Hey! You walk into the shortstop unjust, there's check Jerry's over there. Let's get going this assured stuff about shortages of coins. Shortly now, can you spare some change? I'd know why not? What was it? I can't remember who setting the wine is? Haven't you heard as a coin shortage? Ok, let's try this again, hey Mr Conies person change! No one! I haven't you heard there is a big. What line coin shortage, there's a coin shortage and that summarizes our tv show success quite nicely and see

and seen so? We were, there really is a coin shortage or dramatization was a real one, are based on real life for true story in the United States are listeners in Australia and New Zealand in UK and Germany, who knew you know Do we heard from a German? Is that what happened? The day said yes were listening to you in Germany and they said cryptically and watching Wait. What some of you guys you are in America may not realise is that if you went into a store the stores that our own Right now, during the pandemic, here in the United States, you might find a sign that says: please pay with exact change or use a credit card, because we ain't got no change for you. If you need it and it's actually kind of becoming a bit of a problem in the conspiracy theory. Over here yes, so there are coins out,

the? U S. Treasury says that there were almost forty eight billion dollars worth of coins in circulation in April of this year. Which is about four hundred million more than last year, but the deal is those this coins, our move there? They got no movement going on, like they usually do a few reasons, obviously, when businesses closing and bank sort of closing a reducing their hours and things like arcades and laundromats, and public transit Rees, alot of coins and convenience stores, knowledge of closes up, it's gonna, but a serious dent in the the coin flow. It is because I mean all of these. These businesses that are especially coin heavy. They they act as a kind of like part of the circulatory system that whose coins through the economy and if they are not closed, meaning there not accepting coins. You can't let the coins passed through them, so instead they go back home to people's house

which is where a lot of them are right now, also simultaneous that check the. U S meant was like, while we don't want to put our people at risk, so actually getting low production in furlough about two people, because we don't want them on the job, giving covered one another which is kind of and then beyond that, even if you do have a business, a lot of people are saying you know they want like contactless. They want cash, passing back and forth. Phil, maybe shovel credit card reader in your face from a pole that its attach due and they'll say, your credit card and that not doing a lot of cash org asking for exact change and again that just means there are coins out there. There does not flowing through the economy like they normally do right. So for all the reasons, though there is an actual, a coin shortage, not a coin shortage in that they don't exist, but

shortage in that they're not flowing through, like they're supposed to like you're, saying which I mean, if you were thinking person, you might by this time, had thought who cares does matter, but it does for a lot of reasons, the first is that there are a lot of stores, two kinds of stores, like you, said: transit public transit. You know the public The store where you go to buy public transits system coins And then laundromats, there are certain kinds of businesses that, heavily rely on the free and open flow of coinage for their businesses to function.

And if you go into one of those businesses- and they say you need to pay with exact change- is that okay, some of their customers, going to be like? No, it's not okay! I want. I don't have exact change and I want my change back. Some of the stores have tried to get creative and it said how about rather than us, give you change back. We donated on your behalf to a charity that you kind of round up your bill to have some of that donated that makes sense, but if you're kind of going through hard times it's a lot of us, are you want that change back so then some stores have said. Okay, alright, we don't actually have physical coins her to give you change, but we can give you a store gift card with that amount on it. How about that and some customers that that's fine whatever, but I can't imagine how much of a dent in a stores efficiencies

shopping in, adding like thirty eight cents to a gift card for every third customer who wants to pay with cash doing too to the stores in the United States, they that are by the way are already struggling because they have opened up in this pandemic, simply because they need you to keep the lights on yeah or some stores are saying in lieu of two hundred and thirty seven, since I compose a poem in which I integrate the words, zero dollars and thirty seven cents, and I will sing it to you. Or maybe it's a lot of time. Maybe our head, cashier Bucky, will give you zero dollars and thirty eight cents with a pot from his stash under zero dollars and thirty eight cents for the butt looks like probably that's a lot right sure from everything I've read. So we take a break. Yes, alright, we'll be right back with more coin shortage,

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embarrassing, hair stories. Poor comedy, fails, we might even talk about those. Listen to you now on. They are radio, asked Apple pie, poor wherever you get your party, you do all right. So we got a coin shortage and ain't flow in the National Grocers Association and some other retail trade groups sent a letter to Jerome Powell than FED Reserve Chair and Steve How do you propose a partisan Newton area new? They are talking about a new jails, managing the Mapuche. No that's the the mooch scar movie that you're thinking of that right he's. The

raspberry secretary and they sent a letter in June. Saying: hey you rationing, these coins shipments to the banks and that's really threatening our business because it's you know we come from replace a privilege to be able sit around joke, This is my god- is put everything on my Amex, because I get sky miles that are now useless, but here's the deal if you have household income below twenty five thousand dollars. You are paying for cash you're, paying for forty three percent of your transactions in cat right. This is why, finally, we reach why it really actually matters, because there is a significant number of Americans out there who depend on having cash handy because, right the banks have said. No, we don't think you're worthy of having a bank account and the credit card companies is a born again. Extend you any credit. So all you guys cash that you're only option and if you aren't, if the stores trying to give you some some business or run around about dormant donate

your thirty eight, since the charity. Now you probably want that thirty, eight cents back and now having that thirty eight cents in circulation, is a big problem for a large number of people. Yet here's a couple of other states that maybe surprising, if you always just third, on your credit card, forty five to sixty percent of sales at all grocery stores and convenience stores or cash, and for ten dollars a less about half of all transactions period in the. U S are paid in cash if there ten dollars or less yes- and also I mean there's plenty of gas emissions income The answer is out there that have us long standing policy that you know nothing under five dollars or three dollars or whatever can be put on a card because, as credit card raise, can can really add up for a store lighter at so now they they have no choice. If they don't have changed to give out, they have to take that

card payment, so that's denning their bottom line to the the little small business owners as well. It's just a guy huge cluster that needs to be fixed, chuck, air and fix sort of there isn't a real fix right now, because everything that's going on, you can't just put some artificial Kinda like flood the market with coins, because the problem is are not flowing anyway. It's not that they aren't there, so the real pollution is just eventually things will slow, returned to normal as far as coin circulation goes just like everything else returning to normal, but they are ramping up production of coins because they again heard the the letter and they don't want to change. The banks at least, and I think the usual- is a billion coins a month. There now producing one point: two billion coins a month, at least in June, and then one point three five billion a month for the rest of the year. Yet what do I mean? It's, a substantial increase for sure here

yet there were of three hundred and fifty million additional coins a month for the rest of twenty twenty, that's a huge uptake, so they definitely responding. But it's like what everybody saying is: hey you with the coin jarring your cupboard. Like your dear the problem. Let go take your coin jarred to the coin star. I think they are the FED actually specifically named coin star as a place where you should take your coins in trade M infer

a gift card or some cash or something like that or if you don't want to pay whatever fee coin star charges you can actually go into the bank. Take your coins. They will be happy to see you for the first time in their entire banking history, showing up with a jar full of coins being like. Can I have this in exchange for some bills that will help get it back into circulation as well or you can just start spending em like pay in coins hum out of your your coins are that you have a home reintroduce it into the economy. In fact, is another way to put it here, can't member when we talked about this, but we talked about coins before and taken into bank in the fact that Emily Nigh, when we were first together in just broke, as you can imagine, would go and change dates.

As we would go to that coin, star machine and dump him in there and I think, that's when you said that you didn't do coin star because of the fee. If I'm not mistaken that something something I would say there was a long time ago. Why are you still operate if it still the same? It's Elba etched on my tombstone. He wouldn't pay the fee. So you can do something by spending coins. It's a big one and there is actually a hashtag that this coin task force they got put together came up with, I'll get coin. Moving, not even coins. Gig coin moving, brick love lamp, pretty bad! and here's a little too big for you to chew. On while you're going through your coin jar, I'm trying to figure out what you're gonna buy first with it, a court

in in the United States remains in circulation for up to thirty years. So all those coins they're pumping full of the economy with they're going to be around for a while. Where is the paper bill but we have usually only last about a year and a half this stuff chuck. Don't you think I think so, but ensured stuff says everybody Gideon study should know is the production of I radios how stuff works for more podcast, my heart radio? I hit radio apple podcast, wherever you listen to your favorite shows.