WHAT IS IT?
As business tries to return to this new normal, you have probably gone to various stores, restaurants, and other businesses and saw this sign at each door: “Due to the national coin shortage, please pay with exact cash or cards.” This is another problem caused by the COVID-19 pandemic, however, the problem is not technically a “coin shortage”.
Despite the fact that there is currently an approximate $48 billion in coin in circulation, we are having this problem because it is collecting in people’s houses, cars, and businesses. People are unable to go into bank lobbies or visit store’s coin kiosks to exchange their coin due to closures or reduced hours. The lack of coin circulation is making it difficult for businesses to support cash transactions and putting strains on small cash-dependent businesses. The U.S. Mint and Federal Reserve have established a U.S. Coin Task Force to help spread awareness and get coin back into circulation. They have gathered a list of what the public can do to help.
WHAT YOU CAN DO:
- Use your coin when paying
- Exchange your coin at your financial institution
- Use the coin kiosks to redeem your coin
- Promote awareness on social media platforms by using the hashtag #getcoinmoving
WE ARE HERE
We are open our normal hours and accepting coin through our drive-up windows to help give you a contactless option to help resolve the coin circulation problem. As always, please remember that you should practice safe social distancing and follow CDC guidelines when you are out shopping or visiting your financial institution.