TITOs and the Change Shortage
A few years ago, a kid in my neighborhood started a penny drive to buy bulletproof vests for police dogs. The idea didn't start with him, but he adopted the project to help him achieve his Eagle Scout merit badge, or something like that. There were flyers put out and distributed door to door and on the announced date a couple of little leaguers, in uniforms, knocked on our door. It was an incredible success. Channel 12, our local cable news channel did a story on him and how they raised much more than they anticipated but now they were looking for volunteers to help roll all the change. The next day they did a follow-up and announced two local banks had agreed to waive their usual rules and would be accepting the coins unrolled. I forget the amount he raised but it was in the high thousands,.
Americans are, by nature, generous and I believe if this horrific example of casino patrons having to stand on two different lines were to be publicized, they would empty their junk drawers and change bottles and this national nightmare can be put in the rearview mirror.
Quote: JoemanI guess I'm spoiled. My bank (credit union, actually) will let anyone with an account to deposit loose coins into their account at no charge. They have a counting machine out in the lobby, and it is self-serve. It spits out a voucher that you then take to the teller. I used it a few years ago when my Coke bottle bank was getting full. I got just under $1,000.
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Same as my credit union.
Now with the casinos not dispensing the coins it’s either keep tickets until it’s an amount pennies above a dollar, play it to that amount, or when the cashier line is nearly empty hopefully combined with a chip cashout. Do I need the change? No, giving a casinos’ bottom line anything extra is simply an ethics issue for me.
Quote: billryanHow hard is it to look at your credits and play it down to an even dollar amount?
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I mean that would be pretty difficult. What I’m talking about is if I have .68 or something I’ll take a spin on a 0.60 minimum machine or something.
Quote: ChesterDogQuote: WizardQuote: 3for3The Southpoint, and otherwise player friendly casino, doesn't even give you a ticket back. It just rounds down to the nearest dollar.
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Really? Can anyone else confirm this? I normally speak very highly of the South Point, but they would lose some of my respect if they were doing this.
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In Harrah's, Caesars, and Tropicana in Atlantic City, there are signs on the redemption machines about the coin shortage. Many new players don't read the signs and don't know to wait for the receipts for their missing coins, so they think they have been robbed.
Regarding rounding down, for at least a week Borgata was rounding up. For example, a voucher for $4.25 would get $5.00 from a redemption machine in Borgata.
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It's against Federal Reserve rules to round down. Businesses that cant make proper change are required to round up.
Quote: AlanMendelsonQuote: ChesterDogQuote: WizardQuote: 3for3The Southpoint, and otherwise player friendly casino, doesn't even give you a ticket back. It just rounds down to the nearest dollar.
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Really? Can anyone else confirm this? I normally speak very highly of the South Point, but they would lose some of my respect if they were doing this.
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In Harrah's, Caesars, and Tropicana in Atlantic City, there are signs on the redemption machines about the coin shortage. Many new players don't read the signs and don't know to wait for the receipts for their missing coins, so they think they have been robbed.
Regarding rounding down, for at least a week Borgata was rounding up. For example, a voucher for $4.25 would get $5.00 from a redemption machine in Borgata.
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It's against Federal Reserve rules to round down. Businesses that cant make proper change are required to round up.
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That's the law in NY. I didn't know it was a Federal regulation.
Quote: billryanJust as our President released some oil from the national reserve, it is time for all good Americans to sacrifice a bit and turn in their spare change. Stop hoarding it.
No, you can't make me!
I've "hoarded" all my spare change for more than thirty years and it pretty much fills up a good-sized storage container.
When the zombie apocalypse finally arrives at least I'll have all the change I need to buy my freedom: zombies like spare change, I see them begging for it all the time on freeway offramps.
Players who like to cash tickets frequently may like this, because they won't have a pocket full of coins.
Slot managers may like this, because people will not have pockets full of change that no machines accept.
Cage managers may like this, because they don't have to keep all the kiosks full of coins, just a few.
Everyone will probably like not waiting in line at the cage over a 47 cent ticket.
Getting those coins back has been difficult.
"Our first coin order that we did after reopening, in July, we ordered $30,000 in quarters," El Cortez manager Adam Wiesberg told the newspaper. "When the Brinks people came, they brought us just $500 in quarters. That's when we realized firsthand that there was a coin issue. We're fortunate we kept that $30,000."
Sept. 9, 2020
https://www.nbcnews.com/business/business-news/casinos-are-getting-creative-combat-coin-shortage-n1239643
El Cortez is one of the last Las Vegas casinos to have coin slot machines
July 15, 2019
https://abc7.com/las-vegas-casino-destination-gambling-in-best-casinos/5397543/
Quote: ChumpChangeBefore the pandemic, El Cortez had $120,000 in nickels, quarters, 50-cent pieces and dollar coins. After the casino shut down in March, it deposited all but $30,000 worth of coins at the bank, according to the Las Vegas Sun.
Getting those coins back has been difficult.
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I believe in the free market. If their coin shortage was so desperate, they would buy coins from the public above face value. Have they done that? I rest my case.
If ElCo did that, they'd need to replace the carpet between the coin droppers and the cage within a week.Quote: WizardQuote: ChumpChangeBefore the pandemic, El Cortez had $120,000 in nickels, quarters, 50-cent pieces and dollar coins. After the casino shut down in March, it deposited all but $30,000 worth of coins at the bank, according to the Las Vegas Sun.
Getting those coins back has been difficult.
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I believe in the free market. If their coin shortage was so desperate, they would buy coins from the public above face value. Have they done that? I rest my case.
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Before the pandemic, the food court at a large mall was doing away with most cash registers and requiring payment in plastic or by phone. The local BJ's has a dozen self serve lines that require plastic, and only one lane open with a checkout clerk who may or may not take cash.
If banks are only gonna fill 1% of a businesses' coin needs in a given week, cash won't work. If banks aren't gonna do business because the Fed won't send the coin in the first place, the banks become redundantly useless and close.
Quote: MrVQuote: billryanJust as our President released some oil from the national reserve, it is time for all good Americans to sacrifice a bit and turn in their spare change. Stop hoarding it.
No, you can't make me!
I've "hoarded" all my spare change for more than thirty years and it pretty much fills up a good-sized storage container.
When the zombie apocalypse finally arrives at least I'll have all the change I need to buy my freedom: zombies like spare change, I see them begging for it all the time on freeway offramps.
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I had a coworker who kept the 50¢ coins out of her tips each night and had just about filled a Culligan bottle with them. Someone broke into her house and took it.
Quote: JohnnyQCitizen Soopoo:
America thanks you !
- JohnnyQ ( aka Jerome Powell )
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Well…. at Wegmans to buy the stupid cranberry mold, stopped with my heavy bag of coins, and…. No option other than pay 11.9%! I hadn’t used the machine in years so it is a different one now! No way I pay that fee! I will go to the bank on Friday!
Was it a COINSTAR brand machine ? Our local one had the LOWES Voucher No Fee option.Quote: SOOPOONo option other than pay 11.9%! I hadn’t used the machine in years so it is a different one now! No way I pay that fee!
Quote: JohnnyQWas it a COINSTAR brand machine ? Our local one had the LOWES Voucher No Fee option.Quote: SOOPOONo option other than pay 11.9%! I hadn’t used the machine in years so it is a different one now! No way I pay that fee!
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I am not sure. But as I said, last time I did it at Wegmans the machine had a bunch of options that did not charge a fee.
Quote: SOOPOOQuote: JohnnyQCitizen Soopoo:
America thanks you !
- JohnnyQ ( aka Jerome Powell )
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Well…. at Wegmans to buy the stupid cranberry mold, stopped with my heavy bag of coins, and…. No option other than pay 11.9%! I hadn’t used the machine in years so it is a different one now! No way I pay that fee! I will go to the bank on Friday!
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Before moving I went to Wells Fargo to redeem all of my coins. They no longer accepts coins unless they are rolled. They used to take your coins and send them off to their central location to be counted and deposited in your account a few days later.
That was happening a while back ago, I don't know any place in Vegas that was doing it, but guys did really well out of state, the premiums were fairly significant. I suggest being a bad citizen hoarding your coins hoping for the next good opportunity.Quote: WizardQuote: Viper21Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
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Are any Vegas casinos offering this? I have about $1,000 in change.
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I think El C was once of the casinos that offered premiums and/or extra percentage. But that was last year. They’re not so desperate today.Quote: WizardI believe in the free market. If their coin shortage was so desperate, they would buy coins from the public above face value. Have they done that? I rest my case.
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Quote: AxelWolfThat was happening a while back ago, I don't know any place in Vegas that was doing it, but guys did really well out of state, the premiums were fairly significant. I suggest being a bad citizen hoarding your coins hoping for the next good opportunity.Quote: WizardQuote: Viper21Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
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Are any Vegas casinos offering this? I have about $1,000 in change.
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Can you give examples of the premiums? I know the local Burger King was giving a free Whopper for bringing in $10 of rolled coin, but nothing worth keeping your money fallow for a few years waiting for another opportunity, especially as we are shifting to a cashless economy so quickly.
People in Europe are constantly finding huge hordes of coins their parents and grandparents saved that are now worthless since the switch to the Euro.
A few years ago, I started a real effort to get rid of my change once I discovered the local bank no longer has a free redemption machine.Quote: AxelWolfI suggest being a bad citizen hoarding your coins hoping for the next good opportunity.
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I managed to spend nearly a two gallon jug of change. I had less than a cup left when the shortage and premium redemptions began. 🤬
It's been a while and I was caught up doing other stuff, so I didn't get around to it, but it was good enough that I had a trip planned with a few leads on a nice supply of quarters. Viper probably knows more regarding the deals, details and percentages. IIRC Upwards of 25% with a few hundred limit. I think Riggs/Dux did well.Quote: billryanQuote: AxelWolfThat was happening a while back ago, I don't know any place in Vegas that was doing it, but guys did really well out of state, the premiums were fairly significant. I suggest being a bad citizen hoarding your coins hoping for the next good opportunity.Quote: WizardQuote: Viper21Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
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Are any Vegas casinos offering this? I have about $1,000 in change.
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Can you give examples of the premiums? I know the local Burger King was giving a free Whopper for bringing in $10 of rolled coin, but nothing worth keeping your money fallow for a few years waiting for another opportunity, especially as we are shifting to a cashless economy so quickly.
People in Europe are constantly finding huge hordes of coins their parents and grandparents saved that are now worthless since the switch to the Euro.
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CITIZEN DJTB:Quote: DJTeddyBearI managed to spend nearly a two gallon jug of change. I had less than a cup left when the shortage and premium redemptions began. 🤬
Well done !
I had part of a quart sized zip-loc bag of coins and when I redeemed them at Coinstar, it was about $ 90. 2 gallons of coins must have taken a while to spend down. I think I had a normal-ish distribution of pennies, nickels, dimes, and quarters.
Oh, the good ol' days in Vegas. The first time I hit 4 deuces years ago was a coin-pay somewhere down the Strip, perhaps at the TROP but I'm not sure, so that was 1000 quarters. They had to come over to do a re-fill, open the "hood" and pour in a small burlap bag or two of quarters. Woot woot.
It always gives me bad vibes when a billion dollar corporation ask customers to donate to charity. If it means that much to them, let the executives and share holders donate profits.
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Last time I turned in my coins was when the casinos were closed in 2020. Rolled them and deposited about $200 at the bank. Think I have more than that now. I don't care about getting a premium for it, I just don't want to be charged a fee. Anyone know any places in Las Vegas where I can do that? Would even open an account at any bank that lets me deposit them.
Quote: AlanMendelsonAt Suncoast I just cashed a ticket for $20.75 and the 75 cents came out as nickels.
I wonder if nickels was the only denomination coin in the redemption machine. If so, that would suggest the coin shortage continues today.
Quote: TomGAlmost impossible to have a shortage of coins. Very possible to have a problem with circulation. In the case of ticket redemption, it is mostly a matter of not wanting to spend the money keeping the entire floor stocked with them. Cheaper to keep only the cage stocked. Very tacky, especially when Bellagio doesn't give coins at the redemption machines, but Jerry's Nugget does.
It always gives me bad vibes when a billion dollar corporation ask customers to donate to charity. If it means that much to them, let the executives and share holders donate profits.
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Last time I turned in my coins was when the casinos were closed in 2020. Rolled them and deposited about $200 at the bank. Think I have more than that now. I don't care about getting a premium for it, I just don't want to be charged a fee. Anyone know any places in Las Vegas where I can do that? Would even open an account at any bank that lets me deposit them.
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Any Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
Quote: billryanAny Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
How about without rolling them?
Quote: TomGAlmost impossible to have a shortage of coins. Very possible to have a problem with circulation. In the case of ticket redemption, it is mostly a matter of not wanting to spend the money keeping the entire floor stocked with them. Cheaper to keep only the cage stocked. Very tacky, especially when Bellagio doesn't give coins at the redemption machines, but Jerry's Nugget does.
It always gives me bad vibes when a billion dollar corporation ask customers to donate to charity. If it means that much to them, let the executives and share holders donate profits.
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Last time I turned in my coins was when the casinos were closed in 2020. Rolled them and deposited about $200 at the bank. Think I have more than that now. I don't care about getting a premium for it, I just don't want to be charged a fee. Anyone know any places in Las Vegas where I can do that? Would even open an account at any bank that lets me deposit them.
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Any Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
Prior to 1999, very few collectors collected US Quarters. Since then, each quarter released in a limited edition collector's item and many people are saving them under the impression they will be worth more in the future.
A few years ago, a Mint survey indicated over a third of all pennies are circulated less than three times before they end up in someone's drawer. The Presidential dollar coins are circulated even less. Many Americans aren't even aware we have a dollar coin that circulates.
Quote: TomGQuote: billryanAny Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
How about without rolling them?
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Wells was my only bank in Vegas. In NYC, my bank had a Coinstar, free for depositors. Perhaps Coinstar has a list of banks on its website.
Quote: TomGQuote: billryanAny Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
How about without rolling them?
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Wells was my only bank in Vegas. In NYC, my bank had a Coinstar, free for depositors. Perhaps Coinstar has a list of banks on its website.
Quote: TomGLast time I turned in my coins was when the casinos were closed in 2020. Rolled them and deposited about $200 at the bank. Think I have more than that now. I don't care about getting a premium for it, I just don't want to be charged a fee. Anyone know any places in Las Vegas where I can do that? Would even open an account at any bank that lets me deposit them.
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Suncoast Casino advertises free coin redemption.
No thank you, I now want a premium when I cash in my coins.Quote: AlanMendelsonQuote: TomGLast time I turned in my coins was when the casinos were closed in 2020. Rolled them and deposited about $200 at the bank. Think I have more than that now. I don't care about getting a premium for it, I just don't want to be charged a fee. Anyone know any places in Las Vegas where I can do that? Would even open an account at any bank that lets me deposit them.
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Suncoast Casino advertises free coin redemption.
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https://www.coinstar.com/findakiosk?SearchType=Address&SearchAddress=las+vegas%2C+nv&KioskId=#section-map
Albertsons
2885 East Desert Inn Rd
Las Vegas, NV 89121
Marketon
3736 E Desert Inn Rd
Las Vegas, NV 89121
Smith's
2540 S Maryland Pkwy
Las Vegas, NV 89109
Safeway
1155 E Twain Avenue
Las Vegas, NV 89109
Albertsons
1300 E Flamingo Rd
Las Vegas, NV 89109
Smart & Final
3750 E Flamingo Rd
Las Vegas, NV 89121
Boulder Station Hotel & Casino
4111 Boulder Hwy
Las Vegas, NV 89121
DETAILS
Smith's
3850 E Flamingo Rd
Las Vegas, NV 89121
Albertsons
1760 E Charleston Blvd
Las Vegas, NV 89104
Wal-Mart Supercenter
3075 East Tropicana
Las Vegas, NV 89044
DETAILS
Quote: TomGQuote: billryanAny Wells Fargo branch accepts rolled coins from depositors. They don't take them when you open an account but once you establish an account they take a couple hundred a day.
How about without rolling them?
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The Wells Fargo I went to last week would not accept them unless they were rolled. That is a change for them as they used to accept my water jug full of coins.
Semi-related (but didn’t want to start a new thread). In the Bahamas, the penny is apparently no longer legal tender. Transactions are rounded up or down to the nearest nickel.
Sign from Atlantis, by the cage.
Not sure how to rotate it.
Quote: unJon
Semi-related (but didn’t want to start a new thread). In the Bahamas, the penny is apparently no longer legal tender. Transactions are rounded up or down to the nearest nickel.
Sign from Atlantis, by the cage.
Not sure how to rotate it.
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Are they talking US coins or Bahamian cents?
The Bahama currency is strange in that a US Dollar =a Bahamian Dollar but then a strange ratio kicks in so $100 US=something like $100.50 B, and when you get up to $10,000 the difference is substantial.
I see the sign says both.
(dryer machine says 0.50 but most laundromats you need to pump a couple more In to adequately dry)
Quote: mcallister3200Having the misfortune of going to a laundromat on the road today, and the change machine was out of quarters. I don’t visit laundromats often but that’s the first time I’ve ever seen that. I’m holding you hoarders indirectly responsible if the two quarters I have left after wash don’t adequately dry my clothes!!!
(dryer machine says 0.50 but most laundromats you need to pump a couple more In to adequately dry)
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I had the same problem with an earlier nationwide coin shortage.
I was very pleased to notice a coin-op carwash across the street, got my change there, did laundry and played the coin-pusher for a while.
(Some coin pushers have integrated bill changers; sadly, this one did not.)
