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State of Economy Question
dreher
Member Posts: 8,891 ✭✭✭✭
I have a vending machine business on the side. Been doing this for close to 10 years and feel like I know a little about vending machines. For all these years I know that I will collect about 75 to 80% quarters, 10 to 15 % dimes and maybe 5 or 6% nickles. Rarely will those percentages vary more than a few % points.
Starting about 4 monthes ago that % started to drastically change. Today I took the time to actually figure out the % of this change. Quarters are down to 35.3% of the total change collected from a normal minimum of 75%, dimes up to 55.1% and nickles made up 8.6% of the total change collected.
I am positive this says something about our economy, but I have no clue what. Is it as simple as people are really hard up? But if that's the case why would they use the vending machines at all? Sales for my machines are in what I would call a normal range for this time of year, altho I would say perhaps on the low end of normal. I am sure this means something, is some type of economic indicator, but I guess I'm to dense to figure out what it means. Any thoughts??
Starting about 4 monthes ago that % started to drastically change. Today I took the time to actually figure out the % of this change. Quarters are down to 35.3% of the total change collected from a normal minimum of 75%, dimes up to 55.1% and nickles made up 8.6% of the total change collected.
I am positive this says something about our economy, but I have no clue what. Is it as simple as people are really hard up? But if that's the case why would they use the vending machines at all? Sales for my machines are in what I would call a normal range for this time of year, altho I would say perhaps on the low end of normal. I am sure this means something, is some type of economic indicator, but I guess I'm to dense to figure out what it means. Any thoughts??
Comments
I had a friend once say to me "Who's not gonna buy a coke?"
I think most people pay in quarters because it is the most efficient source of change. Easier to have .75 in quarters than in nickles.
I think we all keep change around, becuase it's a pain in the rear. We don't throw it out, but we don't use it.
I think once times are tough, we're digging into our change. Quarters are probably used for bigger items now....
Neal
It's easier to carry, and count out quarters into the machine (fewer of them).
Dimes and nickels stay in the bowl on the fridge until I run out of quarters.
Now that things are getting tight, folks are probably raiding the change jug. I've got a water cooler jug that has about 6" of pennies, dimes and nickles in it.
If the cost was $.50 or $.25 or $.75, I'd expect mostly quarters. If the price is say $.65 or $.85, or something like that, you'll get more dimes and nickels because people HAVE to have them to make exact change.
And if they feel like they can get rid of their nickels and dimes, they are more likely to bring them, and use more of them...whereas if it's an even quarter number, they would most likely bring quarters. They probably WANT to get rid of the small change and keep the quarters for something else.
That's my guess..check what happens when you change the price. I've got a * in the office next to me who buys coffee from me (my Keurig machine) and pays in pennies ([:(!]) because it's an easy way for him to get rid of them. I can't stand the bum and I've stopped selling my coffee to him because of it.
I've also noticed a lot of older coins in circulation (not silver ones HA) the last couple of years. People are raiding change jars that haven't been touched in years.
Thats true, at 1 job i work at we have been getting alot older coins with at least 1 silver dime or quarter every other day plus wheat pennies. One employee is a coin collector and begs the boss to let him work the register due to this. He's already scored a mercury dime over the weekend.