SmokeBuddy Digital Ad

Retailers Calling for CHANGE Amid Coin Shortage

Retailers Calling for CHANGE Amid Coin Shortage

Shanna Wilkinson is begging for change.

Wilkinson, owner of Smokey Shay’s, in Greensboro, North Carolina, is one of many smoke shop owners affected by the coronavirus pandemic. But it’s not lack of sales, which she says have been “stellar.” The challenge Wilkinson and other retailers are experiencing is in their ability to make change  for purchases.

Last month, the Federal Reserve issued a statement saying that the coronavirus pandemic “significantly disrupted” the supply chain and normal circulation patterns for dimes, nickels, quarters, and yes, even pennies.

In a hearing before the U.S. House Financial Services Committee, Federal Reserve Chairman Jerome Powell told lawmakers that the shortage was caused by the circulation of coins grinding to a halt during the coronavirus outbreak.

“What’s happened is, with the partial closure of the economy, the flow of coins through the economy has kind of stopped. The places where you’d go to give your coins and get credit and get cash — you know, folding money — those have not been working,” Powell said. “Stores have been closed. So a whole system of flow has kind come to a stop.”

In response, the Fed began to ration its coin supply on June 15, giving banks a portion of their requested change supply depending on what they had historically requested.

“We are only allowed one roll of change per denomination per day,” Wilkinson said. 

During the first three months of 2020, just over 3.2 billion coins were produced, the lowest level since 2013, according to CoinNews.net. The Federal Reserve is working with the US. Mint to maximize coin production capacity, “And encouraging depository institutions to order only the coin they need to meet near-term customer demand,” according to the statement.

The strategy will remain in place as long as necessary, a Fed spokeswoman stated, pointing out that change needs to begin circulating through commerce for things to go back to normal.

In the meantime, businesses are asking customers to break into their piggy banks and dig through the couch cushions for spare change. Smokey Shay’s is encouraging customers to help them make change by offering a trade —- one punch of their loyalty card per two rolls of coins.

“We scrounged up over $500 in rolled change,” Wilkinson said, “but that will only last maybe two weeks, so we will have to put out another post for more.”

Facebook
Twitter
LinkedIn
Pinterest

Recent Articles

Gift Cards You’ll Want to Give

Two thirds (63%) of holiday shoppers say they are more likely to buy their loved ones a gift card/certificate rather than an actual present this year, and 41% say gift cards are the top item on their own wish lists. That’s according to a survey by Mastercard, but we already know that a gift card

Read More »

Esco Bars By Pastel Cartel

Talk about getting in on the ground floor. The year was 2011 when Darrell Suriff received a call from his college-aged son Justin, excited about a new gadget he’d seen people smoking from at a local club. Turns out Justin had just discovered vaping. “I was very skeptical, at first,” says Suriff, “but I started

Read More »

The Chill Room

Baby steps. Organic. These are just two words to describe the evolution of the Chill Room in W Palm Beach/ Worthington, Florida. Robert Cartagine opened his first vape shop in 2015 with great trepidation, but after realizing that his entire family stopped smoking and started vaping, he saw that there was a need. “In addition

Read More »

LOOV

They’ve done it again! Randy’s, famous for their wired rolling papers, has been at the forefront of innovative smokeware products and defining smokeware standards for over 45 years. The Loov multi-purpose, table-top vaporiser, is the newest innovation from Randy’s. It offers a session unlike any you’ve ever experienced with its unique “Fill it up, tip

Read More »

Canna Style Smoking Accessories

You can think of Canna Style as your stoner bestie, sharing with you the smoking accessories of your wildest dreams. After years of working for major fashion brands, founder Amanda Smith, created this cute and trendy smokeware brand to fill a void in a traditionally male dominated space, bringing something uniquely different to girls, the

Read More »
Cotton Mouth Candy Digital Ad

Social Media

Most Recent

Are you 18 or older?