07/09/2020

Why There's a National Coin Shortage

Your currency questions answered

COVID-19 (coronavirus) has felled another victim: coins. There is a severe coin shortage in the United States. Why, you ask? Read on.

What’s happening? The Federal Reserve, which oversees the national coin inventory and its distribution to banks, is low on coins, and began “strategically allocating” its supply three weeks ago. This, in turn, means that the Reserve is giving fewer coins to the banks near you.

Does this affect me? Yep. When your local shop orders, say, $500 in coins from the bank, the bank may only be able to provide $200 in coins. This means that you can no longer get change, and many local stores are requiring exact change or credit cards.

Please select this link to read the complete article from Fast Company.