Treasury Secretary Steve Mnuchin urged his Twitter followers on Tuesday to swap out their spare coins for cash at banks amid a continuing nationwide coin shortage that appears to be worsening.
If you have extra coins at home, please use them to make purchases— or deposit them at the bank or exchange them for cash. Help get coins moving! ??
— Steven Mnuchin (@stevenmnuchin1) August 11, 2020
There’s currently a shortage of pennies, nickels, dimes, and quarters caused by the coronavirus pandemic, which led the Federal Reserve to start rationing coins in June.
Community banks have asked customers to deposit spare change to pump more coins into circulation. Because of the shortage, major retailers have told consumers to pay in cards or exact change.
“Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments,” the US Mint said in late July. “For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change.”
Now, before readers start rummaging through their homes, underneath sofa cushions, and under car seats for spare coins to help the country in these challenging times, there are certain coins in circulation that are worth more in scrap than face value.
According to Coinflation.com, pennies from 1909-1982 are approximately 95% copper and have a metal value of about $0.0185. In this instance, once could almost double their money if they took these pennies to a scrapper than the bank. Here’s the complete list of what coins are worth in terms of face value versus metal value.
Another coin to watch is the nickel. It has been nine years since Kyle Bass first suggested the ‘nickel trade’, and the metal value is about 82% of face value. Though the trade is underwater, it’s not far off from the face value breakeven when considering other coins in circulation.
While Bass’ nickel trade underperforms, readers should think twice before depositing pennies from 1909-1982 at the bank because they’re worth way more in scrap.
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The article states the coin shortage is caused by the covid virus . Can anyone tell me why a coin would put itself into quarantine? What is the real reason for the coin shortage?
perhaps this…. “Because of the shortage, major retailers have told consumers to pay in cards…”
Years ago, Mexico required people to turn in old coins, after a certain date they would be worthless as currency. They issued new denominations and new coins, the old coins became slag. My uncle lost quite a bit as his wife had hidden money in old currency before she died.
I mean to say, the wild money printing is going to end with a recalculation of currency, we’ll get $1 for $100 of the old bills. They just need to collect the coins people have stashed under the couch.
The US Mints aren’t running properly because employees aren’t going to work. Not only are they running reduced hours they’re having a difficult time sourcing metals for blanks. Spot prices for metals are jumping and it isn’t profitable for them to turn out nickels, dimes, or quarter …. let alone silver dollars.
Bleed the monster. Hold onto your pocket change and tell the Fed and their little friends at the Treasury to “GFY”.
A million thumbs up.
Also of note.. The Ike dollars minted in San Francisco from 1971- 1974 are 90% silver and worth roughly $16 for silver content– the Philly and Denver minted coins were the “clad” coins not worth the weight in metal of their denomination.
Everyone also knows that coins 1964 and before were silver but Kennedy Halves from 1965 thru 1970 were 40% silver and worth way more than 50c…
Having added these notes to the article, I have to say that it’s a load of BS– the mint makes BILLIONS of coins annually and these are ADDED to the billions ( trillions?) already produced.. there is in no way a coin shortage.
My guess is it is a distribution problem.
Like everything else we’re being told, this coin shortage is a load of bullshit. Used to be we were fed bullshit by the spoonful. Now days we get the bullshit via front end loaders in industrial strength loads.
A local casino is offering free play for turning in at least $50 in coins. The irony of the story, is that NONE of their machines accept coins any longer.
If you have a 1909 one cent coin, it is worth much more on e-bay as a collectable.
Let’s keep pulling them out of circulation until the final push for a national credit card that’s hooked up to
A.I. Its easier to put a boot on people’s throat this way.
Let’s effectuate a twofold plan:
1) push you to credit only
2) absorb coins out of circulation to recapture the base metal content as monetary inflation starts to take off. e.g. Nickels for years have had intrinsic value over face value until recently when they changed the metal content.
What about this seems as if it is contrived? The county shuts down, everyone stays at home and fills Bezos’ pockets and that has put too much demand on the change supply? Huh? Hot steaming pile there.
Premonition. The little penny…one day will be worth a DOLLAR. and we will remember how we treated it…..and tell stories to our grandkids with regret
If WMT would let me use cash in their self checkouts I’d help.
That’s right, drones! Give us all your coins, so we can remove all physical cash from circulation and force everyone to use cards; soon to be replaced by EBT which is stamped on your forehead or right arm.
Methinks Steven doth protest too mnuch
It must hurt somebody to see “In God We Trust” in raised lettering.
No problem…the state is now god to most.
Just off the press — gumball machine purveyors of america have filed an injunction request which may end this corona thing once and for all.
There is a sucker born every minute.” – P.T. Barnum
And if you honestly believe that there is a shortage, and that this is not simply another move against cash, then you are indeed a sucker. The change will flow in….but will never flow out again.
Geez, just about any penny dated from 1909 to 1958 is worth more as a collectable than the scrap value. There are some after 1958 that are as well.
Literally, if you want to get rid of those coins, I’ll 500% over face value and come out ahead…
If the fucking banks were open, I mean really open as in walk-in, there might not be a shortage. Those vacuums tubes at the drive-thrus dont take too many loose, or rolled coins in most places.