“With establishments like retail shops, bank branches, transit authorities, and laundromats closed, the typical places where coin enters our society have slowed or even stopped the normal circulation of coin,” Michael White, a spokesman for the U.S. Meanwhile, the shutdown also forced some businesses to close that would normally help keep coins moving. financial institutions, according to the Federal Reserve.īecause of coronavirus fears, many people have switched to using credit cards and mobile payments to avoid handling money. ![]() Consumers are also depositing fewer coins at U.S. Mint significantly reduced its production of coins after implementing safety measures to protect its employees from the coronavirus. Mint has been operating at full production capacity, minting almost 1.6 billion coins in June and is on track to mint 1.65 billion coins per month for the remainder of the year.Īs the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the rebuilding of coin inventories. Coin Task Force was formed to identify, implement, and promote actions to address disruptions to coin circulation. As a first step, a temporary cap was imposed on the orders depository institution’s place for coins with the Federal Reserve to ensure that the current supply is fairly distributed. Mint and others in the industry on solutions. The Federal Reserve is working with the U.S. ![]() ![]() While there is an adequate overall amount of coins in the economy, the slowed pace of circulation has reduced available inventories in some areas of the country. Business and bank closures associated with the COVID-19 pandemic have significantly disrupted the supply chain and normal circulation patterns for U.S.
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