COVID-19 Coin Shortage Challenges Cash-Based Businesses
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The US is experiencing a coin shortage, prompting the Treasury to ask the public to spend, deposit, or exchange coins. Businesses are adapting by moving to token-based systems. Despite increased coin production, consumer spending is still below pre-pandemic levels. The rise in contactless payments, driven by COVID-19, benefits credit card companies. The US Mint suggests that spending spare change can help alleviate the shortage.
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