Here's How You Can Help with Americas Current Coin Shortage
July 13, 2020 11:33 AM
Recently, the U.S. coin supply chain has been significantly impacted by COVID-19. Nationwide, financial institutions are experiencing coin inventory shortages.
Banks around the country are running low on nickels, dimes, quarters, and even pennies. And the Federal Reserve, which supplies banks, has been forced to ration scarce supplies. Some Retailers are temporarily limiting the use of cash in their stores to help offset the coin shortage. Shoppers can largely only use cash at an in-person checkout line. Self-checkout machines are limited to credit and debit cards.
One of the easiest ways people can help with the coin shortage is to deposit or cash-in extra change at the bank or a coin-counting machine, both of which will allow for more currency to enter circulation. Coin counting machines can be found at many banks and most major stores.
Horizon Bank deposit account holders can cash in their coins for free.
Helping with this shortage is simple:
1. Pay in exact change
2. Use debit and credit cards
3. Use contactless payment methods like Apple and Android pay
4. Break out the piggy bank and exchange coin for paper money
We do anticipate that supply levels will return to normal as coins are re-circulated back into the Federal Reserve, but we do not have a time frame for this. Consumers need to do all they can to help with this shortage.