A national coin shortage is the latest catastrophe of 2020.
Upon entering many stores around town, a note can be found somewhere telling patrons that exact change or debit/credit cards are required to purchase items.
The reason, short and simple, is COVID-19, Kayla Thornhill of Mountain Valley Community Bank (MVCB) said.
The Federal Reserve issued a statement June 11 saying, “The COVID-19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin.”
Shutdowns resulted in a significant decline of coin circulation, and the U.S. Mint’s production of coins decreased as a result of preventative measures.
As things have began re-opening, Federal Reserve coin orders from depository institutions have increased, resulting in a shortage of inventory.
“To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes and quarters to depository institutions as a temporary measure,” the Federal Reserve statement said.
Despite this, local banks don’t seem to be affected.
Jessica Boring of Copper Basin Federal Credit Union in Copperhill said, “We don’t really have people that come here that want coins. We have what we have, and we’re not really short.”
Thornhill said that MVCB has adequate change for their customers.
On the other hand, United Community Bank (UCB) has restricted businesses from obtaining more than $100 worth of coins a week.
Debbie Allen of UCB said the duration of the shortage is unknown.