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Local Bank Feels Effects Of Coin Shortage Created By Pandemic

coins

(Randen Pederson, Flickr)

The US Federal Reserve says the COVID-19 pandemic has disrupted normal coin circulation in the economy, creating a shortage in the last few months.

Angie Bainter is the manager of Spencer branch of Owen State Bank.

She says during a normal week at her branch, they would roll between one thousand to three thousand dollars of quarters from customer intake.

But that’s dropped to five hundred to one thousand dollars in the last couple of months.

“We’ve got less deposits coming in from customers and also less shipments coming in from the Federal Reserve,” she says. 

She says her bank is running the shortest on quarters and pennies, and they have not received a full shipment of either coin from the Federal Reserve for the last month.

If customers are saving any coins at this point, Bainter says banks are more than happy to exchange them for paper currency.

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