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Coin Shortage: Major Supermarket Chain Stops Accepting Cash

Coin Shortage

EDITOR NOTE: Earlier this week, we reported on a coin shortage in Texas. To jog your memory, the US Mint is halting its production of coins due to fears that it may help spread COVID-19 infections. Whether the impact of coins on the COVID spread is significant or not, its halt also advances the government's War on Cash. As a consequence, many major retailers and at least one supermarket chain are now refusing to accept coins. If this trend continues, before you know it, cash itself may no longer be in circulation. Do you realize the dangers of a purely digital financial system?

We recently penned a piece on a developing nationwide coin shortage sparked by the virus pandemic. As a result of the shortage, at least one major supermarket chain has removed the ability to pay in cash at self-scan checkout machines. 

Meijer Inc., a supermarket chain based in the Midwest, with corporate headquarters in Walker, Michigan, announced last Friday, that self-scan checkout machines at 250 supercenters would only accept credit or debit cards, SNAP and EBT cards, and gift cards.

"While we understand this effort may be frustrating to some customers," spokesman Frank Guglielmi told ABC12 News Team. "It's necessary to manage the impact of the coin shortage on our stores."

Fed Chair Powell admitted to lawmakers last week that The Fed has been rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic.

"What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Powell told lawmakers.

He said the shortage was due to the mass business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills. 

"We've been aware of it, we're working with the Mint to increase supply, we're working with the reserve banks to get the supply to where it needs to be," Powell said, adding he expected the problem to be temporary.

Americans Googling "coin shortage" started to erupt in the back half of June and has since hit a record high. Mainly people in Midwest states are searching for the search term. 

Google search "coin shortage" shows the issue isn't limited to Meijer stores but is widespread. 

Social media users report the shortage is happening at many big-box retailers.

🙏♥️✌

Meijer not accepting cash at self check out due to coin shortagehttps://t.co/eHL0nUqAqc

— Long Haired Hippie Rebel 🕉 (@lbox327) June 30, 2020

Originally posted on ZeroHedge

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