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Nationwide Coin Shortage 2020: 13 Things to Know

A nationwide coin shortage is affecting the United States and it has stores trying to hang on to spare change.

Nationwide Coin Shortage 2020: 13 Things to Know

Source: rafastockbr / Shutterstock.com

Here’s what to know about the nationwide coin shortage.

  • Problems caused by the novel coronavirus are behind the coin shortage.
  • This was announced last month by Federal Reserve Chairman Jerome Powell.
  • He said that the typical flow of coins has been stopped by the partial shutdown of the economy.
  • Powell expects the problem to disappear once the economy reopens completely and people start spending again.
  • However, until then, it might not be easy to acquire coins.
  • That includes some retailers, such as Kroger (NYSE:KR), withholding change from customers.
  • Instead, the company is adding that excess change to customers’ loyalty cards for future purchases.
  • Some stores, like Wawa, are asking customers to donate their extra change to charities to help get coins back in circulation.
  • Other retailers are seeking exact change from customers and some are limiting purchases to debit or credit cards.
  • The Federal Reserve is also taking steps to bring more coins into circulation.
  • Among these are programs for banks accepting coins so that the Federal Reserve can get them back into circulation.
  • At this point, it’s unknown just how long the nationwide coin shortage will last.
  • The situation may only get worse as businesses stay closed and a second lockdown could exacerbate the issue.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/nationwide-coin-shortage-details/.

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