U.S. Coin Task Force urges Americans to start using their coins
The COVID-19 pandemic has caused a disruption to U.S. coin circulation and Americans are urged to use their coins, according to a statement released by the U.S. Coin Task Force. CUNA is a member of the U.S. Coin Task Force, which was established this month by the Federal Reserve with industry leaders to help reduce the impact of the pandemic on coin circulation.
“There is approximately $48 billion in coin already in circulation, most of which is sitting dormant inside America’s 128 million households,” the statement reads. “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.”
While the U.S. Coin Task Force is completing their work, it urges the American public to:
- Start spending their coin;
- Deposit coin at their financial institutions;
- Redeem coin at coin kiosks; and
- Use the hashtag #getcoinmoving in your own social media posts to promote awareness and
understanding of this issue
The Task Force encourages consumers to follow CDC recommendations regarding personal safety when visiting retailers, small businesses, banks, grocery stores, and credit unions.
The task force’s statement follows a similar one released last week from the U.S. Mint.