Coin Shortages Are Causing a Liquidity Crisis at Laundromats
After months of lockdown, quarters are getting harder to find.
Every morning, Charles Boukas drives to six Chase banks in the San Diego area in search of quarters. The most he ever drove to was eight, but one branch was closed that day, and two others didn’t have change. Boukas, the 55-year-old owner of the Coin Hut Laundromat, is in a bind: He’s running low on quarters because residents of apartment complexes are making change and not using his machines. The whole trip takes about two hours, and the total amount of quarters he can get is worth $120 because his banks limit how many coins they give out. So he’s been seeking alternative sources.
Under couch cushions? Maybe not that far—but close. “Our biggest success has been friends and family so far, and the banks are just a daily grind that I do,” he says.