U.S. Mint Cuts Supply of Gold and Silver Coins

SEATTLE (Scrap Monster):  The U.S. Mint announced its decision to limit the supply of gold and silver coins to authorized third-party distributors. This is in response to the slowdown in production by the manufacturer due to coronavirus pandemic, according to Bloomberg.

Reportedly, the New York facility of the Mint has decided to slow down production for the next 12 to 18 months. It is currently evaluating risks to its employees, so as to contain the spread of the virus. The pandemic has caused disruption of the supply channels of circulating coinage. The Mint’s West Point facility has reported difficulty in simultaneous production of both silver and gold coins.

RELATED NEWS:

IBMC Launches World's First Gold-backed Digital Gold Currency

Perth Mint Gold Scandal to be Investigated by London Bullion Market Association

Although the Mint authorities confirm that there are enough coins to fulfil demand, the slowdown in circulation has resulted in shortage of sufficient quantities of coins to meet demand. It urged Americans to spend, deposit or exchange their coins at banks or in coin redemption kiosks. The spike in online shopping due to Covid-19 pandemic has reportedly led to coin shortage at the Mint.

It must be noted that the Mint’s San Francisco complex, which shut earlier this year, had partially reopened in May.

The Mint had produced 18.8 million ounces of bullion.