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ELKINS -- With the U.S. experiencing a COVID-19-related coin shortage, some effects are being felt locally.
The temporary shutdowns due to the pandemic, social distancing and people not leaving their homes as often are a few contributors to this issue. Also, to avoid handling money that's been passed back and forth throughout the community, people are swiping debit and credit cards at a record rate to stay clear of contamination.
To help battle the issue, many area fast food restaurants, gas stations and retail stores are requesting customers use cards rather than cash, or to have the exact amount for the purchase when paying.
Retail giant Walmart has felt the effects of the shortage and has taken measures to help combat the problem.
"We have not had the supply of coins that we normally have this time of year," said Vonda Cable, store manager of the Walmart in Buckhannon. "For the last month and a half to two months we've been struggling with the shortage. And because of it, we have had to put our self checkouts into card-only mode.
"So in order to try and get access to more coins we've enlisted the help of our associates to bring in any of their coins and we'll exchange it for cash."
Cable said that each Walmart is unique in whether it's taking cash or not, and that each one is feeling the effect of the shortage differently.
"It depends on each Walmart and what they've been able to obtain from their local banks or whatever bank they work with," she said.
"Some of the banks don't have the coins to supply Walmart with or other businesses."
Local banks are aware of the situation, and working to adjust to the shortage.
"Fortunately, the coin shortage has had a minimal impact on our operations at Mountain Valley Bank," Dick Harvey, president and CEO of Mountain Valley Bank in Elkins, said. "We have been able to maintain a sufficient supply of coins at this point, and have continued to adequately serve the cash requirements of our customers, both consumers and businesses."
Another contributing factor to the coin shortage is that the U.S. Mint, which produces coins, has been operating with fewer workers due to employee safety measures put in place during the pandemic. But the good news is that the Mint is planning to produce 1.65 billion coins per month for the rest of 2020.
In June, Federal Reserve chairman Jerome Powell told the House Financial Services Committee the coin shortage has resulted from the partial closure of the economy.
"With the partial closure of the economy, the flow of funds through the economy has stopped," he said. "We are working with the Mint and the Reserve Banks, and as the economy re-opens, we are starting to see money move around again."
The Fed also announced the creation of the U.S. Coin Task Force, which will address "disruptions to normal coin circulation." Members of the task force were announced on July 10.