NewsCovering Kern County


Local coin shortage appears in Bakersfield

Local coin shortage appears in Bakersfield
Posted at 11:23 PM, Aug 09, 2020
and last updated 2020-08-10 02:23:28-04

BAKERSFIELD, Calif. — The U.S. Mint, whose role is to produce new money and refill the country’s cash supply, announced the U.S. is facing a coin shortage.

The Federal Reserve shared since more people have been staying home, shopping online, and using contactless ways to purchase, has disrupted the flow of coins in our economy.

Garro Ellis, a financial advisor for MoneyWise Guys, had this to say on the possible impact of our economy.

"I don’t think it's going to down our GDP a percent," Ellis said.
"I don’t think it's going to have a huge effect on our economy, but it does a little bit."

Signs of the coin shortage, have popped up in the community mostly fast-food restaurants and grocery stores.
Shawna Haddad-Byers, owner of a local restaurant, Two Goats and The Goose, shares they have not been affected directly,but are noticing a trend of impact.

"I think it would have to go on for a long period of time to impact us, that’s not to say it hasn’t a little bit right now," said Haddad-Byers.