Is there really a coin shortage?

The answer is no – and yes.

The US Mint says there are plenty of coins.

In fact, there is $400,000 more in coins than last year.

The problem is that there are not enough in circulation.

And that’s due to the covid-19 pandemic.

Federal Reserve Chairman Jerome Powell told the House financial Services Committee June 17 that the shortage is a direct result of the partial economic shutdown.

Because of the pandemic, thousands of coin-dependent businesses have been struggling or closed.

Laundromats, self-serve car washes, public transportation and coin-operated vending machines in closed schools, colleges, and countless public buildings usually keep coins flowing throughout the nation.

With them shut down, the coins are not circulating. Some businesses that do not have reserves of coins are requesting payment by debit or credit cards.

Another factor is limited production of coins by the Mint.

Since March, it has been operating with limited staff to slow the spread of covid-19. They have had as few as

They have had as few as 25% of their normal number of workers.

Now, mint workers are returning and production is ramping up again.

And many of us may bear responsibility for it, too.

How many of our readers have jars, boxes or bags of coins laying around that could be put back in circulation?

This reporter is guilty, too.

I just rolled $87.50 in coins that will soon be at my local bank.

If you want to help, cash in your hoard of coins at a local bank or business.