The coronavirus swept across the globe bringing us the pandemic we’re currently facing. People have suffered, many have died, but the carnage doesn’t stop with them. The economy has taken a significant hit as well — and COVID looks to claim yet another unsuspecting victim.
#2020 – There’s a coin shortage? Sign at Aldi’s pic.twitter.com/72ycm1wfMY
— I Have Questions (@LassFromSC) July 9, 2020
The economy has been seriously impacted by the virus, but that’s not what has become the victim we are talking about. No, instead there is a massive coin shortage in the US. Yes, you read that correctly. COVID has claimed our pocket change.
As if the pandemic wasn’t expensive enough already, talk about greedy. You’re probably asking “how is there a coin shortage?” It’s a very logical question. The answer is there is no circulation of currency, or a very slow one at least.
This means many stores will only accept cash if you can pay in exact change, or use plastic. Places that take coins in exchange for cash or credit are shut down. Stores have been closed, so circulation has basically come to a standstill. Our economy relies on circulation, in fact, it’s based on it.
With $47.8 billion in coins already in circulation, there’s not really room to just make more. Plus, coin production is down due to coronavirus and safety concerns. Making more won’t help the circulation issue anyway if is already at a stop.
Recommendations are expected to be released by the US Coin Task Force by the end of the month. In the meantime do your best to pay with exact change if you plan to use cash.
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