Bring us your coin!
The past six months have brought a series of unexpected challenges to our country and to our community. It seems like about the time we get through one bizarre issue, another one crops up. The most recent? A nationwide coin shortage.
Why? There’s a couple of reasons. One, the U.S. Mints have reduced production in an attempt to protect employees and adhere to social distancing guidelines. Two, the circulation of coin has been reduced by decreased economic activity. Stores were closed, the coinstar machines were temporarily shut down, and people were staying in their house buying what they needed on the internet or through other virtual payment methods. Read: nobody was using cash. Three, items one and two have led to the Federal Reserve banks and correspondent banks rationing coin to our local banks, which means some local banks are being forced to restrict how much coin they give out to customers.
What’s it mean for you? It means that you may stop getting exact change at some places, and some retail stores might force you into a non-cash payment method – credit card, paypal, store gift card, etc. I have read many reports of different scenarios, which I can sum up by saying – if you are running in somewhere, don’t just take cash. Take a credit card or debit card as a backup for the time being.
It’s funny, because I used to take cash as a backup for my credit card – if the machine was down for some reason, I always knew cash was safe. For the time being, that’s no longer the case. If you are a bank customer, we have plenty of coin currently, and we are actively monitoring our coin supply to ensure we can serve our customers. That does not mean we will never get short on coin, but for today, we have plenty. If that day comes, we’ve got a plan and we’ll communicate when we reach it.
Which coins are in short supply? The ones we all use every day – quarters, dimes, nickels, and pennies. I haven’t heard about a run on the Susan B. Anthony dollar yet, but if that day comes, I’ll let you know.
Is there anything you can do to help? Why, yes! Thank you for asking. Bring us your coin! Break out those piggy banks and cash them in with us! If your kids are as bored as mine are, they will welcome the distraction of gathering up all of the spare coin in the house and bringing it in.
We will be offering an additional five percent to anybody who wants to bring in their coin for cash or deposit between July 15th and July 31st. For example, if you bring in $100 worth of coin, we will give you $105 to put into your pocket or into your account. This offer applies to both customers and non-customers. This will help you prepare for your end of summer road trip or back-to-school shopping, and it will help us ensure that we can provide coin throughout our community.
Questions? I’m always available by phone at 806-316-1177 or by email @ [email protected].