Community Voice Response: June 26 e-Newsletter

From the June 26, Numismatic News E-NewsLetter

Do you think consumers will feel the effects of the U.S. coin shortage? Have you noticed anything different from where you live?

Here are some answers sent from our e-newsletter readers.

Since I have read of the shortage through my Numismatic News subscription, I have been asking for rolls at stores for 2020 coins. No one in my area seems to have them. I did find two dimes in change, but no rolls. With the millions of older coins, I have not seen any shortage of coins. I am still searching for 2020 rolls.

Timothy Kenyon
Mechanicsburg Pa.

I just realized that I have not seen any coins dated 2020 yet. They are usually out by March and I always look for them.

Name and Address Withheld

The local branch bank here in Gastonia, NC., has been limiting the amount of coin you can receive. You can't get a box of coins anymore, at least for a while. The few businesses open need the coins in this cashless age! One store we visited told me to use a credit card or debit card, no cash.

Johnny Widener
Lincolnton, N.C.

I do not see any difference in people using coins. Most people including myself use a credit card. Some people use debit cards.

Name and Address Withheld

I do not believe this will make a difference to the average consumer. Most purchases now are with credit cards that provide cashback. Coins for circulation are a dying thing, and that is good for consumers but bad for collectors. I think this will not cause any problems in the economy, but for young new collectors who won’t be as exposed to real hard cash, this could effectively end the next generation of coin collectors.

Roland Wolfgang
New Brighton, Pa.

I live in Reno, Nev., and I am having a tough time trying to complete my National Parks series of quarters for 2020. I hope it gets better with so few left to complete.

Name and Address Withheld

I have not seen any difference or noticed any changes to the coin supply. It does not affect me in any way.

Name and Address Withheld

The local banks here are complaining that they aren't receiving the coinage they are ordering. Furthermore, some banks have stopped collectors from buying/exchanging any coinage. The good old mint screws up again, what else is new?

Steve McGowan
Algonac, Mich.

Let me answer with two confirmed facts: One, in walking early every day and passing through 'drive-thru windows,' I am still finding dropped change, usually cents and dimes, while the amounts found vary. Two, having contact with the main financial institution centralized security vault in our region, plus having toured the same, it was reported that its cash and coin business was down 40 percent in May, leaving the firm to furlough employees. Conclude as you wish.

When shopping for basic needs, at the local Wal-Mart or Smart 'n Final, my usual practice is paying in cash, and change is readily paid-back. At no time was a credit or debit card asked or preferred.

Lastly and recently, I have done some roll searching. Five-hundred dollar boxes of quarters and halves were conveniently provided by my bank; obviously, also paid for!

Michael S. Turrini
Vallejo, Calif.

I haven’t used any coins in commerce for quite a while.

Bill Eckberg
Address Withheld

In addition to pandemic-related effects, another reason for a so-called coin shortage is the reluctance of many banks to accept large quantities of coins from the public unless the coins are rolled and wrapped. Some banks that do have coin counting and redemption services for non-commercial customers may charge as much as a 10 percent service fee. So, loose coins remain in sock drawers or tossed into piggy banks.

Donn Pearlman
Las Vegas, Nev.

I do think we might feel the effect of the shortage but I haven't seen it yet where I am right now.

Adam Mikles
Fort Mill, S.C.