Time to Crack Open your Piggy Bank

You see shortages of disinfectant soap, toilet paper, Clorox wipes, even yeast! The Federal Reserve is now announcing that pennies, nickels, dimes and quarters are in short supply across the country. John Heasley of Texas Bankers Association says he has seen it personally. "I was at a grocery store this weekend, and there was a sign posted that said, 'Because there is a shortage of coins,if you could please use a debit or credit card, or exact change, it would be much appreciated."

Why is this happening. A familiar answer: Covid-19 Crisis.

The Bank of Texas says its coin supply orders from the Fed were cut by 60% to 80% since mid-June. Heasley also sites businesses that accept only coins as payment - like laundromats, car washes and vending machines - are falling behind. "So many of these businesses are no longer open - or are operated at a limited capacity, so we don't have coins circulating through the economy like we did earlier this year."

Cash is Still Alive and Well

Doesn't everyone use plastic to buy things anyway? He says you may be surprised. "There's an informal economy, there's an immigrant economy in Houston and all over Texas. These people almost solely use cash. There's more cash out there than most people realize." The Federal Reserve states the coin inventory will ideally resolve once the economy opens up more broadly

photo: Getty

Covid-19 causing Coin Shortage

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