PAGE – Some Page banks and businesses are short of coins.

Judy Franz, executive director of Page-Lake Powell Chamber of Commerce, reached out to the community.

Her notice read: “The financial institutions in Page are asking for your help. If you have any coins you would like to turn in; please take them to your local banks. Anyone who has a cupholder full of change in their car or a piggy bank stuffed with can help with the shortage.”

The National Bank of Arizona and Bank of the West will accept unrolled coins. Other banks may require rolled coins for exchange. It’s best to call first.

Why is there a coin shortage?

According to the Board of Governors of the Federal Reserve System, it’s a circulation problem, not a shortage.

Their website states, “There is currently an adequate overall amount of coins in the economy. But business and bank closures associated with the COVID-19 pandemic significantly disrupted normal circulation patterns for U.S. coins. This slowed the pace of circulation reduced available inventories in some areas of the country during 2020.”

In June 2020, a temporary cap limited coin orders to ensure fair distribution. The cap was reinstated in May 2021.

The U.S. Mint has operated at full capacity since June 2020. The Mint made 14.8 billion coins, a 24% increase from 2019 production when 11.9 billion coins were minted.

BGFRS states, “As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the further rebuilding of coin inventories available for recirculation.”