Is There A Coin Shortage in the U.S.?

WASHINGTON, DC – Is there really a shortage of coins in the United States, and is the government trying to eliminate cash from the economy?

According to the U.S. Coin Task Force convened by the Federal Reserve, the answer to both questions is no.

Much like supply chain disruptions for agricultural products – primarily meat products – the COVID-19 stay-at-home orders led many consumers to stop circulating the currency. This led to a circulation slowdown, not a shortage.

With approximately $48 billion in coins already in circulation, some sitting dormant with the 128 million Americans who have not been active in their normal everyday activities.

According to the Task Force, the U.S. Mint has been operating at full production capacity since mid-June producing 1.6 million coins during that month alone.
(SOURCE: American Bankers Association)