Have a penny, share a penny

Hey brother, can you spare a dime? How about some pennies, nickels and quarters?

The coronavirus crisis, which brought us toilet paper shortages and meat shortages, is now causing the U.S. economy to run short on something odd and unexpected — coins.

The problem became so severe in June that the Federal Reserve began limiting the number of coins allotted to banks.

Now authorities are calling on consumers to do their part and help by emptying their pockets of change and also using digital purchasing options.

Many businesses were forced to shut their doors for several months this spring, which led to a drop in the number of coins circulating through the nation’s economy as they remained in cash-register drawers. Combine that with fewer consumers leaving their homes to spend money and slowly reopening businesses urging consumers to pay digitally to reduce the chance of contagion and the shortage got worse.

Over the last few months that has led to a serious shortage in coins for many banks, which in turn have to limit the coins they can give businesses for making change.

The Federal Reserve, through its 12 regional banks, supplies coins to the nation’s commercial banks. As its own supply has dwindled, the Reserve has had to reduce its allocation to banks beginning in mid June. The Federal Reserve has been working with the U.S. Mint to get more new coins into circulation, but the mint’s production also is hampered by coronavirus precautions.

That may leave some businesses in a lurch without enough coins to make change. If that happens, businesses may have to round off to the nearest dollar. Losing a few cents here and there while making change could eventually add up to real losses for struggling businesses.

The good news is that it is easy for consumers to help. If you can pay digitally, do so. If you have coins accumulating on your dresser or in your couch cushions, spend them.

Everyone has hoped for opportunities to help our community businesses weather the coronavirus storm. There’s never been an easier way to support the local economy. It just takes a few cents here and a few cents there.