The Wisconsin-based Community State Bank has launched a program to help local businesses struggling due to the nationwide coin shortage. The ongoing COVID-19 pandemic has disrupted the production of new coins, forcing retailers and restaurants to ask customers to either pay with exact change or a credit card.

The bank’s Coin Buy Back Program gives customers and non-customers a $5 bonus for every $100 worth of coins they turn in. All seven of Community State Bank’s locations in southeastern Wisconsin are offering this incentive, with individuals able to receive a maximum coin bonus of $500.

"We knew we needed to figure something out. We hate the idea of telling our customers, 'No, we can't give you one of the services we're proud to provide,' so we came up with a creative way to get things done," Community State Bank Vice President Neil Buchanan told CNN. "Just because this hasn't been done before doesn't mean it isn't going to work -- and it has already made a huge difference."

Hundreds of people have so far dropped off their change, with some individuals giving away their coins without asking for the bonus. The bank can then provide local businesses with the coins.

In response to the coin shortage, the Federal Reserve established a U.S. Coin Task Force last month to "mitigate the effects of low coin inventories caused by the COVID-19 pandemic." The Fed has begun allocating its coin inventories to various banks to alleviate the crisis.

Coronavirus