The New York Times
By Jeanna Smialek and Alan Rappeport
June 25, 2020
Excerpt:
Randy Graham, the chief executive of the First National Bank of Tennessee, was surprised to learn in mid-June that the Federal Reserve would not be filling his entire order of pennies, nickels, dimes and quarters.
The reason: The nation’s coin supply was coming up short.
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The U.S. Mint manufactures America’s coins, and the Federal Reserve distributes them across the country. As typical coin circulation has been disrupted by the pandemic, those institutions have had to change their normal practices to solve the problem, with the Fed allocating coins to banks based on their historical order sizes and the Mint ramping up new coin shipments to pump fresh supply into the system.
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Treasury Secretary Steven Mnuchin said on Tuesday that he believed the shortage would be solved. He noted that the staff at the Bureau of Engraving and Printing worked throughout the lockdown to ensure that cash was delivered to the Federal Reserve so it could be distributed to banks.
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Read more at: https://www.nytimes.com/2020/06/25/business/economy/coin-shortage-coronavirus.html