Minnesotans Are Encouraged to Use Exact Change or Deposit Coins
If you haven't heard, we are currently in a "coin shortage" nation wide! The Minnesota Bankers Association is urging Minnesotans to either use exact change when making a purchase or deposit coins at a bank.
It's time to break open that piggy bank and deposit that swear jar! Due to shutdowns associated with COVID-19, there has been a 'critical slowdown" of the circulation of coins. Normally, there would not be an issue since most circulation of coins happens in retail stores, banks, and even laundry mats! Due to the stay at home orders that went into effect earlier this year, many people and businesses have gone to the online shopping format or to contactless pay using a debit or credit card.
In the beginning of 2020, more than 4 billion coins were deposited, or recirculated, each month. Those numbers dropped to less than 2 billion beginning in April.” - Joe Witt, President/CEO of the Minnesota Bankers Association
According to Bring Me the News, it is estimated that $47.8 Billion in coins are in circulation as of April 2020, that is up from April 2019's total of $47.4 Billion. The federal reserve believes there will be a gap in supply and demand somewhere between 2.3 to 3.5 billion coins each month through the remained of 2020.
In hopes of getting coins recirculated, Minnesotans are being asked to deposit what coins they have at the bank or to continue to use exact change, when possible, to help put more coins back in circulation!