them up.

Well put!

fasteddy wrote:The halves may take off as (2) quarters replacements.

If inflation keeps going the way it is, halves may take off as ONE QUARTER replacements…. (:

What would be a potentially bad sign is if the mints produced several hundred million halves for 2022.

thecrazyone wrote:

Cu Penny Hoarder wrote: Now I am keeping ALL the coins I get, even the zinc pennies. You guys should be doing the same.

Can you elaborate on why you are doing this? Do you think that a time will come when people/banks will want to buy your coins from you? Not being smart at all, just trying to follow the logic and intent.

.

Why is he doing this? No offense to anyone meant, but I believe having the word “Hoarder” in your name might have something to do with it.

Finding coin is getting more difficult. I think he was right:

HoardCopperByTheTon wrote: I know why you can't stop hoarding too. It's the lure of what seems to be "Free money" You just have to apply some of your own Free labor.

There will be no better time for hoarding than the present.

Hoard Now. Hoard often. Hoard more.

If your percentages are low.. just sort more. If your percentages are high.. just sort more.

That reminds me, when I was a kid the family had a running penny-ante poker game at my grandparents' house (maximum bet 5 cents). So my dad, his siblings, my grandparents and me all had bank bags full of cents which we kept at their house. And we played most weekends from about 1973 solid through about 1990 and then less often until too many of them died by the early 2000s when it stopped completely.

Anyway, one time around 1980 there was a local bank that was offering $1.15 per $1.00 worth of cents, because of a shortage. My grandma cashed in a big chunk of everyone's bankroll, and paid us back in nickels, etc. Over time, the nickels got pulled out and replaced with more cents.

I miss those days.

EDIT: Also, I remember my grandma pulling out and saving any wheat cents that she found. It was a bit premature when they had only stopped minting them 20 years earlier. LOL. I don't remember any talk about silver coins or copper vs zinc cents once that switch was made (not that they were worth bothering with yet).

Klark Cent wrote: I don't remember any talk about silver coins or copper vs zinc cents once that switch was made (not that they were worth bothering with yet).

I remember the switch of coins in 1982. I bought one roll of brand new pennies, and held on to it for about ten years. Then I gave up and spent it. Since RealCent started, I have wondered if it was a copper or zinc roll that I had.

Back to the coin shortage, I was able to get a box of nickels. I went to the branch of my bank in the most remote area. I asked for "nickels a bag or box or whatever you can afford." The two tellers went into the vault and talked, then the manager went into the vault. After a conference of about five minutes they came back with a box of nickels.

As a side note, the teller told me this may be the last box for a while. She told me they are currently not able to order coin. I thanked them and was thankful. The other branches of the bank have declined my requests. I figured this would be the last go, for now at least.

The teller asked if I were a "collector," I told her the better word would be "stacker" and explained the coins have more value than face value. She asked if I thought we were going to have inflation, I pointed to the box of nickels I just bought and said "that is the pudding proof that I think inflation is coming."