Coin shortage

a reply to: olaru12

My wife is a credit union manager and she was told that people were not able to turn in their coins when the bank lobbies were closed and the mints that make the coins were closed also.

It’s just a circulation issue more than a shortage.

originally posted by: olaru12
a reply to: TortoiseKweek

Is it true that bitcoin traders are just opening themselves up for a targeted IRS audit? That's something I really don't need.

Not if you're above board and declare it. Most big exchanges will integrate transactions with software designed to record your trades, gains/losses, etc. It will prepare those records for taxes. Again, DYOR. Different countries have different laws. Last time I looked, Germany doesn't tax anything on crypto if you hold for more than a year. I.e. don;t trade and it just sits in your wallet.

Think about this, early 2019 you could've bought 1 Bitcoin for around $3000, now it's around $9000. You can't get that return on the stock market, and you'd pay taxes there too.So I'd pay taxes on a purchase, hold for a year and triple my investment.

originally posted by: Bluntone22
a reply to: olaru12

My wife is a credit union manager and she was told that people were not able to turn in their coins when the bank lobbies were closed and the mints that make the coins were closed also.

It’s just a circulation issue more than a shortage.

Cudos to your wife!! I love my credit union, they gave me a loan when banks and the SBA wouldn't even talk to me and they let me in to process my coins. Only the drive thru open for ordinary transactions.

But it doesn't matter now. I closed the store down for good and now working union gigs; less stress and a lot more fun. Working now... It's different with all the covid restrictions but Netflix never sleeps.

originally posted by: grey580
a reply to: olaru12

Just saw a video of someone that bought a storage unit and found a 5 gallon water bottle full of coins. They went to one of those machines that exchanges the coins for you. The count was over $2k. Imagine how many people have 5 gallon jugs full of coins.

I have one about half full, takes about a year, no pennies, just nickles, dimes, and quarters. A real bitch to sort and package..no more machines around here. I took out a pounds worth, and counted it up. I figure about a G there.

Cash is king in my world.

a reply to: olaru12

Yeah, I have no idea why people use banks instead of credit unions.
Especially Wells Fargo...
My wife loves Wells Fargo because they send her so much business...lol

originally posted by: Zanti Misfit
a reply to: olaru12


There is NO Coin Shortage . More FAKE News .

I have heard this from local businesses. Research for yourself.

a reply to: olaru12
Or they're concerned about a virus that seems to have more than one strain, one that might or might not spread on surfaces.

a reply to: Bluntone22

Exactly, thank you.

I work at a bank and have to explain this to people all of the time. Here's what I tell them.

"Y'know how our lobby was closed for a little over 2 months?? Y'know how all of the banks in town were closed for that time?? Now imagine that on a nationwide scale. With all of those banks having their lobbies closed, many people could not trade in their coin for cash and/or deposits, which in turn means the banks weren't able to send much coin back to the Feds on a weekly basis. Now also keep in mind everyone out there was still ordering coin just like normal, so with the Feds giving out a lot more than they were taking in, there's an issue with circulation. Now that banks lobbies are opened up people are turning in their change, so give it some time and this shortage will go away."

I've almost got the script down to a T. lol

We barely took any coin in during the lock-down, and I don't know about other places, but people are cheap in my town and refuse to use the local Coinstars. I don't blame them, my bank will take the coin free of charge, whether you have an account or not.

So long story short, there's no conspiracy, it's a circulation issue. The reason stores are being weird with their change currently is because, well, they can't really get any. We limit customers to no more than 5 rolls of any coin per day, and we don't do change for non-customers anymore. So, if you wish for this to go away, then put some coin in circulation.

I know what happened to the coins. They are at the bottom of the ocean.
For decades kids have been swallowing coins and then pooping them out. Once they flush, the coins begin their miles long journey to the sea, where they have sat gathering, year after year, decade after decade.
Now we have hit critical mass and because of all these little kids putting stuff in their mouths after their parents have told them over and over not too... Now we are short on coins

a reply to: Necrobile

Now also keep in mind everyone out there was still ordering coin just like normal

No they were not. Most were closed. I could be wrong but I am not buying this explanation.

originally posted by: LookingAtMars
a reply to: Necrobile

Now also keep in mind everyone out there was still ordering coin just like normal

No they were not. Most were closed. I could be wrong but I am not buying this explanation.

The banks lobbies were closed but the stores order money as well.
Coins included.
Garda for instance delivers cash and coin to Wal-Mart.
Smaller businesses will order directly from banks and credit unions.

originally posted by: Skid Mark
a reply to: olaru12
Or they're concerned about a virus that seems to have more than one strain, one that might or might not spread on surfaces.

There's no shortage on bills, which are much dirtier than coins.

originally posted by: LookingAtMars
No they were not. Most were closed. I could be wrong but I am not buying this explanation.

Well, I can speak for my own experience, we were still giving out coin like normal. We had a lot of restaurants around here that were allowed to be open for carry-out, all the fast food places were able to have their drive-through's, and grocery stores were still ordering coin since they were still selling groceries. All the local liquor stores as well.

a reply to: Bluntone22

Not everyone has worked a till so to speak. Even in a small town there's $1000's being exchanged every day... All that money eventually goes to the local bank, usually weekly. Stop that plus the demand for change etc on a business scale then you will have a shortage.

The mints might have been closed but even if they were open who do they deliver to? There's no demand lol.

We have a couple hundred bucks of change in our piggy banks, but I am going to keep it. We keep the older copper pennies, because the copper may be worth more than the pennies are worth, right now copper is at about three bucks a pound.

The post eighty four pennies are mostly not copper, I turn those tin coins in to the bank.

The Koch brothers are buying all the coins!!!

originally posted by: olaru12
Yeah, a cashless society and only C Cards accepted. What will we use when the grid goes down, beads and mirrors?

Bitcoin only being cyber money has me question it's viability due to grid failure or super ejeet squads.

We would be better off with a barter system anyway.

originally posted by: TortoiseKweek
Think about this, early 2019 you could've bought 1 Bitcoin for around $3000, now it's around $9000. You can't get that return on the stock market, and you'd pay taxes there too.So I'd pay taxes on a purchase, hold for a year and triple my investment.

What I think about occasionally is how close I cam to buying $1,000 in Bitcoin, way back when it was like .001 cents per bitcoin. Talk about hindsight being 20/20...

a reply to: olaru12 As of September 2020 at various California locations, a majority of large stores can make change for cash purchases, including coins. But there are still some stores that cannot give coins back on purchases.

As a practical matter, I'd suggest that you all hold on to your quarters, because at many US gas stations, you still have to use quarters in order to put air in your car, truck, or towed trailer tires. Most of those air-pumping machines will only accept quarters.

originally posted by: Uphill
a reply to: olaru12 As of September 2020 at various California locations, a majority of large stores can make change for cash purchases, including coins. But there are still some stores that cannot give coins back on purchases.

As a practical matter, I'd suggest that you all hold on to your quarters, because at many US gas stations, you still have to use quarters in order to put air in your car, truck, or towed trailer tires. Most of those air-pumping machines will only accept quarters.

I think it's better to get an air compressor that plugs into your cigarette lighter.

You can get a basic one for about $20. Keep it in your trunk and you can air up anytime, anywhere.