Coin Shortage

[LP121]

Didn't see a thread on this so I figured I'd ask.

Anyone else seeing signs at their local stores asking you to pay with credit/debit cards or exact change due to a national coin shortage?

Conspiracy theories welcome.

 

[NotScott]

My local pharmacy will not accept cash anymore. They require you to use a card. When I pressed them on this, they said it was due to virus fears.

 

[KTM]

I've seen a few of them. For a while I quit using cash and when I did pay with cash I quit using correct change and have accumulated a nice stash of coins.

 

[VictorB]

I saw this as well. All the self serve registers at the grocery store by me are “card only due to coin shortage”.

So I had to use the regular check out line.

 

[MikeyTheCat]

Ever pay a toll with a credit card?

 

[dc007]

Someone enlighten me please. The verbiage on cash notes says the note is legal tender for all debts public and private. So how can it be refused? Serious question, because I really don't know

 

[Howard2k]

Don’t recall the last time I used cash. It must have been this year, but nothing that springs to mind.

 

[Howard2k]

Someone enlighten me please. The verbiage on cash notes says the note is legal tender for all debts public and private. So how can it be refused? Serious question, because I really don't know

In the US private businesses can make their own polices. They are not required to accept cash.

 

[LP121]

Someone enlighten me please. The verbiage on cash notes says the note is legal tender for all debts public and private. So how can it be refused? Serious question, because I really don't know

That's exactly what I said when I heard about it.

I don't think they can refuse paper money for that very reason. I have heard stories about merchants rounding the amount to an dollar amount.

Always up of course.

 

[LP121]

In the US private businesses can make their own polices. They are not required to accept cash.

If you're selling something for a price, you do have to accept legal tender as payment.

Edit: you know what Howard? You're absolutely right. I just looked it up. Damn. Never knew that.

 

[dc007]

In the US private businesses can make their own polices. They are not required to accept cash.

Ok so then what law gives them the right to refuse tender deemed legal by the government they operate in. Not trying to be a wise guy but this shit is very perplexing.

 

[dc007]

The Fed - Is it legal for a business in the United States to refuse cash as a form of payment?

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

View attachment 477821

Thanks Who

 

[LtDave32]

That's exactly what I said when I heard about it.

I don't think they can refuse paper money for that very reason. I have heard stories about merchants rounding the amount to an dollar amount.

Always up of course.

They also reserve the right to refuse service to anyone. So if one refuses to pay with anything but cash, one can assume they can be asked to leave the store.


This is happening out here as well.

So I looked it up. It seems that the two mints which produce new coins are working overtime. last two years produced about 12 billion coins, and this year they are looking to produce 19 billion.

They are blaming it on "covid" of course. Fewer people spending freely, in bars, in restaurants, etc. And more purchases online.

Money is just not changing hands, is the primary cause of this.

 

[LP121]

The Fed - Is it legal for a business in the United States to refuse cash as a form of payment?

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

View attachment 477821

Now for the conspiracy theories.

 

[dc007]

Now for the conspiracy theories.

Damn....now I feel like I fucked your thread up

 

[LP121]

Damn....now I feel like I fucked your thread up

It's Friday. I'm playing the long game.

 

[JTM45]

Damn, I haven’t seen that here yet but I have about $1k in change I’ll sell them for $2k

 

[fett]

We sure can coin a phrase around here.

 

[Rocco Crocco]

So now, that change counting machine in the supermarket has to pay me 10% to redeem my coins. Muahaha! haha! hahahahahaha!

 

[dc007]

this year they are looking to produce 19 billion.

That's a lot of coin