Minnesota banks want you to empty your piggy banks amid national coin shortage

Minnesota banks want people to empty their piggy banks of coins to help alleviate a national coin shortage. 

The Minnesota Bankers Association is asking consumers to spend their small change or deposit it at their local bank as the “pandemic-related shutdowns have created a critical slowdown of coin circulation nationwide,” according to a news release. 

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When retail shops, banks and laundromats closed earlier this year due to COVID-19 restrictions, it slowed the normal rate of coin circulation because those are the typical places where coins enter society, the association said. In addition, many people started shopping online or used credit or debit cards when shopping in person to avoid physical contact, so businesses received fewer coins than they normally would have.  

But, with businesses reopening, business owners are trying to restock their coins so they can make change, but a large number of coins remain with consumers. 

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Banks say consumers can deposit their change in a coin counting machine or ask if their bank is accepting rolled coins. Consumers are also advised to use exact change when making purchases, which will also help put more coins into circulation.