- The United States Mint and the Federal Reserve have linked the coronavirus pandemic to a national shortage of coins.
- During the locks, people bought less and hesitated to use coins, opting for contactless payment options. That led Americans to accumulate coins, causing a shortage.
- The risk of getting the coronavirus from money is low.
- In a statement Thursday, the United States Mint begged Americans to “start spending your coins, depositing or exchanging them” with banks.
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Clinking sounds are noticeably absent in the United States.
The country’s currency supply has become an unexpected victim of the coronavirus pandemic, prompting companies to request exact changes or cashless payments.
“The impact of COVID-19 has resulted in disruption of the supply channels for coins in circulation: pennies, nickels, nickels, and coins that Americans and businesses use in their daily transactions,” said the United States Mint. in a statement Thursday.
Despite Mint’s efforts to produce more coins to meet growing demand (in June, Mint workers produced 1.65 billion coins, more than a 50% increase from their average monthly production in 2019), The reality is that many Americans have become involuntary accumulators of coins.
“Simply put, there is an adequate amount of coins in the economy, but the slow pace of circulation has meant that sufficient amounts of coins are sometimes not available when needed,” the Mint statement said, and He added: “We ask Americans to start spending their coins, depositing them, exchanging them for money at financial institutions, or taking them to a currency exchange kiosk.”
The pandemic decreased retail opportunities, as well as buyers’ willingness to touch cash and coins.
In-person shopping mostly stopped during the COVID-19 blockades, and fewer Americans ventured to do laundry, take public transportation, or park in subways – all the heavy lifting.
“With establishments like retail stores, bank branches, transit authorities and laundries closed, the typical places where currency enters our society have decreased or even stopped normal circulation,” said the United States Federal Reserve, which controls the Casa de the Currency, in a June statement. .
The empty cash drawer of the cash register at Symbiote Collectibles in West Reading, Pennsylvania, on July 9.
Ben Hasty / Getty
To compound the problem, the Centers for Disease Control and Prevention recommends that even essential companies “encourage customers to use contactless payment options, when available” and “minimize the handling of cash, credit cards, reward cards and mobile devices, when possible. “
This is because cash and currency transactions tend to require direct and direct physical contact between buyers and cashiers, a result that is at odds with the recommendations for social distancing by public health experts.
The persistent reluctance to change money means that the pennies and dimes that normally bounce from one store to another, or from people to banks, stay at home.
Virus particles can live on coins, but they are unlikely to make you sick
A person can contract coronavirus by touching a surface or object that has viral particles, and then touching their mouth, nose, or eyes. But the lifespan of the virus on objects depends on the type of surface.
Rachel Graham, an epidemiologist at the University of North Carolina, previously told Business Insider that smooth, non-porous surfaces, such as door knobs and tables, are better for transporting viruses overall. Porous surfaces, such as money, hair, and cloth, do not allow viruses to survive that long because small gaps or holes can trap the virus and prevent its transfer.
“Coins will transmit a virus better than cash, but this should not be a big concern,” he said. “The basic rule of thumb should be to consider dirty money anyway, because it is. It goes through many hands not to be.”
A man holds coins collected from the Trevi Fountain in Rome.
Marco Di Lauro / Getty
One study suggested that the virus could live up to four hours on copper (today’s pennies are made of copper and zinc), while research published in The Lancet showed that it took four days for the virus to leave paper money.
That said, the virus “does not spread easily” from contaminated surfaces, according to the Centers for Disease Control and Prevention.
“This is not believed to be the primary form of spread of the virus, but we are still learning more about this virus,” the agency said. Still, the CDC recommends that people “routinely clean and disinfect” high-contact surfaces just in case.
Áine Cain and Anna Medaris Miller contributed to reporting this story.
