The novel coronavirus pandemic has caused a coin shortage in the country, according to the Federal Reserve.
“What’s happened is that, with the partial closure of the economy, the flow of coins through the economy has gotten all — it’s kind of stopped,” Federal Reserve chairman Jerome Powell said recently.
Many banks and businesses have changed the way they are operating because of covid-19, and that’s resulted in fewer coins reaching the public, according to a CNN report.
COIN SHORTAGE?@RepJohnRose Tennessee bank "would only be receiving a small portion of their weekly order of coinage…likely run out of coins"
Jerome Powell: "Very much aware…Flow of coins through economy has kind of stopped. Whole system of flow has come to stop"
h/t @nicninh pic.twitter.com/3YyYPivB8X— Howard Mortman (@HowardMortman) June 17, 2020
The report revealed that some banks will only receive a small portion of their weekly coin order from the Federal Reserve, and they may need to round up or down if they run low.
“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 Fed said in a statement.
I haven’t used a coin in three months pic.twitter.com/ILOMkSbIFL
— Burrito Justice (@burritojustice) June 20, 2020
The report revealed that some banks will only receive a small portion of their weekly coin order from the Federal Reserve, and they may need to round up or down if they run low.
“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 Fed said in a statement.
