Where Did All The Dimes Go?

Coins
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By 1080 WTIC NEWSTALK

NORWICH, Conn. (WTIC Radio) - Some Connecticut banks are hurting for coins amid a national shortage related to the coronavirus pandemic.

Norwich-based Dime bank has instituted conservation efforts. It has purchased coin rolling machines so it can process coins in-house rather than shipping them out to a vendor. It has even asked employees who have stashes of change at home to bring them in, so that it can meet the needs of its business customers.

"Certainly if customers have coins sitting around in their coffee jars, we encourage them to bring them in," said Nicholas Statoulas, Dime's senior vice president of retail banking.

In recent weeks, Statoulas says the bank is only receiving about ten percent of the coins it has ordered from its delivery provider. He says for an unknown reason, dimes in particular, are scarce.

"It is a phenomenon that we've seen in the last couple of weeks," he told WTIC News.

However, the shortage's impact in Connecticut banks appears to be uneven. Waterbury-based Webster Bank says it has adequate coin supplies to meet customer needs.

"We have reduced the order of coins just due to the demand," said Grace Pereira-Shelly, senior vice president and east region executive. She adds that the number of cash transactions during the pandemic has dropped overall, as more people turn to online banking.