I did inventory of coins in my truck, found some under the floor mats and in other spots that surprised me.
Paid for my lunch a few days ago
OT: National coin shortage
- Thread starter czxqa
- Start date
I did inventory of coins in my truck, found some under the floor mats and in other spots that surprised me.
Paid for my lunch a few days ago
Do other G7 countries have sales tax? I am guessing that's the sole remaining reason for its existence.
TD bank got busted because their coin change collectors constantly under-counted the amount of change put in. As a result, they pulled them all and a class action suit was filed against them.
I know they did for a fact as I put a set amount of money into their coin changer and came up almost 50 dollars short. They told me they would pull the bags of coins and weigh them for any discrepancy but it would happen that night. They never called me back so I called them. They said that they found no counting error.
I will always roll my own coins from now on. Well, at least I make my kids do it.
https://www.nj.com/news/2017/07/ripped_off_by_td_banks_penny_arcade_heres_how_to_g.html
I believe it. Just taking the change from my pocket and throwing it in a jar nets me about $300, 2x a year. I usually cash in right before going on vacation and use it to pay for what feels like a free dinner. The other is when the jar is full again and me and the kids go buy something fun that we normally wouldn't. Then again, I'm a cash guy. I only pay cash at the pump, picking up takeout, coffee, etc. so accumulate a lot. It's been a lot less lately since i'm hardly using cash these days. I think i've been to ATM once since all this started.
By my rough math, if everyone in NY state has $50 in change lying around their house, that's a billion right there.
Last edited:
Canada for one still has a sales tax and they abandoned their penny in 2012. I'm not sure how that matters though, seeing as charges can always be either rounded or truncated to the next highest coin still in legal tender.
Many G7 countries have a Value Added Tax (VAT) which works a little differently than sales tax.
The Coinstar coin changer at Wegman's currently charges 11.9%. As a result, we always remove and roll all quarters ourselves first.
always something a bit odd about cash-only businesses in this day and age. I think we should have a cashless society.
I'll add.. we need a VAT. With manufacturing moving overseas most of what we consume come from there... yet we don't collect taxes on the by-product of manufacturing those goods like we did when they were manufactured here. Those products still have to get here through ports, over oceans (that need to be patrolled and cleaned), over our rails and roads. We need a VAT (which, like sales tax, is harder to collect from all-cash businesses.
Last edited:
Hard to track total revenue in a cash business unless they use a good POS system. So less reported income to the state and taxes paid on it.
A friend had a popular sports bar.
Three POS cash registers with records.
At 11 PM he changed out the cash drawers and the tapes with "fresh" drawers.
"What happens before 11PM the IRS knows about, what happens after 11 PM, is MINE !"
Three POS cash registers with records.
At 11 PM he changed out the cash drawers and the tapes with "fresh" drawers.
"What happens before 11PM the IRS knows about, what happens after 11 PM, is MINE !"
For the convenience of the machines to non customers I didn't care if it miscounted by 5%.
My wife just gets the free Amazon card at full value which we apply to a larger upcoming order.
I just finished counting $114.75 in quarters today. I have them in a plastic coin counter I bought in Walmart . It's about 1/3 full. I intend on having it filled someday .NOBODY can have my quarters ! My son has the same kind of counter with all denominations in it . About $70.00 . Anybody touches his coin, they lose an arm ! My wife and I have an old Folgers container we put pennies, nickels and dimes into. A little extra cash for our vacation fund. Anybody touches my fund they lose their life !
They have a VAT, which I describe as a sales tax designed by a committee. Mostly much higher rates.
Back in the day.
The toll collectors on the GSP when it was a .25 toll would check their change stashes for pre 1964 quarters for the silver content. They would bring new quarters to work and swap out the silver ones.
Anyone remember the toll tokens that you could buy at the booths ?
They also worked as tokens for the NY Subway system. That was a big money saver...
Story; Standing in booth at Raritan South checking for Drunks Driving thru the tolls. (you could tell easily, most would miss the hopper.) Kept hearing the automatic booth next to me ringing, which they used to do when someone ran the toll. Looked over and the hopper was jammed and full to the top with quarters. Called into the toll supervisor; "Thanks a lot Trooper !" As he and the others came out from break to "fix" the jam.
The toll collectors on the GSP when it was a .25 toll would check their change stashes for pre 1964 quarters for the silver content. They would bring new quarters to work and swap out the silver ones.
Anyone remember the toll tokens that you could buy at the booths ?
They also worked as tokens for the NY Subway system. That was a big money saver...
Story; Standing in booth at Raritan South checking for Drunks Driving thru the tolls. (you could tell easily, most would miss the hopper.) Kept hearing the automatic booth next to me ringing, which they used to do when someone ran the toll. Looked over and the hopper was jammed and full to the top with quarters. Called into the toll supervisor; "Thanks a lot Trooper !" As he and the others came out from break to "fix" the jam.
We used to have a game where the person on the passenger side had to try a hook shot over the car.
Us too, but if we didn't have quarters, we would use an empty bottle of vodka. The buzzer would always go off whether we hit the basket or not.
I did NOT know this was a thing until 3 days ago when I was getting a Bacon/Egg/Cheese biscuit at McDonald's drive-thru and I saw a sign that read "due to coin shortage, credit cards or exact change only".
So, it makes sense (people aren't using coins) - but I'd figure you could get a literal crap-ton at the banks, since no one is using them -
for the last month, my normal grocery store has been asking people to "round up" to the next dollar (usually for the local food bank and/or the Red Cross)...now that makes more sense...
But, it's all just a thin line between civilization and the apocalypse anyway.....
So, it makes sense (people aren't using coins) - but I'd figure you could get a literal crap-ton at the banks, since no one is using them -
for the last month, my normal grocery store has been asking people to "round up" to the next dollar (usually for the local food bank and/or the Red Cross)...now that makes more sense...
But, it's all just a thin line between civilization and the apocalypse anyway.....
What? The VAT tax in the EU is 17%. And it's added at every stage of production. Worst of all, as a consumption tax, it disproportionately impacts lower income people who can afford it the least.
But I thought Europe was the model for progressives?
So they buy 17% less crap. Use some of the VAT tax revenues to add 17% to welfare payments and cut the tax rate for the lowest workers by an amount that would add 17% to what they would buy.. or allow them to credit the VAT they pay against their taxes.. If the 17% VAT makes US-made products more competitive, there will be more jobs for people to MAKE STUFF HERE. And maybe it will be another bargaining chip in fair trade discussions everywhere.
We're buying cheap stuff from China made with, essentially, an enslaved workforce. If a VAT can solve that.. lets do it.
How would it make American products more competitive? The tax is based on who buys something, not where it's made. So for example, when I was in Ireland, I bought a wool jacket at the Blarney Woolen Mills. It cost me some $250 (this was in '95) and we kept the receipt and when we got back to the US, we sent in the receipt with a form and got about $60 back, since non-EU citizens can get the VAT refunded. The jacket was made right there on site. So it's not like an import duty. Everything will cost a ton more. McDonald's combo meals are like $25+ in Europe. Everything is super expensive, because of the VAT and really high wages which are needed because of the 50%+ income tax rate. Everything funnels through the governments, and they take a nice big chunk to pay for all the bureaucrats needed to support everything funneling through them. It's the ultimate Mafia.
So like the New Jersey Highway Authority.
They originally set up toll booths to pay off the construction bonds.
Then hire so many people to keep track of everything surrounding taking, counting, depositing, the quarters that it's NEVER going to be paid off....
Here's a little nugget; The NJSP loved sending young Troopers to the toll roads, because they made an agreement that the roads paid the NJSP for everyone at TOP pay, which meant that the NJSP made a profit on every Trooper on the roads. You had to spend 1.5 to 2 years at regular Barracks prior to your request to get transferred, but when there you had to spend 1.5 years there and everyone had to do toll road duty at one time in their career.
They originally set up toll booths to pay off the construction bonds.
Then hire so many people to keep track of everything surrounding taking, counting, depositing, the quarters that it's NEVER going to be paid off....
Here's a little nugget; The NJSP loved sending young Troopers to the toll roads, because they made an agreement that the roads paid the NJSP for everyone at TOP pay, which meant that the NJSP made a profit on every Trooper on the roads. You had to spend 1.5 to 2 years at regular Barracks prior to your request to get transferred, but when there you had to spend 1.5 years there and everyone had to do toll road duty at one time in their career.
I'd offer my Sanka stash in the hope of getting a seat on the Goru-Express, but you sound kinda militant. :Wink:
I was being lazy and counting the change from a school field trip by using their machine. I had to cough up the lost money so i was more than pissed. That's also why I knew the exact amount of money I had put in.
Go to Costa Rica. They have coins that are almost as thin as aluminum foil. A one colone coin is about .0017of a USD.
We use to joke if you throw their smaller coins in the air they would blow away.
Pretty pointless producing this stuff.
We use to joke if you throw their smaller coins in the air they would blow away.
Pretty pointless producing this stuff.
I have about 600 bucks in quarters stashed away and growing every day...I am waiting for a severe shortage to get offered 650.
Not....U.S. Mint Produces 3.2 Billion Coins for Circulation in First Quarter 2020
https://www.coinnews.net/2020/04/23...-coins-for-circulation-in-first-quarter-2020/
Walmart can't seem to find them....total BS.
Peace out
https://www.coinnews.net/2020/04/23...-coins-for-circulation-in-first-quarter-2020/
Walmart can't seem to find them....total BS.
Peace out
Paid for a Yuengling 24 oz can today with all dimes and nickels
Have a lot of coins saved up, prevents a trip to the ATM or to use the cc
Have a lot of coins saved up, prevents a trip to the ATM or to use the cc
Don't be sad. If you save your nickels and pennies, someday you can afford a Yuengling.
I have not carried cash/coins going on five years. Dumped the wallet too and keep a credit card/debit card/drivers license in slots on the mobile phone case.
Originally stashed a few $20 bills in the mobile phone case just in case but never used them.
Obviously don’t go to cash only locations and always use Apple Pay when available. A bit of a germaphobe so with COVID I’m happy not to touch anything at the register.
Really find Venmo helpful in not worrying about cash when splitting restaurant checks for instance.
Parking meters were an obstacle in coin less effort. Many have started accepting cards or have apps. The last obstacle for cash less use is local farmers markets. Some vendors have started using Square devices to accept cards but most do not.
Keep a few hundred in cash at home as emergency backup in the event of an apocalypse...
Originally stashed a few $20 bills in the mobile phone case just in case but never used them.
Obviously don’t go to cash only locations and always use Apple Pay when available. A bit of a germaphobe so with COVID I’m happy not to touch anything at the register.
Really find Venmo helpful in not worrying about cash when splitting restaurant checks for instance.
Parking meters were an obstacle in coin less effort. Many have started accepting cards or have apps. The last obstacle for cash less use is local farmers markets. Some vendors have started using Square devices to accept cards but most do not.
Keep a few hundred in cash at home as emergency backup in the event of an apocalypse...
Latest posts
-
-
-
-
-
FB Recruiting 2026 standout Dominic Funke updates his recruitment- Latest: RivalsFriedman