TYLER, Texas — Coins are the latest item in short supply due to the COVID-19 pandemic and we're feeling the effects in East Texas.
"The mint produces billions of coins a year. However, it is sort of a delicate balance as to what businesses need and what consumers need, to what’s being produced," said Lane Brunner, President of the Tyler Coin Club.
According to Brunner, anything that disrupts the process can lead to a shortage, recently depicted in signs notifying customers of a coin shortage at businesses both big and small in our area.
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Some banks are even offering incentives to people to crack open old coin jars and cash in their loose change.
"I like it when people look through their change because sometimes they do find something that’s been in circulation for decades or that was just in a jar someplace that was released recently and it turns out to be a rare coin."
Most collectors look for low mintage coins, which are relatively scarce.
"Especially with all the new design changes, it really can spark people’s interest to look at the coins and recognize what they mean, the connection to either states or national parks or history."
It's how Brunner said he became involved in coin collecting at a young age.
"If you take a look at a Lincoln cent, maybe look at Lincoln's history and if that sparks an interest, then think about maybe collecting Lincoln cents."
Some lower mintage coins include the national parks and state quarter series.
The U.S. Mint also produces limited edition coins, which are usually not released into circulation. Most can be found on the mint's website or through coin dealers.
"It's hard to predict if any of them, based on the mintages now, will we know 20 to 30 years from now, that were made for circulation, that will be of high value. That's a very difficult thing to predict."
His biggest advice to new coin collectors is to avoid cleaning the coins because he said it may destroy their value as a collectible.
Brunner said it's also a hobby the whole family can enjoy.
"It’s one more pastime that families can use to bring themselves together and it’s one that over time, may increase in value."
To learn more about coin collecting or the Tyler Coin Club, visit the club's website or Facebook page. They hold regular meetings virtually through zoom.
The Tyler Coin Club is also hosting its annual coin show at the Harvey Convention Center on August 7th and 8th. Masks will be required and social distancing encouraged whenever possible.