Posted on 08/12/2020 5:15:38 AM PDT by caww
“If you have extra coins at home, please use them to make purchases — or deposit them at the bank or exchange them for cash. Help get coins moving!” he tweeted.
The United States Mint, a bureau of the Treasury Department, last month announced that the pandemic had significantly decreased the supply of coins in the economy. Retail sales dropped, and more people used credit cards for purchases.
The result is that coin circulation has decreased, which hurts businesses, such as laundromats, restaurants, and grocery stores, that serve customers who don’t have credit cards and rely on cash to purchase food and other items. Without coins, these establishments cannot provide customers the correct amount of change.
“For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change,” the U.S. Mint said in a statement. “Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments.”
(Excerpt) Read more at washingtonexaminer.com ...
A big part of the shortage is because banks are not opening their lobbies in most cases. It’s hard to cash in $100 in coins through the drive-through.
I have yet to find a store that has said “we don’t have any change”
and part of the continuing problem is most lobbies are still closed in blue states or so restricted it’s not worth going through the trouble to bring them in.
I have found plenty of stores though where their eyes light up when you say you’re making your $7.64 purchase with change. It’s definitely a problem for cashiers just keeping enough coins in the till, and the banks are no help.
The result is that coin circulation has decreased, which hurts businesses,...
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That makes no sense.
People couldn't wait to come in and cash them in.
Is this coin thing really a thing? I mostly use a debit card, but when I do spend cash it’s never been a problem.
The marginal supply of coins are stored in the vending machines in the empty office buildings all across America.
I’m not spending my coins, they actually have intrinsic value as a metal. Heck, they used to teach that in my high school years. Just end the covid farce instead.
I tried to take a bag full of coins to my bank - they had a sign on the door they were not accepting large amounts of coins at this time.
I’ll throw some of my “junk” change in my purse.
local liquor store offers 5% discount for cash or debit card.
Weird
In a pandemic people will use less cash and more credit cards. Whether the money is likely to carry covid 19 or not ... doesn’t matter ... people suspect it might. So behavior is altered. And people are doing less.
If you want to mess with a modern youth's mind, pay with cash and give them a dime or a quarter more than you owe explaining that you want that amount back and not pennies. They can't cope and just short out They don't know how to make change and rely totally on the change machine.
Does anyone still hoard toilet paper? Why do you suppose that is?
The only coins worth hoarding are silver & gold ones - also nickels because they are made of copper, the rest aren’t worth it
Well I’ve not used coin much at all....nor do I save coins. I resisted using my card for a long time but nw se it for pretty much all purchases.
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