Please Explain This To Me, Why Do We Have A Coin Shortage Again?
Just cruising into QD the other day and we're doing THIS again?
A coin shortage?
The last time this happened it kind of made sense?
Did it really though? It just seemed to be one of the many side effects of the Pandemic/Covid.
We were running out of things back then. And I say that like it was so long ago. We were running out of toilet paper, paper towels, hand sanitizer, disinfecting wipes.
Next thing you know, we're walking into gas stations and convenience stores. They're pleading for your change or for you to pay in cash with exact change because they really couldn't give you exact change back.
Ready for round two of "where did all the coins go"?
Who's hoarding pennies and such?
Please explain how this is legit and what's really going on.
It's important to note that it's not a shortage rather a circulation problem.
Instead, the Fed says, the problem is that businesses and banks around the country are having a hard time getting that metal currency. Due to the pandemic, the coins are collecting dust when they should be continually circulating through the economy. (cnet)
Why aren't the coins circulating?
And as we pay for things more with debit and credit cards and less with bills and change, coins are sitting in jars at home instead of in cash register drawers. So even though metal currency is still being produced, it's not passing through the economy at the rate it used to. (cnet)
You would think we're moving to a more cashless, paperless society right? Coins really don't matter right?
- Businesses will be unable to complete cash transactions if they lack the coins to make change.
- A coin shortage can disproportionately hit lower-income families that don't have debit or credit cards and that rely on cash payments. (cnet)
Might be time to bust that piggy bank open or empty out that swear jar.
LOOK: Things from the year you were born that don't exist anymore
SEE MORE: Home For Sale: Barn Turned Into Amazing Home In Jackson, Michigan