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Covid 19

Northern Michigan Businesses, Banks Navigating Nationwide Coin Shortage

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The coronavirus pandemic created a shortage of coins across the country.

Banks and businesses are having a hard time keeping enough on hand.

Coins have become a precious commodity at the Lake-Osceola State Bank in Luther. Assistant Vice President Jamie Martin says the shortage can be traced back to the U.S. Mint closing down for part of the pandemic, and other businesses that usually take coins also closing their doors. The Federal Reserve is now limiting the amount of coins banks can get.

“They have us down to a tenth of what we normally order. Our bank alone supplies ten different offices. We are destitute with coin, our businesses are using 50 cent pieces for the first time in how long,” said Martin.

Banks and businesses are now buying coins from customers. RanDees Tavern and Grocery in Tustin says they started noticing a coin shortage about four weeks ago.

“People will come in and sometimes I’m giving them all dimes because I don’t have, you know it’ll be 96 cents in change and they don’t like it. There was one week we couldn’t even get dollar bills so it’s not just coin sometimes,” said owner Deann Eno.

RanDees says they were able to buy enough coins from the community to get them through, for now.

“Unfortunately a lot of our demographic here is a lot of cash people, so to say exact change, they don’t have it,” said Eno.

And Martin says she expects the stress on the coin supply to last at least through the summer.

“Bring the coins in and don’t panic, this will end, this too shall pass, we’re going to get through this part and in the meantime just be patient, the banks are trying to give as much coin as possible for the demand that is needed,” said Martin.

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