Is there a run on coinage here in the US?
The sign on the register at grocery stores all across America are making a simple request to customers: Card or exact change only, please.
The reason?
According to the sign, the “national coin shortage” is to blame.
It turns out, the sign is accurate.
Last month, the Federal Reserve issued a statement saying that the coronavirus pandemic “significantly disrupted the supply chain and normal circulation patterns for U.S. coin.”
“In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees,” the Reserve said.
Starting in June, the Federal Reserve began temporarily allocating set amounts of pennies, nickels, dimes and quarters to banks. The limits given to each institution will be reviewed and changed as supply increases.
Those measures alone won’t be enough, however, the Fed warns.
“Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues,”’ the announcement said.
How you can help?
One of the easiest things people can do to help solve the coin shortage is to deposit or cash-in extra change at the bank or a coin-counting machine, both of which will allow for more currently to enter circulation.
https://www.al.com/news/2020/07/coin-shortage-due-to-coronavirus-whats-happening-how-you-can-help.html
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