Bankers encourage consumers to use spare change

The demand for coins at local businesses has increased but a large amount of them remain with consumers.

Posted: Jul 23, 2020 8:23 AM
Updated: Aug 3, 2020 11:00 AM

SALEM, Ore. -- The Oregon Bankers Association is encouraging Oregonians to deposit and use their spare change. 

The association reports that the rate of coin recirculation slowed significantly after retailers started to close. Consumers migrated to online shopping and the use of debit and credit cards to avoid close contact with cash.

As businesses have reopened, the demand for coins has increased, but a large portion of coins remain with consumers.

“In a normal period of time, more than 4 billion coins are deposited — or recirculated — each month,” said Linda Navarro, OBA president and CEO. She said beginning in April fewer than two billion coins were being recirculated.

Navarro also said there is an adequate amount of coins in the economy right now but the slow circulation means a sufficient amount of coins will not be available when needed.

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