How a coin shortage is
hurting US laundromats
Fox Business,
by
Jeanette Settembre
Original Article
Posted By: Harlowe,
8/4/2020 8:33:38 PM
The coin shortage is changing the laundry industry.(Snip)Akers is one of the thousands of business owners grappling with new laundry payment methods as a result of the national coin shortage.(Snip)Banks desperate to help small businesses in need of nickles and dimes even started paying customers to bring in coins as an incentive. Federal Reserve Chairman Jerome Powell last month said banks are facing coin shortages as a result of businesses-related lockdowns, blaming the partial closure of the economy halting the flow of coins.
Reply 1 - Posted by:
Harlowe 8/4/2020 8:37:48 PM (No. 500134)
For individuals willing to consider the ramifications of a cashless society, two articles from American Thinker are worth reading:
Here Comes the “Cashless Society” – Mike Konrad – February 8, 2016
The Sinister Side of a Cashless Society – Jeffrey Folks – September 2, 2016
8 people like this.
Reply 2 - Posted by:
NorthernDog 8/4/2020 8:56:29 PM (No. 500143)
A self service car wash near us accepts the $1 coins. The US Mint has tons of the squirreled away because of low demand. Seems like they could alleviate the problem by using these coins that barely circulate otherwise.
8 people like this.
Reply 3 - Posted by:
Hermit_Crab 8/4/2020 9:14:08 PM (No. 500151)
I believe this is just another manufactured crisis., and probably done, like others above have mentioned, part of the conspiracy to make us a cashless society.
Hoarding toilet paper, I can kind of understand. Hoarding regular circulating coins, just doesn't make sense. Heck, I am an 'anti-hoarder' of coins... I generally tell them to 'keep the change' when I buy stuff, because I hate having pockets full of coins.
18 people like this.
Reply 4 - Posted by:
chumley 8/4/2020 9:14:15 PM (No. 500152)
I used to love those silver dollars. My dad called them Lydia Pinkham dollars. The military in Europe forced the use of them in the late 1970's. Tried to give a porter at JFK airport some and he refused them. Said they felt like quarters in his pocket. I never had that problem.
Later they foisted the Sacajawea dollars on us, but they discolored after a while.
5 people like this.
Reply 5 - Posted by:
Ribicon 8/4/2020 10:04:51 PM (No. 500179)
They forgot the usual boilerplate, "Woman and minorities hardest-hit."
14 people like this.
Reply 6 - Posted by:
Vesicant 8/4/2020 10:22:26 PM (No. 500193)
This is so 15 minutes ago. Now there's a national aluminum can shortage.
7 people like this.
Reply 7 - Posted by:
dirtyjersey 8/4/2020 10:26:37 PM (No. 500196)
Unless someone is melting them down, I call BS on this. Everyone has just as many coins as they did 6 months ago.
This is just a gimmick to raise the price of items to even whole dollars.
10 people like this.
As I see it, the only solution is to give everyone a free washer./s
6 people like this.
Reply 9 - Posted by:
ladydawgfan 8/4/2020 11:21:02 PM (No. 500233)
I got into the habit of saving my daily change several years ago and actually funded a cruise doing so. Now I have nearly $200 in assorted coins saved in a jar with a digital counter. I am willing to turn it in to the bank, but, cheapskate that I am, I refuse to pay the 10% - 20% "fee" that the local banks want to charge me for the dubious honor of using their change counter. They don't need to pay me to turn them in. Just don't take part of my savings for something they do every day anyway.
5 people like this.
Reply 10 - Posted by:
cor-vet 8/4/2020 11:27:09 PM (No. 500238)
I guess I'm guilty, I throw any change in my pockets at the end of the day, in a large (very large) pickle jar. Have been doing this for years. Don't/won't have debit cards and hate to use credit cards. I think this all of a sudden coin shortage is another manipulation.
5 people like this.
Reply 11 - Posted by:
mean Gene 8/5/2020 12:23:24 AM (No. 500281)
The "speed of money," has slowed to a crawl.
I used to take $300 out of the bank for cash transactions regularly.
But, I still have plenty of cash from the $300 I took out before the March 2020 shutdown.
Fewer cash transactions so, less change, too.
2 people like this.
Reply 12 - Posted by:
chumley 8/5/2020 12:40:48 AM (No. 500291)
I've got a beer mug for change near the washer, a pickle jar in the kitchen and a pretzel barrel in the bedroom that about broke my back last time I picked it up. Make it worth my while and I might turn them in. Otherwise, they're not hurting a thing where they are. Not buying the latest phoney crisis. If 2020 has taught us anything, its that these crises are a dime a dozen and all overhyped.
3 people like this.
Reply 13 - Posted by:
vhs68 8/5/2020 12:51:05 AM (No. 500299)
It would appear to me that a laundry that was already accepting and using coins for the machines would have all the coins they need. Just empty the machines during the day to replenish the demands of the customers. Duh!! Why run to the bank during the day?
2 people like this.
Apologies for a second post. For those collecting coins, don't pay to turn them in; customer service in most grocery stores would gladly take them.
0 people like this.
Reply 15 - Posted by:
Bur Oak 8/5/2020 7:37:02 AM (No. 500401)
I don't see how a slowed economy affects the supply of coins. My guess is that this is an intentional problem created by the Federal Reserve.
1 person likes this.
Reply 16 - Posted by:
paral04 8/5/2020 9:00:01 AM (No. 500500)
The laundromat that I occasionally use has tokens that you buy with paper money and used in the machines. This can't be a crisis.
0 people like this.
Reply 17 - Posted by:
Ebenezer 8/5/2020 12:37:15 PM (No. 500806)
it's distressing that a reporter for a major news network doesn't know how to spell the name of our five-cent coin. It's a "nickel", not a "nickle".
0 people like this.
Reply 18 - Posted by:
franq 8/5/2020 7:01:19 PM (No. 501153)
That is funny, #9.
0 people like this.
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Comments:
Considering the countless ways the COVID-19 shutdown has negatively impacted human lives, and the wariness of whether or not the extreme measures to restrict human lives are really necessary, some have considered the potential benefits of how such restrictions might benefit unscrupulous individuals aside from politics, economy, and personal wealth—meaning, “control.” The ability to control society could lead to totalitarianism; for example, the agenda of proponents of a cashless society and how convenient it might be to advance that agenda with the current coin shortage in this country. Coin shortage “coincidence?”