The national coin shortage could mean more cash in your pocket
AMARILLO, Texas (KFDA) - When the mint decided to reduce production back in mid June to limit the amount of employees working together, the nation was left to deal with a coin shortage.
Suddenly, signs asking for exact change were put outside businesses in Amarillo.
Others were simply not paying cash in order to not touch any money.
“We saw our customers very early on switch to credit card transactions only and we have seen that continue as the pandemic continues. I would think that has a pretty big impact on the amount of coins out there,” said Mikel Williamson, CEO of Happy State Bank and Trust Co.
In Amarillo, the banks took notice and have not seen the supply dwindle yet.
“We have seen less shipments in and they are being restricted by the fed by luckily we were able to get ahead and early on knew it was coming so were able to get ahead and stockpile,” said Williamson.
Amarillo National Bank is also trying to combat the coin shortage by asking people to bring in their coins and offering to pay 10 percent cash back for what you bring in.
“We have people coming in about every 15 minutes which we are so thankful for,” said Sarah Engels, operations manager at main Amarillo National Bank lobby. “We do provide coin to a lot of businesses in the Panhandle so we are just so grateful.”
A local customer walked in with over $100 in coins today.
“It helped me out a lot, a few extra dollars always help,” said customer Salvador Savala.
The federal reserve has not released a date of when normal production will resume, which is why some businesses are taking proactive measures in case this goes on longer than supply allows.
“There are some businesses out there that we have heard that are not giving away coin back and are either rounding up or down but those are just steps they’re doing that are proactive rather than reactive,” said Williamson.
For now, your extra coins are more valuable than ever.
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