Coin Shortage Impacting The Northland
Consumers are being asked to spend coins or use exact change when making purchases.
DULUTH, Minn. – Across the nation many communities are currently in the middle of a coin shortage.
The impacts of the COVID-19 pandemic are disrupting the circulation of coins needed to supply businesses and banks.
According to the United States Mint, there is an adequate amount of coin in the economy.
As many businesses shut down during the pandemic, the daily recycling of that type of currency slowed down drastically.
Some customers of local businesses may have noticed signs plastered on the walls addressing the issue of not having enough coin.
One place you can find one of those signs, is at Kenwood Laundromat in Duluth.
Although the business does not use much coin, they do keep some on hand for a few services.
“We use it for vending, soap, and snacks. Typically over the years people have come in to get coin for parking or something like that,” said Brent Consie, owner of Kenwood Laundromat.
Consie also said it has been difficult to retrieve coin for area banks.
“he Federal Reserve is limiting how much we can order. Our supply is based on our 2019 orders. That’s what the government is giving us for 2020,” said Anitta Chandler, vice president of Administration for Northern Communities Credit Union.
Other than the Federal Reserve restrictions, NCCU has yet to really feel the effects of the shortage.
Actually they have stopped accepting coin from customers as a precaution to the pandemic.
Although, if they are hit hard that could change.
“In that instance we would start excepting coin and rolling it ourselves. We would also limit the amount customer could come in and take out in coin,” said Chandler.
Kenwood Laundromat is mainly operated with electronic payment.
The owner says if it was still running on coin, the issue would be a much bigger deal.
“If our business was coin based we would definitely be in a pickle right now, but fortunately, we don’t have to work about that,” said Consie.
Thankfully these business are surviving the coin shortage, but it is becoming a bigger problem for many others.
While the mint is working on a solution, they are asking for help from consumers.
Some ways you can help is by paying with exact change when making purchases or start spending any coins you do have.