HOUSTON — Is the pandemic causing a coin shortage? Someone asked the Verify team that question after seeing a notice at a local store.
The notice on the door at Lowe’s says, “Attention customers: the U.S. is currently experiencing a coin shortage. Please use correct change or other form of tender if possible. We apologize for any inconvenience this may cause.”
Tomi asked the Verify team, “Is this accurate?”
Our sources for this are Jerome Powell, chairman of the board of governors of the Federal Reserve and the Federal Reserve, itself.
The Federal Reserve said in a news release on June 11, “The Covid‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin.”
A week later, Powell addressed the shortage before the U.S. House Committee of Financial Services.
“What’s happened is that with the partial closure of the economy, the flow of coins through the economy has kind of stopped,” Powell said.
Because of that, some retailers are asking customers to use exact change to help minimize the impact.
So we can Verify there is a coin shortage across the country.
Powell said the situation is temporary and now that the economy has started partially opening, they are starting to see some progress.
RELATED COVERAGE ON KHOU.COM