Arlington, VA - As a member of the U.S. Coin Task Force, FMI – The Food Industry Association calls on the American public and financial institutions to help address the ongoing challenges with circulating coin throughout our economy, including at grocery stores across the country. Additional resources and information are available at getcoinmoving.org.
U.S. Coin Task Force Call to Action
The coin circulation disruption that started in the early days of the pandemic continues to this day, alongside consumer sustained demand for coins. The U.S. Coin Task Force (USCTF) has called for consumers holding onto coins to #getcoinmoving by depositing or exchanging them in order to replenish national supplies, and for financial institutions to make coin redemption more convenient for their customers. Currently, more than 60% of coin in circulation sits with consumers.
How the American Public Can Help
Members of the USCTF urge consumers to help get coin moving by making purchases using exact change, depositing excess coins with their financial institution, or exchanging coin at a coin redemption kiosk. The coins in piggy banks, jars, and couch cushions will help those who rely on cash transactions for household purchases and to pay bills. To reliably and responsibly facilitate commerce, prompt stabilization of coin inventories is essential to establishing equitable access to coin and improving financial inclusion within the nation’s payment system.
How Financial Institutions Can Help
The U.S. Coin Task Force requests all depository institutions to review their coin inventories and promptly deposit any coin that exceeds the needs of their customers to the Federal Reserve. All organizations with unused coin inventories should manage their balances downward and avoid ordering coins unless needed to meet customer demand. According to independent research and analysis, many millions of Americans continue to rely on cash transactions for daily purchases, and merchants require coins to facilitate these transactions.
Financial institutions are encouraged to utilize the toolkits and best practices provided by the USCTF for improving coin circulation.
For more information, visit www.getcoinmoving.org.
Industry Topics address your specific area of expertise with resources, reports, events and more.
Our Research covers consumer behavior and retail operation benchmarks so you can make informed business decisions.
Events and Education including online and in-person help you advance your food retail career.
Food Safety training, resources and guidance that help you create a company food safety culture.
Government Affairs work — federal and state — on the latest food industry policy, regulatory and legislative issues.
Get Involved. From industry awards to newsletters and committees, these resources help you take advantage of your membership.
Best practices, guidance documents, infographics, signage and more for the food industry on the COVID-19 pandemic.
