SALEM, Ore. – A coalition of Oregon bankers is asking the public to deposit or spend spare change during the current coin shortage.
The Oregon Bankers Association said when retailers closed due to the COVID-19 pandemic, coin circulation slowed “significantly” as consumers moved to online shopping and cards to avoid physical contact with cash and coins.
According to bankers, that led to a shortage of coins in circulation. “Recirculated coin represents more than 80% of the total supply,” the OBA said.
With businesses reopening, demand for coins is going up. However, a large portion of coinage still remains with consumers, according to Oregon bankers. “In a normal period of time, more than 4 billion coins are deposited — or recirculated — each month,” says OBA President and CEO Linda Navarro. “Beginning in April, less than 2 billion are being recirculated.”
The OBA said we need to jumpstart circulation by depositing spare change at local banks or use a coin-cashing machine. Using exact change when making purchases can also help.
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