The U.S. Mint has some advice for consumers to tackle a coin supply snag brought on by the coronavirus. The Americans are asked to start spending their dimes, quarters, nickels, and pennies by the bureau to manage the coin supply snag. On Thursday the Mint said in a statement precautions are taken to slow the pandemic have led to a decrease in deposits from the third- party coin processors and reduced sales activity.
The Mint added at times even when there is enough amount of coins in the economy, the slowed pace of circulation has meant that required quantities of coins are sometimes not readily available where needed. In improving this coin supply issue we are asking help, this can be done by paying with exact change for things and by returning spare change to circulation.
The retailers are finding it difficult during this shortfall as they have to accept cash payments. A major part of the coin is returned by retail transactions and coin recyclers in normal circumstances to circulation each day. Cash is the only form of payment for millions of Americans and cash transactions rely on coins to make a change. The Mint supplied less than a fifth of coins in circulation last year, a bureau within the Department of Treasury.
Federal Reserve Chairman Jerome Powell during a congressional hearing last month said the flow of coins through the economy has kind of stopped, but the shortage would prove temporary he expects so. Representative John Rose, a Tennessee Republican enquired about the supply issue to Powell after hearing about it from banks in his district.
This year the coin making sites in New York, San Francisco, and West Point closed earlier for safety concerns and reopened within weeks. Since mid- June the Mint has been operating at full production capacity. The Mint asked the American public to start spending their coins, exchanging or depositing them for currency at financial institutions, and taking them to coin redemption Kiosk. By each of us doing our part the coin supply problem can be solved.
