Central New York Stores Are ‘Short On Change’
First, it was toilet paper now it's coins. The Federal Reserve is rationing coins sent to banks and all depository institutions in CNY because there's not enough to go around.
We heard that CNY businesses were asking customers for the correct change because they were running out. We investigated, and sure enough, the U.S.A. is in a coin crunch.
Banks around the U.S. are severely low on all coin inventory, nickels, dimes, quarters, even pennies. The COVID‐19 pandemic has disrupted the supply chain and standard circulation patterns for U.S. coin. Coin deposits and the U.S. Mint's coin production have both declined the last few months, and now that regions are opening up, the coin supply is not there for banks or businesses.
The Federal Reserve is doing three things to help the problem.
- Rationing of existing coin inventories.
- Working with the Mint to minimize coin supply constraints and maximize coin production capacity.
- Encouraging depository institutions to order only the coin they need to meet near‐term customer demand.
The Federal Reserve is also asking depository institutions to help replenish inventories by removing limitations of consumer deposits of loose and rolled coins.
On Monday, June 15, Reserve Banks and Federal Reserve coin distribution locations began allocating coin inventories, and say order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations.
Now is the time to start spending, or cashing in your pocket change. Banks and businesses in Central New York will gladly accept your rolled coins and remember, do not add your name, address, or account number to protect your safety and privacy.