July 23, 2020 3:20 a.m.  

The Oregon Bankers Association is encouraging customers to empty out their piggy banks to help small businesses facing coin shortages from pandemic-related shutdowns.

A release from the organization, said when retail establishments closed due to COVID-19 restrictions, the rate of coin recirculation slowed significantly. Consumers migrated to online shopping and the use of debit and credit cards to avoid physical contact that is associated with using cash. The release said coins that would have been returned in change, were no longer being circulated back into the system. Those recirculated coins represent more than 80% of the total supply, while the rest is met by new coin production.

The organization says as businesses have reopened, demand for coins has increased, but a large portion of coins remain with consumers. OBA President and CEO Linda Navarro said in a normal period of time, more than 4 billion coins are deposited or recirculated each month. She said beginning in April, less than 2 billion are being recirculated.

Navarro said residents “need to jumpstart recirculation of coins”.

The release said Oregonians can help by depositing their spare change at their local bank or in a coin-cashing machine, and by using exact amounts when making purchases.