As a founding member of the U.S. Coin Task Force, FMI – The Food Industry Association is encouraging all Americans to assist in increasing coin circulation this October during “Get Coin Moving” Month.
The Task Force, which includes representatives from the U.S. Mint, the Federal Reserve, armored carriers, coin aggregators and financial sector and retail trade associations, was formed in July 2020 to identify and promote strategies to resolve the coin supply chain issues resulting from COVID-19-related disruptions to normal coin circulation.
Due to the pandemic, much of the $48.5 billion in coin in circulation is sitting dormant inside America’s 128 million households. As people have changed their spending habits, the nation’s coin is pooling in change jars and car cup holders, making it difficult for the businesses of this country to get the coin they need to support cash transactions.
Returning coins into circulation by spending them, or depositing or exchanging them at banks or kiosks, can make a difference in easing the flow of coins who depend on them the most – Americans without access to banking services and cash-based small businesses.
“Our country is currently facing a coin circulation problem. In the food retail industry alone, 11 percent of all transactions are paid in cash,” said Jennifer Hatcher, task force member and FMI chief public policy officer and SVP. “The best way to address the scarcity of coins impacting our business community and Americans reliant on legal tender for everyday purchases like groceries is to ‘get coin moving’ by spending or depositing the coins people have accumulated prior to and during the COVID-19 pandemic.”
In order to help educate the American public on the need to increase the number of coins in circulation, the Task Force offers resources and recommendations including toolkits for retailers and financial institutions, social media graphics designed to spread the message to #getcoinmoving, editable signage for businesses to display and educational resources for children and families.
Additionally, the task force encourages the American public to consider the following actions to help ease the flow of coins in the U.S. economy:
- Start spending their coins;
- Deposit coins at their financial institutions;
- Redeem coins at coin kiosks; and,
- Use the hashtag #getcoinmoving in social media posts to promote awareness and understanding of this issue.
As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier and more efficient consumer food supply chain. FMI brings together a wide range of members across the value chain – from retailers that sell to consumers, to producers that supply food and other products, as well as the wide variety of companies providing critical services – to amplify the collective work of the industry.