A nationwide shortage of coins caused by the coronavirus pandemic is serving as an obstacle for many grocers as in-store visits pick up amid attempts to reopen the economy. The shortage has prompted many grocers to look for alternatives to coin change.
A national coin shortage was announced by the Federal Reserve in June and came as a result of the pandemic. The Fed noted that the coin deposits to financial institutions dropped off significantly and that the production of coins had been lessened due to safeguards put in place to protect mint employees. Non-essential businesses closing down and infection concerns drove many Americans to begin shopping online, which decreased the volume of coins being circulated. Even as businesses reopen, many are refusing cash payments due to the risk of money becoming a vector for the virus to spread.
Retailers are now being forced to look for alternatives to providing coin change due to the shortage. Kroger
Walmart
H-E-B, a Texas-based grocery store chain, has also implemented similar measures but also encouraged consumers to help alleviate the shortage in a statement. "H-E-B is testing several strategies to buy and conserve coins so we can serve all of our customers in the way they want to shop and pay for their purchases. The public can help improve coin circulation by taking coins to their local banks or Coinstar kiosks and when paying with cash, using exact change," the company said.
