The U.S. Mint is producing fewer coins during the pandemic, causing a coin shortage
30-40% decrease in coins currently in circulation
ROCKFORD, Ill. (WIFR) -
The coronavirus strikes another area of the retail industry, affecting the way you pay for your items. It’s now causing a coin shortage across the nation.
Stores across the country put up signs, asking their customers to use credit cards or pay-by-phone apps whenever possible. The U.S. Mint is producing fewer coins to keep its employees safe, but that is causing paper money and coins to run low. Experts predict the shortage will diminish as more areas of the country reopen.
J.T. Quillen of Northwest Bank notes that its a mix of store closures and safe working practices. “We’ve heard that there has been a 30 to 40 percent decrease in the amount of coin that are currently in circulation. Again that’s not only related to the mint and the federal reserve but also just retailers that were not open during this period of time that would have been collecting coin and then bringing it to their financial institution for processing.”
Health experts also say physical money can contribute to the spread of covid-19 and using cards or apps decrease points of contact.
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