PENNIES, NICKLES, DIMES, AND QUARTERS
Banks and stores in Alaska are starting to feel a coin crunch that has been brought about by the COVID-19 coronavirus pandemic.
At the Wells Fargo Bank’s Kenai branch, the sign on the door indicates that no rolls of coins will be given from the location to consumers, and the rolls will be limited to one per denomination for businesses.
And on a pharmacy store counter in Anchorage, a small notice asks customers to pay with coins if they have them “due to the national change shortage.”
According to the Federal Reserve, the pandemic has disrupted the supply chain and circulation patterns for America’s coin money. While the U.S. Mint slowed production in order to protect workers from infecting each other, banks have had their lobbies closed for a long time, preventing people from bringing in their coin supplies.
The Federal Reserve is capping coin orders.
“Stores have been closed. The whole system of flow had come to a stop,” Federal Reserve Chairman Jerome Powell told the House Financial Services Committee.