Federal Reserve creates task force to find ways to ease US coin shortage

By KYW Newsradio 1060
BUCKS COUNTY, Pa. (KYW Newsradio)  The Federal Reserve has created a task force to look into ways to lessen the severity of the coin shortage affecting the entire country.

Felicia Sweeney has been having a hard time getting change from her bank, which has forced her to get creative with customers at the pretzel shop she manages in Mayfair.  

“We did do a little offer, where customers brought up some change, where we would give some free product in exchange for it. We’re trying to round up or round down the price as best as we can,” she said. 

The coin shortage is having an impact on retailers, small businesses and customers. According to the U.S. Mint, the shortage was created by the pandemic and subsequent lockdown. Little to no shopping meant tons of coins stayed inside people’s homes.

In addition, the Mint’s production dropped significantly due to safety measures that were imposed to protect employees.      

Earlier this month, the Federal Reserve created a National Coin Shortage Task Force to recommend steps to take to address the circulation problem. The task force will release its report in August.