COVID-19 has impacted coin circulation throughout the U.S.
If you’ve been to a store lately, you may have noticed signage that asks customers to pay with exact change or use a debit or credit card because the U.S. is experiencing a national coin shortage. The truth is: coins haven’t really gone anywhere. The coronavirus pandemic has just disrupted the usual coin circulation patterns.
Businesses being closed or on reduced schedules means that more people are staying home and ordering online, versus going in and potentially using cash and coins to pay. On top of that, many people have turned to contactless methods of payment, like Apple Pay, Google Pay, or credit cards. The United States Mint is now asking for help getting coins moving again.
The Mint recommends the following:
- Using exact change when making purchases
- Taking your coins to financial institutions
- Turning coins in for cash at coin recycling kiosks