It’s been well over a year since the national coin shortage began. To prevent distribution and circulation issues in the national coin supply, the Federal Reserve put a cap on coin orders so that distribution was fair across the nation. According to a statement released in May, the Federal Reserve saw a 24% increase in coin production between 2019 and the end of 2020. Since May of 2021, many Americans have complained online about the coin shortage of 2021, which is actually a circulation problem.
Much like how toilet paper was in high demand during the spring of 2020, businesses have been running out of coins faster than usual. In particular, retail businesses, laundromats, and banks across the country have been seeing coin, and specifically quarter, shortages.
What is being done to fix this issue? The Federal Reserve and U.S. Mint has stated that despite the increase in coin production, a distribution cap was reinstated during May of this year. This action is an attempt to return coin circulation and distribution patterns back to pre-pandemic levels.
As Covid-19 continues to be a problem and Americans return to work and school in-person, the demand for quarters has only continued to increase for those relying on coin-operated laundromats. The same demand can be found for businesses and banks running low on change.
To find or redeem coins, here are a few tips for what you can do:
- Visit banks or businesses that provide change outside of densely populated communities.
- Contact your bank to see if they provide coin orders.
- Ask your landlord or laundromat operator for change.
Discover Check Cashing Services In Hoffman Estates
Whether you need to cash your most recent paycheck or get change for your business, West Suburban Currency Exchange is always ready to help. Beyond a simple currency exchange, we offer regular and business check cashing, so you can get the money you need even faster.
To learn more about our check cashing services in Hoffman Estates and across the Chicagoland area, please visit our website or call (847) 299-3100.
