TOPEKA, Kan. (KSNT) – SilverLake Bank in Topeka deals with money all the time, but now, because of the coronavirus pandemic, their Vice President Shane Koci, says they’re not seeing as much physical money.
According to the Federal Reserve, the coronavirus pandemic has caused a national shortage of coins.
Koci says this is because a lot of the in-person transactions that involve coins have stopped because of closures caused by the coronavirus.
This means there are a lot less coins to go around.
So, what does all this mean for you?
Well Koci says it could make it more difficult to pay the next time you’re at the register.
“Some retailers that are posting signs that they’ll only accept exact change, and so for a lot of folks this means they may not be able to make change and so they’re having to look at different alternative payment methods,” Koci said.
Some alternatives Koci recommends include paying with a debit or credit card or a digital wallet like apple pay, which he says actually may be the safer payment option during the pandemic anyway.
“Cash and coin are typically dirty because of how much it gets handled, how much contact there is with it,” Koci said.
He’s told by their coin supplier, SilverLake Bank won’t be able to continue getting shipments because of the shortage.
So now, they’re asking customers to bring in their spare change they might have lying around the house.
“That means that we can circulate it back into the economy so that business customers that come in to get change, say for retail stores, we’re able to supply them with coins, and then they can redistribute it out to their customers,” he said.
Koci also recommends having a couple of different payment options besides cash coins just in case you can’t make exact change until the coin supply starts getting back to normal when events start happening.