Check Your Couch: NH Could Be Facing Coin Shortage
The next time you go into a store to buy something, don't be surprised if the cashier asks for exact change.
The pandemic is now causing a coin shortage! According to Business Insider, businesses across the U.S. are asking customers to pay with the exact change, because they just don't have the coins available to give back.
So, what's causing this problem?
The Federal Reserve says the lack of coins circulating in the economy is due to the fact that businesses have been closed. Customers are not coming in and spending money, which is causing less coins to enter our society, according to Business Insider.
Back in June, The Federal Reserve released a statement:
"The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin."
Some businesses have started asking customers to just pay with debit and credit cards. If this isn't possible, they've asked patrons to just round up and the additional money would go to a charity, according to the news source.
Doesn't seem like a huge deal, right? The problem is that people that are already struggling for cash right now most likely don't have the extra to just "round up".
According to NEPM, even coin kiosks have seen a shortage of traffic during the shutdown.
Coinstar CEO Jim Gaherity tells NEPM, that things seem to slowly be picking back up:
"We've been making more frequent coin pick-ups to help get coins back into circulation,"
So, now would be a great time to check under the couch cushions, the floor of your car and the kids piggy-bank, and start cashing those coins in to get them back in circulation!