Virus-hit US urges people to spend coins

Internet World 2020-08-06 06:52:41

THE flow of coins through the U.S. economy is the latest victim of the coronavirus pandemic and now the government is asking people to spare a little change to balance out the supply.

Virus restrictions have meant stores doing less business and thus fewer coins are being spent, bunching up the normal flow of quarters, dimes and nickels.

“The problem is the circulation kind of stopped because stores were closed, banks were closed,” Federal Reserve Chair Jerome Powell said recently.

As a result the government has asked people to start parting with their change either by spending it or cashing it in at banks.

It noted that the lopsided flow is a problem because not everyone pays with bank cards or other touchless options that have surged as people tried to keep their hands clean during the outbreak.

“For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change,” the United States Mint coin-maker said last week.

The Mint said it is on track to make 1.6 billion coins a month until the end of the year, a boost over its average production of 1 billion per month.

(SD-Agencies)

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