The Coin Laundry Association recently solicited store-owner input on the current coin shortage, in an effort to gauge the size and scope of its impact on the industry.
Among those who responded to the association’s survey, 65 percent of the laundry operators admitted to observing a disruption in the supply of either quarters or dollar coins at their stores during the summer, “as evidenced by either a reduction in the normal supply of coins in the store and/or trouble accessing the desired supply of coins from their local bank.”
And the situation doesn’t seem to be abating very quickly. In fact, 50 percent of respondents reported observing no improvement in the supply of coins at their laundromats in recent weeks, while 45 percent of owners said they’re still finding it difficult to access coins at their local banks.
The CLA has been addressing the coin shortage in three ways.
“We’re trying to educate our members as to the status of this disruption in the coin supply, including having just conducted our store-owner survey to elicit feedback from the field,” explained CLA President and CEO Brian Wallace. “We’re also in direct and constant contact with the U.S. Coin Task Force, which was established by the Federal Reserve and the U.S. Mint to identify, implement and promote actions to reduce the consequence and duration of COVID-19-related disruptions to normal coin circulation. We’re advocating on the industry’s behalf and providing feedback to the task force on the impact the shortage has had on the laundromat business.”
Moreover, the CLA has conducted an all-out media relations blitz to help educate the public in regard to this unique situation and its impact on the industry. In fact, Wallace has been interviewed by dozens of various media outlets, including the Los Angeles Times, the Washington Post, Slate, NBC San Diego, Fox Business, Newsday, Connecticut Public Radio and several others.
Although coins remain scarce, there is a bit of good news. According to the recent CLA survey, 26 percent of those responding said they have seen an improvement in the supply of coins at their laundromats in recent weeks.