Why are coins hard to find during the pandemic?
Why are coins hard to find during the pandemic? The Federal Reserve has seen a significant decline of coins in circulation because people are not spending them as regularly at businesses, many of which are either temporarily closed or not accepting cash. But in recent months, people have not been spending those coins at places like laundromats, banks, restaurants, or shops because the businesses are closed, or people are not visiting them as often as they were before the pandemic. The Federal Reserve has encouraged banks to order only the coins they need and to make depositing coins easy for customers. One Wisconsin bank system offered its customers a $5 bonus for every $100 in coins they brought into exchange at a branch.
Nationwide coin shortage caused by coronavirus pandemic
The Federal Reserve says there's a coin shortage. Coin deposits from institutions, like banks, to the Federal Reserve have declined significantly the past few months. With Federal Reserve coin orders starting to increase as regions reopen, the coin inventory is at below normal levels. Officials at the Federal Reserve say they're working to lessen the effects of the shortage to minimize supply constraints and maximize production. Federal Reserve officials say theyre confident the coin shortage will be resolved once more of the economy opens and coins go back to being circulated as usual.