Help Reduce the Coin Shortage
The Coronavirus pandemic has affected nearly every aspect of our lives, including our interactions with local businesses and how we spend our money.
As a result, the United States is now seeing a disruption to the circulation and supply of coins.
According to a statement from the U.S. Mint, there is nearly $48 billion in coinage already in circulation, but American's aren't using them. The coins are simply sheltering-in-place inside America's 128 million households.
The fact that these coins are technically in circulation, but aren't actually being circulated, is putting a strain on businesses that rely on cash transactions, as well as the millions of Americans who rely on cash for their day-to-day purchases.
The U.S. Mint is doing what they can to increase the supply of coins, producing over 1 billion coins per month since June. But, they are also asking Americans to take small steps to help with this disruption.
Here's what you can do to help small businesses, your local economy, and your neighbor:
- Start spending your coins
- Use exact change when making cash purchases
- Deposit your coins
- Use kiosks like CoinStar®, which is free for our members!
- Use #GetCoinsMoving on Social Media to spread awareness of this issue
As always, make sure to wear your mask, sanitize your hands, and practice social distancing while in public places.
If we all take these small steps, we can have a big impact on this disruption to the coin supply. We're all in this together, and together we can help our local businesses, our community, and our neighbors.
As a local credit union, we want to get to know you and help you achieve your goals. Come into a branch or call us today. Our people are happy to serve you.