Coin shortage?

News

One might think that a shortage of coins is due to manufacturing but Gerber State Bank says people are staying home more often and not using coins as much.

Don Schlorff explains the process of receiving coins.
“Well we got notice in the middle of June from the federal reserve says,” Schlorff. “They were seeing a shortage of coins and it makes perfect sense if you think about it because everybody is doing the stay at home the coins just aren’t flowing.”

The Federal Reserve is distributing coins based on a bank’s previous order.

The United States mint has slowed production because of minimal staffing due to Covid.

Businesses that run mostly on a cash basis in central Illinois are being hit harder than others.

“They just don’t have the coins to take care of their needs says”,Schlorff. “To take care of the needs of handling customers or if customers want to purchase something or use laundromats or things like that they need the coins for”

Gerber State Bank has advice for businesses that need coins daily.

“What they can do is make sure they are emptying their machines frequently so that they can recycle the coins”

“If they have excess coins keep depositing those to the bank so they can keep recycling them back to other businesses that need them.”

The specific type of coin that might lack in one area can vary depending on the community and federal reserve assigned to that bank.

The manager at Gerber State Bank says there are enough coins in the system but it’s just a matter of recirculating them.

All banks are not experiencing a shortage but Gerber state does encourage people to deposit coins if they have them.

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