Coin Resource Center

 Official Statements & Information

 Federal Reserve

• Strategic Allocation of Coin Inventories | June 11, 2020
• The Federal Reserve Convenes US Coin Task Force with Industry Partners | June 30, 2020
• Consumer Payments & COVID-19 Pandemic: Supplement to the 2020 Findings from the Diary of Consumer Payment Choice| July 31, 2020

Why do U.S. coins seem to be in short supply?

Business and bank closures associated with the COVID-19 pandemic have significantly disrupted the supply chain and normal circulation patterns for U.S. coins. While there is an adequate overall amount of coins in the economy, the slowed pace of circulation has reduced available inventories in some areas of the country.

The Federal Reserve is working with the U.S. Mint and others in the industry on solutions. As a first step, a temporary cap was imposed on the orders depository institutions place for coins with the Federal Reserve to ensure that the current supply is fairly distributed. In addition, a U.S. Coin Task Force was formed to identify, implement, and promote actions to address disruptions to coin circulation.

Since mid-June, the U.S. Mint has been operating at full production capacity, minting almost 1.6 billion coins in June and is on track to mint 1.65 billion coins per month for the remainder of the year.

As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the rebuilding of coin inventories.

 United States Mint

• United States Mint Statement on Circulating Coin | July 23, 2020

"Simply put, there is an adequate amount of coins in the economy, but the slowed pace of circulation has meant that sufficient quantities of coins are sometimes not readily available where needed. You may be experiencing this in your local communities. We are asking for your help in improving this coin supply issue."

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US Coin Task Force

• U.S. Coin Task Force Website - GetCoinMoving.Org 
• U.S. Coin Task Force Initial Report and Recommendations | Federal Reserve | July 31, 2020 
• Coin Task Force Issues Statement on Circulation Slowdown | ABA Journal | July 26, 2020
• U.S. Coin Task Force Urges Americans to Start Using their Coin | Credit Union National Association | July 27, 2020

“There is approximately $48 billion in coin already in circulation, most of which is sitting dormant inside America’s 128 million households,” the statement reads. “As people have changed their spending habits, and coin-intensive businesses and financial institution lobbies have been less accessible, the nation’s coin is pooling in change jars, in car cup holders and in shuttered businesses, making it difficult for the businesses of this country to get the coin that they need to support cash transactions.”

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National News & Articles

• Las Vegas casinos with coin-play slots scramble as coin shortage hits US | Las Vegas Sun | August 23, 2020
• Longest-running Las Vegas casino caught in coronavirus coin crunch | Fox Business | August 22, 2020
• Cash in your change to loosen the coin shortage and help someone who relies on cash to get by | August 19, 2020
• Everything you need to know about the national coin shortage | Slate.com | August 7, 2020 
• How a coin shortage is hurting US laundromats | Fox Business | August 3, 2020
• Coin shortage: How is affects business, low-income people | LA Times | July 30, 2020
• A bank is paying people to bring in their spare change to help local businesses amid the coin shortage | CNN | July 22, 2020
• Fact check: Yes, there is a US coin shortage. Here's why. | USA Today | July 22, 2020

Industry-specific News & Articles

• Save A Lot kicks off 'Round Up at the Register' at 580 stores | Supermarket News | August 19, 2020
• Chick-fil-A offers free food for coins amid national coin shortage | CNBC | July 28, 2020
• QuickChek hosts coin drive for local food banks | Convenience Store Decisions | July 22, 2020
• How retailers are cashing in on a US coin shortage | PYMNTS.com | July 14, 2020
• Convenience stores ask for exact change as coin shortage continues | Convenience Store News | July 10, 2020

Loomis Resources

• Blog Post: 5 Ways to Source Coinage During the Nationwide Shortage 

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