Coronavirus Causes Nationwide Coin Shortage

Cover Image
Photo credit © Manav Lohia Dreamstime
By 98.5 KTK

The coronavirus ushered in some strange shortages. And there's another one to add to the list: coins. The Federal Reserve is scurrying to supply coins to banks in the midst of a coin shortage caused by the pandemic. Like most employers, the U.S. Mint sent many of its workers home to protect them from catching coronavirus, which caused a production delay.  Add to that the decline of retailers depositing coins from customers when stores were closed and the simple fact consumers couldn't spend those coins or cash them in for paper bills and a seemingly efficient system to shuffling money to banks across the country became a nightmare. It has caused the Federal Reserve to ration coins distributed to banks and therefore merchants.  Many businesses have asked for exact change payment and some stores offering to buy coins. However as the economy re-opens the coin shortage should fix itself, according to the government.

SOURCE: Newser

See and hear more from the 98.5 KTK Morning Show

98.5 KTK Morning Show Podcast