So I keep seeing signs like this at businesses:
Now, I didn’t believe it, so I went to my local bank branch as asked…and yes, they are having issues sourcing pennies.
I went to a different bank… Not just a branch, a different bank entirely, and asked: Same-same.
Third bank I visited had no issues getting pennies but had been warned that “shortages are on the way”
Now a few weeks ago, there were no shortages. Pennies and other change could be gotten for the asking (and the equivalent currency). The last penny was minted (not yet released for circulation) on Nov 12th.
Now, suddenly there are “Shortages”…..Strange.
Best estimates put nearly 250 BILLION pennies in current circulation (thanks MC for verifying that number independently)…Yet suddenly, in only a week or so, just after the US government Mint stopped producing pennies, there are severe shortages. Strangely, those last pennies are scheduled to be placed in circulation mid-2026….so the supply of pennies is still entering the market.
Funny, back during the Covid days, when the major car manufacturers essentially stopped producing cars, we were not suddenly walking….there were still cars on the road. Same same here. There is no reason for sudden shortages. Still BILLIONS of pennies in the stream of commerce.
Yet somehow, just a week or two after the last penny was minted, the United States is suddenly running out of pennies and other coins and the businesses are pushing hard for Credit card, Debit card, or “Contactless payment” because they can no longer provide change.
One of the excuses for no longer needing pennies was that “fewer coins are needed because of credit and debit payments”….
Someone is lying to us, there are not suddenly a billion or so fewer pennies in circulation. They were there a week ago……
I think it is an excuse to push for a cashless economy.
I think it is an excuse to push for a cashless economy.
BINGO.
I have a large polycarbonate vessel that was used as a underground cable TV electronic splice junction(hermetically sealed) for home drops and I cut a slot in the top and when full holds about $900.00 bucks in assorted coinage. I am guilty of causing a minuscule shortage of coinage. Yet, when it becomes full I take it down to the bank and have them run it through their counting machine and deposit that amount. Ergo, I have relieved my artificial shortage. I believe these stores and banks are guilty, but on a much larger scale and to deceive us and like you mentioned push us in a cashless society.
I wouldn’t be surprised if They start pulling pennies out of circulation. Everyone knows now about the mint no longer making them and everyone also knows that if we Don’t drag them out of the change box and put them back in circulation that we Will run out. I’m guilty of having a stash of change. I don’t carry my change purse with me often enough. I don’t pay cash often enough. And I’m going to amend your statement.
I think it is another excuse to push for a cashless economy.
One that will be swallowed without a serious Looking at by way too many people.
I think it’s worse than you believe.
More and more kids can’t read or do math and are moving through grades and graduating anyway. Many of the cashiers at retail stores are young people in their first job, or idiots who will never amount to anything greater (at least they’re working and not sitting at home on full welfare, have to give some credit where it’s due!). I would expect many businesses to get away from providing change as every sale with cash is another opportunity for an honest screwup or for a bad actor to take advantage of the register person who knows they can’t do math to steal from the store.
Doesn’t explain the banks saying they’re short on pennies though. I’ve got an ammo can sitting here full of them, maybe they’ll be worth taking in some day.
(((They))) want a cashless society for total control. If your social credit score isn’t high enough, they can deprive you anything they want. Or everything.
Pennies are a loser for banks to send out to businesses.
That’s the first reason there may be a shortage at some stores, they just don’t/won’t send them out.
That’s why your local bank has plenty.
I had the nieces sort my horde of pennies this Thanksgiving. I have a crown royal bag of 83 and up pennies, the zinc filled ones. An Ammo box of pre 83 copper pennies and a box of the wheat pennies sorted by year and researched for any that was worth more than the average $3 value of a wheat penny. I have 4 that are supposed to be worth $9, $26, $144, and $388.
When I here of my bank “out of pennies” I will offer the 83 and up for face value. They charge a 10% coinage fee for more than 50 coins. The copper will sit for now as well as the wheat pennies. I also have 3 Indian head pennies that are worth $4 to $5.