USA National Coin Shortage
7-1-20, NYPost -- The coronavirus crisis has sparked a nationwide coin shortage. Retailers are advising customers that coins are in short supply. Lowe’s home improvement stores have posted signs urging shoppers to pay with exact change or use other forms of payment, as have convenience stores.
In June 2020 the Federal Reserve revealed the virus disrupted the supply chain and circulation patterns for America’s metal money. The US Mint has slowed production of coins because of measures meant to protect workers amid the crisis, while coin deposits from banks have also fallen in the past few months, the central bank said.
With demand for coins rising as states began to reopen, the Fed on June 15, 2020 started limiting how many pennies, nickels, dimes and quarters it distributed to banks as part of its efforts to “mitigate the effects of low coin inventories.”
7-6-20, MSN.com -- The U.S. Mint is upping its coin production after shortages of coins have been reported in the U.S. as a result of the Covid virus scare.
On June 15, 2020 the Federal Reserve had first implemented quotas for distribution locations to further protect its coin inventories, which were running low. As a result, banks and other distributors of coins received less than what they ordered. Businesses are routinely turning to banks in order to receive coins and other tender to fill up their registers.
According to numbers by the U.S. Mint, coin production for circulation has actually decreased during the last couple of years and because of COVID-19 restrictions for Mint workers, has had some particularly slow months in the first half of 2020. In the second half of 2020, the Mint expects production increases to 1.2 billion coins.
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