Nationwide shortage of coins

[senona]

Until I read this in my work email (I'm a dept. manager at Kohls), I would not have thought anything about shortage of coins.


Toilet paper, yes.
Water, yes.

But coins? No, not really.


However, in my email that I received the other day, Kohls Corp talked about the shortage of coins that has occured due to coronavirus, and that they want the cashiers to start asking if the customer has the change, when paying cash.

And that explains why my Administrator ordered "extra coins" per our store manager.

(CNN)Masks were the first to go. Then toilet paper flew off shelves. And while Americans are being nickel-and-dimed with coronavirus-related costs in a shaky economy, the latest national shortage includes, well, nickels and dimes.

There's a coin shortage in the US.

"What's happened is that, with the partial closure of the economy, the flow of coins through the economy has gotten all — it's kind of stopped," Federal Reserve chairman Jerome Powell said during a virtual hearing with the House Financial Services Committee on Wednesday.

That's because the supply chain that coins usually flow through has been interrupted during the pandemic, Powell said.
Banks and businesses have shuttered or changed the way they operate. And so there are fewer coins reaching the public.

"The places where you go to give your coins, and get credit at the store and get cash — you know, folding money — those have not been working. Stores have been closed," he said. "So the whole system has kind of, had come to a stop."

SOURCE


 
The shutdown has created a domino effect on our economy, one thing after another, for both the people and businesses.

Hopefully the road to economic recovery won't be a long one.
But it's not looking too good at the moment.







 
 


Nickel and dimed? Kansas City area stores to run low on quarters due to COVID-19

"It was actually a shock,” said Mike Beal, chief financial officer for Balls Foods.

“You don’t expect to get an email saying the government has run out of coin or that there’s a very low inventory.

He’s never seen that issue before and it left him wondering what they do.

“It puts a pretty big crimp in your business,” Beal said. The company buys an average of $17,000 in quarters a week. With the rationing, it will be limited to only $480 in quarters, he said.

 
 


First National Bank of Fort Smith Holds Coin Drive due to nationwide coin shortage

FORT SMITH, Ark. — The Federal Reserve says the coronavirus pandemic has resulted in a national coin shortage.

First National Bank will pay a 2% premium on all U.S. coins brought to any of their branch locations.

First National Bank writes, “Get out your stash, look under your couch cushions, crack open those piggy banks and bring all of your coin to earn an extra 2%.”

Of course, TPTB have been trying to get people to switch over to paying with plastic for years, so while we are caught up in the fear of the virus, wonder if this is their way of slowly getting people to comply without realizing it?!

Just a thought.....