Coin shortage
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33 members have voted
Quote: mcallister3200Several casinos are offering xx% free play premium over base amount for coins.
Can you name some, please.
The Rampart but only between the hours of 3 a.m. - 4 a.m.Quote: WizardCan you name some, please.
I haven’t really been paying attention since I have no coins to offer. Plus, being in NJ, my options are limited.Quote: WizardCan you name some, please.
But I do know that the D is offering SWAG for quarters needed for the Sigma Derby machine. I believe El Cortez is offering bonus free play. Maybe other locations as well.
End this dumb idea that a dollar should be broken into hundredths instead of tenths. Have only a $0.1 coin, a $0.5, and a $1 coin and there would not be a "shortage". And even after the shortage ends, every one of us who engage in transactions that use cash and involve fractional amounts will continue to be better off through shorter transaction times.
$.99
$1.09
$1.79
$1.99
That will eliminate the coin shortage.
Quote: ChumpChangeThe sales tax alone is reason not to abolish the penny. But nickel gumballs are now a quarter.
In Las Vegas, sales tax is an added $0.0838 for every $1 in sales. That meas the sales tax can add something that requires the dollar to be broken down to the one-millionths place of a dollar, while the penny only breaks the dollar down to hundredths. There is no problem using sales tax to break down the dollar into smaller units than our currency does. There is no reason sales tax would have to change (pun noted) if we stopped using pennies.
Quote: AlanMendelsonThe solution is a new series of paper currency. For example these new notes:
$.99
$1.09
$1.79
$1.99
That will eliminate the coin shortage.
That would do nothing. The sales tax rate is different everywhere.
ZCore13
When did Canada get rid of the penny?
February 4, 2013
The final penny was minted at the RCM's Winnipeg, Manitoba plant on the morning of May 4, 2012. Existing pennies will remain legal tender indefinitely; however, pennies were withdrawn from circulation on February 4, 2013. Only pennies produced in 1982 or later are still legally "Circulation Coins".
Penny supporters point out that that if pennies are eliminated, all cash transactions will have to be rounded off to the nearest nickel. According to Americans for Common Cents, this will lead to a “rounding tax,” as stores manipulate their prices to ensure that transactions are always rounded up instead of down.
Quote: Zcore13That would do nothing. The sales tax rate is different everywhere.
ZCore13
Darn it. I've got to work on my comedy writing.
You buy a beer for $5.25. They take $6 from you, and then give you a card with .75 cents.
You buy another beer at $5.25 and give them a fiver along with your card that had .75 cents, which after the transaction would be .50 cents.
You could have as many cards as you like but a card could never go over 99 cents and you could use up to 2 cards in one transaction, (both of these to reduce theft/scams/etc).
If you could use existing card readers it wouldn't even need a lot of infrastructure. Of course, somebody is probably gonna want to make $$ on it.
Quote: AlanMendelsonDarn it. I've got to work on my comedy writing.
That's for sure.
ZCore13
You’re showing your lack of age.Quote: ChumpChangeBut nickel gumballs are now a quarter.
In my day, THOSE were a penny.
And the premium Good Humor item from the ice cream truck was a quarter. Those are now $3.50!
There's a shortage of $50 bills in Canada after pandemic hoarding - BNN Bloomberg
https://www.bnnbloomberg.ca/there-s-a-shortage-of-50-bills-in-canada-because-people-hoarded-them-at-the-start-of-the-pandemic-1.1462381
Quote: AlanMendelsonThe solution is a new series of paper currency. For example these new notes:
$.99
$1.09
$1.79
$1.99
That will eliminate the coin shortage.
Are you trying to sound funny or are you trying to sound intelligent?
When paying the borough their vig, just take total sales and multiply by the appropriate rate for that jurisdiction.
Quote: ChumpChange
Penny supporters point out that that if pennies are eliminated, all cash transactions will have to be rounded off to the nearest nickel. According to Americans for Common Cents, this will lead to a “rounding tax,” as stores manipulate their prices to ensure that transactions are always rounded up instead of down.
It would not be easy or worth the trouble. Buy multiple items and the tax could work in the buyers favor. Pay electronically and no tax.
Quote: ChumpChangeFood isn't taxable until you get to the fast food drive-thru, or the candy & soda section.
Food being taxed is very complicated. In some states if you buy a slice of pie in a supermarket it's taxable, but if you buy a whole pie there's no tax.
The same may be true in a restaurant take out. The slice is taxed, the whole pie is not.
If I recall New Jersey does not tax clothing until the garment reaches a luxury threshold. So a wool jacket is not taxed but a fur jacket is taxed. (I'm saying this based on the law 30 years ago.)
If you went shopping and bought eight pairs of pants for $110, there was no tax, but buy a single pair of pants for $110 and you owed sales tax.
That was a generation or more ago. Then they introduced the so-called "hot dog tax" which made all food and candy taxable.
Quote: billryanNY used to start taxes on food at a dollar so if you bought a fifty-cent hot dog, there was no tax, but buy two fifty-cent hotdogs and you paid $1.05 for it.
If you went shopping and bought eight pairs of pants for $110, there was no tax, but buy a single pair of pants for $110 and you owed sales tax.
That was a generation or more ago. Then they introduced the so-called "hot dog tax" which made all food and candy taxable.
Not disputing the law but in all my years in NYC I never saw a hot dog stand add up the total purchased and then ask for tax.
Especially when they were fifty cents they would have gotten laughed at asking for $1.05
Either they don't report properly (it's a cash business) or they just include the tax in the price.
Today the average cost from a hot dog vendor is $2 for dogs and $2.75 for sausage.
Prices vary especially by location
Quote: DRichIn Nevada prepared food is taxed. Groceries at the market are not taxed unless you are buying prepared food, all restaurants do tax because the food is prepared.
There was a non-profit Mexican place that opened in Henderson who claimed they didn't have to charge sales tax. They got in a dispute almost immediately and closed after about a month. The food was pretty bad so that might have been a factor.
Quote: billryanThere was a non-profit Mexican place that opened in Henderson who claimed they didn't have to charge sales tax. They got in a dispute almost immediately and closed after about a month. The food was pretty bad so that might have been a factor.
Don't know about NV, but in NY non-profits don't have to pay sales tax on things they purchase, but they do have to collect it on things they sell.
Quote: AlanMendelsonIf I recall New Jersey does not tax clothing until the garment reaches a luxury threshold. So a wool jacket is not taxed but a fur jacket is taxed. (I'm saying this based on the law 30 years ago.)
In New Jersey a tank top t-shit is a luxury garment.
Quote: ChumpChangeFood isn't taxable until you get to the fast food drive-thru, or the candy & soda section.
You do know that varies by state, right?
Quote: Zcore13There was a bank in Az offering 110% on change exchange for their account holders. They said they have to pay to get change from the Federal Reserve, so why not pay their customers for it.
ZCore13
Chase Bank in NY was doing a similar deal but not at my local Chase. Some banks want the change but some want it rolled first; some will still allow loose but then they send it in and make your deposit as soon as they count it.
But wouldn't the cashier get suspicious if someone showed up with a dozen or more of those tickets? Also would the time waiting in line and then waiting for each ticket to be scanned & verified worth a dollar or two at most?
Quote: BedWetterBetterSaw a number of "Take to Cashier" receipts on the ticket redemption at my local gambling hole last night. I'm sure somebody will gobble them and take it for a tiny payday.
But wouldn't the cashier get suspicious if someone showed up with a dozen or more of those tickets? Also would the time waiting in line and then waiting for each ticket to be scanned & verified worth a dollar or two at most?
Seeing how most people play negative expectation games, the more time they spend on lines, the slower they lose their money.
YES!Quote: BedWetterBetter... Also would the time waiting in line and then waiting for each ticket to be scanned & verified worth a dollar or two at most?
No offense, but you obviously don’t understand the mentality of some people out there.
For example, Mohegan Sun used to (still does?) have a bank of machines that are 1/4¢. That’s right. A quarter of one cent per credit.
When you cashed out, the odd credits were left on the machine. And they were people hovering and vulturing those fractional cents.
You really think people won’t be hunting for those uncashed under a dollar tickets? Think again.
Quote: AlanMendelsonThe solution is a new series of paper currency. For example these new notes:
$.99
$1.09
$1.79
$1.99
That will eliminate the coin shortage.
What about sales tax?
Quote: BedWetterBetterSaw a number of "Take to Cashier" receipts on the ticket redemption at my local gambling hole last night. I'm sure somebody will gobble them and take it for a tiny payday.
But wouldn't the cashier get suspicious if someone showed up with a dozen or more of those tickets? Also would the time waiting in line and then waiting for each ticket to be scanned & verified worth a dollar or two at most?
Absolutely not. Most people hold onto them until they have a bundle before walking up to the cashier, and many people give the tickets away to strangers. I'd want to just assume the average ticket value is $.50, unless people play a bit differently, intentionally cashing out when under $.50(since many machines have $.50 minimum bets). They'll add up fast. The time waiting can add up as well, they're just using calculators where I'm familiar with and it takes a few seconds per ticket. This is not AP though, it's scumbag territory even thinking about the riches of collecting tickets.
‘Scumbag’ is a bit harsh.Quote: onenickelmiracleThis is not AP though, it's scumbag territory even thinking about the riches of collecting tickets.
For many, it’s just found money. For others, it’s better than panhandling.
This was maybe 15 years ago, but my Coke bottle bank was full after 25 or so years of tossing in my loose change, so I took it to a Coinstar. At the time, the commission was 7%, but they had the same deal for Amazon. You could get Amazon GC's without a commission.Quote: JohnnyQI didn't read all umpteen pages, but I take my coins to the Coinstar machine at the grocery store and get a voucher for Lowe's. No commission that way.
I ended up cashing in a little over $1,300. I was able to do all my Christmas shopping plus buy myself a nice laptop, all with my 'loose change!'
These days, my bank (credit union, actually) has a coin machine with no commission.
My favorite part about depositing the coins is seeing what the machine rejects -- usually foreign coins, but sometimes a silver quarter/dime, and of course, the occasional 80's arcade game token!
Quote: DJTeddyBear‘Scumbag’ is a bit harsh.
For many, it’s just found money. For others, it’s better than panhandling.
Finding lost tickets is probably the one thing both casinos and AP's concur in their attitude.
Finding money in machines isn't AP because it's not gambling. Just finding stuff.
If it's a few pennies most likely the player just was upset and didn't want to take the time cashing it in
But when people leave behind money accidentally another person grabbing it is close to stealing because often the player remembers later and the casino can use their cameras sometimes to help locate a person who left it behind
AP's are about making money from casinos, not the individual players.
This is of course where people start saying BS what about Ultimate X multipliers and other vulturing.
Firstly those are the way the game is designed.
Secondly, the vulture is still adding his own money, risking his own money and gambling.
If you can't see the difference between vulturing and lost slot tickets hustling I don't know what to tell you
https://www.belterracasino.com/whats-new/promotions/coin-exchange
https://wizardofvegas.com/forum/gaming-business/boyd-gaming/33688-big-time-boyd-belterra-bullsh-t/
I shared my thoughts with the Indiana Gaming Commission regarding the situation in the 2nd link. They were about as helpful as I thought they would be, JUST NOT TO THE ATTENDEES, but to Belterra.
And after all that, I still sortof like going there. I just wish they were willing to own up to their screw-ups and ATTEMPT to make it right.
Quote: JohnnyQI didn't read all umpteen pages, but I take my coins to the Coinstar machine at the grocery store and get a voucher for Lowe's. No commission that way.
At Wegmans, if you get a Wegmans gift certificate, there is no charge. Essentially the same as cash. My bank will let me bring in a bucket of coins and they put it through an automatic counter and give me bills. I think it is possible that only 'select' customers can do this. That means I have a bunch of money sitting in their checking account earning 0.01% interest....
Quote: DJTeddyBear‘Scumbag’ is a bit harsh.
For many, it’s just found money. For others, it’s better than panhandling.
For the casino & security, it's considered Theft. Yes, THEFT!
I saw a guy at this very same casino where I saw the pile of receipts going from machine to machine and cashing out all the left over credits in machines. That is until security confronted him and confiscated all the tickets he had on him. I overheard them say, "If you don't surrender the slot vouchers you will be charged with theft!"
While I don't agree with that logic at all, it is of course the casino's discretion what constitutes a crime on their property.
So again, it may not be worth all that time and possible banishment for a dozen tickets worth $1.39 total! Not to me at least.
Quote: BedWetterBetterFor the casino & security, it's considered Theft. Yes, THEFT!
I saw a guy at this very same casino where I saw the pile of receipts going from machine to machine and cashing out all the left over credits in machines. That is until security confronted him and confiscated all the tickets he had on him. I overheard them say, "If you don't surrender the slot vouchers you will be charged with theft!"
While I don't agree with that logic at all, it is of course the casino's discretion what constitutes a crime on their property.
So again, it may not be worth all that time and possible banishment for a dozen tickets worth $1.39 total! Not to me at least.
It's actually not the casinos discretion to decide what's a crime. That's determined by state laws.
But most state laws and gaming regulations do have some wording about it.
I'm not familiar with them all but NYS for example specifically has wording by the gaming commission that abandoned credits are the property of the casino. I have seen it posted on front entrances to warn people who are prone to think otherwise
Quote: billryanCredits in a machine definitely belong to the casino in most jurisdictions, but I'm not sure that applies to tickets that someone cashed out and then abandoned. If I leave a voucher as a tip, it isn't theft for the person to cash it. If I leave it somewhere with the expectation somebody will use it, how does it belong to the casino?
I agree but NYS regulations if I remember correctly state it is the vouchers that remain property of the casino.
Theoretically if a voucher belongs to whoever's name is on it well the casinos name is on it
Quote: Viper21I'm sure it varies per state and jurisdictions but wasn't there a case with an old lady who cashed out a abandoned nickel voucher and was then backroomed and she sued and got $600,000. Then in that case it set the precedent that taking abandoned vouchers from machines wasn't theft. Also i thought I heard abandoned vouchers go to the state.
It does vary by jurisdiction. Colorado VERY actively enforces this and, technically, you could not take any money that does not belong to you in a Pennsylvania casino---whether that be credit, voucher, chip or cash. I've not heard much in the way of PA actually enforcing it from a legal standpoint, (as in, prosecuting) but Colorado definitely does/has.
Here's an article I wrote about it:
https://wizardofvegas.com/articles/know-the-laws-part-II/
Good to know if things don't go well on some trip and I have to buy a bus ticket home.....Quote: WizardAs an update, I returned to the Red Rock today with my 50-cent voucher from August 26. They honored it at the cage without fuss.
hehehe
I found another ziploc bag of coins at home, so next time I am out about I will put 'em back in circulation at Coinstar, and then go buy something with the voucher at Lowe's.
