Pandemic Causes Coin Shortage in the U.S.

 

SAN ANGELO, TX —The economic effects of the COVID-19 pandemic continue to be felt, and in the U.S.,  it has caused a coin shortage. Many businesses around San Angelo are displaying signs that ask customers to pay in exact change or use a secondary form of payment.

According to The Federal Reserve, that pandemic “significantly disrupted the supply chain and normal circulation patterns for U.S. coin.”

In the press release, the agency explained that the deposits from depository institutions to the Federal Reserve have significantly declined. Also, the production of new coins was decreased as the U.S. Mint aimed to protect their employees.

While testifying before the House Financial Services Committee on Wednesday, the Federal Reserve Chairman Jerome Powell stated the following:

“With the partial closure of the economy, the flow of coins through the economy has gotten all…it’s kind of stopped. We are well aware of this and are working with the Mint and we are working with the reserve banks. And as the economy reopens, we are seeing coins begin to move around again.”
While many Americans have transitioned to electronic payments and online banking, physical money is still an important part of the economy. 

According to the Wall Street Journal, a shortage of physical money and coins tends to affect low-income people and minorities, and those who do not own bank accounts.

In order to mitigate the impact of the shortage The Federal Reserve, which manages the coin inventory, is taking several steps. The efforts began on June 15th and are centered are replenishing the depository institutions that then redistributing the coins. This means that available supplies of pennies, nickels, dimes, and quarters will be taken to depository institutions as a temporary measure. 

The allocation is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels, according to the press release. Limits are based on denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and revised based on national receipt levels, inventories, and Mint production.

These include minimizing coin supply constraints, maximizing coin production capacity, encouraging depository institutions to order only the coin they need to meet near‐term customer demand.

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The cure is worse than the virus. In fact the cure is creating more maladies. Sounds like those who are the most vulnerable are being harmed by government, not by the virus. Governments (that includes San Angelo mayor, city council, and health officials) have themselves to blame. Time for a rethink on virus response.

If our local Wells Fargo had not eliminated their coin counting machines, I would have buckets of coins to put back in circulation.

This is an outright LIE. There's no coin shortage. Common sense proves there isn't. They are getting bold with the synchronicity/NWO agenda now they aren't even trying to hide it anymore. "There seems to be a currency shortage. How about we just send this *money* to your online bank *account* that is subject to unapproved withdrawals and also relies on electricity and internet to have access to!"

I think coins are evil. There was a study that showed 95% of Covid-19 transmission came from handling coins. I'm never touching a coin again in my life for as long as I live on this planet we call earth and live in this wonderful country we call America and live in the great state of Texas and in the fantastic Tom Green County and the best kept secret city of San Angelo!

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