Encourages use of exact change for purchases.
In a video posted Monday on Twitter, the Director of the U.S. Mint, David Ryder, called for Americans to help fight the widespread coin shortage and improve a breakdown in coin circulation caused by the coronavirus pandemic. The Mint actually decreased its production of coins (and paper money also) to protect employees from COVID-19.
The sharp declines in economic activity and shift toward cashless payment options in the midst of the pandemic has drastically reduced the steady circulation of coins through American businesses. Grocery stores and retailers across the country have warned customers of shortages and have asked them to pay either in exact change or with credit cards to keep their meager supply of coins available.
“I want to assure you that the men and women of the Mint workforce are working as hard as they possibly can to get newly produced coins into the economy,” Ryder said. “Right now, coins aren’t circulating through the economy as quickly as they were prior to the COVID-19 pandemic, which means sometimes coins are not readily available where needed. This is not a coin supply problem. This is a circulation problem and I am here to ask for your help.”
He also asked that coins be exchanged for paper currency at banks and kiosks. But be aware that, unless banks have the coin-counting machines available for the public, they will only accept coins wrapped in paper rollers. But the rollers are free. Chase does not charge a fee for cashing in rolled coins, but their service is limited to Chase customers, or, for non-customers, to a limit of $100. Names or other information on the paper rollers is prohibited.
As the Lord Leads, Pray with Us…
- For Americans with an abundance of coins to consider exchanging them for paper currency or for a deposit in their accounts.
- For businesses that require the use of coins, such as laundromats and vending machines.
- For the officials overseeing the election to process ballots accurately and with integrity.
Sources: The Hill, New York Times
