You may have heard or read about a large grocery store chain that will no longer give change in coins to customers as well as discussions and stories on social media about a coin shortage in the United States along with some conspiracy theories. But is there really a coin shortage?
The News Edge spoke with Planters Bank COO Mike Selfe who said the coin shortage is being discussed because the Federal Reserve says the inventory is lower than normal since the COVID-19 pandemic. He said the coins are out there, just not in circulation. He says the Federal Reserve has fewer coins to distribute to banks.
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He adds that stirred up some people in the industry wanting to know what was going on and why they couldn’t order their normal amount of coins; however, he added the Federal Reserve said they were going to raise the limit again to fill orders for coins.
Selfe said they think there are several factors for the coin shortage including a small number of coins being minted when things shut down due to the coronavirus pandemic as well as fewer people out using cash during the outbreak.
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According to Selfe, at Planters Bank in Hopkinsville, they are encouraging people to bring in their coins so they can be recirculated.
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Kroger recently announced a change in its policy asking customers who pay with cash to use exact change because the stores would stop giving coin change and cited the nationwide shortage of coins in circulation as a result of the coronavirus pandemic.
Kroger, which operates nearly 3,000 grocery stores in 35 states, said the store would ask customers owed change to donate it to the company’s Zero Hunger/Zero Waste Foundation or choose to have their change loaded onto the customer’s loyalty card to be applied to their next purchase. Company officials said patrons may continue using credit and debit cards and avoid any cash hassles altogether.
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