First it was toilet paper, hand sanitizer, and disinfecting wipes. Then it was PPE (personal protective equipment). The latest COVID-19 shortage involves pocket change.
The coronavirus pandemic has caused a nationwide coin shortage, according to the Federal Reserve.
Reserve Chair Jerome Powell said Wednesday the shutdowns caused by the pandemic have raised concerns about circulation of coins, which the Fed’s 12 regional banks are in charge of supplying to financial institutions.
The pandemic “significantly disrupted the supply chain and normal circulation patterns for the US coin. With the partial closure of the economy, the flow of funds through the economy has stopped,” Powell said during a virtual hearing with the House Financial Services Committee. “We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again.”
While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. With establishments like financial institutions, retail shops, restaurants, laundromats, transit authorities and other typical places where coin enters our society slowed or even stopped, the normal circulation of coin was disrupted.
Natco members, we are asking for your help!
- Break out your piggy banks and jars of coin. Bring them into one of our offices. Use our coin counter to either exchange for bills or deposit into your Natco account. This is a free service to Natco members.
- When cashing a check, deposit the coin and receive only the bills back.
- Use exact change at retailers or even pay your bill with all coin.