The COVID-19 pandemic has temporarily affected the normal circulation of coins in the United States’ economy, and therefore in Puerto Rico. The reduction in coin circulation has caused decreased availability of 1₵, 5₵, 10₵ and 25₵ coins. This situation has not affected the circulation of bills.
The decrease is due in part to the closing of businesses throughout the U.S., as well as to a reduction in the production of coins as a result of the preventive measures taken by the U. S. Mint amid the COVID-19 pandemic.
Faced with this scenario, the Federal Reserve Board limited the amount of coins it supplies to all financial institutions within the federal system, which directly affects its clients. The U.S. Mint is currently working extended shifts to meet the demand. Still, the Federal Reserve believes the shortage could last for the remainder of the summer.
Here are answers to the most frequently asked questions on this topic.
- What actions will Banco Popular take to support commercial clients?
– We will supply a limited amount of coins while we have inventory available.
– We are looking for solutions that can help you manage the effect that this sudden change can produce.
- What are my options while there is a shortage of coins?
– To mitigate this situation, you may encourage your clients to use debit and credit cards, ATH Móvil Business and other alternate electronic payment methods. For more information about our collection solutions, go to popular.com/en/business/collection-services/
– You can also deposit coins at one of our 18 branches that have a coin exchange machine. See the list here.
– You can deposit your coins at one of our 18 branches that have a coin exchange machine. See the list here.
- What other alternatives are available to me?
– You may use alternative payment methods like Popular’s ATH® card, credit cards, and ATH Móvil.
– When paying with your Banco Popular ATH® card, save your change with Ahorro Directo. This service rounds off the total to the next dollar and the difference is automatically deposited into your savings account.
Remember to follow protocols to protect everyone’s health amid the COVID-19 pandemic.
If you have doubts or questions, please call TeleBanco Popular® at 787.724.3650. Representatives are available seven days a week from 6:00 a.m. to 10:00 p.m.