The Federal Reserve is warning of a nationwide coin shortage
The coronavirus pandemic has sparked a nationwide coin shortage that has retailers asking customers for exact change.
Last month, The Federal Reserve, advised of the strategic allocation of coin inventories as the COVID-19 pandemic has reduced coin deposits from depository institutions that have declined.
“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 coins also decreased due to measures put in place to protect its employees,” stated The Reserve in a press release.
Now, businesses are asking that customers use exact change, cards, or contactless payments instead of asking for change from dollar bills, as they may not be able to fill the request.
Banks, stores, and other institutions primarily get their coins from two sources: The Federal Reserve and from customer exchanges.
While the Reserve’s mints play catch-up, it’s encouraged that people use the coins they have laying around the house, in their pockets, or their car can help those institutions keep their coin levels more stable and coins themselves in circulation.