By: Hannah Walker, Vice President of Political Affairs, FMI
Currently, the U.S. is experiencing a coin circulation problem, not a coin shortage, and it’s causing a real risk to businesses and consumers. For the grocery industry, this disruption affects a grocer’s ability to complete cash transactions, because they lack sufficient coin to make change at check out. This significantly limits the ability of millions of cash-reliant and cash-preferring Americans to buy necessary goods and services.
We continue to hear from our members on the frontlines that the coin circulation problems continue. Many banks are still not able to fulfill coin orders and redemption is still low at kiosks. To mitigate this challenge, FMI joined the U.S. Coin Task Force to urge all consumers to return their spare change to circulation by using it for retail transactions, depositing it with financial institutions, and/or redeeming it at coin recycling kiosks.
While we know the problem is large, the solution is simple.
Consumers can help #getcoinmoving by making change in their communities. The American public can help by:
Start spending their coin.
Deposit coin at their financial institutions.
Redeem coin at coin kiosks.
Use the hashtag #getcoinmoving in your own social media posts to promote awareness and understanding of this issue.
With these simple steps in mind, FMI has launched a coin circulation resource page to help drive awareness.
Leslie Sarasin, FMI president and chief executive officer, recorded a PSA to highlight how the coin circulation disruption is impacting millions of Americans and we created an animated infographic that encourages consumers to #getcoinmoving.
FMI is sharing these resources with our members and partners to help drive consumer education and engagement on coin. We are doing this while continuing our work on the Federal Reserve’s Coin Task Force. Key stakeholders from throughout the coin supply chain are participating on the task force all with one common goal, to mitigate the coin circulation disruption.
You can learn more about the Fed’s Coin Task Force and its work here.
We will keep our coin circulation resources up to date. In the meantime, please never hesitate to reach out with any insights you may have on the current state of coin in your business, or ideas on campaigns or initiatives that have worked.