It’s understandable that COVID-19 may cause people to panic and buy a variety of supplies like toilet paper. It’s also understandable that the demand for masks and hand sanitizers has skyrocketed — potentially for the foreseeable future.
But, a coin shortage?
A combination of events related to the COVID-19 lockdown have greatly impacted the national coin supply chain. No one issue has caused the shortage. To begin, the Mint has reduced the production of coins to protect workers. Additionally, with many stores and restaurants closed, the circulations of coins back to the banks has slowed. With many states re-opening businesses, the demand for coins has spiked, while there is limited supply.
The result has been a national coin shortage.
Video Spotlight: Coinstar CEO on America’s coin shortage amid the pandemic (June 25, 2020, CNBC Television)
This post is based on the NY Post article, National Coin Shortage Has Retailers Pleading for Exact Change, by Noah Manskar, July 1, 2020, and the YouTube video in the Spotlight. Image source: Glow Images/Glowimages RF/Getty Images
1. How does this coin shortage impact operations?
Guidance: Obviously, this can make cash transactions more difficult. Continue reading