Fed task force outlines ways to address coin circulation issues

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The U.S. Coin Task Force Friday released a statement outlining issues with coin circulation and ways consumers can help address the problem. Amid the coronavirus pandemic, consumers are using physical currency less frequently, which has resulted in fewer coins moving through the supply chain.The Federal Reserve convened the task force earlier this month. It is working in coordination with the U.S. Mint, financial institutions, retailers, industry stakeholders and consumers to address the problem.While there are enough coins available to meet demand, the supply chain has been disrupted as “people have changed their spending habits, and coin-intensive businesses and financial institution lobbies have been less accessible,” the task force said in the statement. Some retailers and businesses could experience issues accepting cash payments because they don’t have coin available for customers’ change.The task force is encouraging consumers and businesses to return coins to circulation in day-to-day transactions. Consumers are encouraged to pay with exact change and return spare change to circulation by depositing coins from car cupholders and piggy banks/coin jars to local financial institutions or coin redemption kiosks.last_img

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