WASHINGTON—The ongoing shortage of coins in the United States has led the U.S. Coin Task Force to release a statement outlining ways consumers can help address the problem.
As CUtoday.info has reported, amid the coronavirus pandemic, consumers have been using physical currency less frequently, which has resulted in fewer coins moving through the supply chain. That has led some retailers to urge consumers to make payments electronically, while one bank is even paying a premium for every $100 deposited.
The Federal Reserve convened the task force earlier this month. It is working in coordination with the U.S. Mint, financial institutions, retailers, industry stakeholders and consumers to address the problem.
Supply Disruption
While there are enough coins available to meet demand, the supply chain has been disrupted as "people have changed their spending habits, and coin-intensive businesses and financial institution lobbies have been less accessible," the task force said in the statement. Some retailers and businesses could experience issues accepting cash payments because they don't have coin available for customers' change.
The task force is encouraging consumers and businesses to return coins to circulation in day-to-day transactions. Consumers are encouraged to pay with exact change and return spare change to circulation by depositing coins from car cupholders and piggy banks/coin jars to local financial institutions or coin redemption kiosks.