Businesses have taken a hit from many angles during the coronavirus pandemic, but the latest consequence they’re now struggling with is a national coin shortage.
According to a report by CNN Business, the problem is forcing businesses to get creative. One Chick-fil-A location has resorted to giving away food, in order to supply their cash registers with coins.
For every $10 in coins that a customer brings in, the store is offering in exchange, a $10 bill and a coupon for a free entree, the report said.
“Help prevent (Chick-fil-A) from going cashless,” the Chick-fil-A restaurant, located near Liberty University in Lynchburg, Virginia, said in a Facebook post Saturday.
The promotion was offered from 9-11 a.m. on Wednesday, July 29, and customers can receive up to 10 coupons per person. Although the promotion is fairly limited, in a comment on the post, the store said that it anticipates offering the promotion again, the CNN report stated.
A similar promotion was offered last week by another Chick-fil-A location in Huntsville, Alabama. Their Facebook post said, “We would like to thank the community for the help with the coin exchange. We can’t say this enough but we have the absolute best customers! Because of all of you we were able to get enough coins to last us a couple of weeks.”
In a statement to CNN Business, the company said the promotion is not, however, a nationwide offer, as each Chick-fil-A restaurant is individually owned and operated.
But, the report said “it’s a sign of just how much businesses are struggling to fill their cash registers with coins.”
Retailers across the country are feeling the impact.
According to the report, retailers across the country, including Wawa and CVS have warned that customers who pay with cash may not be able to receive coins as change. A Wisconsin bank launched a Coin Buy Back Program to pay people for their spare coins, the report said.
What caused the coin shortage, and can it be fixed?
CNN Business reports that “the Federal Reserve has said that the pandemic interrupted the normal flow of coins through the economy - with so many people staying home, shopping online and avoiding touching physical currency - causing the coin shortage.”
The report said that “last week, the US Mint asked Americans to help out with the issue by spending their coins or returning them to coin collection kiosks.”
“The coin supply problem can be solved with each of us doing our part,” the Mint said in a release.
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