Area bank on a quest for currency

A coin shortage has Sanibel Captiva Community Bank scrambling for solutions.


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  • | 6:00 a.m. July 24, 2020
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Courtesy. Sanibel Captiva Community Bank is asking customers to turn in coins in exchange for paper currency.
Courtesy. Sanibel Captiva Community Bank is asking customers to turn in coins in exchange for paper currency.
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Yet another problem from the global coronavirus pandemic has hit the region: a shortage of coins.

The shortage stems from two areas. On the one hand, production at the U.S. Mint of quarters, dimes, nickels and pennies is down, mostly for social distancing reasons. And two, restaurants, retailers and gas stations/convenience stores are pushing consumers to use credit cards, to promote contactless payment. Things are so bad in some places the Federal Reserve recently began to ration coins, and it’s also launched a national task force to address the issue.

 

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