1 December 2022 - 4 min Reading time
We have observed that the coins of 5, 10, and 20 Euro cents are not circulating adequately. Since the onset of the COVID-19 pandemic, consumers have been using these coins less frequently for purchases, and they are likely being hoarded. This reduced usage has resulted in a scarcity of these coins among merchants and banks.
The conflict in Ukraine and international and European sanctions against Russia have disrupted the supply of certain raw materials in Europe. This has impacted various sectors, including the production of new coins. Due to a shortage of adequate raw materials, it is challenging to mint additional 5, 10, and 20 Euro cent coins to address the shortage.
Currently, there are more 5, 10, and 20 Euro cent coins in circulation than ever before, but these coins are not circulating sufficiently. Consumers have significantly reduced their use of these coins for purchases since the COVID-19 pandemic and tend to keep them, preventing them from returning to merchants and banks. However, merchants still require these coins, resulting in a coin shortage.
Febelfin, Unizo and Comeos are jointly appealing to consumers:
Consumers with substantial quantities of 5, 10, and 20 Euro cent coins can deposit them at their bank.
Many banks offer free coin deposits for individuals, and for larger volumes, there may be a minimal cost associated with counting, sorting, and transporting the coins. The fees can vary from zero euros to a few euros per deposit. Please consult your bank (or its fee schedule) to determine the applicable fee.
Febelfin, Unizo, and Comeos request understanding from consumers regarding this unique situation due to the conflict in Ukraine and hope for a more permanent solution in the near future.