Business

There's a nationwide shortage of coins because of the pandemic


And while Americans are being nickel-and-dimed with coronavirus-related costs in a shaky economy , the latest national shortage includes, well, nickels and dimes.


During the hearing Wednesday, Rep. John Rose of Tennessee told Powell that banks in his district were notified by the Federal Reserve that they'd only receive a small portion of their weekly coin order.


"In a time when pennies are the difference between profitability and loss, it seems like it might be a bigger concern than the announcement from the Fed would indicate that it is," Rose said.


In the meantime, the Federal Reserve is working with the Mint to produce more coins and lift supply constraints.


The Reserve encourages institutions to order only the amount of coins they need to meet customer demand in the short term.


"Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues," the Reserve Banks statement said.






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