Time for a Change ? But what happened to all the coins?

[BenJepthah]

Recently you may have noticed in the USA that there is a coin shortage. Some retailers are now refusing to make change and instead are placing your change in an account ( Kroger stores being one of these). Does anybody have any idea what is being done with the US currency system? 

[Tortuga]

Wishing wells?

[Thesauron]

Coins are expensive and risky for retailers to handle. I can see why they would want to get rid of them. In Sweden, people do most of their shopping using cards or apps issued by their banks. Many stores, especially restaurants and cafes, no longer accept cash money as payment. If you are at a market, or wish to pay for parking, for instance, you can easy use apps such as Swish, which allows you to use your digital device to send money to the seller’s telephone number.

[pnutts]

9 minutes ago, Mephibosheth said:

Wishing wells?

If coins contaminated more "Wishing Unwell" 🤢

[Qapla]

The "shortage" is more of a "lack of circulation/usage" by the American public. With many businesses closed and others not accepting cash due to C-19 fears, the supply of US coins in the hands of retailers has diminished.

 

https://www.cnn.com/2020/06/18/us/us-coin-shortage-coronavirus-trnd/index.html

https://www.nytimes.com/2020/06/25/business/economy/coin-shortage-coronavirus.html

[Shawnster]

2 hours ago, BenJepthah said:

Recently you may have noticed in the USA that there is a coin shortage. Some retailers are now refusing to make change and instead are placing your change in an account ( Kroger stores being one of these). Does anybody have any idea what is being done with the US currency system? 

Since this is the news forum, here is a link to a news article about this topic.

 

https://fortune.com/2020/07/18/why-is-there-a-coin-shortage-in-us-nationwide-how-did-it-happen-when-will-it-end-what-to-know-kroger-walmart-cvs/

 

Why is there a coin shortage in the U.S.?

 

The problem is two-pronged: The U.S. Mint significantly reduced its production of coins after implementing safety measures to protect its employees from the coronavirus. Consumers are also depositing fewer coins at U.S. financial institutions, according to the Federal Reserve. 

 

Because of coronavirus fears, many people have switched to using credit cards and mobile payments to avoid handling money. Meanwhile, the shutdown also forced some businesses to close that would normally help keep coins moving. 

 

 

 

[BenJepthah]

So allegedly these coins are accumulating where? Not in my house. Seems like a weak explanation. The US Mint not minting new coins doesn’t explain there absence very well. 

[Qapla]

They are not "accumulating" anywhere - they are simply not being used by people who have them in their possession - even if they only have a handful of them, if no one is using (spending) them, they become "out of circulation". With so many buying on-line and paying with some sort of electronic means, it actually makes sense that the amount of coins in cash drawers would dwindle.

 

 

[Dages]

In France, we are more and more cashless. I've been using my debit card for years...

[Shawnster]

I really don't use cash much at all. Yes, coins I have are typically put into a plastic cup.  Once in a while we dig through the coins. 

[CHecker]

MH is a cash person and gets and saves change. I'm debit card so I don't have much.

The banks have their coin machines closed, not taking any coin. And we are not able to roll our own for years now so yes its stacking up. 

Much like the returnable soda cans and bottles. Returning them was shut off when Covid started and has very recently been restarted. Maybe in time the coin machines will be used again.

[BenJepthah]

Okay that makes more CENTs now.

[New World Explorer]

8 hours ago, Mephibosheth said:

Wishing wells?

I was thinking of Mario games from Nintendo, apparently he is collecting coins like crazy LOL