SPRINGFIELD, Mo. — The coin shortage is attributed to some of the trickle-down effects of the pandemic.
In many places around the country, COVID-19 is still going around. However, there is one thing that isn’t going around as much as usual: coins.
Shane Cowger, Sales Manager EVP at Arvest Bank, says it mostly has to do with the way businesses have been in flux.
“Essentially, when COVID-19 hit, and businesses – our economy really just shut down for that period of time. Those coins were not put back into circulation, and so really what you have is a flow problem more than anything. That coin not being circulated, wasn’t getting back to the Fed,” says Cowger.
The Federal Reserve put out a statement this month addressing the issue. They attributed part of the problem to the U.S. Mint not producing as much as usual.
Eventually, that production should ramp up once again, but Cowger says in the short term, consumers may see some effect.
“What you’re going to see is potentially businesses asking for exact payment, may not have a particular denomination in a coin. We’re seeing a little bit of impact right now.”
Businesses like Lowe’s and Quik Trip are asking customers to pay with exact change if possible.
Cowger says Arvest may even ask their commercial customers to reduce the number of coins they order. He says one of the best ways people can help is by bringing that big jar of change that you’ve been stashing for who knows how long.
“Bring the coins in, and let the banks circulate it, and again – we’ll get this problem solved,” Cowger says.