Remember the days of toilet paper and water shortages? It seems so long ago even though it was this same year. So much is happening in 2020! Well now it’s our coins. This is a quick update on the shortage – in case you haven’t heard…
The first we heard about this was when we ordered take-out. We paid cash, and the restaurant couldn’t give us the change. So, we paid a little extra.
It’s really not a shortage, though, is it? I mean, the coins haven’t gone anywhere. They haven’t vanished. They’re just not getting circulated.
Due to covid, there are so few people out spending money. The result has been a shortage in coins.
As the chief deposit officer at Howard Bank, Drew McKone, “There’s not really a shortage of coins, there’s just not a circulation of coins because of the pandemic. People are not coming out, they aren’t spending money.” –WBALTV
The federal reserve confirmed, saying “As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the rebuilding of coin inventories.”
Your Local Businesses
I don’t know if this has affected your area or not. But many places across the country will only accept exact change or cards right now.
Some places are even offering free drinks or sandwiches or treats if you go in and exchange your rolls of coins for paper money. If you’ve needed to take your rolls to the bank, your options have opened up. Check with your local grocery, retail stores, and restaurants. You might be able to help them out.
It’s not anything to worry about. We haven’t lost any coins. They still exist. Most are saying that as people start to get out and spend money, the shortage will dissipate.
We can still use our cards and exact change.
What if I Don’t Have a Card?
Use exact change. If you don’t have that, well, isn’t it time you get connected? Almost everything in the world is online.
Threre are always ways.
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