Businesses may have to round up or down with coin shortage, according to CNN report

National News
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(WSYR-TV) — The coronavirus pandemic has resulted in shortages of all kinds in the United States, and now the newest shortage being reported is a shortage of coins.

Yes, there is a shortage on the change that you hear jingling in your pocket, according to CNN. 

CNN reports there’s been an interruption in the supply chain that coins usually flow through. 

Many banks and businesses have changed the way they are operating due to COVID-19, and that’s resulted in fewer coins reaching the public. 

CNN reports that some banks will only receive a small portion of their weekly coin order from the Federal Reserve, and they may need to round up or down if they run low. 

In response to the shortage, CNN says the Federal Reserve Banks are strategically allocating coins, and order limits will be placed on coins depending on the historic order volume of those coins, and how many coins the U.S. Mint is currently producing. 

CNN also reports the Federal Reserve is working with the U.S. Mint to produce more coins.

The Federal Reserve is recommending businesses and banks only order the amount of coins they need to meet customer demand at this time. 

According to CNN, the Federal Reserve believes this shortage will only be temporary as the economy continues to reopen more broadly across the United States.


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