WASHINGTON — Because coins are not circulating through the economy as quickly as they were prior to the COVID-19 pandemic, the U.S. Mint is asking the public to help get coins moving.
The Mint suggests using exact change when making purchases, or turning coins in for cash at coin recycling kiosks. It may be possible to redeem coins for cash at financial institutions but coin redemption policies can vary by branch, so contact the bank first.
Cash transactions have decreased significantly since 2019, as more and more individuals have turned to performing their transactions electronically, which means that sometimes coins are not readily available where they are most needed.
“This is not a coin supply problem,” the Mint states in a press release. “It is a circulation problem.”
Many people rely exclusively on cash and currency to pay for goods and services, and many businesses rely on cash and currency for their day-to-day operations, meaning they “feel a significant impact from the unavailability of coins,” the Mint says.
Since the coin circulation problem first emerged in 2020, the Mint has asked the public’s help in solving this problem, through communications from the Mint and as a member of the U.S. Coin Task Force. Press releases, public service announcements, social media campaigns and web content have repeatedly addressed the situation during that time.
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