LOCALIZED U.S. COIN SHORTAGES CONTINUE

"Brother, can you spare a dime?"

That question became famous in the Great Depression.

In 2020, with the pandemic raging, the answer could be, "Maybe, but they're hard to find."

Localized temporary scarcity of coins, known as "spot coin shortages," an unintended consequence of the economic lockdown intended to curb spread of the coronavirus, are again turning up in some regions of the nation. But the shortages aren't as severe as last summer's coin crunch, as more merchants and individuals recirculate pennies, nickels, dimes and quarters.

Steve Kenneally, senior vice president for payments at the American Bankers Association in Washington, said spot coin shortages have been reported in the Midwest and a few major cities, including Detroit, Philadelphia and Atlanta.

Individual retailers can sometimes run out of coins, but the current shortage doesn't appear to be chronic.

"I think we're far from where we were last summer," he told Newsweek. "There's concern, but it's not an issue yet. There are some hot spots, but things are much better."

Unlike last summer, he said stores in and around Washington haven't posted signs urging customers to use exact change. This is anecdotal, but suggests an adequate supply of coins.

He said coins valued at about $40 billion are in circulation.

"The (U.S) Mint can't out-produce the problem," Kenneally said. "We need to get the coins out there moving. More people need to find, spend, and make (bank) deposits to get coins back in circulation."

To read the complete article, see:
U.S. Coin Shortage, Like COVID-19, Depends on Your Location (https://www.newsweek.com/us-coin-shortage-like-covid-19-depends-your-location-1550309)

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