In addition, the supply chain into which coins normally flow was interrupted during the outbreak. Banks and businesses have shut down or changed their way of doing business, leaving fewer and fewer coins in public circulation.
Federal Reserve Chairman Powell participated in the House Financial Services Committees virtual hearing on economic outlook and monetary policy on the 17th. At the meeting, he said that the Federal Reserve is trying to solve the problem because the U.S. economy has stalled and coin circulation has basically stalled.
In order to alleviate the shortage of coins, the Federal Reserve Bank began to distribute coin stocks strategically to distribute coins equally between banks and credit institutions. The measures include placing an order limit based on the historical order quantity of these coins and the number of coins currently produced by the U.S. Mint.
It is reported that the current mainstream payment methods in the United States are credit card and cash, which is not as convenient as domestic mobile payment.