CLA Connect Open Forum

Pennies and nickels and domes, oh my!

  • 1.  Pennies and nickels and domes, oh my!

    Posted 10-10-2018 18:45
    Edited by Larry Adamski 10-10-2018 19:56
    Guys,

    I am considering not accepting pennies, nickels and dimes in exchange for dollar coins.  A customer recently brought in 20 rolls of pennies and 5 rolls of nickels which the attendant exchanged as is current policy.  However, I feel some customers are taking advantage of this policy.

    Also pertinent is the fact that many customers may not have a bank account and therefore cannot exchange rolled coin at a bank.  If banks don't make these exchanges, should I make such an accommodation?

    Frankly, I think all these low value coins could be eliminated without undue hardship on anyone but I won't be holding my breath for that to happen.  Our government doesn't seem to care about upgrading our coinage system.  We already see businesses large and small taking steps to eliminate penny usage.  Can nickels be far behind?

    Anyway, I would like your comment on this.  Do you accept rolls of pennies in your laundromat (over the counter)?  If not, what do you tell the customer who arrives with those pennies?

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------


  • 2.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 19:46
    Larry,

    I totally agree. pennies, nickels & dimes could easily be removed from our economy with very little hardship to most people & businesses.

    Your post makes me think of that creepy feeling when you create a new message, end up with a typo in the headline, and there's not a darn thing you can do about it. lol.

    That is, unless you wanted to talk about domes.....oh my!

    ------------------------------
    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
    ------------------------------



  • 3.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 19:58
    Larry & Paulie,

    Do you HATE THE USA so much.

    Thats the beauty of good old usa......the DOLLAR STILL HAS VALUE,
    so does the Quater and dime and nickel and pennies. Yes some people drop loose change on floor and dont bother picking it up. Thats because they lazy and they are the ones who conplain dryer aint hott after 4mins.

    As a kid i went to medan, Indonesia...its been a while but i remember COKE was in thousands of rupiah....i said do whatttt. But i was kid
    meaning no value to their money ....
    Next go to India. Lets say ur total is $9.27 you pay them $10 and they dont give you .73 cents back. Basically by switching to LIKE DCO ON$1-$2-$5 denominations-rupees.  Money lost value.

    Next go to Somalia. When the truckers stop at a toll booth. They toll collector does not count but weighs the currency. You have to give 2-3 burlap bags of cash.... got it.

    BE GLAD YOU living in the USA.
    HEARD of March of DIMES, they started fund raising by collecting dimes and still do.
    Heard of school kid lemonade drive. They sell for a Quater.

    And as a retailer you cant refuse rolled coins its
    against FEDERAL MONETARY LAW,i believe  USC 98:324-1 VFR....on USA soil.

    Godfather

    ------------------------------
    ORIGINAL GODFATHER
    ------------------------------



  • 4.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 02:01
    Edited by Chris Mallam 10-11-2018 02:06
    And as a retailer you cant refuse rolled coins its
    against FEDERAL MONETARY LAW,i believe  USC 98:324-1 VFR....
    A business is free to develop any form of payment they desire according to the treasury.  A business does not have to accept cash or coin.  ...As long as no debt has occured.  Busses, card laundromats and Amazon for example do not accept pennies.

    ------------------------------
    Chris Mallam
    Norfolk VA
    ------------------------------



  • 5.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 19:49
    When I installed a change acceptor in my SC34, it was programmed to accept nickels, dimes and quarters.  It was a PITA to have to roll each denomination.  I figured out how to program it to accept just quarters now, but I still receive at least $1k a month between the 2 stores.  My attendant will not take pennies, nickels or dimes.  I do notice that people off the street will come in with rolls of quarters and exchange them for dollar coins and leave.  I suspect that they too are using me as a bank or to get bigger coins for the bus.  I'll continue to accept them as people will always manage to find a quarter in their car or purse, so they can turn them into dollar coins and dry their clothes or whatever.  First time customers sometimes bring quarters also.

    ------------------------------
    Chris Mallam
    Norfolk VA
    ------------------------------



  • 6.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 19:53
    Larry,

    We try to as gracefully as possible to encourage them in your described situation to find & familiarize themselves with & use a a customer friendly bank as much as possible.  No we don't refuse to exchange for especially a bona fide customer since our Cummins Counter Sorter is almost instant in counting & sorting them.

    If a non customer continuously does this we will send them away though.  I had one customer almost in tears because a nearby convenience store refused the large quantity of small denomination coins.  I asked her if there was a line of people at the checkout at the convenience store & she said yes.

    Coins should always be an option to help prevent our cashless zealot fellow operators from being charged even more by a potentially even more monopolistic merchant fee coalition or alliance or whatever you want to call those overly influencing that part of the gov't policy section of our economy.  It is almost like they want the overall proven harder to process paper bills & pennies & nickels & dimes to turn the public away from higher denomination coins that are by far the most practical for our industry.  Follow da pattern ... eliminate the alternative coin option ... going merchant fee rates will go ♫up up up & awaaay♫ .... one of the reasons for constitutional protections.

    Look ... laundromat owner-operator ... if your wife just happens to work for an anti dollar coin bank ... if she really truly loved you & others ... she would make every effort away from the sleazy tactics of some of her superiors ... IMHO of course!  Career at all costs oblivious to the true needs of others paradigm????

    Mike

    ------------------------------
    Michael Walsh www.kingkoin.com
    Store Owner/ Employee
    King Koin Laundry, Car n Dog Wash
    Bismarck ND
    ------------------------------



  • 7.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 23:04
    As far as I'm concerned, there's always room for a chuckle.

    If you want to see a dome, you would want to go to the capitol.

    If you want to see a dime, you would want to go to the capital.

    Q:  If you filled the capitol dome with capital dimes, what would you have?
    A1:  I'll be dimed if I know.
    A2:  About 2-3 milliseconds of spending in the federal budget, maybe less.

    On a serious note, there's a company that takes all that small change and turns it into greenbacks.  It's a little machine about the size of an ATM.  The grocery store around the corner from my house has one so I'll post a pic of it here in the next couple of days.

    ------------------------------
    Jim Allen
    Store Owner/ Employee
    VIP Laundry
    Orange CA

    Store Owner/ EmployeeVIP LaundryVIP LaundryJimAllenVIP LaundryVIP Laundry
    ------------------------------



  • 8.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 12:21
    ​We notice the small change comes from a lot of our customers on alternate weeks,  most people get paid every 2 weeks. So we also take pennies,3 nickels and 10 pennies a lot . We are an older store with quarters on at the moment,

    If it keeps our customers happy we're happy

    ------------------------------
    Jo Ann BedellStore Owner/ EmployeeWash N Fun LaundromatLas Vegas NV
    ------------------------------



  • 9.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 23:04
    Larry,

    Different markets or different operators react differently as the coins continue to lose their purchasing power. I still accept rolls of all coins to buy my dollar coins from me for laundry use. But a few years ago, my vendrite vision vender only started to accept dollar coins only and bills. About two years ago, my drop off final price was rounded to the nearset 5 cents to eliminate the use of pennies. A month ago, it was rounded to the nearest quarter to eliminate the use of pennies, nickels and dimes. I treat the quarters today like pennies a decade ago.

    ------------------------------
    John H (John)
    Laundromat Owner
    NYC
    ------------------------------



  • 10.  RE: Pennies and nickels and domes, oh my!

    Posted 10-10-2018 23:37
    If I recall correctly, this has been discussed before.

     We accept all forms of cash in order to service our guests.  That includes the silver quarters that come in on occasion but without fail.

     Getting back on topic....

     This is the business that we chose.  We know & understand that some of our customers are on very limited budgets.  Why should we discriminate on a customer that has pennies nickles or dimes to exchange at our location as said customer is still giving us their business?

     Heck, I've often given rounded up change for customers, given them a free drymor wash if I see they're a little short or in need of a little unsuspecting help.  Its part of the many things that we do for our customers.

     But I already know as it has been established many times that there are some owners that don't want those type of customers.

     I'm just not one of them.  It all spends the same and we have to understand that the majority of the population just doesn't care for DCO.  If they did, the popularity and demand would be much more relevant.

    ------------------------------
    Juan
    Store Owner/ Employee
    Cocoa FL
    ------------------------------



  • 11.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 11:02
    Larry;
    This story may not help with your question but it was a life lesson for me that happened 60 years ago. I can remember it like it happened yesterday. It goes to the value of money, even pennies, can mean different things to different people.
    My mom, (who grew up during the depression), and I were walking down the sidewalk when she saw a penny in the street.
    Mom: "Jules there's a penny in the street, pick it up."
    Jules: "Mom, that's embarrassing, I'm not going to pick up a penny."
    She then walked over and picked up the penny and I asked: "Mom, why would you bother to pick up a penny?
    Mom: "Jules, if you do that 100 times, you'll have a dollar."
    When I opened my first business in 1983, guess who did all of my banking? Yes, my mom who counted every penny!

    ------------------------------
    JULES ROGOFF
    Potential Investor
    San Luis Obispo CA
    ------------------------------



  • 12.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 11:19
    Our vending machines accept nickels and dimes and the office sales takes pennies and so on, plus there are many customers that bring loose change to convert to quarters.  We gladly accept them.

    At the end of month accounting day, we take a bucket full of these loose coins and take them to a coinstar machine and redeem for an Amazon certificate.  We average about $350/mth in coin and I like the free redemption, dollar for dollar, at Coinstar.  Be sure to select Amazon certificate so that there is zero fee, otherwise, they may charge upwards of 10%.

    Problem solved.


    ------------------------------
    Steven Matrix
    Store Owner/ Employee

    ------------------------------



  • 13.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 11:36
    I accept them, both rolled and loose change.  IMO, it's simply a matter of how you value your time and how much of it you spend dealing with it.  I deposit rolled coins and throw loose stuff in a big bucket and periodically cash those in.  The loose stuff doesn't add up to enough to bother me for balancing my registers.  So if the couple hours a year it takes to roll/cash in that loose change is important to you, or you're anal about balancing your register to the penny then it's probably a good idea not to accept loose change.  Otherwise, don't sweat it.

    ------------------------------
    Paul Kludt
    Multi Store Owner
    Lake Worth Coin Laundry
    West Palm Bch FL
    ------------------------------



  • 14.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 13:27
    If wash customer, they can pay in all pennies.  We welcome them.  If not customer, we do not take any change or make any change.  We get a lot of nickels and dimes turned in for quarters which then go into the washers.

    Steve, that is great advice.  Didn't realize coinstar had a no fee option.  Thank you.

    ------------------------------
    R Anderson
    Store Owner/ Employee
    Camarillo CA
    ------------------------------



  • 15.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 13:29
    Larry,
    I think I have said this on this forum before, I totally agree.  Pennies, nickels and dimes are a waste of time and effort.  Eliminate them.  I think business owners could and should take the initiative here.

    Paulie,
    I didn't even notice the typo until I read your post - what does that say about me!!!!
    RP

    ------------------------------
    Richard Porqueddu
    Sayville Laundromat, Inc.
    Middle Island NY
    ------------------------------



  • 16.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 15:13
    If not washing absolutely no. By the way Coinstar is OVER 10%. Sometimes I ask if they know anyone who wants coins because they are hard to get rid of and exchange them for dollars. But I know there are times that they scraped up those coins so they could give them to me. They really are a P.I.T.A.

    ------------------------------
    Curt Harrington

    ------------------------------



  • 17.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 15:51
    Interesting varied responses.

     For those of you so bothered & feeling so imposed by those nuisant coins, be glad that you are not the persons having to scrape those coins together to survive.

     If you did, your perspectives would be quite different.

    ------------------------------
    Juan
    Store Owner/ Employee
    Cocoa FL
    ------------------------------



  • 18.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 17:52
    Edited by Larry Adamski 10-11-2018 18:04
    Guys,

    First, I thank each and every one of you for taking the time to respond.  You've all given me many different ways to evaluate this issue and I appreciate all of your varied views on this subject.

    Actually, my attendants are required to balance the cash register right to the penny at the beginning and ending of their shifts.  We've been accepting everything from loose pennies to loose quarters to rolled coins for over 50 years now.  However, I feel we are now approaching perhaps the perfect time and place to increase operating efficiency by eliminating the pennies, nickels and dimes.  I'm talking about the quickly rising state minimum wages throughout much of the U.S.  With ever rising labor rates, it may make sense to try to use employees as efficiently as possible.  Handling pennies, nickels and dimes in a DCO laundromat just seems archaic and it goes against everything that DCO is attempting to accomplish for both customer and operator.

    CoinStar apparently charges up to 10% for converting loose change to currency or credits.  (I have never charged anything for providing this service.)  My bank charges 1/4% when I deposit rolled coins and currency and they will not accept loose coins.  Some big box stores will not accept rolled coins but they do accept loose coins.

    After careful review of your comments and considering my laundromat's somewhat unique situation, I plan to phase out the acceptance of over-the-counter rolled pennies, nickels and dimes as well as loose pennies, nickels and dimes.  We don't sell any merchandise or services over-the-counter so there is no concern about pricing adjustments.  I plan to continue to accept loose and rolled quarters over-the-counter until I have a chance to see how the elimination of pennies, nickels and dimes is accepted by customers.  From now until the end of 2018, I will allow exceptions to be made to accommodate customers who forget about the new policy.

    I will begin by creating a carefully worded sign that will stand on the service counter to explain the new policy.  This will limit the need for attendants to explain this policy change.

    Again, I want to thank all of you for your comments and current policy with regard to low value coinage.  As for the word "domes" in the title - my wife was calling me to dinner as I finished up the first post.  I quickly finished it and tried to post it but then discovered that I had not titled it yet.  Of course, in my haste to title it, I misspelled "dimes".  I can fix a lot of different things but there's no fixin' a misspellin' in the title once it's posted.  I will report back later on how this new policy is working out for me.

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 19.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 18:37
    Each customer translates to $500-$700 per year.
    We take whatever currency they present. And with a smile.

    ------------------------------
    Denise Rubenstein
    Store Owner/ Employee
    Laundermagic of Patchogue
    Bayport NY
    ------------------------------



  • 20.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 22:01
    Denise,

    Amen to that.
    When mat refuse loose change from customers that speaks very negative on behalf of the mat.
    Not all our customers are rich, most or many collect their pennies n dimes so they can do laundry at the mat after paying rent groceries diapers gas etc.

    Unless its a nuisance non-customers then thats separate topic.

    Not all customers carry shiny DC in their pockets or are retired like some mat owners and shopping at harbor freight !!!

    They gonna ban me on that too saying this post contains hate speech !!!!

    ------------------------------
    ORIGINAL GODFATHER
    ------------------------------



  • 21.  RE: Pennies and nickels and domes, oh my!

    Posted 10-11-2018 22:15
    I would like the Govt to upgrade our currency, but I'm not holding my breath.  When I installed a new soda machine, I asked the guy to program it for Dollar Bills, Dollar Coins, and Quarters.  He told me that would be a mistake...he has a decent sized route and gets lots of Nickels and Dimes.  So I added the Nickel and Dime.  It's a convenience to the customers that still use nickel and dimes, and there are quite a few in our economic spread.


    ------------------------------
    Les Monthei
    Potential Investor
    Redding CA
    ------------------------------



  • 22.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 09:44
    We were using standard prices to not have to use a calculator to accept payment and now the state has added 6% sales tax to all services, so there comes the small change back into the picture!

    ------------------------------
    [Leo] [Bird]
    [Janitor]
    [Bird's Coin Laundry]
    [Louisville] [Ky]

    LeoLeo
    ------------------------------



  • 23.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 10:47
    Canada eliminated pennies a couple of years ago.

    we also eliminated 1$ bills and 2$ bills

    life is good......

    ------------------------------
    MICHAEL SAYER
    Store Owner/ Employee
    DORVAL QC
    ------------------------------



  • 24.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 11:40
    Wow

    ------------------------------
    ORIGINAL GODFATHER
    ------------------------------



  • 25.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 12:08
    I just rolled $72 in dimes and nickels. Are they making dimes smaller or are my fingers getting bigger?

    ------------------------------
    Richard Heighington
    Potential Divestor
    B.C. Canada
    ------------------------------



  • 26.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 13:46
    Edited by Paulie B 10-12-2018 13:53
    Michael,

    Canada has been miles ahead off us in the currency & coin department for decades. In fact, we are woefully behind nearly EVERY first & second world countries who have already upgraded their currencies.

    Democrats have had a stranglehold on keeping the paper dollar for decades, well past it's useful life. This is mainly due to Massachusetts where the paper is manufactured. They want to keep that little monopoly going.

    Hopefully, if republicans hold onto Congress (the senate is a shoe-in for republicans where they will GAIN seats. Jury is still out for Congressional seats, but the blue wave is already down to a trickle), the phasing out of the paper dollar bill will proceed....paving the way for Dollar Coins to finally be brought into the mainstream economy.
    Trump is a businessman so I'm sure he will get around to pushing this at some point. More important things to do right now though.

    ------------------------------
    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
    ------------------------------



  • 27.  RE: Pennies and nickels and domes, oh my!

    Posted 10-12-2018 23:23
    Many of us shop at Amazon, Target or Home Depot, if not all three. Coinstar allows you to buy Amazon gift cards for no fee. Amazon pays the service fee to Coinstar. Both Home Depot and Target are national retailers which allow you to pour as much coin as you want into their self service kiosks to pay for your products at no charge. You can even buy gift cards for other retailers if you don't need anything from these retailers.

    Perhaps some of you have never been in a position to NEED to scrape a few coins together to pay for your basic needs, but choosing to turn away customers based on the fact that their method of payment is beneath you is short-sighted to say the least.

    ------------------------------
    Joe K
    ------------------------------



  • 28.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 07:21
    Joe,

    Thank you for your comments.

    Perhaps some of you have never been in a position to NEED to scrape a few coins together to pay for your basic needs, but choosing to turn away customers based on the fact that their method of payment is beneath you is short-sighted to say the least.
    Joe Kling,  10-12-2018 23:22
    This is simply about keeping up with inflation.  The same inflation that our government calls "cost of living adjustment" when it enlarges Social Security checks annually.  The same inflation that our government does not want to adjust for by making currency and coinage changes.  So I simply feel that we've waited long enough for our government and it's now time to take action.  I'm putting up notice today that as of November 1st, we will no longer accept pennies, nickels and dimes over the counter (wrapped or unwrapped).  My notice will say (in smaller print) that we will make an exception for hardship.

    Maybe if enough businesses - large and small - start to reject our low value coinage; government will finally start to create relevant coinage for commerce.


    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 29.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 10:21
      |   view attached
    This seems appropriate.

    ------------------------------
    Robert W
    Store Owner/ Employee
    The Laundry Room
    TX
    ------------------------------



  • 30.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 11:42
    Edited by Michael Walsh 10-13-2018 16:16
    Robert W,

    No no no ... the referee was supposed to say "lack of dollar coins" after blowing the whistle!!!!  Since dollar coins don't have the problematic nature of sticking together ... much more appropriate!

    Larry Adamski,

    Just to add support to your statements ... to what should be what our founding fathers referred to "self evident".   Dollar coin haters need to do like some others in recovery ... get out of their DENIAL as a first step.  They are hurting themselves as much or more than the general USA public interest.  Yea ... like if & when cash is diminished more & more merchant fee promoters .... ♫ up up & away in their beautiful balloon ♫ ... ♪ they can fly♪ .... passed on to the poorest of the poor among us.  Contributing to a even greater gap between the rich & the poor.

    Not too often ... I get someone tell me that they hate coins ... it is not that much of a challenge for me & us to follow the path of focusing light on the FACT that properly adjusted for inflation dollar coins should not be included in their hate!!!

    Since our state owned bank (coin distributors to our smaller banks) & some larger banks ... especially Wells Fargo ... have gone down the route of not making the dollar coins properly available ... I also ask customers to when they are in their bank to ask their bank for some dollar coins.  If they say no .... I politely ask them why do they not have them available?  How many follow through ... I am not sure.  In some parts of the country ... like Larry A's & others availability is a lesser problem.

    I am with Paulie B & Larry A ... many others should join in letting our Constitutionally authorized Congress to address among other pressing needs ... this problem.  A problem that was to a large degree created by the Obama administration with their "executive orders".   I will never forget when "it was a plain as day via phone call" everything pointed towards a "gag order" to US Mint workers when I called them immediately after I was notified that we could no longer order direct from the US Mint other than the non feasible (out of range cost for normal commerce) collectors item format ... that is still happening.  The "fake news" portion of the news media that happened at the time & sometimes still continues .... also bears the blame for much of what happened!  Their journalistic integrity should not be compromised by the merchant fee manipulators!

    ------------------------------
    Michael Walsh www.kingkoin.com
    Store Owner/ Employee
    King Koin Laundry, Car n Dog Wash
    Bismarck ND
    ------------------------------



  • 31.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 14:50
    Guys,

    I can easily remember how the vast majority of Tips that were given to waitresses, car valets, etc, were done with coins only.
    "Piggy Banks" have all but disappeared from our society due to the low value of coins.
    All US coins are such low value now that sure....nobody wants to cary them around because they barely serve any useful purpose anymore.

    Nowadays, I don't dare give a car valet anything less than 3 bucks....usually 5 bucks, and it's not in coins, that's for sure.

    If we had just a 1 dollar coin (also a 2 dollar coin for that matter, like Canada), we could go back to tipping in coins for most low value services.

    ------------------------------
    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
    ------------------------------



  • 32.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 13:56
    Larry, you really have to ask yourself if this is TRULY a problem....or an annoyance exasperated by your strong feelings for the dollar coin and the deflated value of the smaller coins.  I am always careful not to 'solve' something that doesn't need to be solved.  Is this happening daily....weekly?  Or one of those once in a while things.  So will you not take ANY loose change, or have limits?  See....the solution quickly becomes worse than the problem.

    I just feel it's an easy trap to fall into and better to step back rather than create a rule for every minor annoyance in this and any small business.

    ------------------------------
    Ronald Hogan
    Store Owner/ Employee
    Shoreside Laundromat
    Revere MA
    ------------------------------



  • 33.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 15:05
    Edited by Les Monthei 10-13-2018 15:05
    I'm thinking of getting Larry A. a good used McGill high speed 4 barrel belt changer for Christmas.  Some of us old guys actually received change from the nice lady in record time from these contraptions.  Penny, Nickel, Dime, Quarter....Larry can modify the Quarter to fit DC.  I'm taking bets on how far Larry could throw that thing off his deck.

    ------------------------------
    Les Monthei
    Potential Investor
    Redding CA
    ------------------------------



  • 34.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 15:10
    Edited by Larry Adamski 10-13-2018 18:28
    Ronald,

    Good point.  Sometimes in business, the solution can end up worse than the problem being solved.

    Here's how I see the problem:

    1.  Last week, my employees handled over the counter:  $400 in quarters, $40 in dimes, $12 in nickels and $11 in pennies.  (This does not include the quarters, dimes and nickels received through the Vision vender.)

    2.  Way back in 1969 when I bought my first 2 laundromats, I operated unattended so no dimes, nickels or pennies were taken in over the counter.  In fact, there was no counter.  I only began accepting this kind of coinage after converting to fully attended back around 1975 or thereabouts.  Once fully attended, my 3 laundromats accepted virtually any US coinage over the counter - even pennies.

    3.  Back in 1969, a new house cost about $15,000; a new car cost about $2,850; tuition to Harvard University cost about $2,000/year; gasoline cost $.34 per gallon; a ticket to the movies cost about $1.50.  As you can see, our pennies, nickels and dimes had some purchasing power back then.  Three rolls of pennies got you into the theater.  What does 3 rolls of pennies buy anyone today?  Maybe a candy bar.

    4.  Since, in 1969, these low value coins could be counted on to actually accumulate a reasonable amount of purchasing power, it made sense to pick one up if you saw it laying in the street or accept them over the counter in exchange for dimes or quarters which could be used to start washers and dryers.

    5.  Today, all that has changed.  It's impossible to accumulate any reasonable purchasing power through the reasonable accumulation of pennies, nickels and dimes.

    6.  Today, very few of my customers actually ask to exchange pennies, nickels and dimes over the counter so the enactment of this new policy should not effect very many customers negatively.  However, it should effect the majority of customers positively because they won't have to stand in line waiting for the customer ahead of them to get all their loose change converted to dollar coins.  Thus, overall customer service should actually improve a little.

    7.  I have a customer who recently told me that he accumulates his nickels, dimes and quarters in 3 jars at home.  Then he brings these small value coins into the laundromat (lose in a baggy) and converts them to dollar coins to do his laundry.  He stated that using this technique makes it feel as though he is doing his laundry for free.  Obviously, he assesses zero value to these 3 low value coins.  He's not the only one.  Try tipping your waitress with a stack of dimes and see what kind of look you get.  Nobody likes carrying worthless money in their pocket or purse.

    8.  I welcome all customers, rich or poor, white or black, short or tall, fat or skinny, male or female.  I welcome them all and I treat all of them equal.  We have 3 bill changers that will convert ones, fives, tens and twenties into dollar coins.  We have an ATM that pays out twenties.  We have an attendant who will still accept hundreds, fifties or quarters for conversion to dollar coins.  We have a Vision vender where customers can spend their nickels, dimes, quarters, dollar coins, ones, fives and tens if they so choose.  There is no reason why anyone who wants to use my laundromat cannot use it.

    9.  I expect that customers with excess low value coinage will find their way to a local bank or a CoinStar machine or a CC store where they can spend their "zero value" coinage on lotto tickets or beer or whatever.

    10.  My customers have abused the exchange privilege by bringing in 20 rolls of pennies at a time.  They have told me that these coins have zero value in their view.  They have shown me that these coins are nothing more than a nuisance.  They have caused me to rethink my coin exchange policy.

    11.  My long range goal is to eliminate acceptance of quarters as well (with an exception for hardship cases) and thus enhance customer service even more.  Just consider the efficiency of the over the counter handling of dollar coins and currency and nothing else.  That goes a long way to keeping things simple.


    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 35.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 16:58
    Larry:  I get the fiscal message.  I am just not sure that the few customers with the small change don't deserve the extra time it takes for them to get the DC's.  It may send a "We are doing well enough without having to take the time to deal with you and your small change"  message.  Maybe a good coin sorter would expedite the process ?

    I guess it feels like the bank not accepting dollar bills, or charging a customer for giving them too much cash.  Different penalty but similar feeling ??.

    ------------------------------
    Les Monthei
    Potential Investor
    Redding CA
    ------------------------------



  • 36.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 18:20
    Les,

    Well we are moving toward a charge for service society these days.  Look what the banks charge for an overdraft.  Look how the airlines charge for every bag.  Look how wireless services charge for every mb of data usage.  Bundling services is becoming a thing of the past.  Maybe this change is coming about because people felt they were being charged for services they didn't need or use.

    No matter how I view it, I come to the same conclusion - handling small value coinage has to end.  We're not instituting a new charge ... we're discontinuing an old service.  All customers will continue to be served with dignity and efficiency when they come up to the service counter.  You know me.  I'm always on the radical edge of laundromat management.  This is where I find my challenges these days.  Thanks for your cautionary comment though.

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 37.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 18:47
    Guys,

        I have some friends that own 4 high volume cards stores. These stores are very successful and they have never accepted coins of any kind at their stores. They take cash and cc at their VTM's but that's it. They are all in low income areas and all stores are busting at the seems. Do u think the fact that they're card stores has an difference as far as them not accepting coins or does it matter??

    ------------------------------
    Dave Menz
    Queen City Laundry Chain
    Cincinnati, OH
    ------------------------------



  • 38.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 21:03
    Dave,

    Yes I do.

    I've always felt that since most laundromats use coins to operate, that it's not a great leap of logic for the public to think we "need" coins.
    I can recall many, many times that non-customers would show up with a bag of coins and dump it on the counter as if they are doing us a favor. My reaction always has been..."We don't accept loose coins, only rolled coin. Here's some coin wrappers".

    I believe a card store will still have this issue, but to a lesser degree.

    ------------------------------
    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
    ------------------------------



  • 39.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 21:44
    Not accepting small change is easy in an unattended/partially attended store.  Don't see why it would be any different with full time staff.  Have customers use the changer.  Attendants should only clean, assist and carry enough one dollar bills to issue any refunds.

    ------------------------------
    Chris Mallam
    Norfolk VA
    ------------------------------



  • 40.  RE: Pennies and nickels and domes, oh my!

    Posted 10-13-2018 23:51
    Very interesting discussion & perspectives

    So..... What do all of you do with the loose change, ocassional crunpled up bills & silver quarters that you find in the dryer lint traps, drain valves, hose low points etc?

     Do you throw them away since you don't like or want to count & consider them a nuisance?  I'm willing to bet a few rolls of coins that you don't.

     I just can't wrap (pardon the pun) my head around such aversion to coins. Especially from the veteran owners that have been around since the covered wagon days.  "?" This is the business that you bought & the business model that you / we chose.  I don't think anyone that owned a mat when drying cost a dime had the vision to think about card payments, phones or watches that would pay & in some cases DCO.

     Some owners such as myself have full time careers that take more than 300 hrs a month, & still find the time to help the team manage the business & count the coins that the guests bring in.  Why because that's what I chose

     I honestly find this to be such a non-issue.  Maybe it just means it's time for those that are so bothered by counting & separating coins to exit the business. JS



    ------------------------------
    Juan
    Store Owner/ Employee
    Cocoa FL
    ------------------------------



  • 41.  RE: Pennies and nickels and domes, oh my!

    Posted 10-14-2018 07:20
    Edited by Larry Adamski 10-14-2018 09:18
    Juan,

    Low value coins are low value whether they're found in a sewer pipe, a vender coin box or exchanged over the counter.  I give all coins pulled from lint traps or sewer pipes to any attendant who wants them.  It's up to them to clean them if necessary.

    What do all of you do with the loose change, ocassional crunpled up bills & silver quarters that you find in the dryer lint traps, drain valves, hose low points etc?
    Juan Vazquez,  10-13-2018 23:51

    I bought my first laundromats (yes, 2) in 1969.  The washers were mostly top loaders.  Does that mean that I should replace with mostly top loaders today?  Of course not.  Your point makes no sense.

    This is the business that you bought & the business model that you / we chose.
    Juan Vazquez,  10-13-2018 23:51
    I'm not tired of the business, I'm tired of handling low value coinage.  I thought I made that pretty clear.  In fact, everybody is or should be tired of dealing with low value coinage.  Heck, I was tired of dealing with quarters way back in 2004 and so I began exploring other options.  I decided to convert every washer and dryer to dollar coin only (DCO) and the rest is history.
    Maybe it just means it's time for those that are so bothered by counting & separating coins to exit the business.
    Juan Vazquez,  10-13-2018 23:51
    Here's another change I've made more recently.  We don't count coins any more ... we weigh them using a coin scale.  This has proven to be very accurate and very quick too.  Maybe you, Juan, should exit the business as it sounds like you're already over-worked in your "regular" job at 70 hours/week.  I know you like working but aren't you concerned about getting burned out?

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 42.  RE: Pennies and nickels and domes, oh my!

    Posted 10-14-2018 11:16
    Larry & others here,

    I feel this way.....It costs me more money in time just to LOOK at a penny, nickel or a dime!

    If you walk down the street, and you see a penny on the sidewalk, would you pick it up and put it in your pocket?
    How about a nickel or a dime?

    They should all be phased out, along with the paper single Dollar bill. It's getting ridiculous now. Bring in both 1 & 2 Dollar coins just like Canada and every other modern country across the world.

    America is so advanced in so many other things, but so backward in our coin & currency. And it's all due to politics.

    Cashiers & bank tellers all over the country would be much happier as well.

    ------------------------------
    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
    ------------------------------



  • 43.  RE: Pennies and nickels and domes, oh my!

    Posted 10-14-2018 13:07
    What's the general consensus on ' anything larger than $1 in change must be ran through our coin conter. Of which, a 5% fee will be taken from'

    This way, we aren't saying no to the customer. We're saying Yes, with the proper process.

    Anyone know the legality of it?

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    JASON
    Store Owner/ Employee
    Northville MI
    ------------------------------