The Coin Shortage and UI Benefits

Someone asked me why there is a coin shortage. The answer is deceptively simple.

  1. The US Mint slowed coin production because of COVID factory safety measures.
  2. You are keeping your coins at home.

From Fortune:

Coin Shortage Cash Register Change Drawer Pennsylvania

West Reading, PA – July 9: The detail photo of the change drawer of the cash register at Symbiote Collectibles in West Reading Thursday afternoon July 9, 2020. There is currently a coin shortage in the United States. (Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Images)

“Because of coronavirus fears, many people have switched to using credit cards and mobile payments to avoid handling money. Meanwhile, the shutdown also forced some businesses to close that would normally help keep coins moving. With establishments like retail shops, bank branches, transit authorities, and laundromats closed, the typical places where coin enters our society have slowed or even stopped the normal circulation of coin,” Michael White, a spokesman for the U.S. Mint, said in a statement. ”

In a nutshell, we just aren’t going out and giving people coins. Living here, I see a lot of cash only businesses and this is really hurting them. If you are a small business in District 11, I can help get you set up for electronic payments. ~ Steve

Will the next stimulus bill include an extension of the extra $600 unemployment benefit?

“At the end of this month more than 18 million Americans receiving unemployment benefits could see their weekly benefits cut by $600 as the Pandemic Unemployment Assistance expires.

On Monday, Senate Majority Leader Mitch McConnell said the debate for another round of stimulus funding will begin next week. That includes debating a replacement for the extra $600 per week in unemployment benefits, on top of their state benefits, that jobless are Americans are currently receiving through the CARES Act.”

Click to access covid-19-update-07182020.pdf

About Rep. Steven Smith

Steven Smith is a member of the New Hampshire House of Representatives, serving his 7th term. Rep. Smith currently represents Charlestown, Newport, and Unity. Rep. Smith is the Deputy Speaker of the NH House.
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