Reporting for the MPR News, Scott Horsley writes that banks around the country are running lows on ‘nickels, dimes, quarters and even pennies due to a change shortage that experts say is being exacerbated by the coronavirus pandemic’.”

In the Washington Post, business reporter Rachel Siegel writes: “The economic shutdowns to stem the spread of the novel coronavirus, spurring the deepest recession in decades, have had the unintended consequence of halting the flow of coins through households, businesses and banks, the head of the Federal Reserve confirmed Wednesday.”

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The flow of coins through the economy has kind of stopped. We are working with the Mint and the Reserve Banks and as the economy reopens we are seeing coins beginning to move around again.

Jerome Powell, Federal Reserve Chair

“The U.S. Mint is the country’s issuing authority for coins and determines annual coin production. The Reserve Banks provide the mint with monthly coin orders and a 12-month rolling coin-order forecast.” writes Rachel Siegel in the Post.

In USA Today, Kelly Tyko writes: “Break out your piggy banks, the latest COVID-19 shortage involves pocket change. The coronavirus pandemic has caused a nationwide coin shortage, according to the Federal Reserve. Since March, many businesses and experts have encouraged consumers to use contactless payment systems because of concerns about the spread of the viral infection on cash and credit cards.”

In Reuters, reporter Ann Saphir writes: “With the partial closure of the economy due to the coronavirus crisis [..] the U.S. Mint has decreased production of coin due to measures put in place to protect its employees.”

Cover image source: Screenshot from MPR News.