A local bank wants your coins, and it will pay you above face value for them by Asha Prihar of The Milwaukee Journal-Sentinel. When we get less of something, ceteris paribus, you have to pay more for it. Excerpt:
"A southeastern Wisconsin bank is encouraging
residents to break open their piggy banks to help local businesses
suffering from the national coin shortage — and it's paying them to do
it.
Community State Bank's
coin buy back program offers
both customers and non-customers $5 for every $100 in coins they bring
into the bank. Additionally, the bank is waiving coin counting
transaction fees for non-customers, too.
The bank decided to use the shortage as an opportunity to connect local
businesses with community members, said Greg Wall, the bank's chief
innovation officer. Local businesses are the bank's main source of
demand for change, he said, and the team at the bank thought that people
in the community were likely to have coins sitting around their homes.
"Instead of buying coin from the Fed, we’re buying coin from our community," Wall said.
While
the coin counting services are free across the board, the buy back
program only offers extra cash for transactions in $100 increments. For
example, a customer who brings in $100 in coins would get the same $5 as
a customer who brings in $175 in coins. If a customer brought in
$200 in coins, that customer would get $10.
A coin shortage has hit businesses locally and nationally, and
some are
encouraging customers to use exact change, to round up their purchases
to the next dollar (and donate the extra change to a charity) or to
avoid using cash altogether.
According to the
Federal Reserve's website,
the shortage was caused by business and bank closures during the
pandemic, which have disrupted the supply chain and normal coin
circulation patterns. Although the overall amount of coinage in the
economy is sufficient, the slowed circulation has caused inventory to
shrink in some parts of the country."
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