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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCoin Shortages Are Causing a Liquidity Crisis at Laundromats
(Bloomberg Businessweek) Every morning, Charles Boukas drives to six Chase banks in the San Diego area in search of quarters. The most he ever drove to was eight, but one branch was closed that day, and two others didnt have change. Boukas, the 55-year-old owner of the Coin Hut Laundromat, is in a bind: Hes running low on quarters because residents of apartment complexes are making change and not using his machines. The whole trip takes about two hours, and the total amount of quarters he can get is worth $120 because his banks limit how many coins they give out. So hes been seeking alternative sources.
Under couch cushions? Maybe not that farbut close. Our biggest success has been friends and family so far, and the banks are just a daily grind that I do, he says.
On top of a slowdown in foot traffic, laundromat owners such as Boukas are struggling because the coronavirus seems to have stopped up the flow of coins through the economy. People made fewer store trips and many businesses stayed closed with old change sitting in their tills. Even big retailers have felt the pinch, with many putting up signs at registers encouraging customers to use exact exchange or pay with plastic. Some have called it a national coin shortage, but as of April, the U.S. Treasury estimated that about $47.8 billion worth of coins were in circulation, compared with $47.4 billion last year.
I dont refer to it as a shortage, I refer to it as We dont have coin moving. Its there, its just not in the right place, says Jim Gaherity, chief executive officer of Coinstar, which collects loose change at machines that often are found in grocery stores. Its in homes. Its probably in some businesses that havent reopened at this point in time. Its in banksso its there. .................(more)
https://www.bloomberg.com/news/articles/2020-08-01/coin-shortage-u-s-laundromats-are-running-out-of-quarters?
Clash City Rocker
(3,396 posts)Because of the coin crisis. I hadnt heard of it before then.
GemDigger
(4,305 posts)I bought a few things and she asked if I wanted to donate the remaining nickel to (can't remember) and then it dawned on me about the change. I ended up hitting my piggy bank giving (exchanged) them $150 in change and left my phone number when they needed more.
There was a lady behind me and I apologized for holding up the line and was very surprised when she said thank you to me for bringing in change...
zeusdogmom
(993 posts)I'm sure there are many jars of coins sitting on dresser tops or tucked into drawers. I know there is a stash in my dresser drawer.
Or maybe it is all the swear jars started since the orange menace moved into the White House ...
GemDigger
(4,305 posts)It will be a pain for them to count, but at least they will have some change.
I told the gal at the gas station how much I had left of pennies, nickels, dimes and quarters and that I would be their temporary change bank if needed.
pssh the swear jar is overflowing into a 5 gallon bucket heading for a 50 gallon drum.
zeusdogmom
(993 posts)Oh let's face it, laughter helps to get thru this shit storm. Oops, another swear jar deposit ...
AnyFunctioningAdult
(192 posts)It is interesting to read it is not a government issue, but a stagnation one. Coins are not moving. Maybe like toilet paper, businesses that function a lot on coins have started to stockpile more than they need.
I have not really paid cash for anything in this country in about ten years now other than tips and at my favorite Chinese restaurant that annoyingly does not accept cards. If you think of things that can carry germs around, cash has to be near the top of that list right?