If you don’t have change jingling around in your pockets right now, you can blame the coronavirus pandemic.
Federal Reserve Chair Jerome Powell said the COVID-19 outbreak has led to a coin shortage, USA Today reported.
CNN likened it to the other coronavirus shortages of masks and toilet paper.
“With the partial closure of the economy, the flow of funds through the economy has stopped. We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again,” Powell said, according to USA Today.
The Federal Reserve said coin deposits have declined as did the production of coins by the U.S. Mint as it rolled out measures to protect employees.
Banks, like other businesses, were closed over the past months to stop the spread of the illness, CNN reported.
Also adding to the shortage, businesses encouraging customers to use contactless payments instead of cash to help stop the spread of the virus.
Recently, the Federal Reserve alerted banks that they would only get a small part of their coin order and that they may run out, CNN reported.
The government said the shortage is temporary, and “as the economy reopens, we’re seeing coins begin to move around again,” Powell said, according to CNN.
Cox Media Group