INDIANAPOLIS — The national coin shortage is forcing retailers to ask customers to pay with exact change, or use debit/credit cards. The BMV, among other institutions and retailers, is asking Hoosiers to pay with a credit card or check when possible to complete transactions.
The United States Federal Reserve is experiencing a coin shortage that is currently impacting all financial institutions within the U.S. The shortage of coins is related the COVID-19 pandemic. The U.S. Mint has significantly slowed production of coins, plus fewer coins are being circulated in the economy in places like office vending machines, car washes, and coin collecting machines in bank lobbies. Banks collect those coins and send them to the Federal Reserve, which redistributes the coins based on regional needs.
The Federal Reserve has not provided a timeline for the coin shortage to be resolved. They have stated they expect coin inventories to return to previous levels once the coin supply chain returns to normal circulation patterns, which could take months.