Is There Really A Coin Shortage?

Why has there been so much talk of coins? Is there a coin shortage in the u.s? How many people are currently still using cash as their payment method?

The way people spend money has changed over time. Since the pandemic, the flow and circulation of coins have greatly decreased and have become harder to obtain. Lately, businesses have been stating they are dealing with a coin shortage. But just how many people this day in age are still currently paying with cash? I went out today to see what are the payment method preferences of the people in meridian

April Morris said, “I normally use my debit card, it’s safer. I just slide it in and slide it out and don’t have to worry about no one touching it, and with everything going on I just prefer handsfree.”

Many people use credit cards or other electronic forms of payment nowadays, but cash is still the go-to option for some people.

Dianne hill stated, Cash Because that’s what I use I hardly use credit cards.”

Phil Bailey also agrees saying, “Cash, It’s just easier to keep up with.”

According to the U.S Coin Force, there is not a coin shortage but rather than a circulation problem.

Trentice said, " I use a debit card because I normally don’t really carry cash on me.”

Due to the pandemic, The Federal Reserve says coins are collecting dust in people's homes when they should be continually circulating through the economy but people seem to prefer credit or debit cards.

Basem Zawaideh says, “Credit cards, It’s easier for you.”

The Federal Reserve is concerned enough about the coin supply problem that it's convened a U.S Coin Task Force to look for ways to get coins moving. The Task Force encourages individuals to start spending their coins, pay with exact change, deposit spare coins at a financial institution, and redeem coins at a coin kiosk or recycler.