Businesses making changes due to coin shortage
A lot of us look at spare change as a nuisance, but right now it is in short supply. Because of that, you may notice a few changes when you go to check out at some stores. A number of them are changing how they deal with cash payments.
If you are looking to get rid of all that spare change at home or in your car, now is a good time to do it. Monnettes Market on Glendale is asking customers who are paying with cash, to have exact change handy if possible.
According to leaders at The Federal reserve, the pandemic has significantly disrupted the supply chain and normal circulation patterns for coins,so inventory is below normal levels. Because of the shortage, the federal government began allocating coin inventories last month.
In turn, that has made getting change from the bank more difficult for Monnettes. The general manager says in recent weeks they've been getting about half what they request.
There have been a few customers who have been doing their part to help out by cleaning out their pockets and change purses .So far, the short supply of coins hasn't been a real problem at Monnettes, and that is due in part to the fact that the number of people using credit or debit cards has jumped by at least 25%.
In addition to managing the existing coin inventory, The Federal Reserve is also working with the U.S. Mint to increase coin production.
Leaders say they are confident the coin shortage will be a thing of the past once the economy opens more broadly.