The coronavirus pandemic has produced U.S. coin shortages nationwide. Banks have announced that they are running out of spare change.
The Federal Reserve has implemented a temporary coin allocation in all Reserve Bank offices and Federal Reserve coin distribution locations. They enforced the temporary allocation on June 15.
To emphasize, the Federal Reserve manages coin inventory and its distribution to depository institutions. It includes commercial banks, community banks, credit unions and thrifts.
“The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin,” the Federal Reserve said in a statement. “In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and th…