What’s With All the Missing Change?

What's With All the Missing Change?

(NewsBreakDaily.org) – Have you noticed that many businesses are now asking for exact change or credit cards? It turns out the COVID-19 pandemic has led to a major coin shortage across the country.

ABC in Philadelphia reported this week that WaWa convenience stores, which are popular on the East Coast, told customers they would need to use the mobile app, credit cards, debit cards, or exact change because of the shortage. Customers also have the option of rounding up their totals to the nearest dollar. WaWa is donating the extra change to charity.

Several national large grocery store chains are doing the same. Last month the federal reserve warned about the coin shortage.

On June 17, Fed Chairman Jerome Powell testified at a hearing before the House Financial Services Committee. He blamed the shutdowns for the poor circulation of coins. The Federal Reserve put out a rationing order on June 11. This cut down on the number of coins given to banks.

Another problem is that US Mint had to temporarily shut down because of COVID concerns. Powell said that by closing the economy, we stopped the flow of funds throughout the country. Now that the nation is reopening, the Reserve Banks and the Mint are starting to move money around again. So hopefully, the coin shortage is short-lived.

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