Is There Really A Shortage Of Coins Across Maine?
It's not an odd occurrence to be traveling along in Maine and realize one of your tires needs a little extra inflation. Chances are, you'll swing by the closest gas station and use their air machine on-site. Lots of those air machines take quarters to operate, so you can imagine the surprise in seeing a sign that reads like this.
Shared on Facebook by George Bulmer, he had to snap a photo of this filling station around the Lewiston/Auburn area because he didn't believe it could be true. The station was unwilling to exchange dollar bills for quarters because there's a nationwide shortage on coins. Could this really be true?
The answer is yes. The shortage isn't just happening in Maine but in all 50 states across the country. According to the Miami Herald, the Federal Reserve stated that the coronavirus pandemic has caused a major disruption in the circulation of coins across the country. With so many people using cashless ways to pay, pennies, nickels, dimes and quarters all began circulating less. That left coin inventory at banks low and businesses low, forcing some to essentially ration coins for the most vital of purchases. It sounds strange and unbelievable, but it's true.
Thankfully, it should be very temporary. The Federal Reserve has instructed the U.S. mint to maximize coin production and will continue to deliver new coins from coast to coast to spurn better circulation.
So if you're sitting on a drum full of coins for a rainy day, well those coins are awfully valuable right now. Better have some on hand in case you need to fill those tires on a road trip.