The news is reporting that since fewer people are shopping and going out to eat and drink, there are fewer coins in circulation. The pandemic has also disrupted production at the U.S. Mint and has retailers, restaurants and banks in search of coins bearing Lincoln, Jefferson, FDR and Washington.
Silver shoots above twenty dollars an ounce.
1st American Reserve celebrated the upward movement of silver during these trying times. While I was writing this short entry silver was hovering at $21.35 which is a seven percent move upward from the previous day. Just yesterday we posted an article which was writen last year in late July predicting this event in silver price movement and we are proud to see it now happening. Another interesting event regarding coins talked about in the news lately is the lack of coins.
The shortage adds another obstacle for businesses on top of mask requirements, the installation of clear plastic shields at checkouts, the sanitizing of carts, the addition or increase of outdoor dining space and the explosion of curbside pickup, online orders and delivery.
Some cash businesses,are posting signs that read, "Bring in your change and you'll get a free beverage, or "I'm sorry, but we might not be able to make proper change. " These are trying times. Some banks are actually paying extra if you bring them change.
On Wednesday, the Community State Bank in Wisconsin launched a Coin Buy Back Program offering a $5 bonus for every $100 worth of coins turned in to any of its seven locations.There is however, a maximum coin bonus of $500 per person.
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