Jun 29
Temporary decline in coin inventory: what you need to know
June 29, 2020
The COVID-19 pandemic has temporarily affected the normal circulation of coins in the United States’ economy, and therefore in Puerto Rico. The reduction in coin circulation has caused decreased availability of 1₵, 5₵, 10₵ and 25₵ coins. This situation has not affected the circulation of bills.
The decrease is due in part to the closing of businesses throughout the U.S., as well as to a reduction in the production of coins as a result of the preventive measures taken by the U. S. Mint amid the COVID-19 pandemic.
Faced with this scenario, the Federal Reserve Board limited the amount of coins it supplies to all financial institutions within the federal system, which directly affects its clients. The U.S. Mint is currently working extended shifts to meet the demand. Still, the Federal Reserve believes the shortage could last for the remainder of the summer.
Here are answers to the most frequently asked questions on this topic.
Commercial customers
- What actions will Banco Popular take to support commercial clients?
- What are my options while there is a shortage of coins?
- What other alternatives are available to me?