“We can find no change,” adds Leslie Moore, a regular customer. “The washer can’t give you a change, the bank can’t give you a change, the store can’t give you a change. It’s a problem.”
Close to Quarters: Businesses, Banks Shake When Pandemic Causes Coin Deficit | KSTP
Coinage is a valuable trademark here.
A sign attached to the coin exchange machine reads, “Due to the nationwide shortage of coins, we ask you to use the machine only when you do laundry here. Thank you.”
Dillon says his exchange machines are drained of $ 500 a week from people who do not use his business.
“We’ve been going through multiple people a day, packing change here and running out,” Dillon said. “It really hurts us as a small business.”
“You’re like a bank?” he was asked. “We are like a bank, completely equal. You put your money in, you get money out. It’s not just the money we want. We want the sides, not the dollars.”
Experts say there are several reasons for this quarterly quarter:
- Small businesses such as cafes, which act as exchange hubs, may be closed.
- Lack of change at banks, including those with closed lobbies.
- Change kiosks that are closed as unpopular with health-conscious shoppers.
- Coin transport sits in houses as closed businesses.
- Concerns about pollution by cash or coins.
Dillon says about 100 people come into his laundry every day to clean and dry their clothes.
He adds that 60% of their cash is used – which means they need quarters.
There have been times, Dillon says, that he’s just out.
“I actually called my banks to ask for quarters back from me and gave me a premium for those quarters,” he said.
“Everything is closed at the moment. That it is difficult for the banks to get money, and in turn they do not have the quarters to give us back.”
Western Bank sent a message to its customers informing the Federal Reserve Institutions that it was limiting the number of coins issued.
“A unique combination of significant business closures, lack of change is being felt at banks, and reduced production at the US currency has resulted in a shortage of currency in circulation,” the letter states.
But Dave Ryder, the director of the coin, says, “This is not a coin supply problem, it’s a circulation problem.”
A spokesman for the US currency presented an e-mail to 5 EYEWITNESS NEWS, which states in part:
“The United States currency has continuously produced circulating coins without interruption during the Covid-19 crisis. … We have implemented numerous measures to reduce the risk of workers ‘exposure to COVID-19. As a testament to’ Promising the Mint Workforce, we have 1.7 mint billion circulating coins, which surpassed the planned production of 1.65 billion circulating coins.In fact, this year we are on course to mint more coins than we did in nearly 20 years have produced. “
But that does not help Moore and her family at the moment.
“They can not stop anyone from using the coin machine, so when we come in, there are no more quarters, so we have to go to other places to get more quarters,” she said.
Dillon says his manager politely asks people to use the change machine only if they plan to do business in the laundry.
He says his customers can now use credit, debit or an app so they don’t have to use cash when doing their laundry.
The Federal Reserve says U.S. consumers may feel this “currency gap” for the rest of the year, including the holiday shopping season.
Dillon hopes the release will end soon.
“We hope it ends up by the Federal Reserve, the currency makes more quarters, puts more into circulation and brings them out to us,” he said.
