Retailers asking for exact change amidst nationwide coin shortage

FARGO, N.D. (Valley News Live) -

There’s a good chance you’ve seen this sign at your favorite store or restaurant: Card or exact change only, please.

Retailers are pleading with customers.

Nickles, dimes, quarters and pennies are the latest items in short supply as a result of the coronavirus crisis.

The Federal Reserve says when businesses began shutting down, the flow of coins through the economy came to a halt.

Consumers haven’t been spending them and the U.S. Mint is producing less of them.

“Part of that is the response to COVID, to protect their employees,” Starion Senior Univeral Banker Talley Borns says. “They’ve ramped down production, so that’s another thing. It’s just not as much going into the economy right now.”

With the demand for coins rising, banks like Starion are taking precautions--stocking up and rolling their own coin.

Several places in town, like TJ Max and Family Fare, are only accepting cards or exact change because of the coin shortage.

Federal Reserve Chairman Jerome Powell recently told lawmakers the shortage is temporary, and that it will fix itself once things open up.

“We do offer services, such as prepaid visa cards,” Borns says. “If you wanted to get a prepaid visa card and operate with that, you can do so if you’re running into instances when you don’t have exact change.”

With COVID numbers back on the rise, experts say it might be a good option for now.

One more thing you can do, deposit extra change at your bank to allow for more money circulation.

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