Some banks say they're facing a coin shortage

The coronavirus pandemic has affected businesses across the spectrum, and where you put your money is no exception.

Some banks said they're experiencing a coin shortage.

"The main reason why we are seeing one right now is that a lot of our coin that we get in comes from retailers," said Nicole Kwapnioski, Assistant Financial Officer at BankFirst.  "So when the Directed Health Measures were put in place as a result of the pandemic, and the community members aren’t out making in-store purchases, the retailers haven’t been able to bring as much coin in.”

That's not the only factor.  American National Bank recently told its customers that the Federal Reserve has limited the amount of coins available to its bank due to a combination of lack of change being deposited, business closures and less production at the U.S. Mint.

American National said customers can help by depositing or cashing in their extra change, which will put more of it into circulation.

As for BankFirst, it said even though its locations haven't experienced a coin shortage, it has been facing some boundaries recently.

“The Fed has put limits on coin that we can buy, so that is also why we’re making sure to roll our own coin to have it available here,” Kwapnioski said.

She said she thinks when things open up more and people get out to make more in-store purchases, the coin shortage problem will go away.