Important Information About Coin Shortages

You may have seen or heard that the United States is experiencing a coin shortage as one of the effects of the COVID-19 pandemic. It’s true but expected to be temporary.

According to the Federal Reserve, the partial closure of the economy and consumers’ reliance on electronic payment methods reduced the supply chain and normal circulation patterns for coin, and coin deposits from depository institutions to the Federal Reserve declined significantly. As the economy has reopened, coin has begun to circulate again but supply has not yet been able to keep up with renewed demand and disruptions are expected for some time.

The Federal Reserve is currently allocating the inventory of coins each bank receives. Unfortunately, our allocation is not sufficient to meet the requests of all our business clients at pre-pandemic levels. While we are doing everything possible to ensure all our clients have access to coin at some level, effective July 13, we will begin limiting the amount of coin we provide in response to individual client requests until the Fed is able to increase the supply we are currently receiving.

If you have any questions, please contact your Relationship Manager. Thank you for your patience as we work through this situation.