There Is Currently A National Shortage Of Coins: Here’s Why

The coronavirus crisis is wreaking havoc on employment, health, and the overall well being of U.S citizens. Surprisingly, It's also affecting the distribution of coins around the nation.

Per the New York Post, "The Federal Reserve revealed last month that the pandemic had 'significantly 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."

They add that the Federal Reserve has even started limiting how much change it distributes to banks "as part of its efforts to mitigate the effects of low coin inventories."

Because of this, you may notice that retailers are asking customers to either pay with exact change or use another form of payment. Some are even banning cash payments until the shortage ends.

According to Jerome Powell, Fed chairman, the shortage is temporary. "Stores have been closed. The whole system of flow had come to a stop. As the economy reopens, we're seeing coins begin to move around again."