For a while, people have heard about a coin shortage, but it seemed a little more in the distance than locally. But that is no longer the case. It has now hit the local area with residents in Walton and surrounding counties reporting instances in which places like Kroger, Walmart, the Home Depot
“Dollar Tree in Loganville had a sign up that said they would buy pennies,” said another.
“Yep Kroger today,” said another. “My bill was $109.09 I was told I could round up or she could put it on a card.”
Some are a little suspicious of the whole thing, believing that it is just another way for the government to keep track of what you’re doing with your money.
“There is no coin shortage. It’s the way Government is trying to make us go cashless. Another way for them to control us through money,” another commenter wrote on Facebook – and that opinion was shared by many.
These issues began happening somewhat intermittently at first, but are becoming more and more prevalent.
So what is the reason? Well, believe it not, COVID-19, according to the Federal Reserve.
An order was put out on June 11 giving a temporary coin order allocation in all Reserve Bank offices and federal coin distribution locations, effective June 15.
“The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin. In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of
As a way to mitigate the problem, the Federal Reserve also is encouraging banks and other depository institutions to remove barriers to consumer deposits of loose and rolled coins. So now is the time to empty those bottles, piggy banks