COVID Cause of Coin Shortage Across US
By WVUA 23 Contributor Julia Smith
You wouldn’t think the amount of coins in circulation would be affected by a pandemic, but here we are. The sSigns have been present at varying shops, restaurants and other spots for the past few months with a similar refrain. Exact change only. No cash transactions. We buy coins.
President and CEO of the Alabama Banker’s Association Scott Latham said the coin shortage isn’t a shortage of coins as much as it is a lack of coins being circulated.
According to the U.S. Federal Reserve, coin circulation dropped by half between January and April. Since then, consumers are using coins even less.
<p class=”x_MsoNormal”>“We believe as people get out and start using coins a little more, even in vending machines, laundromats and parking meters we will see supply ease back up,” Latham said.</p>