Amid the coronavirus crisis, Americans have largely abandoned cash in favor of credit cards or contactless payments. As a result, there are not enough pennies, nickels, nickels, and quarters for everyone.
Now the US Mint, which makes coins, is asking for help.
“There is an adequate amount of coins in the economy, but the slow pace of circulation has meant that sometimes insufficient amounts of coins are available when needed,” the Mint said in a statement.
“We ask that the American public begin to spend their coins, deposit them, exchange them for foreign currency at financial institutions, or take them to a currency exchange kiosk.”
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Still, new habits can be difficult to break. Americans are finally embracing digital and contactless payment methods after years of reluctance.
“The pandemic has accelerated many of the digital trends that were already underway, but it has probably powered us five years in five months,” said Greg McBride, chief financial analyst at Bankrate.com.
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