As more people come out of their pandemic bubble, some areas continue to report a coin shortage. Although it appears to be a shortage in circulating coinage, there is a reduction of coin available for merchants to give change. Although the situation has improved, the problem is that coins are still not circulating.
In a video by U.S. Mint Director David Ryder, he reports that the Mint has increased production during the last year. Typically, the U.S. Mint supplies less than 20-percent of the coin in circulation. Last year, the U.S. Mint increased production to add 30-percent of the coins in circulation.
Given the situation with the pandemic that caused the West Point Mint to shut down and pause Philadelphia, the fact that the U.S. Mint was able to produce more coins than ever is a significant accomplishment. Regardless of your opinion as to how the U.S. Mint has handled the sale of collector coins, no other mint in the world could accomplish this feat.
In 2020, the U.S. Mint struck 14.774 BILLION coins. But in 2019, a year where the economy was doing very well, the U.S. Mint produced 11.942 BILLION coins. They produced 23.7 more coins while taking precautions during a pandemic.
Nearly every industry reported a reduction in demand and the ability to produce products. And the supply chain continues to affect production in some industries, including tech, where there is a shortage of computer chips. But the U.S. Mint was able to add over 14 BILLION coins to the economy. Amazing!
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