Coin shortage? Why are fewer coins circulating?
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I’m noticing there is currently a good amount of
coins in circulation, but businesses are having a hard time when it
comes to giving change. People just don’t use cash as much anymore.
In general, it seems like coins are becoming less and less used in
everyday life.
I can’t remember the last time I reached for
some pocket change when paying for something. Nowadays, it’s all
about the plastic. But what does this mean for good ol’ Abe
Lincoln? Does his face still have a place in our wallets?
At Hyatt CoinsI’m in Charlotte and it’s a great
place to find some rare coins. I’m talking about coins from as far
back as the 1700s! It’s really interesting to see if the coins we
use now are in danger of becoming rare too. You could say I’m on
the hunt for a bit of history!
I’ve been getting a lot of questions lately
about whether or not there is a coin shortage. I decided to do some
digging and VERIFY the facts. After researching, I found out that
the US Federal Reserve System has reported a decrease in the
circulation of coins throughout the country due to the coronavirus
pandemic. This has caused a shortage of coins in certain areas. The
Fed is working hard to get coins back in circulation, but for now
it looks like the shortage is here to stay.
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THE QUESTION
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is there a coin shortage?
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2023 Silver American Eagles with a Certificate
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OUR SOURCES
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- Mitch Hyatt, vice president of Hyatt Coins
- The Federal State of the Coin Report
Watch more videos on the same topic :
Economist explains ‘coin shortage’
Video Description
Dr. Ray Perryman, President for The Perryman
Group, said when new forms of payment come to be, the old ways are
used less, but that doesn’t mean there is a shortage.rnSee more
stories at https://www.newswest9.comrnLike us on
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THE ANSWER
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>
Yes, there is a shortage of coins circulating in
the economyI’m noticing a shortage in coins, but it’s not due to a
lack of coins. It’s because there aren’t enough people using them.
It seems like more and more people are avoiding coins and relying
on other forms of payment. This has caused the circulation of coins
to decrease and created a shortage. This shortage doesn’t just
affect individuals; it has a larger impact on businesses. Without
enough coins, businesses may have to make changes to their
operations. To prevent this from happening, it’s important that we
all use coins when we can. By keeping coins in circulation, we can
make sure everyone has access to the coins they need.
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WHAT WE FOUND
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“We are defiantly experiencing a coin shortage,”
Hyatt said.
Hyatt explained that he has seen a decrease in
coins, so much so that local businesses are coming to his shop
asking for them.
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I’m finding it hard to make my coins turn into
cash. That’s what I’m running into. I’m not alone; numerous
companies are facing the same issue. Hyatt confirms this and states
that it’s a common problem.
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Coinbase Global plans to cut 1,100 jobs
What’s with the low change? According to
the State of the Coin ReportI’m seeing fewer coins around
these days, which isn’t just because of the pandemic. More people
are choosing to use cards for their purchases and it looks like the
coins produced aren’t making their way into circulation. According
to the report, it’s not that there’s a shortage of coins, but that
they’re just sitting in people’s homes. That’s making it tough for
those who rely on cash and need exact change when they’re out
shopping.
I’m more used to and rely on my old habits, so
when I don’t have access to credit and debit cards, and can’t make
electronic payments, it really affects me. It’s not fair, according
to Hyatt.
Contact Meghan Bragg
at mbragg@wcnc.com and follow her
on Facebook, Twitter and Instagram.
VERIFY is dedicated to helping the public
distinguish between true and false information. The VERIFY team,
with help from questions submitted by the audience, tracks the
spread of stories or claims that need clarification or correction.
Have something you want VERIFIED? Text us at 704-329-3600or
visit VERIFY.
Frequently asked questions
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in the US
Is there a coin shortage in the US?
Yes, the US is currently experiencing a shortage
of coins due to the coronavirus pandemic. The Federal Reserve has
taken steps to ensure that coins are still in circulation, but it
is still expected to take several months for the shortage to be
resolved.
Why is there a coin shortage in the US?
The coin shortage is the result of the
coronavirus pandemic, which caused people to stop using cash and
switch to contactless payment methods. This led to fewer coins
being circulated, and the Federal Reserve has had difficulty
replenishing the supply.
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How long is the coin shortage expected to
last?
The Federal Reserve estimates that it will take
several months to resolve the coin shortage. The exact timeline is
still uncertain, but the Federal Reserve is working hard to ensure
that coins are still in circulation.
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