PEORIA, Ill. (WMBD) — Over the last few months the COVID-19 pandemic has disrupted the normal circulation patterns of U.S. coins.
Last month, the Federal Reserve began strategically allocating its coin inventory as demand for coins increased because states began to reopen.
PNC Banks Corporate Public Relations Director Marcey Zwiebel said they noticed the shortage.
“Due to COVID-19, the normal supply chain and circulation of coins has been disrupted, fewer coin deposits are being made to the Federal Reserve, and the production of new coins has decreased,” Zwiebel said. “PNC operates 2,300 branches in more than 40 markets and all of these locations are affected equally by this shortage.”
First Mid Bank and Trust Communications manager Stephanie Hamman said they are encouraging customers to deposit their loose change.
“We’ve added a message to our website alert page and created social media posts to encourage our customers and employees to bring in loose change to deposit or exchange for cash,” Hamman said “We are also temporarily waiving the exchange fee for non-customers until August 1 due to the nationwide shortage. By taking these proactive steps, we are continuing to fulfill our customers’ needs.”
Many companies are posting how they are responding to the coin shortage on social media with the hashtag #GetCoinMoving.