Coin shortage affects north country
WATERTOWN, N.Y. (WWNY) - Coins are at a premium right now as banks try to work with what they have.
The Federal Reserve Bank came out and said, "The COVID-19 pandemic has significantly disrupted the supply chain for U.S. coin."
Terri Erdner Watertown Savings Bank's executive vice president of branch administration says she asked employees to bring in their coins after the holiday weekend.
"If anyone doesn't have any big plans to feel free to go home and clean out your piggy banks and your coin jugs and bring it in. I called it 'Operation Get Coin Moving Again,'" she said.
What's causing the problem? First, the Federal Reserve is having trouble filing orders for coin. That affects banks.
And second, with businesses only now starting to reopen, coins aren't circulating like they ordinarily would. That affects customers.
“We do work with some banks that are experiencing a coin shortage and those particular shops we are limiting the coin usage by customer,” said Erica Komoroske, Stewart’s Shops spokeswoman.
With the Federal Reserve Bank not being able to fill full orders, banks are asking the public’s help to bring in any extra coin they may have
“I think now is a great time to help your banks. I think if people have, you know, coins stocked piled in reserve setups in their homes or whatever, just to collect it, bring it in, help your banks. I think now is the perfect time to do that,” said Erdner.
If you want to help out, you should reach out to your local bank for more information.
Copyright 2020 WWNY. All rights reserved.