Arizona banks: Deposit and use spare change

Woman with coins in hand with purse

The Arizona Bankers Association says Arizona banks are asking consumers to deposit their spare change at their local bank or coin-cashing machines as the pandemic-related shutdowns has created a coin shortage.

Businesses are and have been reopening, which means that merchants need to stock coins, increasing demand in coins. But, most coins have remained with consumers during this time. 

Recirculated coins represent more than 80% of the supply, with the remaining amount being new coins produced by the Mint, according to the ABA.

The good news is this shortage should be short-lived, as the Mint has resumed its normal production. However, the shortage will be felt until the economy can ramp back up and more coins can pass from consumers to every day businesses.

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