Working to Recharge Coin Circulation in the United States
Coin circulation has emerged as a new disruption caused by the COVID-19 pandemic. Many have referred to this as a shortage; however it is not. There is more than $40 billion in coin already in circulation, most of which is sitting dormant inside America’s 128 million households. 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. To address the circulation problem, the United States Mint and Federal Reserve established a U.S. Coin Task Force in July 2020 that includes representatives of critical parts of the coin supply chain.
"The weak circulation affects most everyone but the hardest hit are small cash-dependent businesses and those who are least well off” says Hannah vL. Walker, a Task Force member and Vice President with FMI – The Food Industry Association. “For millions of Americans, cash is the only form of payment."
About the U.S. Coin Task Force and this Website
The U.S. Coin Task Force was convened in July 2020 (Off-site) and charged with identifying, refining and promoting strategies to resolve the coin supply chain issues resulting from COVID-19-related disruptions to normal coin circulation. Task force members represent all major participants in the coin supply chain, including representatives from the following groups:
- Unites States Mint
- Federal Reserve
- Armored Carriers
- American Bankers Association
- Independent Community Bankers of America
- National Association of Federal Credit Unions
- Coin Aggregator representatives
- Retail Trade Industry
For a complete list of members, visit the Members page.
Content and materials provided on this website are a product of a cross-industry work group - the U.S. Coin Task Force - and do not reflect the views of the Federal Reserve or any individual or organizations represented on the task force.
July Report and Initial Recommendations
On August 4, the U.S. Coin Task Force published its initial recommendations for addressing the coin circulation issues in the supply chain as a result of COVID-19. These initial recommendations are an outcome of the task force’s first phase, which concluded at the end of July. The task force agreed to continue work in August on the second phase, focused on refining these recommendations as well as identifying strategies that would require a longer lead time to develop.
Engaging the U.S. Coin Task Force
Organizations interested in providing feedback and input to the task force are encouraged to reach out to the trade association representative members who most closely align with their industry / interest. Please refer to the Members page for member information.
U.S. Coin Task Force Public Statements
- U.S. Coin Task Force Announces Recommendations (Off-site) (August 4)
- Statement from the U.S. Coin Task Force on the Coin Circulation Issue (Off-site) (July 24)
U.S. Mint Press Releases
- United States Mint Releases Public Service Announcement Regarding Circulating Coins (Off-site) (August 5)
- United States Mint Statement on Circulating Coins (Off-site) (July 23)