COVID-19 Pandemic Results In Coin Shortage, Okla. Banks Not Hit Hard Yet

Local banks and financial institutions said they're starting to see the impact of a coin shortage because of COVID-19.

However, they tell News On 6 the circulation shortage hasn't hit Oklahoma hard yet.          

The Federal Reserve is rationing its coin distribution to banks and financial institutions. Most are seeing a 60 to 80 percent decrease, compared to their average coin orders from 20-19.       

The U.S. Mint reduced its coin production in the spring to protect employees from the COVID-19. On top of that, when businesses shut down due to the virus a large portion of coin circulation came to stop.

Valliance Bank said even as businesses reopen, the those who typically use cash and coins are staying home.

“And who uses cash? Baby boomers and older people. Baby boomers and older aren’t out yet. They’re still at home,” said Alicia Wade with Valliance Bank. “They’re still taking the Coronavirus warning seriously and staying home.”

Wade said the best way to turn help is to start paying with coins or exchange them for cash.

“If you have large amounts of coin at home take them to your bank and then just get the cash. You still have the same amount of money and we have coin to circulate out,” Wade said.

The federal reserve chairman said the coin shortage is only temporary. In the meantime, Valliance Bank said the worst thing people can do is panic and start hoarding coins.