Coin circulation slows down due to pandemic

Missouri banks are asking consumers to deposit their spare change at their local banks as coin circulation slows down due to the pandemic. They also ask consumers to use change when shopping, the Ozark Radio News reports.

Consumers are shopping online or using cards if shopping in person to avoid physical contact associated with using cash.

More than four billion coins were deposited or recirculated in the beginning of 2020, but circulation dropped to two billion beginning in April. Recirculated coins represent more than 80% of the supply, while the remaining amount of coins is produced by the U.S. Mint.

The Federal Reserve projects the gap between supply and demand to be between 2.3 to 3.5 billion coins each month through the end of 2020.

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