Federal Reserve Says Coin Shortage Is Due To COVID

NBC News reports:

About two weeks ago, Jake Devney started having a hard time getting quarters at the bank. Devney owns Coin Clean Laundry in Minneapolis and usually keeps about five to seven days worth of quarters in their coin vault. “Right now, pretty much every other day we have to go and exchange the quarters. So take them out from the washers and empty them into the vault,” Devney explained.

According to the Federal Reserve, the coronavirus pandemic is causing the coin shortage. When the pandemic caused businesses to close, it slowed or even stopped the flow of coins through the economy. Also, the U.S. Mint’s coin production decreased due to COVID-19 measures meant to protect its employees. In mid-June, the Federal Reserve sent out a notice warning banks that it would start rationing coins to address the problem.