Shortage of change impacts payment methods
Posted July 1, 2020 5:47 p.m. EDT
Updated July 1, 2020 8:23 p.m. EDT
Raleigh, N.C. — Do you have a jar of coins tucked away? They're in demand.
5 On Your Side's Monica Laliberte tells consumers about the nationwide shortage of coins.
Yes, pennies, nickels, dimes and quarters.
Even though many individuals keep a stash in the car, coins aren't often used as a form of payment.
Still, banks and businesses are feeling the shortage.
In some cases, it's impacting the way consumers can pay. Signs are popping up at businesses warning of the concern.
The problem -- the pandemic.
The Federal Reserve says, "COVID-19 significantly disrupted the supply chain and normal circulation patterns."
Coin deposits and production are down.
Supply is so low, temporary coin allocations are in place. That's impacting banks and in turn, businesses.
What does this mean for the customer? Carry exact change or plan to use a card.
The Federal Reserve is confident the issues will end once the economy fully reopens and the coin supply chain returns to normal.
How long that will be, depends on cases of COVID-19.