Currently, there’s an adequate overall amount of coins in the economy. But according the U.S. Federal Reserve Bank, business and bank closures associated with the COVID-19 pandemic disrupted normal circulation patterns for U.S. coins. It resulted in slowed circulation and reduced inventories in some areas of the country during 2020.
The Federal Reserve continues to work with the U.S. Mint to keep coins circulating. A temporary cap was imposed in June 2020 on the orders that banks could place for coins with the Federal Reserve, to ensure that the supply was fairly distributed.
Because coin circulation patterns have not fully returned to pre-pandemic levels, caps were reinstated in May 2021. The U.S. Coin Task Force, which was formed in July 2020 to address disruptions to coin circulation, continues to work on solutions until coin circulation normalizes.
As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the further rebuilding of coin inventories available for recirculation.
As for now, Alpine Bank encourages those with collected loose change to stop into one of our branches to exchange it. The customary fee for exchanging coins into bills is being waived.*
*Usual Loose Coin Processing Fee: Customer rate is 2% of coins processed, and non-customer rate is 15% of coins processed.
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