Has the Coronavirus caused a coin shortage? The answer is YES! But the good news is the shortage should not have a significant impact on you. Yes, the coin shortage might last for a while but, as with most things, it will correct itself; most of us have found toilet paper and Lysol again, right?
What is causing the coin shortage? As with any product produced in the United States, the U. S. Mint is not producing as many coins during the pandemic. This could be due to fewer employees working in order to social distance. Also, with many businesses being closed, the flow of coins has decreased. Some places are not taking cash at all or are requiring exact change. The good news is most people have become accustomed to cashless forms of payment and are able to still make the purchases/payments they need to make. Another cause could be that people tend to keep their cash around when things like this happen as a safe-guard. With some banks having their lobbies closed, some might think they cannot drop their coins off to be counted and then be deposited or exchanged for bills, which is not always the case.
So how can you help? If making a purchase or payment, pay with exact change. If possible, pay as much as you can with a coin. This gives the business some change to use and does not require them to use the coins they do have. Other businesses are encouraging people to round up their change to make a donation to a charity. This is a great way to help others in need! Another way would be to crack open your piggy bank and bring it to Queensborough National Bank and Trust! We will count your change and give you bills or, better yet, deposit the money into an existing account or open a new savings account. This will allow our banks to have the coins we need to provide change for the local businesses in our area.
Hopefully, the coin shortage will not last very long! We all can do a little to help a lot! Make sure you are taking advantage of all Queensborough National Bank and Trust has to offer when it comes to different cashless forms of payments, cash management solutions, and making deposits: bill payment, ATMs, debit cards and mobile deposits. Use your coins and let’s get rid of a penny panic!
Branch Manager and Loan Officer