OT - Coin shortage

[Bruce K]

No FRN content, please (unless it’s actually relevant), but...

Apparently this is a “thing”.

Has anyone here actually been impacted by this yet?

Supposedly some store are going cashless to avoid making change and others are adjusting prices to try and get even dollar totals where possible.

I have seen signs at grocery stores and pharmacies asking for exact change due to this but no price changes so far...

I have not actually seen an article that explains this phenomenon.

BK

[mdeth1313]

Here you go:

https://www.npr.org/2020/06/21/88095...w-toilet-paper

[SlowPokePete]

I don't like pennies much.

A penny for your thoughts?

SPP

[Bruce K]

Thanks - I figured it was something like that.

I am kind of curious why it was such a “surprise” that this might happen, and why only coins and not $1s and $5s?

BK

[jlwdm]

Pennies and nickels should have been eliminated a long time ago.

Jeff

[oldpotatoe]

When I owned, I always thought about a way to make all prices be, plus tax, multiples of 5..and do away with pennies. BUT..98-99% of my sales were CC...

[saab2000]

Switzerland eliminated their penny decades ago. All prices in stores include applicable taxes and all end in a 5 or a 0. The US is likely too regressive to adopt a policy like this.

[oldpotatoe]

Originally Posted by jlwdm

Pennies and nickels should have been eliminated a long time ago.

Jeff

We will become cashless eventually, then when the internet crumps, 'real' money will be the most valuable along with stuff to barter..

[Big Dan]

Great time to get rid of the pennies.

[fmradio516]

ok im going to the coinstar today!

[Mike Bryant]

Originally Posted by fmradio516

ok im going to the coinstar today!

I’m waiting for Coinstar to pay me 10% for my spare change.


Sent from my iPhone using Tapatalk

[Hilltopperny]

Where did they all disappear to? I have buckets full, but the amount of coins in circulation has to be astronomically large since they have been minted for a over a century.

I realize that there is a push for cashless since every transaction would be monitored and taxed proportionally, but coins just becoming short in supply seems like a bit of a stretch to me. Call me skeptical...


Sent from my iPhone using Tapatalk

[vqdriver]

not a problem from my viewpoint with 2 businesses on the ground. we actually have a surplus of coins and with decreased traffic we don't keep any to make change any longer and actually deposited coins for the first time in a decade. maybe it's a problems for the banks?

[Mark McM]

Originally Posted by saab2000

Switzerland eliminated their penny decades ago. All prices in stores include applicable taxes and all end in a 5 or a 0. The US is likely too regressive to adopt a policy like this.

Some US retailers do this. For example, all prices at REI are rounded to the nearest 5 cents.

As far using prices with applicable taxes applied and rounding to the nearest 0.05, this would be near impossible for US online retailers (even since the Wayfair decision). Online retailers now have to apply the taxes applicable to the buyers place of residence, and the US has complicated hodge-podge of state and local sales taxes.

[Spaghetti Legs]

Originally Posted by oldpotatoe

We will become cashless eventually, then when the internet crumps, 'real' money will be the most valuable along with stuff to barter..

That’s when we Campy hoarders rule the ThunderDome!