The task force agreed to continue work in August on the second phase, focused on refining these recommendations as well as identifying strategies that would require a longer lead time to develop. These initial recommendations are an outcome of the task force’s first phase, which concluded at the end of July. Coin Task Force published its initial recommendations for addressing the coin circulation issues in the supply chain as a result of COVID-19. Coin Task Force - and do not reflect the views of the Federal Reserve or any individual or organizations represented on the task force. National Association of Federal Credit Unionsįor a complete list of members, visit the Members page.Ĭontent and materials provided on this website are a product of a cross-industry work group - the U.S.Independent Community Bankers of America.Task force members represent all major participants in the coin supply chain, including representatives from the following groups: Coin Task Force was convened in July 2020 (Off-site) and charged with identifying, refining and promoting strategies to resolve the coin supply chain issues resulting from COVID-19-related disruptions to normal coin circulation. “For millions of Americans, cash is the only form of payment." About the U.S.
Walker, a Task Force member and Vice President with FMI – The Food Industry Association. "The weak circulation affects most everyone but the hardest hit are small cash-dependent businesses and those who are least well off” says Hannah vL. Coin Task Force in July 2020 that includes representatives of critical parts of the coin supply chain. To address the circulation problem, the United States Mint and Federal Reserve established a U.S. As people have changed their spending habits, and coin-intensive businesses and financial institution lobbies have been less accessible, the nation’s coin is pooling in change jars, in car cup holders and in shuttered businesses, making it difficult for the businesses of this country to get the coin that they need to support cash transactions. There is more than $40 billion in coin already in circulation, most of which is sitting dormant inside America’s 128 million households. Many have referred to this as a shortage however it is not. Working to Recharge Coin Circulation in the United StatesĬoin circulation has emerged as a new disruption caused by the COVID-19 pandemic. Use the hashtag #getcoinmoving in your own social media posts to promote awareness and understanding of this issue.Deposit coins at their financial institutions.Coin Task Force continues to offer resources and recommendations, and guidance for banks and retailers, and we continue to encourage the American public to: Every Coin Counts: How Americans Can Help Get Coin Moving If just a fraction of the coin sitting dormant in households and businesses is redeemed and reused, this problem can be greatly reduced. “For millions of Americans, cash is the only form of payment.” Coin Task Force member and Vice President with FMI – The Food Industry Association. “The weak circulation affects most everyone, but the hardest hit are small cash-dependent businesses and those who are least well off” says Hannah vL. Returning coins into circulation by spending them, or depositing or exchanging them at banks or kiosks, will make a meaningful difference for the millions of American people and businesses that rely on coins to support cash transactions.
There is approximately $48.5 billion in coin already in circulation, much of which is sitting dormant inside America’s 128 million households. Coin Task Force on the Coin Circulation IssueĬoin circulation has once again emerged as a disruption caused by the COVID-19 pandemic. United States Mint Director David Ryder speaks about how Americans can help #GetCoinMoving again and into the hands of the people and businesses that need them.