The following is a Press Release from the United States Mint, strongly encouraging the American public to use exact change – and change in general – to get coins circulating in the economy. Coins have not circulated in the economy with any efficiency since the onset of the COVID-19 pandemic with cash transactions significantly decreasing in 2019. As the Mint points out, the issue is not a supply problem as the Mint has continued strong production numbers throughout the pandemic but a circulation problem.
The United States Mint (Mint) is asking the public to help get coins moving by using exact change when making purchases or turning them in for cash at coin recycling kiosks. You may also be able to redeem coins for cash at financial institutions, but first contact local branches about their coin redemption policies, as they may vary.
The Mint is making this request because coins are not circulating through the economy as quickly as they were prior to the COVID-19 pandemic. Cash transactions have decreased significantly since 2019, as more and more individuals have turned to performing their transactions electronically, which means that sometimes coins are not readily available where they are most needed. This is not a coin supply problem. It is a circulation problem.
There are many people who rely exclusively on cash and currency to pay for goods and services. There are also many businesses that rely on cash and currency for their day-to-day operations. These people and businesses feel a significant impact from the unavailability of coins.
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.
Since the coin circulation problem first emerged in 2020, the Mint has asked for the public’s help in solving this problem, through communications from the Mint and as a member of the U.S. Coin Task Force. The Mint has issued press releases, distributed public service announcements, conducted social media campaigns, and amplified our content via the U.S. Coin Task Force website.
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.
Is this their attempt at an April fool’s joke? So now I got to stand behind grandma at the cash register while she fishes around her Dusty pocketbook for $0.89? I don’t know if you have any millennial children, but my two daughters in their twenties haven’t touched cash in years! Everything is done on the card or apple pay, Google pay, etc. It’s the new paradigm!
No joke and the reality is that 19% of US consumers still use/prefer cash for transactions. I also agree that it is the future but I can’t see us ever getting to a completely cashless society. Will be fun to watch how it pans out in the next decade or so.