The Coin Shortage Of 2020
Published on 8/31/2020
How did we get here?
Well, a lot of it has to do with lockdown orders. See, before the pandemic, people could easily go to whatever grocery store or convenience store they wish, pay with cash, and get change. This isn't the case anymore. Most people are either not going to convenience stores, or they're making purchases online, or they're just not using cash. Cash is harder to clean than a card.
As a result, people are circulating less change. However, there is one spot that continues to use change: laundromats. There are plenty of people who pay to clean their clothes. In a world where we still need coins, coins are becoming less available. So much so, a bank in Wisconsin is paying people to bring their change into the branch.
Is this important?
Well, yes. People still use cash to pay for items. If there aren't enough coins, giving change becomes an issue. In fact, stores have told customers to only use exact change, or they've come up with ways to donate the excess change to charity. In either event, not having change has become a problem.
Luckily, banks like the one in Wisconsin are being proactive about the situation and are seeing an amazing turnout.