Why are coins hard to find during the pandemic?
The Federal Reserve has seen a significant decline in currencies in circulation because people don’t spend them as regularly on businesses, many of which are temporarily closed or don’t accept cash.
Coins are still abundant. In April, the United States Treasury estimated that there was more than $ 47.8 billion on the market, more than $ 1 billion compared to last year.
But in recent months, people have not spent those coins in places like laundries, banks, restaurants, or stores because businesses are closed, or people don’t visit them as often as before the pandemic.
“The typical places where the currency enters our society have decreased or even stopped the normal circulation of the currency,” said the Federal Reserve, which manages the inventory of coins, in a June statement.
Sales in restaurants, bars and service stations fell more than 40% in April compared to the previous year. Since then, sales have increased, but some companies, like bars, remain closed in certain states, while others can only operate at limited capacity.
The Federal Reserve has encouraged banks to order only the coins they need and to facilitate the deposit of coins for customers. A Wisconsin banking system offered its customers a $ 5 bonus for every $ 100 in currencies they exchanged at a branch.
The program was so successful that the bank suspended it after just a week.
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