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So now there is a national COIN shortage.

Roger Ramjet

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#1
I know a lot of you have major amounts of change saved. Bet you could make a pretty good premium rolling and selling to local merchants or banks in the hardest hit areas. This is why I keep a couple hundred bucks in change and the same in small bills. I don't want to be forced into using electronic payments.

I'm posting this here because it's the metals section even though our coins aren't precious anymore (maybe they are if this goes on).

https://www.zerohedge.com/markets/m...ccepting-cash-nationwide-coin-shortage-erupts

RR
 

specsaregood

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#2
While emptying our house, I just found 3 more large containers of coins. Guess I'll have to start another "guess how much change" thread before I head to coinstar again.
 

SongSungAU

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#3
From the article:

Meijer Inc., a supermarket chain based in the Midwest, with corporate headquarters in Walker, Michigan, announced last Friday, that self-scan checkout machines at 250 supercenters would only accept credit or debit cards, SNAP and EBT cards, and gift cards.
Call me cynical but I think that's just a move to try to make people move to electronic payments. Some will, for the convenience of self-checkout, if that is the only option. And once they get used to it, they won't go back to paying with cash.
Fed Chair Powell admitted to lawmakers last week that The Fed has been rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic."What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Powell told lawmakers. He said the shortage was due to the mass business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills."We've been aware of it, we're working with the Mint to increase supply, we're working with the reserve banks to get the supply to where it needs to be," Powell said, adding he expected the problem to be temporary.

The Fed can send coins out on a moments notice. They need to stop saying there is a coin shortage. Remember, the Fed requested the US Mint stop producing the dollar coins because there was a billion of them stacking up at the Fed because banks just weren't ordering them. I doubt the Fed is out of quarters, dimes, and nickels. They may say there's a coin shortage due to the China virus but I don't believe them. Just another man-made situation if you ask me.
 

SongSungAU

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#5
"The coronavirus is going to result in mass deaths unless we shutdown the economy..."
"Okay, the economy is shutdown but we can't open it up again or we'll all die from the virus..."
"We must have mail in voting in November or else the virus will kill us all..."
"The coin shortage in the United States is becoming quite severe..."

Lies and more lies.
:dduck:
 

hammerhead

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#6
Went to two major retailers the other day and they had signs by the registers asking for rolled coins. While at the drive thru today, I asked the teller if she knew what was up. She thought it was because people were hording. i told her I think it's a push to cashless. Then she said retailers would rather not deal with loose change. Of course I asked for halves only to be told they had nada.
 

Buck

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#7
give me 30¢ for each one of my quarters, now you've got my interest...

wait:
Don't Coins Come From The Treasury?
how is it the Fed controls our coinage?
Isn't that the way to 'screw the Fed', by using coins? and now i find they're distributing them/ or not?

wtf...i musta been high that day in class...
 

SongSungAU

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#8
"The United States Mint ships its coins to Federal Reserve Banks, which are responsible for putting coins and paper money into circulation and also for withdrawing them from circulation when they are worn out.

When a private bank needs coins to provide to you and its other customers, it purchases them from a Federal Reserve Bank. Banks have checking accounts at the Federal Reserve Banks, just as you do at your bank. To buy cash for you, your bank uses special checkbook money called a “reserve balance.” The coins make their way back to the Federal Reserve Bank at some point because banks often accumulate more cash than they need for day-to-day transactions. They deposit the excess cash into their checking account at a local branch of the Federal Reserve Bank until their customers need it. Coins circulate from the Federal Reserve Bank to the private banks to you and back again until they are worn out, unfit for circulation. The Federal Reserve replaces those coins by ordering new ones from the U.S. Mint—and once those coins are minted, a new circulation cycle begins. A circulating coin generally lasts 30 years or longer.

source: https://www.treasury.gov/resource-center/faqs/Coins/Pages/edu_faq_coins_production.aspx
 

hammerhead

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#9
"The United States Mint ships its coins to Federal Reserve Banks, which are responsible for putting coins and paper money into circulation and also for withdrawing them from circulation when they are worn out.

When a private bank needs coins to provide to you and its other customers, it purchases them from a Federal Reserve Bank. Banks have checking accounts at the Federal Reserve Banks, just as you do at your bank. To buy cash for you, your bank uses special checkbook money called a “reserve balance.” The coins make their way back to the Federal Reserve Bank at some point because banks often accumulate more cash than they need for day-to-day transactions. They deposit the excess cash into their checking account at a local branch of the Federal Reserve Bank until their customers need it. Coins circulate from the Federal Reserve Bank to the private banks to you and back again until they are worn out, unfit for circulation. The Federal Reserve replaces those coins by ordering new ones from the U.S. Mint—and once those coins are minted, a new circulation cycle begins. A circulating coin generally lasts 30 years or longer.

source: https://www.treasury.gov/resource-center/faqs/Coins/Pages/edu_faq_coins_production.aspx
I overheard a teller ordering cash. Asked her for the phone number. I didn't get it.
 

Scorpio

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#10
went into the bank the other day with a 5 gal pail of quarters,

asked the gal about it, as I had seen the signs regarding this supposed shortage at a convenience store chain

she stated, not in her experience, and there hadn't been any issues as of yet,

yet, I will state, it would absolutely stand to reason,
for 2-3 months, persons haven't been able to go to banks in normal fashion,
restoring their accumulated coinage back into the system,

which is what happened to me, ending up with too damn many quarters laying around,

so to me, there is nothing to read into it,
it just is what it is from closed banking faciities
 

SongSungAU

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#11
went into the bank the other day with a 5 gal pail of quarters,

asked the gal about it, as I had seen the signs regarding this supposed shortage at a convenience store chain

she stated, not in her experience, and there hadn't been any issues as of yet,

yet, I will state, it would absolutely stand to reason,
for 2-3 months, persons haven't been able to go to banks in normal fashion,
restoring their accumulated coinage back into the system,

which is what happened to me, ending up with too damn many quarters laying around,

so to me, there is nothing to read into it,
it just is what it is from closed banking faciities
Sure, people end up with more coins on hand because their banks have been closed and they can't deposit them. So the banks aren't getting the normal volume of coin being turned in by their customers. However, that does nothing to stop the banks from ordering coins from the Fed though.

You may be right but I still think the Fed could get coins to any bank that asked for them.
 

SongSungAU

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#12

Treasure Searcher

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#13
Been briefed at work, several times on coin shortage. Told pennies and quarters are in short supply.
 

SongSungAU

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#14
Told pennies and quarters are in short supply.
I've been told a mask is saving people from Covid-19.
 
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Uglytruth

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#15
I've been told a mask is saving people from Covid-19.
I was told if we all flatten the curve this would have been over a long time ago...... but they are going to drag this out to make people suffer.
Average people see the choice. Trump or communism.
 

D-FENZ

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#16
There was another thread here a week or two ago about the shortage of coins. I had mentioned then that I thought I'd remembered that in the 70s/80s, banks were paying a 10% premium for pennies but couldn't find internet evidence. I dug a little deeper and found that it was in fact the case. Looks like one bank even paid a 25% premium. The other GIM thread descended into false flag, real money and bitcoin hell so I'll post this here- seems a little more on topic.

20151030_pennies.jpg

https://www.coincommunity.com/forum/topic.asp?TOPIC_ID=243937
 

hammerhead

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#17
went into the bank the other day with a 5 gal pail of quarters,

asked the gal about it, as I had seen the signs regarding this supposed shortage at a convenience store chain

she stated, not in her experience, and there hadn't been any issues as of yet,

yet, I will state, it would absolutely stand to reason,
for 2-3 months, persons haven't been able to go to banks in normal fashion,
restoring their accumulated coinage back into the system,

which is what happened to me, ending up with too damn many quarters laying around,

so to me, there is nothing to read into it,
it just is what it is from closed banking faciities
Supposedly lobby's will be opening on a limited basis this coming week.
 

the_shootist

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#18
Since all of our coins now are made from pot metals I don't see a problem
 

BackwardsEngineeer

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#19
went into the bank the other day with a 5 gal pail of quarters,

asked the gal about it, as I had seen the signs regarding this supposed shortage at a convenience store chain

she stated, not in her experience, and there hadn't been any issues as of yet,

yet, I will state, it would absolutely stand to reason,
for 2-3 months, persons haven't been able to go to banks in normal fashion,
restoring their accumulated coinage back into the system,

which is what happened to me, ending up with too damn many quarters laying around,

so to me, there is nothing to read into it,
it just is what it is from closed banking faciities

So just how much is a 5 gal pail of quarters?
 

oldgaranddad

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#21
Went to my local bank the other day and from the ATM vestibule you could see that they had bags of coins lined up in front of the vault. Since most retail is closed they are using the coinage for doorstops, literally. I think the article is just some creative BS to push or reinforce an agenda.
 

solarion

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#22

Varmint Hunter

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#24
went into the bank the other day with a 5 gal pail of quarters,

asked the gal about it, as I had seen the signs regarding this supposed shortage at a convenience store chain

she stated, not in her experience, and there hadn't been any issues as of yet,

yet, I will state, it would absolutely stand to reason,
for 2-3 months, persons haven't been able to go to banks in normal fashion,
restoring their accumulated coinage back into the system,

which is what happened to me, ending up with too damn many quarters laying around,

so to me, there is nothing to read into it,
it just is what it is from closed banking faciities
It may end up with you regretting having converted them into FRNs.
David Neil states that coinage is not from the Federal Reserve & that if FRNs collapse, coinage could be valued differently.
This guy is a new twitter poster who seems to have connections & his feed makes interesting reading.

 

southfork

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#25
Local stores around these parts have a sign up saying due to shortage coins from the Federal Reserve they're asking everyone to pay by credit card or exact change
 

solarion

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#26
FRNs are also signed by the treasury...they're not going anywhere. Bankster credit...on the other hand...well...

Sure the federal regime would like to get rid of both coins and cotton cash, but they'll likely be gotten rid of together.
 

Uglytruth

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#27
Verizon is offering VISA credit cards......... probably as a transition to touchless tap to pay digital.
 

GOLDBRIX

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#28
Since all of our coins now are made from pot metals I don't see a problem
Yep probably more value in flattening spent ammo cartridges .22 = Penny,.32=nickle, 9mm = dime, 10mm/.40 = quarter. .45 cal =half dollar.
Problem solved.
 

Buck

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#29
if we moved all to coins, the seigniorage would be significant, our money would literally pay for itself and give us all change, lots of it...

seign·ior·age
/ˈsānyərij/

noun
noun: seigniorage; noun: seignorage
  1. profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs.
 

Merlin

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#30
it was about 3/4 full and it came to $2690
The real question is, how much did it weigh? You still have your back and shoulders, Scorpio?
 

Scorpio

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#31
You aren't a kiddin' Merlin,

that is one 5 gal pail that you don't carry around, blow the handle right out of the thing,

bagged them up into about 400-500 bucks per bag and took them in
 
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Buck

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#33
Thank God we Get A Return On Our Tax Investment!

Go Dollar Coins!!!!

and cents and nickles and dimes and quarters and half dollars...

:2 thumbs up:
 

Carrion Crow

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#34
I went in the bank today (not knowing about the "coin shortage") and asked for $40 in quarters.
Was told I could only get $10 in quarters. Each week. This is going to be tough for the laundromats, do-it-yourself car washes and other businesses that actually use quarters for their livelihood.
Another pandemic blow to small businesses.
 

Uglytruth

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#35
I went in the bank today (not knowing about the "coin shortage") and asked for $40 in quarters.
Was told I could only get $10 in quarters. Each week. This is going to be tough for the laundromats, do-it-yourself car washes and other businesses that actually use quarters for their livelihood.
Another pandemic blow to small businesses.
It will force them to go to tokens and cashless......
 

ABC123

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#36
Anyone been to Walmart or Lowes? Heard from coworkers they were paying a premium for all coinage.
 

Uglytruth

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#37
There tonight. Signs asking to use correct change if possible.
 

Cigarlover

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#38
I went in the bank today (not knowing about the "coin shortage") and asked for $40 in quarters.
Was told I could only get $10 in quarters. Each week. This is going to be tough for the laundromats, do-it-yourself car washes and other businesses that actually use quarters for their livelihood.
Another pandemic blow to small businesses.
I'm going to make up a sign now and hang out at the laundromats. "QUARTERS 8 FOR 3 BUCKS."
 

Buck

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#39
this wasn't how I saw this coming down the pipe...
 

Ragnarok

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#40
What else could be expected? The dollar will soon replace the half, then the quarter, dime, nickel and penny in succession!

R.
 
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