The coronavirus pandemic has upended supply chains and people’s routines, creating shortages of things like toilet paper, cleaning supplies, meat and even materials to build decks.
Now, Alexandria residents are dealing with a shortage of… coins.
At Alexandria stores like The Home Depot in West End Village and dozens of grocery and other retailers, customers are starting to see signs at checkout (like the one below) pleading with them to use a credit or debit card, or use exact change.
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A coin-shortage notice at Home Depot in Alexandria.
How did this happen? Physical distancing and other health and safety measures meant slower coin production at the U.S. Mints across the country that produce coins. Then, as people stayed home and the economy slowed down, fewer coins circulated to banks and stores. Exacerbating the problem: More stores started strongly encouraging people to pay through contactless methods online or through mobile apps.
"The flow of coins through the economy ... kind of stopped," Federal Reserve Chair Jerome Powell said to lawmakers in June. The Federal Reserve has convened a task force to start solving the problem.
“As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the rebuilding of coin inventories,” the Federal Reserve noted on its website.
According to national news reports, some stores are taking the matter into their own hands, either by accepting roles of quarters, dimes, nickels and pennies from customers in exchange for cash, or offering to round up purchases to the next dollar and donate the change to non-profit organizations.
To be safe, be sure to bring a credit or debit card with you when you go shopping this summer.
