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North Dakota treasurer says there is not a coin shortage

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According to the North Dakota State Treasurer, there is not a coin shortage.

KX spoke with Kelly Schmidt who says the federal reserve has $48 billion in coins circulating across the country, but due to the on-going pandemic, people are paying with cards more and spending cash less.

She says one way to get these coins back into the registers is simply by spending them.

“I would encourage people that have the big jars of coins and have your ashtray full that next time you’re going through the drive-up at your bank to mention, say, ‘I got a tray here full of coins. Can I send them through?’ And let’s get these things back into circulation. Our financial institution certainly will take them,” explained Schmidt.

Schmidt also says small businesses will benefit from the cash rather than card payments because with cards they have to pay a certain percentage for each transaction.

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