Payments News

Where did all the coins go?

Jul 23, 2020

With a dip in consumer spending and retailers urging customers to pay with cards instead of cash, the coronavirus pandemic has taken coins out of circulation and created a shortage across the United States. By now, it’s likely you’ve seen signs at your grocery store asking you to pay with exact change.

The Federal Reserve has created a task force to study the problem. With representatives from the U.S. Mint, Walmart, Coinstar and the Fed’s own experts, the task force is hoping to find solutions for bringing coins back into this economy.

Sherri Reagin, the executive vice president of North Salem State Bank in Indiana, is also on the task force. Reagin spoke with “Marketplace” host Kai Ryssdal about solutions to get “coins back into the right hands.” The following is an edited transcript of their conversation.

By Kai Ryssdal and Bennett Purser

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