Is there a coin shortage in the United States due to COVID? Not according to an email I received from my bank, which referenced information provided by the U.S. Coin Task Force. The problem is that in the past year people's spending habits have changed, and coins are more apt to be sitting in someone's spare change container instead of being spent and circulated.
More people are shopping online, which of course requires a debit or credit card. If someone's shopping in person, instead of digging into their pocket or purse to find loose change so
they don't have to break another bill and get even more
change they'll pull out the plastic instead.
The bank's message said to get the system rolling again I could use exact change for purchases whenever possible, redeem coins at coin kiosks, or (their favorite idea) deposit them at financial institutions.
Five years ago: Tending Not To Remember
That's a hoot! Who knew? Good research.
ReplyDeleteThe Central Bank is always happy to get the coins and give you paper bills instead. I did that exchange several times; the bank branch was near my office, but now I'll have to go specially for this.
ReplyDeleteI agree. We usually wait until our spare change cup is full before taking it to the bank but now will make a special trip.
DeleteInteresting.
ReplyDeleteI typically don't carry change. If I buy something with cash and get change, the change winding up in a jar at home except for some quarters that stay in the car for the carwash. That said I really don't have that much change. What has hurt is people pulling out old coins that are worth more as bullion that their face value. And then taking change to a kiosk and getting $.90 on the dollar is no fun either.
ReplyDeleteI NEVER use a coin kiosk!
DeleteI solved the problem completely. I carry no money.
ReplyDeleteI try and gather change as I'm always frantic just before my two exercise classes which requirement in cash. And I always have to scurry about, digging in pockets.
ReplyDeleteI've come up short for cash enough to always have some in my wallet.
DeleteI need to get my coin jar emptied out and brought to the bank, thanks for the reminder.
ReplyDeleteYou're welcome!
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