And believe it or not, cash is still being used in 49% of payments that are $10 or below, according to a recent study by the Federal Reserve Bank of San Francisco, reported on by Bloomberg.
The irony of the situation lies in the fact that the Fed can print trillions for bonds, but can't come up with a couple of quarters to do its laundry. Despite the Fed's best efforts to keep money circulating, there is still a coin shortage in the U.S. The effects are being felt in places like laundromats, where coins are used to do laundry.
Brian Wallace, president and CEO of the Coin Laundry Association (we swear this is an actual organization), said: “This is just an unexpected wrench in the works that I don’t think any of us could have anticipated, finding ourselves short on quarters.”