FOUR STATE AREA — One of the more interesting effects of the pandemic–we’re now facing a coin shortage.
If you have some of these laying around somewhere in your house or even car, the federal reserve would really like for you to either spend them or trade them in for paper cash at your local bank. Why? Covid-19.
Coin collector David Sorrick says a number of factors have combined to cause the coin shortage.
First and foremost, Sorrick says the U.S. Mint was shut down during the initial wave of the pandemic, and he says that triggered a domino effect across the country as well as here in the Four States.
David Sorrick, Coin Collector, said, “And that stopped the distribution system to the Federal Reserve, and locally, the banks closed their lobbies where most people go ahead and turn in their change and keep the local economy going, but particularly hit hard with the Covid pandemic were small, mom and pop businesses and they do a lot of cash business.”
But before you take your whole pile of change into the bank, or spend it, he says you might want to check the date on your coins because they could be worth a lot more than their face value depending upon what they were made of.
“We’ve separated some old coins there were some old wheat pennies and an old steel set from World War Two, and old nickels, both silver nickels from World War Two as well, Liberty Nickels and just some miscellaneous silver, Silver Dimes, Silver Quarters and occasionally a forty percents Silver Half.”
And he says who knows what you’ll find and what interest that might spark.
“Many collectors start from what they have in their change and often it stimulates an interest in the hobby and there are always people trading that too, and we have several coin clubs in the area and folks who like to buy old coins and so yeah, you’ve got choices then once you find out what you’ve got.”