US MINT INCREASES COIN PRODUCTION

Mark Campanale Government Relations Updates, NPA News

In a report this week the coin shortage is easing since the U.S. Mint ramped up production to a level not seen for several years. The Denver and Philadelphia Mint facilities produced 14.8 billion coins in 2020, which was a 26% increase over the previous year.

The scarcity of change was a sudden and unseen economic side-effect of the coronavirus pandemic. Banks, retailers, and others were caught off guard when in-person coin circulation slowed and online and card use rose.

Orders of coins to banks were cut by the Federal Reserve. However, some of the largest banks now report they can fill merchants’ coin orders in the amounts requested.