A national coin shortage brought on by the COVID-19 pandemic has led Vermont banks to ask local customers to deposit their spare change.
The Federal Reserve has projected a coin shortage as a result of the partial closure of the economy in the past several months. Shutdowns and reduced operations of restaurants, stores and laundromats have “significantly slowed the normal rate of coin circulation,” according to the Vermont Bankers Association, an organization that promotes the interests of banking institutions across the state.
“In the beginning of 2020, more than 4 billion coins were deposited — or recirculated — each month,” Christopher D’Elia, president of the Vermont Bankers Association, said in a statement. “Those numbers dropped to less than 2 billion beginning in April.”
The transition to online shopping, as well as increased use of debit and credit cards to avoid physical contact at stores, has also contributed to slowed circulation, the Vermont Bankers Association stated in a news release.
In the past several months, many businesses both locally and nationally have hung signs at cash registers, asking customers to pay in exact change or with a debit or credit card.
The Vermont Bankers Association is encouraging Vermonters with spare change to check in with their local bank to see if they are accepting rolled machines or deposit them in coin-cashing machines.
Contact Ethan Bakuli at (802) 556-1804 or email@example.com. Follow him on Twitter @BakuliEthan.
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