1 00:00:04,160 --> 00:00:06,720 Speaker 1: Hey, and welcome to the short stuff on Josh, there's Chuck. 2 00:00:06,800 --> 00:00:09,240 Speaker 1: Jerry's over there. Let's get going. This is short stuff 3 00:00:09,280 --> 00:00:15,440 Speaker 1: about shortages of coins. Shortly. Yeah, hey, can you spare 4 00:00:15,480 --> 00:00:20,840 Speaker 1: some change? Uh? No? Why not? Um? What was it? 5 00:00:20,880 --> 00:00:23,280 Speaker 1: I can't remember who said? Think the line is? Haven't 6 00:00:23,280 --> 00:00:28,200 Speaker 1: your head? Is a coin shortage? Okay, let's try this again. Hey, 7 00:00:28,360 --> 00:00:32,600 Speaker 1: Mr Keney spares some change? No? Why not? Haven't you heard? 8 00:00:32,960 --> 00:00:38,320 Speaker 1: There's a what line? Coin shortage? There's a coin shortage? 9 00:00:39,520 --> 00:00:42,879 Speaker 1: And that summarizes our TV show success quite nicely, and 10 00:00:43,120 --> 00:00:49,120 Speaker 1: scene and scene, so we're there. Really is a coin shortage? 11 00:00:49,479 --> 00:00:53,120 Speaker 1: Or dramatization was a real one or based on real life, 12 00:00:53,120 --> 00:00:57,320 Speaker 1: a true story in the United States. Um our listeners 13 00:00:57,360 --> 00:01:00,639 Speaker 1: in Australia and New Zealand and UK and Germany who 14 00:01:00,680 --> 00:01:03,520 Speaker 1: knew you know, Um, did we hear from a German? 15 00:01:03,600 --> 00:01:06,679 Speaker 1: Is that what happened? Uh? They said, yes, we're listening 16 00:01:06,720 --> 00:01:11,160 Speaker 1: to you in Germany, okay, And they said cryptically and watching. 17 00:01:13,400 --> 00:01:15,319 Speaker 1: And what what some of you guys who are in 18 00:01:15,319 --> 00:01:18,039 Speaker 1: America might not realize is that if you went into 19 00:01:18,080 --> 00:01:20,920 Speaker 1: a store, the stores that are open right now during 20 00:01:20,920 --> 00:01:23,720 Speaker 1: the pandemic here in the United States, you might find 21 00:01:23,920 --> 00:01:27,120 Speaker 1: a sign that says, please pay with exact change or 22 00:01:27,240 --> 00:01:30,360 Speaker 1: use a credit card because we ain't got no change 23 00:01:30,400 --> 00:01:33,360 Speaker 1: for you, uh, if you need it. And it's actually 24 00:01:33,440 --> 00:01:35,880 Speaker 1: kind of becoming a bit of a problem and a 25 00:01:35,920 --> 00:01:41,760 Speaker 1: conspiracy theory over here. Yeah, so there are coins out there. Um. 26 00:01:42,160 --> 00:01:45,400 Speaker 1: The U. S. Treasury says that there were almost forty 27 00:01:45,440 --> 00:01:48,919 Speaker 1: eight billion dollars worth of coins in circulation in April 28 00:01:48,960 --> 00:01:51,840 Speaker 1: of this year, which is about four million more than 29 00:01:51,960 --> 00:01:55,280 Speaker 1: last year. But the deal is is those those coins 30 00:01:55,280 --> 00:01:58,000 Speaker 1: aren't moving there. They got no movement going on like 31 00:01:58,040 --> 00:02:03,880 Speaker 1: they usually do for a few reasons. Obviously, when businesses 32 00:02:03,920 --> 00:02:07,120 Speaker 1: closing and banks sort of closing and reducing their hours, 33 00:02:07,720 --> 00:02:11,480 Speaker 1: and things like arcades and laun dramats and public transit 34 00:02:11,480 --> 00:02:13,519 Speaker 1: where you use a lot of coins, and convenience stores, 35 00:02:13,840 --> 00:02:16,160 Speaker 1: when all that stuff closes up, it's gonna put a 36 00:02:16,200 --> 00:02:19,959 Speaker 1: serious dentt in the coin flow. It is because I mean, 37 00:02:20,080 --> 00:02:25,519 Speaker 1: all of these these businesses that are especially coin heavy, Um, 38 00:02:25,680 --> 00:02:28,040 Speaker 1: they they act as kind of like part of the 39 00:02:28,160 --> 00:02:32,000 Speaker 1: circulatory system that moves coins through the economy. And if 40 00:02:32,040 --> 00:02:35,560 Speaker 1: they're not closed, meaning they're not accepting coins, you can't 41 00:02:35,639 --> 00:02:38,680 Speaker 1: let the coins pass through them, so instead they go 42 00:02:38,800 --> 00:02:41,560 Speaker 1: back home to people's houses, which is where a lot 43 00:02:41,600 --> 00:02:45,200 Speaker 1: of them are right now. Um. Also, simultaneous to that, 44 00:02:45,280 --> 00:02:47,000 Speaker 1: Chuck the U s Mint was like, well, we don't 45 00:02:47,000 --> 00:02:49,200 Speaker 1: want to put our people at risk, so we're actually 46 00:02:49,200 --> 00:02:53,200 Speaker 1: gonna slow production and furlough a bunch of people because 47 00:02:53,200 --> 00:02:55,680 Speaker 1: we don't want them on the job giving COVID to 48 00:02:55,720 --> 00:02:59,440 Speaker 1: one another, which is kind of sensible. And then beyond that, 49 00:02:59,680 --> 00:03:03,200 Speaker 1: even if you do have a business, a lot of 50 00:03:03,200 --> 00:03:06,119 Speaker 1: people are saying, you know, they want like contact lists, 51 00:03:06,120 --> 00:03:09,639 Speaker 1: they don't want cash passing back and forth. They'll maybe 52 00:03:09,800 --> 00:03:12,240 Speaker 1: shove a credit card reader in your face from a 53 00:03:12,280 --> 00:03:15,280 Speaker 1: poll that it's attached to and they'll say, stick your 54 00:03:15,280 --> 00:03:18,040 Speaker 1: credit card in that. Um not doing a lot of 55 00:03:18,080 --> 00:03:22,800 Speaker 1: cash or asking for exact change. And again that just 56 00:03:22,880 --> 00:03:25,400 Speaker 1: means there are coins out there, they're just not flowing 57 00:03:25,400 --> 00:03:28,880 Speaker 1: through the economy like they normally do. Right, So for 58 00:03:28,919 --> 00:03:33,160 Speaker 1: all these reasons, there is an actual a coin shortage, 59 00:03:33,480 --> 00:03:35,760 Speaker 1: not a coin shortage, and that they don't exist, but 60 00:03:35,800 --> 00:03:38,120 Speaker 1: a coin shortage, and that they're not flowing through like 61 00:03:38,160 --> 00:03:41,080 Speaker 1: they're supposed to. Like you were saying, which I mean, 62 00:03:41,200 --> 00:03:44,640 Speaker 1: if you were, um, a thinking person you might buy 63 00:03:44,640 --> 00:03:48,680 Speaker 1: this time, have thought who cares? It doesn't matter, but 64 00:03:48,760 --> 00:03:51,160 Speaker 1: it does for a lot of reasons. And at first 65 00:03:51,400 --> 00:03:55,360 Speaker 1: is that UM. There are a lot of stores, kinds 66 00:03:55,360 --> 00:03:59,560 Speaker 1: of stories like you said, UM transit, public transit UM, 67 00:03:59,600 --> 00:04:01,840 Speaker 1: you know, the public transit store where you go to 68 00:04:01,880 --> 00:04:06,800 Speaker 1: buy public transits and coins UM, and then laundromats. There 69 00:04:06,840 --> 00:04:10,280 Speaker 1: are certain kinds of businesses that heavily rely on the 70 00:04:10,320 --> 00:04:14,720 Speaker 1: free and open flow of coinage UM for their businesses 71 00:04:14,720 --> 00:04:16,880 Speaker 1: to function. And if you go into one of those 72 00:04:16,880 --> 00:04:20,599 Speaker 1: businesses and they say you need to pay with exact change, 73 00:04:20,640 --> 00:04:23,000 Speaker 1: is that okay? Some of their customers are gonna be like, no, 74 00:04:23,080 --> 00:04:25,240 Speaker 1: it's not okay. I want I don't have exact change, 75 00:04:25,279 --> 00:04:27,680 Speaker 1: and I want my change back. Some of those stores 76 00:04:27,680 --> 00:04:30,800 Speaker 1: have tried to get creative and have said, how about 77 00:04:30,960 --> 00:04:33,560 Speaker 1: rather than us give you change back, we donated on 78 00:04:33,680 --> 00:04:36,000 Speaker 1: your behalf to a charity, like you kind of round 79 00:04:36,120 --> 00:04:39,640 Speaker 1: up your bill to have some of that donated. That 80 00:04:39,720 --> 00:04:42,960 Speaker 1: makes sense, But if you're kind of going through hard times, 81 00:04:42,960 --> 00:04:45,880 Speaker 1: which a lot of us are, you want that change back. 82 00:04:46,320 --> 00:04:49,800 Speaker 1: So then some stores have said, okay, all right, we 83 00:04:49,880 --> 00:04:52,520 Speaker 1: don't actually have physical coins here to give you change, 84 00:04:52,520 --> 00:04:54,600 Speaker 1: But we can give you a store gift card with 85 00:04:54,640 --> 00:04:57,960 Speaker 1: that amount on it. How about that? And some customers said, 86 00:04:58,040 --> 00:05:01,279 Speaker 1: that's fine, whatever, But I can't imag magine how much 87 00:05:01,279 --> 00:05:04,359 Speaker 1: of a dent in a store's efficiency. Stopping and adding 88 00:05:04,400 --> 00:05:07,560 Speaker 1: like thirty eight cents to a gift card for every 89 00:05:07,680 --> 00:05:10,800 Speaker 1: third customer who wants to pay with cash is doing 90 00:05:10,920 --> 00:05:13,520 Speaker 1: to to The stores in the United States that are, 91 00:05:14,040 --> 00:05:17,360 Speaker 1: by the way, are already struggling because they have opened 92 00:05:17,400 --> 00:05:20,240 Speaker 1: up in this pandemic um simply because they need to 93 00:05:20,240 --> 00:05:24,279 Speaker 1: to keep the lights on. Yeah, or some stores are saying, 94 00:05:25,080 --> 00:05:27,080 Speaker 1: how about in lieu of the thirty seven sins, I 95 00:05:27,120 --> 00:05:30,680 Speaker 1: compose a poem in which I integrate the words thirty 96 00:05:30,720 --> 00:05:33,960 Speaker 1: seven cents and I will sing it to you, right, 97 00:05:34,800 --> 00:05:36,520 Speaker 1: or maybe it takes a lot of time. Maybe our 98 00:05:36,600 --> 00:05:38,880 Speaker 1: head cash, your Bucky will give you thirty eight cents 99 00:05:38,880 --> 00:05:42,360 Speaker 1: where the pot from his stash. I wonder what thirty 100 00:05:42,360 --> 00:05:44,719 Speaker 1: eight since where the pot looks like? I don't know. 101 00:05:45,720 --> 00:05:49,240 Speaker 1: Probably that's a lot, right, sure, from everything I've read. 102 00:05:49,880 --> 00:05:52,359 Speaker 1: Should we take a break? Yes, all right, we'll be 103 00:05:52,440 --> 00:05:56,159 Speaker 1: right back with more coin shortage. Well, now we're on 104 00:05:56,279 --> 00:05:59,640 Speaker 1: the road, driving in your truck. Want to learn a 105 00:05:59,720 --> 00:06:03,480 Speaker 1: thing or two from Josh man Chuck and stuff you 106 00:06:03,520 --> 00:06:21,760 Speaker 1: should know. All right, all right, so we got a 107 00:06:21,800 --> 00:06:26,680 Speaker 1: coin shortage and ain't flowing. The National Grocer's Association and 108 00:06:26,720 --> 00:06:31,680 Speaker 1: some other retail trade groups sent a letter to Jerome Powell, 109 00:06:31,760 --> 00:06:36,159 Speaker 1: the Fed Reserve chair and Steve how do you pronounce 110 00:06:36,160 --> 00:06:46,760 Speaker 1: that hard nucan the manuch? No, that's the mooch Scar 111 00:06:46,960 --> 00:06:50,159 Speaker 1: Moucci that you're thinking of. Oh, that's right. Uh. He's 112 00:06:50,200 --> 00:06:54,080 Speaker 1: the Treasury Secretary. And they sent a letter in June saying, hey, 113 00:06:54,680 --> 00:06:57,200 Speaker 1: you're rationing these coin shipments to the banks, and that's 114 00:06:57,240 --> 00:07:01,240 Speaker 1: really threatening our business because it's you know, we come 115 00:07:01,279 --> 00:07:02,800 Speaker 1: from a place of privilege to be able to sit 116 00:07:02,839 --> 00:07:04,920 Speaker 1: around a joke about this because I'm like, oh, I'll 117 00:07:04,920 --> 00:07:06,560 Speaker 1: just put everything on my m X because I get 118 00:07:06,560 --> 00:07:10,040 Speaker 1: sky miles that are now useless. But here's the deal. 119 00:07:10,600 --> 00:07:15,119 Speaker 1: If you have a household income below twenty dollars, you 120 00:07:15,200 --> 00:07:19,240 Speaker 1: are paying for cash. Uh, you're paying for of your 121 00:07:19,280 --> 00:07:22,680 Speaker 1: transactions and cash. Right. This is why finally we reach 122 00:07:22,720 --> 00:07:26,000 Speaker 1: why it really actually matters, because there's a significant number 123 00:07:26,000 --> 00:07:30,200 Speaker 1: of Americans out there who depend on having cash handy. 124 00:07:30,480 --> 00:07:33,640 Speaker 1: Because the banks have said we don't think you're worthy 125 00:07:33,680 --> 00:07:36,320 Speaker 1: of having a bank account, and the credit card companies 126 00:07:36,320 --> 00:07:38,160 Speaker 1: have said, we're not going to extend you any credit. 127 00:07:38,360 --> 00:07:40,760 Speaker 1: So all you've got is cash. That's your only option. 128 00:07:41,160 --> 00:07:43,559 Speaker 1: And so if you aren't if the store is trying 129 00:07:43,560 --> 00:07:45,960 Speaker 1: to give you some some business or run around about 130 00:07:46,280 --> 00:07:49,000 Speaker 1: domint donating your thirty eight since the charity, no, you 131 00:07:49,080 --> 00:07:52,000 Speaker 1: probably want that thirty eight cents back, and not having 132 00:07:52,040 --> 00:07:54,720 Speaker 1: that thirty eight cents in circulation is a big problem 133 00:07:54,800 --> 00:07:57,880 Speaker 1: for a large number of people. Yeah, here's a couple 134 00:07:57,880 --> 00:08:00,480 Speaker 1: of other stats that may be surprised zing if you 135 00:08:00,520 --> 00:08:03,240 Speaker 1: always just throw down your credit card. Uh, forty five 136 00:08:03,320 --> 00:08:06,800 Speaker 1: to sixty of sales at all grocery stores and comedian 137 00:08:06,840 --> 00:08:10,360 Speaker 1: stores or cash, and uh for ten dollars or less. 138 00:08:10,400 --> 00:08:14,440 Speaker 1: About half of all transactions period in the US are 139 00:08:14,480 --> 00:08:17,040 Speaker 1: paid in cash if they're ten dollars or less. Yes. 140 00:08:17,720 --> 00:08:20,320 Speaker 1: And also, I mean there's a plenty of like gas 141 00:08:20,360 --> 00:08:22,640 Speaker 1: stations and convenience stores out there that have us a 142 00:08:22,680 --> 00:08:26,360 Speaker 1: longstanding policy that you know, nothing under five dollars or 143 00:08:26,400 --> 00:08:28,600 Speaker 1: three dollars or whatever can be put on a card 144 00:08:28,880 --> 00:08:31,560 Speaker 1: because as credit cards piece can can really add up 145 00:08:31,600 --> 00:08:34,920 Speaker 1: for a store like that. Um So now they have 146 00:08:34,960 --> 00:08:36,800 Speaker 1: no choice. If they don't have change to give out, 147 00:08:36,840 --> 00:08:39,320 Speaker 1: they have to take that credit card payment. So that's 148 00:08:39,400 --> 00:08:43,680 Speaker 1: dending their bottom line to the little um small business 149 00:08:43,720 --> 00:08:47,520 Speaker 1: owners as well. It's just a huge cluster that needs 150 00:08:47,520 --> 00:08:50,680 Speaker 1: to be fixed, Chuck. Yeah, and the fixed sort of 151 00:08:50,720 --> 00:08:53,360 Speaker 1: there isn't a real fix right now because everything that's 152 00:08:53,400 --> 00:08:57,640 Speaker 1: going on. You can't just put some artificial You can't 153 00:08:57,640 --> 00:08:59,559 Speaker 1: just like flood the market with coins because the problem 154 00:08:59,600 --> 00:09:01,720 Speaker 1: is they're not flowing anyway. It's not that they aren't there. 155 00:09:02,360 --> 00:09:06,760 Speaker 1: So the real solution is just eventually things will slowly 156 00:09:06,800 --> 00:09:09,560 Speaker 1: return to normal as far as coin circulation goes, just 157 00:09:09,600 --> 00:09:13,360 Speaker 1: like everything else returning to normal. Um. But they are 158 00:09:13,440 --> 00:09:17,080 Speaker 1: ramping up production of coins because they, I guess heard 159 00:09:17,280 --> 00:09:19,280 Speaker 1: the letter and they don't want to short change the 160 00:09:19,280 --> 00:09:22,360 Speaker 1: banks at least, and I think the usual is a 161 00:09:22,400 --> 00:09:25,719 Speaker 1: billion coins a month. They're now producing one point two 162 00:09:25,720 --> 00:09:28,320 Speaker 1: billion coins a month at least in June, and then 163 00:09:28,800 --> 00:09:30,720 Speaker 1: one point three five billion a month for the rest 164 00:09:30,720 --> 00:09:33,760 Speaker 1: of the year. Yeah, which I mean that's a substantial 165 00:09:33,760 --> 00:09:37,680 Speaker 1: increase for sure. Yeah, um, because yeah that we're talking 166 00:09:37,679 --> 00:09:41,199 Speaker 1: about three hundred and fifty million additional coins a month 167 00:09:41,640 --> 00:09:44,880 Speaker 1: for the rest of that's a huge uptick, so they're 168 00:09:44,880 --> 00:09:49,640 Speaker 1: definitely responding, But it seems like what everybody's saying is, hey, 169 00:09:49,840 --> 00:09:52,920 Speaker 1: you with the coin jar and you're cupboard, like you're 170 00:09:53,080 --> 00:09:55,720 Speaker 1: you're the problem, Like go take your coin jar to 171 00:09:55,760 --> 00:09:59,080 Speaker 1: the coin star. I think they um the FED actually 172 00:09:59,120 --> 00:10:02,199 Speaker 1: specifically aimed coin star as a place where you should 173 00:10:02,200 --> 00:10:05,520 Speaker 1: take your coins and trade them in for a gift 174 00:10:05,520 --> 00:10:08,000 Speaker 1: card or some cash or something like that. Or if 175 00:10:08,000 --> 00:10:11,360 Speaker 1: you don't want to pay whatever fee coin star um charges, 176 00:10:11,600 --> 00:10:13,680 Speaker 1: you can actually go into the bank take your coins. 177 00:10:13,720 --> 00:10:15,480 Speaker 1: They will be happy to see you for the first 178 00:10:15,520 --> 00:10:18,880 Speaker 1: time in their entire banking history showing up with a 179 00:10:18,960 --> 00:10:20,720 Speaker 1: jar full of coins, being like, can I have this 180 00:10:20,800 --> 00:10:23,640 Speaker 1: in exchange for some bills UM? That will help get 181 00:10:23,640 --> 00:10:25,960 Speaker 1: it back into circulation as well. Or you could just 182 00:10:26,000 --> 00:10:30,440 Speaker 1: start spending them like pay in coins um out of 183 00:10:30,480 --> 00:10:32,960 Speaker 1: your your coin jar that you have at home, reintroduce 184 00:10:33,040 --> 00:10:35,319 Speaker 1: it into the economy, in fact, is another way to 185 00:10:35,360 --> 00:10:38,160 Speaker 1: put it. Yeah, I can't remember when we talked about this, 186 00:10:38,200 --> 00:10:41,839 Speaker 1: but we talked about coins before and taking into the 187 00:10:41,880 --> 00:10:44,199 Speaker 1: bank and the fact that Emily and I when we 188 00:10:44,200 --> 00:10:48,200 Speaker 1: were first together and just broke as you could imagine, 189 00:10:48,200 --> 00:10:51,000 Speaker 1: would go on change dates, because we would go to 190 00:10:51,040 --> 00:10:53,560 Speaker 1: that coin star machine and dump them in there. And 191 00:10:53,600 --> 00:10:56,080 Speaker 1: I think that's when you said that you didn't do 192 00:10:56,160 --> 00:10:59,120 Speaker 1: coin star because of the fee. If I'm not mistaking, 193 00:10:59,800 --> 00:11:02,640 Speaker 1: the sounds like something I would say, Yeah, it was 194 00:11:02,679 --> 00:11:06,240 Speaker 1: a long time ago though, yeah, well still the same. 195 00:11:06,880 --> 00:11:10,439 Speaker 1: It's it'll be etched on my tombstone. He wouldn't pay 196 00:11:10,480 --> 00:11:14,800 Speaker 1: the fee. Um, So you can do something by spending coins. 197 00:11:14,840 --> 00:11:17,839 Speaker 1: That's a big one. Um. And there's actually a hashtag 198 00:11:17,920 --> 00:11:20,600 Speaker 1: that this coin task force that got put together came 199 00:11:20,679 --> 00:11:26,280 Speaker 1: up with called get coin Moving, not even coins, get 200 00:11:26,360 --> 00:11:31,880 Speaker 1: coin Moving, brick love lamp. It's it's pretty bad. Um. 201 00:11:31,960 --> 00:11:34,280 Speaker 1: And here's a little tidbit for you to chew on 202 00:11:34,320 --> 00:11:37,000 Speaker 1: while you're going through your coin jar um, trying to 203 00:11:37,040 --> 00:11:39,560 Speaker 1: figure out what you're gonna buy first with it. A 204 00:11:39,600 --> 00:11:42,400 Speaker 1: coin in the United States remains in circulation for up 205 00:11:42,480 --> 00:11:46,040 Speaker 1: to thirty years, So all those coins that are pumping 206 00:11:46,080 --> 00:11:49,120 Speaker 1: full of the economy with they're going to be around 207 00:11:49,120 --> 00:11:51,360 Speaker 1: for a while, whereas the paper bills that we have 208 00:11:51,800 --> 00:11:55,120 Speaker 1: usually only last about a year and a half. Wow, 209 00:11:56,240 --> 00:11:58,880 Speaker 1: that's it for sure, stuff, chuck, don't you think I 210 00:11:58,960 --> 00:12:06,199 Speaker 1: think so? Well? The short Stuff says everybody Giddeah. Stuff 211 00:12:06,240 --> 00:12:08,200 Speaker 1: You Should Know is a production of I heart Radio's 212 00:12:08,200 --> 00:12:10,920 Speaker 1: How Stuff Works. For more podcasts for my heart Radio, 213 00:12:11,040 --> 00:12:13,880 Speaker 1: visit the iHeart Radio app, Apple Podcasts, or wherever you 214 00:12:13,920 --> 00:12:18,079 Speaker 1: listen to your favorite shows. H