Coin "shortage"

[UNIVBFan]

Saw this and thought of the group's struggles to get coins to their dump banks.

Your 2 Cents Worth? Not Right Now, As There?s a Coin Shortage / Fresh Today / CUToday.info - CU Today

 

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[airborne1092]

My CU put me on notice a few says ago, said they don't have enough coin to supply businesses and will have to curtail box-coin orders until further notice.

Luckily I have another CU that not many CRHs use apparently. They were happy to full my order for this week.

 

[enamel7]

Yepper, I was in Lowe's today and they had signs posted at the registers.

 

[Dozer D]

Maybe with the coin shortage, may give cause for the silver to flow.

 

[srcdco]

As I said in another post, I was notified about the coin shortage by my bank last Monday. I sold all of my "trading" coins to them with the understanding that I can buy it all back when they are able to order in quantity again. I took $900 to one branch and $250 to another. They were very thankful. The head teller at one branch said they received no coin at all last week. She said she asked the Loomis guy about it when he came and his reply was that there was no coin in the truck for anyone - no banks, no businesses - and he didn't know when there would be.
My guess is that with bank lobbies closed, no one was able to take coin in to cash in. Plus, with people so afraid to touch anything, I'm also thinking that CoinStar usage is down. Hopefully, now that branches are open, people will start taking in coin again and we can get past this.

Scott

 

[Sleepy Holow]

If you got stuck with a bunch of unwanted coin, NOW is the time to get rid of it. I found a bank today that said they were willing to count all my change by hand and call me back with a total. I gave them $2600 in dimes and they let me know multiple times how thankful they were. I didn't really want to reroll all that change, so I told them the feeling was mutual.

 

[Diver_Down]

If you got stuck with a bunch of unwanted coin, NOW is the time to get rid of it. I found a bank today that said they were willing to count all my change by hand and call me back with a total. I gave them $2600 in dimes and they let me know multiple times how thankful they were. I didn't really want to reroll all that change, so I told them the feeling was mutual.

Reminds me back in the 70's when there was an actual legitimate coin shortage. (I think the current shortage is related to staffing of the couriers.) I'm not sure if anyone can remember back then, but the banks would give full credit for less than full rolls as an incentive for people to turn their change in. For example, 40 cents would be counted as 50 and so on.

 

[Stacker62]

Same thing happened to me. A New credit union that I was going to open an acct with said they could get me half dollars. When I went to open the acct a few days later they had received a notice saying they couldn't for the time being as they were being restricted to what they could order due to the shortage....

 

[The Godfather]

I went to my local pickup bank to get 2 boxes last Friday (19-June-2020) and I was told by the assistant vice president that all of the big nationwide banks purchased all of the coins pre-shutdown and it is the federal reserve that has no coins and their normal shipment was cut in half. She also told me that the federal reserve should have the coins back to normal by August. I like using this regional bank because they do not charge anything to coin boxes.

However, I called my credit union yesterday and was able to obtain 2 bags of pennies since they have their lobbies open and have coin counting machines in them for customers to use. I do not like dumping there because of the fees for anything over $50 in counting. My dump bank that has free coin counting still has their lobbies closed. I am holding off on obtaining anything other than pennies until my dump bank opens their lobby.

 

[Megalodon]

Welcome to the forum Godfather. As for the shortages: "How did things ever get so far?" - Don Corleone

Does your credit union charge a fee to dump over $50 even if you have an account with them?

 

[TxAg]

Half dollar boxes are difficult to get now in my town.

 

[cyberdan]

I stopped at my mortgage only bank yesterday (about my mortgage) and I asked to buy their bag of halves. I know they have a counter and take halves because last year I paid my mortgage two times in halves. She mentioned the coin shortage and couldn't sell. Another teller heard us and said the armored truck brought in $100 bags of halves and said she could sell me three bags. Never did bags before so I thought I would give it a try. I have not opened them yet but as you can see in the photos lots of copper stripes.

 

[Holt0222]

Granted whenever you get bags or boxes, you get very little silver so I wouldn’t still be surprised if you come back with a few silver halves.

 

[cyberdan]

Granted whenever you get bags or boxes, you get very little silver so I wouldn’t still be surprised if you come back with a few silver halves.

Checked one bag so far. SKUNK

These look like bags that a banks would turn in from customer deposits and then without doing any checking or recounting send out to other banks. There were a lot of BU (almost proof like) halves with older dates.


UPDATE 2 hours later: SKUNK - SKUNK - BIGGER SKUNK

out of $300 I got $299.75

BAG 1 = $100 (200 halves)
BAG 2 = $99.75 (199 halves and 1 quarter)
BAG 3 = $100 (198 halves & 1 ugly gold dollar)

so over all I was shorted 25¢
but it gave me something to do.

 

[Holt0222]

Hey can’t complain about BU unless your not looking for any

 

[cyberdan]

Hey can’t complain about BU unless your not looking for any

Nope strictly 90 & 40. Last year I got full boxes of 2019 BU. I gave up for a while. Might have been able to sell on feebay but not enough profit.

 

[port ewen ace]

can't buy me Love ----- OR -----MONEY.
put $900 in P,N,& Q back in the pond---- unable to buy ANYTHING

have $7 in pennies to hunt tonight--- after that--- maybe I'll try counting acorns in a forest to bide my time

 

[fistfulladirt]

“Sorry, we’re not accepting coin, there’s a shortage.”

 

[GarouLady]

As a cashier trust me when I say the coinstar useage has NOT gone down. it's actually gone up. Our machine is being filled every 2-3 days with everyone bringing change in. I heard, though it was a rumor, that the florida mint was shut down due to covid. I don't understand that at all. We have made and printed so much money that the dollar bill and pennies are lower in value. I'm thinking this is a test to see how many people will switch to cashless, ie credit and debit cards, so we can be monitored better. I mean forget the paper trail, try the electronic trail that anyone can really watch. I haven't been able to coin roll hunt for years with the market being saturated with coin hounds. I haven't seen a buffalo nickel or war nickel in 5 yrs. The only silver I'm getting is the occasional coinstar find or someone giving it to me in change.

Take care everyone! #LoveYourFaces

 

[Diver_Down]

As a cashier trust me when I say the coinstar useage has NOT gone down. it's actually gone up. Our machine is being filled every 2-3 days with everyone bringing change in. I heard, though it was a rumor, that the florida mint was shut down due to covid. I don't understand that at all. We have made and printed so much money that the dollar bill and pennies are lower in value. I'm thinking this is a test to see how many people will switch to cashless, ie credit and debit cards, so we can be monitored better. I mean forget the paper trail, try the electronic trail that anyone can really watch. I haven't been able to coin roll hunt for years with the market being saturated with coin hounds. I haven't seen a buffalo nickel or war nickel in 5 yrs. The only silver I'm getting is the occasional coinstar find or someone giving it to me in change.

Take care everyone! #LoveYourFaces

Florida mint? I presume you are referring to the Federal Reserve Branches (Jacksonville and Miami) which are part of the Atlanta District. Yes, they would have been closed during the initial Stay at Home orders. But that would only effect the new coins from being disbursed. People need to understand that all FRN(s) and coin don't get cycled through the Reserve Branches. Most of the disbursed coin/currency is constantly recycled by the couriers in a service district. What I believe the shortage is a result of is the furloughing of workers at the couriers. They kept a skeleton crew to continue to service their "essential business" customers drawing from a stockpile of already boxed coin. Once the stockpile is exhausted, they didn't have the staff to process coin that was returned and the Reserve branches were closed to draw new coin from.