Communities Are Getting Short Changed

Communities Are Getting Short Changed

Pennies, Nickels, and Dimes – oh my. Coin currency producer, the United States Mint, has announced a coin shortage impacted by COVID-19.

"The impact of COVID-19 has resulted in the disruption of the supply channels of circulating coinage — the pennies, nickels, dimes, and quarters that the American people and businesses use in their day-to-day transactions." the U.S. Mint said in a July Press Release.

There is an adequate amount of coins in the economy, however, coins are simply not readily available where they are needed. Normally coins circulate from retailers, launders, parking meters, Etc. regularly. However, with the lockdown on businesses, the coins are simply not circulating. According to the U.S Mint, this coin shortage has become concerning because “For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change. “

"We ask that the American public start spending their coins, depositing them, or exchanging them for currency at financial institutions or taking them to a coin redemption kiosk." States the U.S. Mint. 

F & M Community Bank’s expert Mandy (Amanda) Schmoker, Operations Manager, states “The Federal Reserve Bank (FRB) has limited the amount of coins in which we are allowed to order, however, this has not affected F & M. At this time, our community bank is not relying on other agencies to provide us with coins. Our bank is bringing bags of loose coins from our Rochester, MN and Chatfield, MN branches to Preston, MN where we wrap coins in rolls instead of exchanging the loose coins for pre-wrapped rolls with the FRB. Currently this is fulfilling the needs for our customers requesting change orders.”

Although F & M Community Bank is self – sufficient, this is not necessarily the case for others. As a matter of fact, the circulation shortage is of such concern that a U.S. Coin Task Force has been organized. The task force will “work together to identify, implement, and promote actions to reduce the consequence and duration of COVID-19 related disruptions to normal coin circulation.”

In a statement from the U.S. Coin Task Force, “While the U.S. Coin Task Force is completing their work, the Task Force urges the American public to:

• Start spending their coin;
• Deposit coin at their financial institutions; and
• Redeem coin at coin kiosks
• Use the hashtag #getcoinmoving in your own social media posts to promote awareness and understanding of this issue”

If you are one of the 128 million American households stashing coin, consider spending or exchanging your coin. F & M Community Bank does exchange coin, and it’s free for customers! If you are not a customer, consider putting your coin to good use by opening a savings account and start earning interest.

Banking expert Mandy Schmoker offers coin exchange advice, “There are a number of ways you can put your loose change to work for you financially. Paying off a high interest credit card, make an extra payment(s) toward your auto or recreation vehicle loan, earn interest with a Certificate of Deposit, start a savings account, and even consider investing. Keep in mind when you put your money in a bank like ours, your money is FDIC insured – unlike when its sitting in a jar.”

Mandy also suggests, “After exchanging your coin, consider spending at your local retailers. If it’s been a while since you have eaten out, consider a family night out at one of your local establishments. Or consider donating your change. There are a number of non-profit organizations that could really use financial donations during these trying times. We (the employees) proudly serve at a variety of non-profit organizations within our communities, if you would like help getting in contact with any of them, please reach out to us. We would be happy to help you connect.”

If you found this “Short Changed” News story interesting or if you would like to bring awareness to #getcoinmoving, please share this article. Thank you!