WBA Says Another Coin Shortage Looming

Looks like we’re about to run out of change again. Well, kind of. According to the President and CEO of the Wisconsin Bankers Association (WBA) another currency crisis is coming.

Here’s Five Fast Facts about Wisconsin’s possible coin shortage

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1. 🏦 Short changed? - The first coin shortage happened due to lockdowns and closures, causing the government to ration coins. Banks had to adhere to weekly limits. The Tooth Fairy ticked off a lot of kids.. 
2. 🪙 Ramping Back Up - The U.S. Mint went into overdrive starting in June 2020, producing an additional 14.9B coins in six months.  
3. 💳 Plastic Please- Because of this shortage (and Kevin the clerk at Kwik Trip being a jerk) most customers started paying with plastic, leaving the change at home. Now that there are coins out there, plastic is still being used. 
4. 🙏🏻 Nickel and Diming - While retail and financial organizations have asked the Department of Treasury for help, the WBA is close to begging you to start using coins as much as possible. 
5. 💰Change for the Holidays - Through a variety of measures (they’ve yet to announce any) the WBA says they hope to have more coins in circulation before the holiday season.

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🔥Bottom line: The pandemic shifted our shopping and spending behaviors in ways we didn’t expect. Now we have to alter things again. We all have change laying around the house and there’s legitimately no reason we can’t use it on small purchases. If we don’t, it could cause yet another problem that can create bigger problems. (Also: the next time Kevin is working, pay for your Monster Energy Drink in pennies only).

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How do you feel about the potential shortage? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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