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Is There A Coin Shortage?

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Many people are not paying with cash right now because of COVID-19 and there are some businesses that aren't accepting this form of payment either in recent months.

It has prompted a coin shortage now around the country.

Some retailers are now only accepting plastic forms of payment, credit cards etc, instead of cash, because there is that coin shortage that they are feeling.

Pay in exact change

For anyone that still wants to pay in cash there are stores asking that those individuals pay in exact change whenever possible.

From convenience stores to much larger businesses, there are a variety of places where the coin shortage is reportedly starting to impact people.

According to the federal reserve, the economic downturn meant that fewer coins were going to be making their way through millions of households, businesses, and banks too.

They are having problems getting coins from the federal reserve too apparently.

“Our ability to purchase coins from the Fed has been significantly impacted,” said Mike Wallace, President of Retail at Star Bank

Right now, the fed is still saying that the issue of any sort of coin shortage is only a small concern on their radar.

They expect it to get better in a few weeks, especially now that businesses around the country are starting to reopen again for business.

Pics: pixabay