Gunboards Forums banner

Coin shortage, not a good sign.

4K views 59 replies 24 participants last post by  cpw 
#1 ·
Seems awfully convenient how this supposed coin shortage has started now. Do you think this is a sign of the beginning of the cashless society weve been hearing about?

Think about it, no cash, all transactions by debit/credit. All purchases tracked. Easy taxing of everything. No more working under the table jobs. Banks controlling everything. People having accounts locked for simple reasons. No more anonymity when buying products like ammunition, etc. Scary days ahead.
 
#5 ·
For well over a year or more, the banks by me will only accepts coins if they are in roll's. The days of bringing in a coffee can full of change to the bank to be counted are over. When my bank was still accepting loose change, they charged you a 10% fee if the total exceeded $100.00. I think people just aren't bothering to cash in the loose change they have laying around.

I've noticed those coin counting machines popping up in local grocery stores. You pay a fee of over 10% if you use one of those.
 
#6 ·
Looks like the US Senate is acting to PREVENT a cashless retail system:

https://www.cnbc.com/2020/07/02/bipartisan-senate-bill-would-punish-retailers-for-refusing-cash-payments.html

Heather Bartels, writing in the Michigan Business & Entrepreneurial Law Review,
points out that cashless policies could potentially be open to legal challenge: “Although there is no federal mandate preventing the United States from becoming a cashless economy, the federal Civil Rights Act mandates that all persons be entitled to equal enjoyment of goods without discrimination on the grounds of race, color, religion, or national origin. So if there is a legal argument to be made against cashless enterprises, it is likely to be brought under this Act.”
I have read where certain cities have already banned card only payment and there have been successful lawsuits to make businesses accept cash.

Richard
 
#50 ·
My usual Kroger tells me they have been having problems getting coins from the bank, so they are trying to avoid the problem by putting the change on your "Kroger Card" (the company loyalty card, needed to get some of the specials, or the discount at the gas pump...). So - $21.66 bill, they want a check, plastic, exact change or $22 in cash, and they put the $0.34 on the Kroger card, to be applied next transaction. Works well enough, I suppose.

I think there might be a problem refusing Green Yankee Dollars, what with them being proper fiat money emblazoned with "Legal Tender for all debts public and private".
 
#10 · (Edited)
Seems awfully convenient how this supposed coin shortage has started now. Do you think this is a sign of the beginning of the cashless society weve been hearing about?

Think about it, no cash, all transactions by debit/credit. All purchases tracked. Easy taxing of everything. No more working under the table jobs. Banks controlling everything. People having accounts locked for simple reasons. No more anonymity when buying products like ammunition, etc. Scary days ahead.
Looks like the US Senate is acting to PREVENT a cashless retail system:

https://www.cnbc.com/2020/07/02/bipartisan-senate-bill-would-punish-retailers-for-refusing-cash-payments.html

Heather Bartels, writing in the Michigan Business & Entrepreneurial Law Review,
points out that cashless policies could potentially be open to legal challenge: “Although there is no federal mandate preventing the United States from becoming a cashless economy, the federal Civil Rights Act mandates that all persons be entitled to equal enjoyment of goods without discrimination on the grounds of race, color, religion, or national origin. So if there is a legal argument to be made against cashless enterprises, it is likely to be brought under this Act.”
I have read where certain cities have already banned card only payment and there have been successful lawsuits to make businesses accept cash.

Richard
I truly hope you are right here. Even though I do have a credit/debit card and use it, I also do like and prefer to buy certain things with cash. Certain things I'd rather not leave a trail buying.

Most old folks have only ever used cash. A cashless society will harm the technologically challenged old folk.

A cashless society will hurt young people who work cutting grass, or shoveling snow in the winter, or other similar things.

The purchase of privately owned goods via yard sales, online community boards etc would suffer in a cashless society.

Low income individuals with no ability to get credit could be harmed. Discriminatory practices would take place in a cashless society.
 
#26 ·
I truly hope you are right here. Even though I do have a credit/debit card and use it, I also do like and prefer to buy certain things with cash. Certain things I'd rather not leave a trail buying.

Most old folks have only ever used cash. A cashless society will harm the technologically challenged old folk.

A cashless society will hurt young people who work cutting grass, or shoveling snow in the winter, or other similar things.

The purchase of privately owned goods via yard sales, online community boards etc would suffer in a cashless society.

Low income individuals with no ability to get credit could be harmed. Discriminatory practices would take place in a cashless society.

I'm someone who is sympathetic to the less privileged too, so I think this is a list of good points.
 
#14 ·
Pennies have been a money loser for the Gub for decades I believe, and now nickels are reportedly worth 8 cents and getting bundled into multi-ton lots.

However, I don't believe it has anything to do with fiscal and monetary policies and their intended or unintended consequences. I think the answer is more simple: For political expedience only, successive administrations, congresses, treasury departments and mints have not wanted to attract public notice over anything to do with money. It's just not worth the howl that will go up from places like this and million others. So they just keep cranking out the same obsolescent 1 and 5 Lira coins. <rolleyes>

Hundred dollar bills now - that's real money. But there is no shortage of those. In fact, I believe Treasury ramped up production to meet potential demand as an epidemic response, which is good policy when uncertainty rules and people are nervous. If people feel better having a couple G's between the mattresses these days, no harm done in terms of monetary policy. ("Tuck 'em away we'll make more.")
 
#16 ·
Fortunately my bank, as is commonplace, has a coin counting machine. It prints out a docket which is then presented to a cashier to be credited to an account or withdrawn.
Paper money or coin is legal tender, so should not be refused. If not Big Brother will soon know your innermost secrets.
 
#22 ·
Fortunately my bank, as is commonplace, has a coin counting machine. It prints out a docket which is then presented to a cashier to be credited to an account or withdrawn.
Paper money or coin is legal tender, so should not be refused. If not Big Brother will soon know your innermost secrets.
Same thing in my bank.
 
#19 ·
From everything I've found out there is not an actual shortage per se.
The coins all exist as they always have, but the circulation has shrunken drastically because of all the closed stores so they're just in the wrong places.
 
#20 ·
Correct. It's the velocity of money. How fast the money moves in circulation. The faster it moves, the more transactions are taking place and more money/wealth being generated.
The slower it goes, the opposite. Retraction and recession. Which is why it's critical that businesses be allowed to open. If you're scared of covid, stay at home.
Don't have money to stay home? What did Hillery Clinton say about businesses that couldn't fund her health care proposals? "Not my problem you're under capitalized".
Not my problem you didn't plan for an emergency fund. Not my problem you got a worthless degree in Mesopotamian Art or Wymyns Studies.
 
#24 ·
Ok, relax everybody......I brought my coin stash in today......all is well, and I have another $35 in my Bullet Fund.
 
#28 ·
I worked at a bank for 5 years when I first got out of school. Banks HATE coins. Costs them disproportionately to handle them, with no return. Guys that managed the "Coin Room". were sent there as a punishment for a perceived misdeed and/or as a first step to eventual termination ( Siberia like ). Banks will grab onto any excuse to minimize their handling of coins. So, I postulate they are somewhat complicit in any "shortage".
 
#32 ·
Did a job for a ER doc today. He went to his bank and asked for 800 bucks cash. They said sorry/ only have 500. Bank one. Went to another and asked for 8 grand, they said sorry no can do.
Stores asking, no begging for quarters.
Not good.
 
#35 ·
NWIH that a bank only had $500 on hand. Perhaps in one drawer. Perhaps a bank policy to limit cash withdrawals.
 
#44 ·
There's an easy way to solve this, schools do a change drive.
except I question my kids what exactly is this money going to by, since the schools are funded by property taxes, state taxes, and federal taxes, what exactly is this money going to buy them that they didn't have the money to get?

Then I point out the amount of candy they can buy and offer to take them to the store, cause if the money is going to be wasted, they should at least get to enjoy it.
 
#52 ·
Cash should never be abolished.

Pennies on the other hand - I'd be happy if they replaced those with 2c coins. Or if we just rounded everything to the nearest 5c and nickels were the smallest coin. Would make cash a lot easier.
 
#56 ·
Even better! It would make paying in cash and stocking change 10x easier.

Instead of a bank holiday closing doors ..they now put any deposited check .day of deposit ..limited $230.
indicating they can hold rest of your deposit..3-4 banking days or more according to virus?
( like insurance pay offs deposit usually are)

in so many words?:barf: They put your money on vacation instead.
Unbelievable. If my bank tried that, I'd be taking my money down the street to their competitor or my local credit union. Customer loyalty needs to go both ways.
 
#55 · (Edited)
Instead of a bank holiday closing doors ..they now put any deposited check .day of deposit ..limited $230.
indicating they can hold rest of your deposit..3-4 banking days or more according to virus?
( like insurance pay offs deposit usually are)

in so many words?:barf: They put your money on vacation instead.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top