The Federal Reserve has lifted the temporary coin allocation that has been in place since June 2020 in response to the coin circulation disruption caused by the COVID-19 pandemic. While the Federal Reserve Banks have rebuilt their coin inventories in the 28 cash office locations across the country, and financial institutions can now order coin from the Federal Reserve without caps, the coin circulation system has not fully returned to its pre-pandemic patterns. As long as the same conditions that led to coin circulation challenges in 2020 are still in place, the U.S. Coin Task Force (USCTF) (Off-site) and the cash supply chain will continue to closely monitor the health of the coin circulation system.
Since November 2020, the USCTF has focused its resources on the issue of financial inclusion as an unintended consequence of the coin circulation issue. For millions of cash-reliant Americans who don’t fully participate in the financial mainstream, coin is essential for making routine purchases. Being able to complete cash transactions by providing change is a concern for both small businesses and their customers alike.
That is why the USCTF is urging people to help get coin moving. Having completed several sprints of work in 2020 that helped improve coin circulation, the Task Force has shifted its focus to reach American consumers who could have a greater impact on returning coin to circulation. This has led to the development of new messaging that highlights the importance of returning coins into circulation, so they can ultimately be used by others who rely on them to fully participate in the economy.
- Importance of coin for cash-reliant Americans: Estimates show that millions of Americans don’t have access to, or underuse, banking services, and rely on cash and coins to pay bills and make purchases. Cash transactions rely on coins to make change, and without them, businesses are unable to complete cash transactions. This could potentially limit the ability of millions of cash-reliant and cash-preferring Americans to buy necessary goods and services.
- Help get coin moving: There is more than $40 billion in coins circulating around the U.S., and much of it is in change jars, piggy banks and cup holders. Help get coin moving by spending it with retailers, returning it to banks or coin recycling kiosks or donating it to favorite charities.
Action Item:
Visit getcoinmoving.org (Off-site) to learn more about how you can find it — spend it — deposit it — exchange it — donate it.
