Nationwide coin shortage spreads across America, Redfield mostly unaffected
By Shiloh Appel
Some banks are asking customers to bring in spare change to exchange for cash in light of the national coin shortage in the United States. According to the Federal Reserve, coin deposits from depository institutions to the Federal Reserve have declined significantly due to COVID-19. The U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees.
“Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels,” stated a recent report published by the Federal Reserve.
Reserve Banks and Federal Reserve coin distribution locations began temporarily allocating coin inventories sent to banks across the nation on June 15th.
“Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production,” stated the report.
Across the nation, many financial institutions are now asking for customers to cash in their coins and some stores and gas stations are asking customers to pay with card, check, or exact change.
According to a spokesperson for the Dakotaland Federal Credit Union in Redfield, Dakotaland has not had any shortages as of yet.
“That may happen. We are hearing rumors,” said the spokesperson. “But it really is just a blip on the screen. The coin does exist. It just hasn’t been circulating with COVID shutdowns.”
Bank of the West personnel in Redfield said they have not heard anything about the shortage, but will exchange cash for change for customers only. At Heartland State Bank, personnel said the nationwide shortage has not affected them either.
Meanwhile, staff at Wells Fargo Bank in Redfield said they are aware of the shortage and are accepting coins, but no longer have a coin counting machine. They ask that people bring in coins already rolled to exchange for bills (free of charge).
Great Western Bank in Redfield did not respond back by print time.