Post by M. Hawbaker on Jul 4, 2020 23:53:16 GMT
The coronavirus crisis has sparked a nationwide coin shortage that reportedly has retailers pleading with customers for exact change.
The Federal Reserve revealed last month that the pandemic had “significantly disrupted” the supply chain and circulation patterns for America’s metal money. The US Mint has slowed production of coins because of measures meant to protect workers amid the crisis, while coin deposits from banks have also fallen in the past few months, the central bank said.
With demand for coins rising as states began to reopen, the Fed on June 15 started limiting how many pennies, nickels, dimes and quarters it distributed to banks as part of its efforts to “mitigate the effects of low coin inventories.”
The Federal Reserve revealed last month that the pandemic had “significantly disrupted” the supply chain and circulation patterns for America’s metal money. The US Mint has slowed production of coins because of measures meant to protect workers amid the crisis, while coin deposits from banks have also fallen in the past few months, the central bank said.
With demand for coins rising as states began to reopen, the Fed on June 15 started limiting how many pennies, nickels, dimes and quarters it distributed to banks as part of its efforts to “mitigate the effects of low coin inventories.”
Retailers have since started advising customers that coins are in short supply. Some Lowe’s hardware stores have posted signs urging shoppers to pay with exact change or use other forms of payment, as have convenience stores such as 7-Eleven, Pilot and Circle K, according to news reports and social media posts.
