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Report: Nationwide coin shortage due to coronavirus shutdowns

Flow of coins through economy 'kind of stopped,' Powell says

Money stock photo
Money stock photo (Pixabay)

The economic shutdown prompted by the coronavirus has had not just a financial impact but an impact on American currency itself.

Specifically, a shortage of coins, quarters, dimes, nickels and pennies.

The reason: businesses were closed, and people were largely staying in halting the flow of change through the marketplace.

Word of the shortage came from Federal Reserve Chair Jerome Powell.

The Washington Post reports that Powell told Congress Wednesday that the flow of coins through the economy "kind of stopped."

Powell described it as a temporary issue and said officials have been coordinating with the U.S. mint to fix the problem.