Payments News

Hang on to your nickels and dimes, the pandemic has created a coin shortage

Jun 19, 2020

Here’s a new crisis the coronavirus pandemic is responsible for: a nationwide shortage of quarters, dimes, nickels and pennies.

The economic shutdowns to stem the spread of the novel coronavirus, spurring the deepest recession in decades, have had the unintended consequence of halting the flow of coins through households, businesses and banks, the head of the Federal Reserve confirmed Wednesday.

As the economy ground to a halt earlier this year, “the flow of coins through the economy has gotten all — it’s kind of stopped,” Fed Chair Jerome H. Powell said in a Wednesday hearing before the House Financial Services Committee. Powell said the Fed has been working with the U.S. Mint and reserve banks to fix the temporary issue.

By Rachel Siegel 

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