Where are all the coins?

July 21st, 2020

Do you find it strange the way certain things or disappearing because of the COVID-19 virus?

 

 Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.

Is it just me or do you find it strange the way certain things are disappearing because of the COVID-19 virus? First it was toilet paper. Why toilet paper? If you are locked down for a month or so how much toilet paper do you actually use that you need to hoard it? Then it was hand sanitizer and sanitizing wipes. This one I get because this is actually something that you would use more than usual to keep your surroundings clean and safe. We also have had a shortage of yeast and flour. Really, when was the last time you made a loaf of bread? And what makes you think you are going to start now. The latest thing to get my attention is this weird coin shortage. Where did all the coins go? Is everyone hanging on to them for safe keeping? After going to a few places over the weekend and seeing the signs about the “coin shortage” I decided to do some research and see what is going on. According to the Federal Reserve it is because of a dramatic deceleration of coin circulation because of the adjustments made by consumer’s patterns and payments during COVID-19. The Federal Reserve last month said that it would have to start rationing the distribution of coins putting limits on how much banks would be given. This has caused the banks to give less currency to such places as stores and gas stations. Places like these account for about 165 million transactions a day. According to the US Mint, they have put together a coin task force in an effort to reduce the disruption to coin circulation. The reason for the recent demand for circulating coins is thought to be caused by the reduced retail sales and the decrease in the number deposits from third-party coin processors. Because of the lack of coins, places are asking customers to use exact change or to use debit, credit, or other forms of payment. If you would like to do something to help end the shortage they are recommending that people take their coins and trade them in for cash at your local bank or in the coin counting machines that can be found at local grocery stores. Below are some other items that are hard to find due to COVID-19.

  • Thermometers
  • Water Filters
  • Bikes
  • Bakeware
  • Exercise Equipment
  • Swimming Pools
  • Hair Clippers
  • Freezers
  • Laptops
  • Game Consoles

Interested in learning how SafeSourcing can help your company run more efficiently? If you would like more information on how SafeSourcing can help you, please contact a SafeSourcing Customer Service representative.  We have an entire team ready to assist you today.

 

 

 

 

 

 

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