The following is a Public Service Announcement from the United States Mint regarding circulating coins. In the public announcement, Mint Director David J. Ryder asks the public to get coins moving within the country. Without circulating, there are times that coins are not readily available. Director Ryder is clear in the Public Service Announcement: The issue is not a supply problem, but a circulation problem.
WASHINGTON-The United States Mint (Mint) has released a Public Service Announcement (PSA) addressing the current coin circulation issue. The PSA can be viewed here:
In the PSA, Mint Director David J. Ryder asks the public to “help get coins moving by using exact change when making purchases, taking your coins to financial institutions, or turning them in for cash at coin recycling kiosks.” Ryder also advises that people “remember to follow all health and safety guidelines when you are out spending or recycling your coins”.
Ryder explains the situation as “right now, coins aren’t circulating through the economy as quickly as they were prior to the COVID-19 pandemic, which means that sometimes coins are not readily available where needed. This is NOT a coin supply problem. It’s a circulation problem.”
Ryder also praised the efforts of the Mint work force, stating “I want to assure you that the men and women of the Mint workforce are working as hard as we possibly can to get newly produced coins into the economy. In fact, we are on track to mint more coins this year than we have produced in almost 20 years.”
As always, and especially during this challenging time, the Mint is committed to supporting our Nation’s economy and commerce through the production of circulating coinage.
ABOUT THE UNITED STATES MINT
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.ADDITIONAL RESOURCES:
- Visit http://www.usmint.gov/about for information about the United States Mint.
- Visit catalog.usmint.gov/email-signup to subscribe to United States Mint electronic product notifications, news releases, and public statements.
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If there was a serious circulation problem and if coins were so desperately needed, then banks should accept them in exchange for cash without expecting the customer to wrap them in roles. Or, the US mint should provide exchange centers. Furthermore, I am not going to give up 10% of my money to Coinstar.