CHAT Thoughts about coin shortage
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Samuel Adams
Has No Life - Lives on TB
So.... how does fit in with a financial "reset"?
Samuel Adams
Has No Life - Lives on TB
Pretty darn good if there are ulterior motives to go wit’.
Cash (well, FRNs) won't be made illegal. They'd just be slowly removed from circulation over the course of several years. At that point, cryptos like Bitcoin would fill the gap.
Samuel Adams
Has No Life - Lives on TB
Can you even wipe, with bitcoin ?
Well, robots can. At least I think so...
SouthernBreeze
Has No Life - Lives on TB
That is the one question I'd like an answer to. I'm sure Cary and I aren't the only two people who choose to keep only a limited amount of money in our checking account, and have other arrangements for the rest of it. We still pay cash for everything.
We also have been collecting all our coins for a few years. Do we hang on to them, or cash them in for cash?
There is no way to stop a black economy.
People will find a way to avoid monitored activity.
It's human nature.
People will find a way to avoid monitored activity.
It's human nature.
It would go first to PMs and then to cryptos.
TxGal
Day by day
I think it was Dennis who earlier in the thread suggested keeping the change for now. We usually save our change up for a year, then about a month before Christmas take it to a Coinstar machine and exchange it for an Amazon e-gift card. I then use that for Christmas shopping at Amazon. I'm not sure what we'll do this year, but for now we're keeping our change....just part of our usual pattern.
bobby.knight
Senior Member
Start to look at the big picture:
Elimination of cash transactions provides the alphabet agencies to review your history of transactions, payments, purchases and other incidentals.
Taxing authorities will now get more money. You whites are finally paying your fair share.
Government payments can and will be monitored,
Consider the number of people who have multiple social security numbers due to the mothers passing their kids to other mothers to file for more money.
Consider the fraud with welfare money.
Consider the money (in Pa) I don’t know if other states have this but low income people can get $20 to go to the farmers market. This can be validated.
This gives the ability to monitor spending habits (think hoarders).
Child support payments.
All transactions outside government control.
Any and all under the table work.
One of the Rockefellers stated I don’t remember which one, it could have been Nelson, that they were only one crash away to install a cashless society.
It’s all about control.
Elimination of cash transactions provides the alphabet agencies to review your history of transactions, payments, purchases and other incidentals.
Taxing authorities will now get more money. You whites are finally paying your fair share.
Government payments can and will be monitored,
Consider the number of people who have multiple social security numbers due to the mothers passing their kids to other mothers to file for more money.
Consider the fraud with welfare money.
Consider the money (in Pa) I don’t know if other states have this but low income people can get $20 to go to the farmers market. This can be validated.
This gives the ability to monitor spending habits (think hoarders).
Child support payments.
All transactions outside government control.
Any and all under the table work.
One of the Rockefellers stated I don’t remember which one, it could have been Nelson, that they were only one crash away to install a cashless society.
It’s all about control.
You know that Coinstar takes 11.2%, right? I'd buy rolls and do my own at that point.
TxGal
Day by day
Dang, if I knew that I'd forgotten it...scratch that not brilliant idea!
Went to a small Mom/Pop store near me to buy a couple of soda's (I like Pineapple soda they carry). I had been paying with a Credit card since this CV19 started. They asked me do you have cash? I said sure, would you like me to pay cash? Most emphatically YES! So I paid them like $2.50
I asked are the Merchant Card fees bad? He looks at me and said thousands of $ a month in fees.
Everyone knows the US Mint closed down...right?
The stated reason was CV19 issues.
The Credit Union's I use are all by appointment only. One person inside at a time. They don't want coins and frankly they are not keen about paper currency either.
I said. I want to make a cash deposit. They said, " you can do that at the machine by the door."
So I went to the machine and learned how to give my money to the bank by using a machine.
WTF is happening to our world?
this could also be a way to quickly check for counterfeit bills
So I went to the machine and learned how to give my money to the bank by using a machine.
WTF is happening to our world?
this could also be a way to quickly check for counterfeit bills
Dux
Veteran Member
From what I read, the fed has slowed production and the velocity of cash money has gone down, too. I was in a bit of a panic over my Very Expensive coin laundry. We're making change with the tenants ad hoc, and are keeping rolls of quarters at the office for them. I can't increase the rent and make laundry free. Too logical for Washington State.
vessie
Has No Life - Lives on TB
Yep! V
TxGal
Day by day
Whataburger joins H-E-B in asking customers for help amid another national shortage
Because of COVID-19, businesses across San Antonio have asked customers to avoid paying...
www.mysanantonio.com
H-E-B asks customers for help amid another national shortage
By Taylor Pettaway
Published 1:14 pm CDT, Friday, July 10, 2020
An unforeseen consequence of COVID-19, the coronavirus shutdowns have halted the flow of coins through households, businesses and banks, the head of the Federal Reserve said in a June hearing before the House Financial Services Committee. He said the flow of coins has essentially stopped after the economic shutdowns earlier this year and now the U.S. is experiencing a shortage.
Add monetary coins to the list of things affected by the coronavirus pandemic.
An unforeseen consequence of COVID-19, the coronavirus shutdowns have halted the flow of coins through households, businesses and banks, the head of the Federal Reserve said in a June hearing before the House Financial Services Committee. He said the flow of coins has essentially stopped after the economic shutdowns earlier this year and now the U.S. is experiencing a shortage.
A number of businesses in the Alamo City, including H-E-B and Taco Cabana, have asked customers to be conscientious and to avoid paying with cash.
"The places where you go to give your coins, and get credit at the store and get cash — you know, folding money — those have not been working. Stores have been closed," said Fed Chair Jerome H. Powell. "So the whole system has kind of, had come to a stop. We're well aware of this. ... As the economy reopens, we're seeing coins begin to move around again."
In Taco Cabana restaurants, signs asking customers to pay in exact change can be seen next to the registers, while H-E-B has been encouraging guests to use a credit card when possible.
"H-E-B is testing several strategies to buy and conserve coins so we can serve all of our customers in the way they want to shop and pay for their purchases," said spokeswoman Julie Bedingfield, emphasizing that the store will still accept all forms of payment.
In an effort to help with the shortage, the grocery chain has also launched Change for Charity campaign so customers can donate coins to benefit Texas food banks and other local non-profits. They are also encouraging customers to take any extra change to a Coinstar kiosk or to their local bank to exchange for paper bills.
UMMMMMM....yeah-no.
If they want my change so bad, they need to pay me for it.
NOT charge me to give it to them.
It's just the cost of doing retail business.
West
Senior
A penny or some change for thought...
Inflation is eating away the value of the fed dollar. As it does a simple fender(or alike) washer is often used for all kinds of things.
Look here...
Now a $.50 cent piece is really close to the cost of a stainless steel one and that would be a good comparison, being what $.50 cent coins are made from. In some practical uses a copper clad washer would be better than a stainless one and 100 times better than tin/zink one.
So I'm not just stacking clad coins, I'm stacking washers.
Inflation is eating away the value of the fed dollar. As it does a simple fender(or alike) washer is often used for all kinds of things.
Look here...
Now a $.50 cent piece is really close to the cost of a stainless steel one and that would be a good comparison, being what $.50 cent coins are made from. In some practical uses a copper clad washer would be better than a stainless one and 100 times better than tin/zink one.
So I'm not just stacking clad coins, I'm stacking washers.
The Federal Reserve has nothing at all to do with coins. That’s bizarre.
The US is facing a coin shortage — and it's forcing the Federal Reserve to take the unusual step of rationing its distribution
"What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Jerome Powell said.
www.businessinsider.com
The US is facing a coin shortage — and it's forcing the Federal Reserve to take the unusual step of rationing its distribution
Joseph Zeballos-Roig
Jun 17, 2020, 3:53 PM
A stack of one cent U.S. coins depicting Abraham Lincoln is shown in this photo Illustration in Encinitas, California. Reuters
- Fed Chair Powell said there was a shortage of coins in the US, but the Fed was working to fix it.
- "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 on Wednesday.
- He said the shortage was partly due to mass business closures that disrupted the flow of coinage across the economy, as well as a lack of places open where people could trade their coins for bills.
- Powell said the problem would be temporary.
- Visit Business Insider's homepage for more stories.
Among the unexpected turns from the pandemic: a shortage of coins across the US.
Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that 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.
///SNIP - rest at the link
The US is facing a coin shortage — and it's forcing the Federal Reserve to take the unusual step of rationing its distribution
"What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Jerome Powell said.
www.businessinsider.com
patriotgal
Veteran Member
Local bank offering $5 on top of every $50 of coins turned in. No problem getting coins at our bank. Wally world and Corp businesses like catos all card only.
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Boom, somebody gets it.
Now?
How are they passing that 10% cost down to the customer?
tech020
Senior Member
While the US Mint makes the coins, the Fed Reserve Banks do the distribution and clearing for all currency (coins and paper). For now, I am keeping my 20+ rolls of quarters but will trade in my dimes and nickels. A 10% premium would be nice, I'll "shop around". Just want to help (Not)!
mudlogger
Veteran Member
Only if you want cash. If it offers an Amazon credit, it is the complete amount. I've had to go to
several locations in the past to find a machine offering Amazon.
biere
Veteran Member
Just wanted to agree with above post. Watch your options and find one where coinstar is not taking your money. I am sure amazon pays em but as long as the amazon card does not expire I could easily find stuff to buy there that is not overpriced. Might take a bit as amazon is getting worse on some prices.
Cyclonemom
Veteran Member
How gov't trackable is Bitcoin and other similar crypto currencies?
155 arty
Veteran Member
Seeing it here around northeast ohio....
DragonBurrow
Contributing Member
That's easy, we just round up all the tax charges and you can "get it back on your return" if it was overestimated... This works for everyone right? Ugh
DryCreek
Veteran Member
Hmmm, civil war, or coin shortage?
That can be taken either way - or both, I suppose!
ETA - remember, dimes are the proper size to pass down a 12 gauge shotgun barrel. Just sayin'.
To-late
Membership Revoked
During the civil war times they were still making money from gold and silver. They are not doing that now. So if there is a shortage of non precious metal coins, I believe the government caused it.
Meemur
Voice on the Prairie / FJB!
In my area (Central Iowa)
- Walmart, McDonald's, and several other burger joints want exact change or cards.
No problems with giving change: (I asked)
- HyVee (grocery), Fareway (grocery), Fleet Farm (farm store), Petsmart, Target, Menards, Lowes, and Home Depot
As I wrote on another thread, I carry cash, checks, and a debit card so that I am covered if there are problems with the machines, and that has happened twice this year already. Cash was king!
Right now, acquiring supplies to last into next summer is my main priority. I will put up with whatever these idiots throw at consumers in order to accomplish my goal. Yes, I'm very unhappy with the "coin shortage" and all other CV-19 shortages and stupid policies.
I'm looking forward to getting my pantry where I want it so I don't have to deal with these yahoos for a long time. I stay focused on that goal. Otherwise, I could fill several screens with all the stupidity I'm seeing while out and about.
- Walmart, McDonald's, and several other burger joints want exact change or cards.
No problems with giving change: (I asked)
- HyVee (grocery), Fareway (grocery), Fleet Farm (farm store), Petsmart, Target, Menards, Lowes, and Home Depot
As I wrote on another thread, I carry cash, checks, and a debit card so that I am covered if there are problems with the machines, and that has happened twice this year already. Cash was king!
Right now, acquiring supplies to last into next summer is my main priority. I will put up with whatever these idiots throw at consumers in order to accomplish my goal. Yes, I'm very unhappy with the "coin shortage" and all other CV-19 shortages and stupid policies.
I'm looking forward to getting my pantry where I want it so I don't have to deal with these yahoos for a long time. I stay focused on that goal. Otherwise, I could fill several screens with all the stupidity I'm seeing while out and about.
Mary Contrary
Inactive
I have a coin shortage here in western NY state. Signs at a few stores asking for exact change. I would keep your coins!!!
So, if the economy goes in the tank, then people start selling stuff to pay for food and necessities. Think garage sales or roadside farm stands- you need change and small bills. Yes, some people have a phone app to take debit cards, but then people can track the transaction, and charge tax. If you want to prevent a local or underground exchange, for anything from zucchini to used snowsuits, take away the small bills and change. Think about having your garage sale, or the old car or boat you sold to someone taxed as income that year... and the buyer has to pay sales tax!
Me, I'm going to hang on to some change.
Me, I'm going to hang on to some change.