The Hudson Valley is Having a Coin Shortage, Can You Change It?
Are coins the new toilet paper? Apparently there is a shortage of available coins at banks and businesses across the state.
The Federal Reserve gives a few reasons for the shortage, here are just a couple:
- Banks were not taking in coin during their Covid closures and customers couldn't bring in their large change containers to run through the coin deposit machines.
- The Federal Reserve was closed for a few weeks (citing employee safety) thus the coins that normally would've left the Reserve, sat around waiting.
As of June 15, 2020, the Reserve has been ramping up their operations, with an expectation to soon be at pre-Covid workforce levels. The coins are now leaving the Reserve, but the pennies, dimes, nickels, and quarters have now been allocated to each place requesting them get the same amount (to avoid hoarding).
Here is a sign posted at the registers of a local Stop & Shop grocery store:
The Federal Reserve mentioned in a release on their website that they will continue to monitor the need for the allocation and make sure the coins go where they are needed based on how many went where last year.