- Amid the coronavirus crisis, Americans have largely abandoned cash. As a result, businesses and banks are running low on change.
- The U.S. Mint is asking Americans to cash in their pennies, nickels, dimes and quarters.
Amid the coronavirus crisis, Americans have largely abandoned cash in favor of credit cards or contactless payments. As a result, there aren't enough pennies, nickels, dimes and quarters to go around.
Now the U.S. Mint, which manufactures coins, is asking for help.
"There is an adequate amount of coins in the economy, but the slowed pace of circulation has meant that sufficient quantities of coins are sometimes not readily available where needed," the Mint said in a statement.
"We ask that the American public start spending their coins, depositing them, or exchanging them for currency at financial institutions or taking them to a coin redemption kiosk."
Still, new habits may be hard to break. Americans are finally embracing contactless and digital payment methods after years of reluctance.
"The pandemic has accelerated many of the digital trends that were already underway, but it's probably pushed us forward five years in five months," said Greg McBride, chief financial analyst at Bankrate.com.