CUNA and other organizations wrote to Treasury Secretary Janet Yellen Monday to request Treasury’s assistance to reinvigorate coin circulation within the U.S. The pandemic has led to decreased circulation of coins over the past two years, and the U.S. Mint says it does not have the capacity to make up for the circulation slowdown.
“The consequences of a coin circulation slowdown fall hardest on consumers that do not have the ability to pay electronically. If retailers are not able to offer change for cash purchases consumers who rely on cash will be vulnerable,” the letter reads.
“We ask that you and the Department of the Treasury use your platform and your voice to raise public awareness of this coin circulation slowdown and the need to get coin moving in the economy,” it adds. “By amplifying the [U.S. Coin Task Force’s] messaging through your public engagements and Treasury’s many communication channels, you can help the most coin-dependent of consumers and the financial institutions and retailers that serve them.”
CUNA is a member of the U.S. Coin Task Force—a group of industry leaders convened by the Federal Reserve in July 2020 working together to identify, implement and promote actions to reduce the COVID-19 related disruptions to normal coin circulation.