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Is the Federal Reserve experiencing a coin shortage?

  • No. There is not a coin shortage.
  • However, the circulation of coins was significantly disrupted due to the COVID-19 pandemic. More than half of coins in the U.S. are sitting in consumers' coin jars in their homes.
  • To improve the circulation of coins throughout the economy, the US Coin Task Force (PDF) encourages the public holding onto coins to deposit or exchange them, and for banks to make coin redemption convenient and accessible to their customers.
  • The U.S. Mint is the issuing authority of coins. The Federal Reserve Banks distribute new and circulated coins to depository institutions, such as banks and credit unions.

Three panels show how coins circulate throughout the economy. First, the U.S. Mint is responsible for the production of coins. Second, coins are sent to Federal Reserve Banks for distribution. Finally, coins are sent to community banks for circulation among people, businesses, and other community banks.

 

Related Information

U.S. Coin Circulation: The Path Forward - October 2022 (PDF)

Fed Functions: Fostering Payment and Settlement System Safety and Efficiency (PDF)

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Last Update: July 28, 2023