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Anyone taking advantage of the coin shortage to raise prices?

Randy

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Yesterday when I went to the bank I ordered 2 - $500 boxes of quarters, I don't need them just wanted to see if I could them. My head teller told me they'd be there on Friday afternoon. This morning after replenishing everything I bought home about $10 in quarters. I think it must be a region problem that there is a quarter shortage.
 

Wash4Life

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We just got a call from the neighboring bank asking if they could buy quarters off of us - they said they can't get their hands on any.
We bag our quarters in these big plastic bags. The bank we deal with is not shipping them off, instead keeping them, ready to break them open if need be.
 

MEP001

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I'm seeing more and more places with signs up saying "Due to a national coin shortage we are asking you to please pay with exact change, card, etc."

I put my last bag of tokens in the changer a few days ago which usually stops the changer abuse, but last night after just two days I'm about $500 light in my quarters again. I watched one guy get $20 in quarters (Used four $5 bills) and he spent the minimum to wash, probably just used the tokens. I watched someone on video who looked like they went around to customers to get rid of the tokens after abusing the changer.
 

Keith Baker

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I only know about Rowe changers, but mine has a "fast feed" shutdown. I set mine so that two twenties or three tens in two minutes shuts the machine down for four minutes. If someone is milking the machine, they will usually leave after the light comes on. Sometimes it can happen on a busy day, but not often.
Since I went to dispensing dollar coins, adding the random tokens also discourages a lot of coins from walking away.
 

JMMUSTANG

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We bag our quarters in these big plastic bags. The bank we deal with is not shipping them off, instead keeping them, ready to break them open if need be.
I only use cloth money bags. I do not want anyone seeing what type of coin I have in the bags.
My bank transfers my coin to plastic bags in the vault and keep my bags.
Whoever they use to pickup money also drops off any other cloth bags for me from the week before deposits they get from other customers.
 

KleanRide

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Has anyone gotten an opinion (from an actual lawyer) whether drive-offs from a change machine can be prosecuted as theft of service?
 

MEP001

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I'd be more confident hearing from a cop if they would go after someone. You'd probably have to post a sign and possibly have a fine listed. They are supposed to be obligated to help enforce such a thing.
 

seattleguy

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What coin shortage would that be? It's business as normal out in the Pacific Northwest. I talked to the head teller at my bank last week and she said if I need coins call and she'll order them. I think it's mostly media hype.

We can't get quarters from Guarda in Seattle.
 

Overachiever

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As a precaution I took out $1k in quarters today.. I never have quarters to bring to the bank. I recycle them until there isn't enough to recycle and then I take out more. The bank told me the coin shortage is real, the first branch I tried didn't have any quarters left. The next one wouldn't give me any until after I spoke to the manager.

Anyone know how much of an investment it is to switch to tokens assuming all my coin acceptors can take them? How many tokens do I need for one location?
 

OurTown

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Our credit union told me on the phone today that it was up to each branch's manager if they would sell quarters or not. The good news is that they are only selling them to businesses. Our branch only had $75 in quarters at the time but said they could get what we want in a few days. They had $500 in dollar coins too. (we have been toying with the idea of switching to dollar coins) We are definitely bleeding off quarters right now and every day there are 2-4 20 dollar bills in a row in the changer stacker. Unless it gets worse we will leave $20 acceptance on and see how this plays out.
 

mjwalsh

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I'd be more confident hearing from a cop if they would go after someone. You'd probably have to post a sign and possibly have a fine listed. They are supposed to be obligated to help enforce such a thing.
We had two grown men tell us that because they thought it was impossible to enforce-prevent ... so therefore they would be back when we are not looking.

It seems like ... unless you had a thorough enough of a recording of the conversation ... very high possibility that they would make up a lie to the police officer that they planned on coming back to use the facility as a paying customer or some other plausible but not likely statement.

The recording could prevent false accusations against the owner ... since often the more guilty party goes on the offensive manipulating words exchanged etc. I was accused of being racist by a native american woman as she drove away in her fancy expensive unwashed vehicle for politely saying something to her about her taking $20 & not being a customer.
 

MEP001

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Anyone know how much of an investment it is to switch to tokens assuming all my coin acceptors can take them? How many tokens do I need for one location?
Need more info, such as how you plan to value them, whether you need secure ones, why you need tokens, etc. For example, I just mix them in with quarters so I can use the cheapest ones, and I don't need a lot. A friend/fellow operator needed custom ones worth $1, had to order 10,000 to get them for 33¢ apiece.
 

MEP001

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We had two grown men tell us that because they thought it was impossible to enforce-prevent ... so therefore they would be back when we are not looking.
I had someone threaten me with something similar. He was dumb enough to call the cops on me, ended up with a criminal trespass warrant. Watch for them to come, wait 'til they deposit their bill, then unplug the changer before it pays out. Tell them they'll get their refund after they've spoken to the police.
 

Roz

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Why fight a losing battle. Convert to tokens and you can bank the money from the changers as spent. We even make a few thousand each year from attrition. Plus custom tokens are a good marketing method....

Switching to tokens is easy, all depends on token size you chose if you need to replace the wheel in the changer. Dip switch settings depend on if you provide a bonus for using a $10 or $20 bill. We give 11 for a $10 and 24 for a $20 so we get more twenties now. Then train your coin mechanisms in the bays and vacs. Only "con" is that we now need to sort our coins before counting and depositing them however a minor extra step.
 

Roz

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And Wawa will give you a free drink for $5 and a sandwich for $10 in change.
 

mjwalsh

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I remember when a head teller at the main downtown branch about 12-15 years ago or so ... was caught too close to running out of quarters. She called me to see how many we could spare. I went out of my way to bring her enough to get by. So .... there are some really good bank employees whose actions speak louder than just the artificially creating "we are so wonderful" ads & biasly worded satisfaction surveys etc.
 

mjwalsh

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Another aritcle that might help perspective a bit on the current hopefully temporary shortage:

 

Earl Weiss

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I only use cloth money bags. I do not want anyone seeing what type of coin I have in the bags.
Curious - someone sees you carrying a bag of money. Do they stop to think what is in there beore doing something stupid.
 

Earl Weiss

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Has anyone gotten an opinion (from an actual lawyer) whether drive-offs from a change machine can be prosecuted as theft of service?
I am an actual lawyer. I think it difficult to get any cop or prosecutor interested, let alone a conviction of someone who uses something a merchant offers for free for the taking irrespective of signage limiting it to customers. You would ave to video them getting change and then leaving before they are arrested and then they will say something like "I was going to wash the car but...." The better option is to barr them from the property - perhaps record it an if they return have them arrested for trespass.
Free legal advice is worth what you pay for it.
 
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