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US banks and businesses are running out of coins
If we had a nickel for every nickel that U.S. banks have...we wouldn't have very many nickels.
Testifying before a congressional committee about monetary policy yesterday, Fed Chair Jerome Powell brought up an interesting piece of news: U.S. banks are facing a coin shortage.
Penny for your thoughts, Jerome?
“The flow of coins through the economy has kind of stopped,” Powell said.
With retail stores across the country closed, there just aren't very many places for consumers to exchange physical money.
Exacerbating the shortage, the U.S. Mint decreased coin production to help keep its employees safe from the virus.
Powell assured the committee that he’s aware of the issue and it’s being addressed. “We all don’t want to wake up to headlines in the near future such as ‘Banks run out of money,’” he said.
If we had a nickel for every nickel that U.S. banks have...we wouldn't have very many nickels.
Testifying before a congressional committee about monetary policy yesterday, Fed Chair Jerome Powell brought up an interesting piece of news: U.S. banks are facing a coin shortage.
Penny for your thoughts, Jerome?
“The flow of coins through the economy has kind of stopped,” Powell said.
With retail stores across the country closed, there just aren't very many places for consumers to exchange physical money.
Exacerbating the shortage, the U.S. Mint decreased coin production to help keep its employees safe from the virus.
Powell assured the committee that he’s aware of the issue and it’s being addressed. “We all don’t want to wake up to headlines in the near future such as ‘Banks run out of money,’” he said.
Posted 4 y ago
Responses: 4
PO3 Phyllis Maynard SMSgt Lawrence McCarter LT Brad McInnis PO3 Bob McCord CW3 Dick McManus SGT John " Mac " McConnell CWO3 Dennis M. MSgt Stephen Council LTC (Join to see) LTC Stephan PorterLTC Stephen C. LTC Greg Henning SGT Gregory Lawritson Maj William W. 'Bill' Price Maj Bill Smith, Ph.D. SGT Jim Arnold Maj Robert Thornton SFC Francisco Rosario LTC (Join to see) Col Carl Whicker
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Lt Col Charlie Brown
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Lt Col Charlie Brown
SPC Michael Oles SR 1stSgt Glenn Brackin PVT Mark Zehner SSG (Join to see) MSG Tom Earley Alan K. PO3 John Wagner Sgt Wayne Wood Donna Brickey SMSgt Tom Burns SSG Donald H "Don" Bates SGT (Join to see)SSG William Jones Sgt (Join to see) SFC Pete Kain PO3 Lynn Spalding MGySgt (Join to see) Linda Lawrence SPC Randy Zimmerman SGT Jinger Jarrett
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Lt Col John (Jack) Christensen
PO3 Lynn Spalding I don't know, wouldn't take a Canadian quarter once for me so probably not.
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PO3 Lynn Spalding
Lt Col John (Jack) Christensen I guess we'll have to figure something else out. LOL
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And with many places not accepting any cash payments things will only get worse.
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