I thought the issue was that people weren’t taking their bulk coins to the coin machines or banks because access wasn’t available or it’s something easily put off. So the coins were going iut of circulation.
People tend to let coins pile up. I do it, but cash them in when I get to about $30 or so dollars, money to splurge with. But sone seem to keep them “forever”. If enough people do that, there aren’t enough coins to make change.
Back in March the first real indicator here was stores not wanting cash. I went about March 17th, handed the money to the cashier and put the items in my knapsack. Then she said “we don’t take cash”. On Marh 21st Iwent to get my prescription filled, and there as asign on the door “credit or debit cards only” . That was way before masks.
There were even stories from the Bank of Canada saying money was safe, and people needed cash, not everyone had alternatives.
I’ve not been to astore since then so I don’t know how much has changed.
A lot of people don’t realize that change is a two-way street. You can come in with sixteen quarters, eight dimes, and four nickels – we can give you a five-dollar bill. Or we can give you five singles. Or two singles, eight quarters, and ten dimes. You’d be amazed at the variety of the options you have.
My kids love riding their bikes to the local ice cream shop but the place doesn’t accept cash now so we have to give them one of our credit cards. (They’re old enough to responsibly deal but still…)
In the before times I’d let my spare change accumulate in a small bucket and then take it to my credit union’s coin counter when it got full. Since I’ve used very little cash in the past few months, mainly because I haven’t been to any of the places I’d normally spend cash, that bucket isn’t getting full.
Now that stores have an excuse to stop accepting cash, what is that going to mean for folks who don’t have bank cards?
Coinstar fee hack: If you take your proceeds in the form of a gift card number, Coinstar charges 0% commission. I usually get Amazon cards, but there are dozens of other options.
Bank tellers (who are not automatons) observe something is hinky and get their managers to ask what you’re up to. Those managers, depending on your charisma stats and your saving throw, may or may not give you your money in coins.
The bank will force you into business rates for that amount, and you’ll end up paying more in business fees that they normally have to pay the bank to get their coinage.
Banks make their money by getting you coming and going. Consumers don’t really understand close to the amount of crap businesses have to go through. Pay for coinage, pay for bands. Pay for check encoding. Pay the interchange fees, clearing house fees, settlement fees. etc. etc.
