Author Topic: Coin Shortages??  (Read 1205 times)

Economizer

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Re: Coin Shortages??
« Reply #30 on: July 15, 2020, 06:17:02 PM »
At the store today, a lady checking out in front of me was in a change dilemma with the cashier. I volunteered a nichol and the customer told the cashier to keep the change. Small transactions like that will cause a favorable turn around in the change shortage problems in 1 month when practiced by millions of shoppers. Oh, I took business math, and it grew on me!

Also, the Treasury Dept. could again mint 50 cent pieces. And, the gambling concerns could go to offering 50 cent slot machines (not to quit with the quarter machines, of course).
« Last Edit: July 15, 2020, 06:38:08 PM by Economizer »
So, I tried to straighten everything out and guess what I got for it.  No, really, just guess!

pigou

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Re: Coin Shortages??
« Reply #31 on: July 16, 2020, 06:11:52 AM »
If there's one thing the pandemic is good for, it's boosting the adaptation of technology across sectors of the economy. I suspect that's also one reason why the stock market has been gaining: post-pandemic we may see a substantial increase in worker productivity. Kind of staggering that the S&P 500 is up 7% since July 16, 2019 even as we're in the middle of a pandemic...

Anselm

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Re: Coin Shortages??
« Reply #32 on: July 16, 2020, 11:50:30 AM »
Please, keep hoarding coins and crash the system.

I wonder if stores could start using some sort of scrip or coupons as change?  They could also have some cheap penny items at the checkout line and give customers a choice of item in lieu of change.  Examples could be candy, Tide pods, plastic bags, etc. 

There is a good part of our population who lack any form of payment other than cash.  I don't see how they get by with stores that accept only electronic payments.
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dismalist

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Re: Coin Shortages??
« Reply #33 on: July 16, 2020, 12:06:34 PM »
Please, keep hoarding coins and crash the system.

I wonder if stores could start using some sort of scrip or coupons as change?  They could also have some cheap penny items at the checkout line and give customers a choice of item in lieu of change.  Examples could be candy, Tide pods, plastic bags, etc. 

There is a good part of our population who lack any form of payment other than cash.  I don't see how they get by with stores that accept only electronic payments.

Absolutely, cash must stay.

What's gotta go is the moronic denomination coinage. That's difficult on account of the metals lobby. As a solution, a man named Velde suggested the government just state that the penny is now worth 10 cents! :-) [I would do the same for the nickel.]
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mythbuster

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Re: Coin Shortages??
« Reply #34 on: July 16, 2020, 12:09:50 PM »
    Mr. Buster had to go into Home Depot yesterday to return an item we bought online. He said they has signs up asking people to use exact change because of the shortage.
    The Coinstar machines still exist, but many charge a ridiculous 11% surcharge or the like. We did find the one in town with no surcharge if you convert directly to an Amazon gift card. This was the last time Mr. Buster had accumulated a pile, which took several years.Even before the pandemic I rarely used actual cash, but rather put everything I could on my 1% cash back credit card. But many people, especially around here don't have bank accounts- which likely means no credit card either.
   Now my grandma used to only conduct transactions in cash with bills, and would dump the change in the bottom of her purse. When her purse got too heavy, she would dump the coins in a box and mail it to one of the grand kids. Those were real windfalls, as there were LOTS of quarters in them. I don't want to think about the shipping costs. But "Grandma's Pennies form Heaven" was loved by all the kids in the family.

apl68

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Re: Coin Shortages??
« Reply #35 on: July 16, 2020, 12:52:44 PM »
Please, keep hoarding coins and crash the system.

I wonder if stores could start using some sort of scrip or coupons as change? 

Well, scrip is making a comeback.  Except that the problem of making change remains:


https://www.cnn.com/2020/06/20/us/tenino-washington-wooden-money-trnd/index.html


Maybe they could try issuing wooden nickels.

lightning

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Re: Coin Shortages??
« Reply #36 on: July 16, 2020, 01:02:19 PM »
I still use coins for coin-operated vending and parking meters (because I don't want more data points out there about me, in exchange for a convenience purchase).

apl68

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Re: Coin Shortages??
« Reply #37 on: July 17, 2020, 01:31:18 PM »
Today I took a big bag of coins from the library to the bank, after calling ahead to make sure that the coin machine was currently working.  They took the bag at the door and left me standing outside while they processed the transaction, reflecting on the irony of how I was standing at the door to a bank wearing a mask--something that until a few months ago was strongly discouraged everywhere.

We kept some change back for a reserve, so that WE won't run out during our own transactions with patrons.  But most of what we had is now back in circulation.  So don't blame us if you can't get change!

polly_mer

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Re: Coin Shortages??
« Reply #38 on: July 20, 2020, 06:20:50 PM »
Do whatever you want--I'm just the background dancer in your show!

clean

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Re: Coin Shortages??
« Reply #39 on: July 20, 2020, 08:28:21 PM »
It's a start!!
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mleok

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Re: Coin Shortages??
« Reply #40 on: July 20, 2020, 10:25:17 PM »
Please, keep hoarding coins and crash the system.

I wonder if stores could start using some sort of scrip or coupons as change?  They could also have some cheap penny items at the checkout line and give customers a choice of item in lieu of change.  Examples could be candy, Tide pods, plastic bags, etc. 

There is a good part of our population who lack any form of payment other than cash.  I don't see how they get by with stores that accept only electronic payments.

Absolutely, cash must stay.

What's gotta go is the moronic denomination coinage. That's difficult on account of the metals lobby. As a solution, a man named Velde suggested the government just state that the penny is now worth 10 cents! :-) [I would do the same for the nickel.]

Well, a big part of the problem is that sales tax is added after the fact to the prices. In contrast, in Europe, the price includes VAT, so if you price an item with a nice round number, you don't need to worry about small change.

polly_mer

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Re: Coin Shortages??
« Reply #41 on: July 21, 2020, 05:57:45 AM »
Please, keep hoarding coins and crash the system.

I wonder if stores could start using some sort of scrip or coupons as change?  They could also have some cheap penny items at the checkout line and give customers a choice of item in lieu of change.  Examples could be candy, Tide pods, plastic bags, etc. 

There is a good part of our population who lack any form of payment other than cash.  I don't see how they get by with stores that accept only electronic payments.

Absolutely, cash must stay.

What's gotta go is the moronic denomination coinage. That's difficult on account of the metals lobby. As a solution, a man named Velde suggested the government just state that the penny is now worth 10 cents! :-) [I would do the same for the nickel.]

Well, a big part of the problem is that sales tax is added after the fact to the prices. In contrast, in Europe, the price includes VAT, so if you price an item with a nice round number, you don't need to worry about small change.

The math is just as easy to apply the sales tax before the register.  Small kiosks often have weird list prices so the register price come to a rounded value with tax.
Do whatever you want--I'm just the background dancer in your show!

polly_mer

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Do whatever you want--I'm just the background dancer in your show!

Economizer

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Re: Coin Shortages??
« Reply #43 on: July 26, 2020, 06:20:30 AM »
Then, of course, there was one of the early "Juke Box" song:

 PUT ANOTHER NICKEL IN...MUSIC, MUSIC,MUSIC.

Ergo, if a dime in 1930 is $1.50 now, the nickel in x when that song came out is now xy or x(y) equals z [current value]? Ahhh..forgitaboutit!


« Last Edit: July 26, 2020, 06:28:18 AM by Economizer »
So, I tried to straighten everything out and guess what I got for it.  No, really, just guess!

quasihumanist

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Re: Coin Shortages??
« Reply #44 on: July 26, 2020, 06:06:54 PM »
Well, a big part of the problem is that sales tax is added after the fact to the prices. In contrast, in Europe, the price includes VAT, so if you price an item with a nice round number, you don't need to worry about small change.

Canada got rid of the penny 10+ years ago.  They still have sales tax like we do, but cash transactions are rounded to the nearest nickel, so if you owe $2.33, you have to pay $2.35, but if you owe $2.32, you have to pay $2.30.  I suppose someone could game the system by paying with credit when they would be rounded up and cash when they would be rounded down, but who wants to bother?