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There’s a coin shortage hitting the country–and the US government is now asking everyone to spare a little change.
The restrictions on shops and restaurants means less business and less money being spent. In addition, people are more concerned with germs and touching too many things, so customers are paying with plastic instead of cash.
But with that comes a lapse in the amount of quarters, dimes, nickels and pennies flowing through the economy. As a result, the government is asking people to part with their pocket change by spending it or chasing it in at banks.
Federal Reserve Chairman Jerome Powell says the coin shortage is a problem for millions of Americans who rely on cash as their only form of payment. Plus, consider parking meters and laundromats, which only work with proper change.
Powell says the US Mint is on track to make 1.6 billion coins a month to help the shortage. The government has also created a Coin Task Force to help solve the problem.
Looks like the pandemic has left us all a little short-changed.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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Brian's diverse experience and unique perspectives combine with his pleasant and personal manner to engage audiences on many levels. From his days as an Air Force squadron commander to his long career as a business journalist, commentator and public speaker, Brian's approach to speaking and presentation is thought-provoking, inspirational and creative.
"The Technology Tornado: Media & Communications in the Modern Era"
See highlights from Brian's recent Ernst & Young "Continuing Education Conference" speech and hear directly from conference attendees.
Phoenix Convention Center
August 28th, 2019
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