Düsseldorf Coin circulation in the United States has stalled. Because of the corona pandemic and the associated lockdowns, shops, cafes, banks, and laundromats were closed in many places in the United States – places where you can usually get rid of your change.
At the same time, the US Mint had to temporarily shut down its production, so that employees could keep safety distances. “The problem is that the circulation was virtually stopped because the shops and banks were closed,” said Fed head Jerome Powell in a press release.
To counteract the shortage of coins, the central bank has set up a “US Coin Task Force”. It also includes the US Mint, which has expanded its production again since mid-June. According to its own information, almost 1.6 billion coins were minted there last month. To ensure that the current offering is fairly distributed, a temporary cap on coin orders placed by depositaries with the Fed has been introduced, according to the Federal Reserve.
Newsweek reports that some stores encourage customers to pay by card. Others accept cash but do not return change. Instead, they round up the amounts and load the difference on gift cards.
The Fed also issued a message asking citizens to help solve the problem and get their cash back into circulation. In the meantime, the US Federal Reserve wants to promote the circulation of coins with the hashtag #getcoinmoving on social media.
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