By Jondi Gumz
Vendors at the Aptos Farmers Market are short of coins. So is New Leaf Community Market in Aptos.
Signs have popped up at both locations asking people to bring their coins from home to help alleviate the shortage.
Kristen Tatroe, working at the Beckmann’s Bakery booth at the Aptos Farmers Market Saturday, asks customers to bring their coins – quarters, dimes, nickel – for making purchases. • Photo Credit: Jondi Gumz
Kristen Tatroe, assistant manager of the Aptos Farmers Market working Saturday at the Beckmann’s Bakery stand, said she asked for coins at the bank but no luck.
Which bank?
All of them, she said.
The shortage is not just in Aptos, it’s happening nationwide because of the COVID-19 pandemic.
On July 23, the U.S. Mint put out a statement, explaining there was a cutback “during the early phases of the crisis,” reducing the number of employees per shift to create the recommended social distancing to slow the spread of the contagious coronavirus COVID-19.
As of mid-June, the Mint reported operating at full production capacity, producing almost 1.6 billion coins during the month. The Mint expects to produce 1.65 billion coins per month for the rest of the year, up from 1 billion coins per month last year.
The Mint said it contributes 17 percent of newly minted coins in circulation, with the rest coming from third-party coin processors and retail activity, which has slowed dramatically, again due to the pandemic.
Shelter-in-place orders forced nonessential business — including retail stores — in many places, pushing more people to shop online. Some businesses such as arcades have yet to reopen.
The result: Coins are circulating more slowly than usual.
“The slowed pace of circulation has meant that sufficient quantities of coins are sometimes not readily available where needed,” the Mint said. “You may be experiencing this in your local communities. We are asking for your help in improving this coin supply issue.”
The way to do this, the Mint said, is to pay for purchases with exact change, putting coins back into circulation.
“Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments,” the Mint concluded. “The coin supply problem can be solved with each of us doing our part.”